home Designer Borrowed capital. The influence of borrowed capital on the financial condition of the enterprise

Borrowed capital. The influence of borrowed capital on the financial condition of the enterprise

Dissertation abstract on the topic "Management of debt capital of an enterprise"

As a manuscript

VOLKOV Vladimir Avazbekovich

MANAGEMENT OF BORROW CAPITAL OF THE ENTERPRISE

Specialty: 08.00.10 - "Finance, money turnover and credit"

Saratov - 2005

The work was carried out at the Department of Finance of the Saratov State Socio-Economic University.

Academic Supervisor Official Opponents

Lead organization

Cand. economy Sciences, Associate Professor Alekhina Olga Efimovna

Doctor of Economics Sciences, Professor Kovalenko Sergey Borisovich Ph.D. economy Sciences, Associate Professor Kondratiev Valery Alekseevich

Ural State University of Economics

The defense will take place on December 6, 2005 at 1300 hours. at a meeting of the dissertation council D 212.241.03 at the Saratov State Socio-Economic University at the address:

410003, Saratov, Radishcheva, 89, Saratov State Socio-Economic University, room. 843.

The dissertation can be found in the library of the Saratov State Socio-Economic University.

Scientific secretary of the dissertation - ,--. l S.M. Bogomolov

Council, Ph.D. economy Sciences, Associate Professor J --3 -"

GENERAL DESCRIPTION OF WORK

Relevance of the topic. The development of market relations in Russia led to the independence of the enterprise in the process of making managerial decisions in all areas of financial and economic activity.

The enterprise independently carries out investment activities, forms the volume of production, determines the pricing policy, etc. To carry out financial and economic activities, the enterprise forms a certain structure of funding sources. As practice shows, borrowed capital plays a significant role in this structure. At the same time, it should be borne in mind that an enterprise in market conditions must maintain liquidity, solvency and work profitably.

Under these conditions, the topic of the dissertation research is particularly relevant. ^cNation^!

LIBRARY C-! 9E

The degree of scientific development of the problem. In economic science, borrowed capital in its various forms has been studied for a long time. An important contribution to the development of the problem of borrowed capital was made first by the classics of economic theory in the person of Smith A., Ricardo D., Petty V. and Marx K. Then, the generations of economists who replaced them considered borrowed capital as an element of the capital structure of an enterprise. Here it is necessary to note the works of Keynes J., Friedman M., Brailey R. and Myers S., Fisher S., Dornbush R., Shmalenzi R., Harris L., Samuelson P.

Among domestic economists who contributed significant contribution in the development of the problem of the participation of borrowed capital in the system of financing an enterprise, it should be noted Abalkina L.I., Antonova N.G., Barda B., Blank I.A., Bukato V.I., Bunkina M.K., Kovaleva V.V. ., Mironova M.G., Molchanova A.B., Movsesyan A.G., Polyakova V.P., Rasskazova E.A., Sokolinskaya N.E., Usoskina V.M., Feldman A.B., Sheremet A. D., Shirinskoy E.B. other.

Relevance and insufficient development of problems related to management borrowed capital and the development of its directions, determined the choice of topic, goals and objectives of the dissertation research.

Research objectives. To achieve this goal, it was necessary to solve the following tasks that determined the logic and structure of the dissertation research:

Determine the essence, place and role of debt capital management in the financial and economic activities of the enterprise;

To explore the basics of managing the borrowed capital of an enterprise;

Analyze the features and organizational foundations for building the financial budgets of an enterprise;

The information base of the study was legislative and regulatory acts Russian Federation, state statistical reporting of the Goskomstat of the Russian Federation, reports and materials of the Ministry of Finance of the Russian Federation and the Ministry economic development and trade of the Russian Federation, data from JSC "Volgograd Motor Plant", JSC NPO "Physics" and CJSC "Coltech International", materials of scientific and practical conferences, as well as data from special economic studies published in the press.

From positions financial management the essential characteristics of the borrowed capital of the enterprise have been supplemented: borrowed capital as an object of management and borrowed capital as a source of additional income;

Based on a comprehensive study of the main characteristics, the definition of the essence of the concept of "loan capital" from the point of view of the borrowing enterprise is given;

The functions of borrowed capital have been supplemented (providing function, intensification function), revealing its role and place in the business turnover of the borrowing enterprise;

The content of the process of attracting borrowed capital has been studied: borrowed capital as an element of creating a new business; communication and

coordination of borrowed capital with financial and management processes enterprises; deterministic and adjustable parameters of borrowed capital; the impact of borrowed capital on the financial performance of the enterprise;

A systematic approach to the management of an enterprise's borrowed capital is proposed, which includes two interrelated areas: management of borrowed capital as an independent element of the enterprise's capital; management of borrowed capital as a set of independent elements;

The expediency of using a borrowing budget in financial planning at an enterprise, which focuses on the problem of attracting borrowed capital and allows optimizing its main parameters (volume, tool, time, structure, cost), is substantiated.

The practical significance of the study is the orientation of the provisions, conclusions and recommendations of the dissertation for widespread use in improving the management of borrowed capital in the capital structure of the enterprise.

Approbation of works The main provisions have been tested in the articles of the author. The most significant provisions and results of the study were reflected in four papers published by the author with a total volume of 2.1 p.l.

Completed scientific developments are also used in educational process Department of Finance of the Saratov State Socio-Economic University when teaching academic disciplines for students studying in the specialty "Finance and Credit" specialization "Financial Management".

The list of used literature includes 173 sources. There are 4 tables, 7 figures and 12 appendices in the work.

MAIN IDEAS AND CONCLUSIONS OF THE THESIS FOR DEFENSE

First chapter " Theoretical basis functioning of the borrowed capital of the enterprise”. Borrowed capital as a financial category expresses its inherent economic relations, mediated by a certain amount of funds allocated for temporary use by one business entity to another. In this capacity, borrowed capital is the unity of the economic relationship and its form (monetary, tangible or intangible). From a legal point of view, borrowed capital expresses the right to dispose of funds received for temporary use and the right to demand their return to deadlines. The borrowing enterprise disposes of the borrowed capital in accordance with the needs that have arisen, however, the corresponding right of the creditor to demand a return stimulates the need for the rational use of borrowed capital, taking into account the conditions for attracting it. Therefore, the right to dispose or demand is due to the ownership of the borrowed capital of the parties to the transaction.

From a financial point of view, most scientists understand borrowed capital as a set of monetary, material (buildings, structures, equipment, etc.) and intangible (patents, rights, trade marks etc.) values transferred by one business entity for use to another entity on the terms of urgency, payment, repayment and security.

From the point of view of accounting, borrowed capital is determined by the totality of the company's liabilities, grouped by items in the context of short-term and long-term accounts payable, expressed in monetary units on a given reporting date.

The obvious variety of definitions of borrowed capital found in the economic literature is a manifestation of the complex nature of this category and the versatility associated with it. economic relations, which allowed the author of the study to conclude that there is no common understanding in the modern economic literature in terms of managing it in an enterprise. In this connection, the author of the study highlights the general economic characteristics of borrowed capital, which manifests itself as the original ownership of it not by the borrowing enterprise, but by its external partners, and characteristics from the point of view of managing borrowed capital at the enterprise.

In modern domestic and foreign economic literature, the following generally recognized essential characteristics of borrowed capital have been identified:

1. accumulated value;

2. risk factor carrier;

3. carrier of the liquidity factor;

4. object of time preference;

5. object of market circulation;

6. object of use

a. factor of production;

b. investment resource;

Considering the complexity of borrowed capital as a component of an enterprise's activities and an element of liabilities, the author of the study identified two more characteristics that allow studying borrowed capital from the standpoint of managing it at an enterprise within the framework of financial management. As such, the author attributed the characteristics of the borrowed capital of the enterprise as an object of management and the ability in this capacity to bring additional returns, that is, to act as its source.

1. Borrowed capital as an object of management. Borrowed capital as an object of enterprise management is isolated, has a value expression, mediating, servicing and maintaining the continuity of the financial and economic activities of the enterprise, affects the solvency, financial stability of the enterprise and its financial result.

A characteristic feature of borrowed capital as an object of management in an enterprise is the freedom of the owners and / or management of the enterprise to make decisions not only regarding its presence or absence in the capital structure of the enterprise, but also regarding its quantity (volume) and quality (the structure of elements by urgency, price, conditions interest receipts and payments).

The process of making managerial decisions on borrowed capital includes a set of measures that determine its place and role in the capital structure of an enterprise through determining the source or group of sources, forms and conditions (volume, term, price) of attraction; providing continuous servicing of borrowed capital and its subsequent repayment. The whole set of solutions mentioned above is acceptable for the enterprise only if the current financial independence is maintained and the minimum possible risk bankruptcy.

The last argument in favor of considering borrowed capital as an object of corporate financial management is the constant development and improvement of sources, forms and conditions for attracting it by an enterprise.

2. The source of additional return is one of the key practical characteristics of borrowed capital, suggesting that, along with the presence equity the use of borrowed capital in the capital structure of the enterprise affects the extensive and intensive development of the enterprise itself. Extensive development of the enterprise is achieved by attracting the amount of borrowed capital and the invariance of the amount of equity capital. As a result, assets, financial potential, scale of production, cash flow of the enterprise increase and, as a result, there is

additional return (income). Intensive development of the enterprise is achieved by increasing the share of borrowed capital in the capital structure of the enterprise. An increase in the level of financial leverage of an enterprise predetermines a greater level of risk of a bankruptcy situation with more high profitability own capital, and just as with extensive development, additional returns (income) arise.

In this regard, the dynamics of additional returns, due to the attraction of borrowed capital into the capital structure, is controlled by the owners and/or management of the enterprise. The level of return on borrowed capital shows absolute value its increment after a complete circuit from the moment of its application until the moment of its return to the creditor. The rate of return on borrowed capital of an enterprise is a relative value. These indicators help to assess the economic feasibility of attracting borrowed capital and rank its instruments according to the return / price ratio.

The level of return on borrowed capital of the borrowing enterprise is measured on the basis of the criterion of excess of the profitability of the event financed by it over its price. At the same time, the limitation is minimizing the risk of sanctions in case of violation of the conditions for attracting, servicing or repaying borrowed capital.

The owners and / or management of the enterprise in the process of managing borrowed capital are guided by the fact that its use is possible in the case when the additional return (additional income) they receive covers the costs of servicing it. In turn, the inefficient use of borrowed capital can cause enormous damage to the enterprise and lead to bankruptcy.

The totality of essential characteristics, reflecting the versatility and complexity of borrowed capital, is presented by the author of the study as follows:

Rice. 1. Essential characteristics of the borrowed capital of the enterprise

The identification of essential characteristics allowed the author of the study to define the essence of borrowed capital from the point of view of its management in the capital structure of the borrowing enterprise.

Borrowed capital is a part of the capital of an enterprise that functions in the economic system on the basis of market principles and is an object of management. The volume and composition of borrowed capital are regulated by the owners and / or management of the enterprise in accordance with its goals, according to the criteria of time, risk and liquidity. Borrowed capital expands production and investment the potential of the enterprise, but at the same time limits the financial independence of the enterprise from other subjects of the economy.

Being an independent category and an integral element of the economic relations of the enterprise, borrowed capital performs a number of functions. The generally recognized functions of borrowed capital include the functions of redistribution, savings and control. From the point of view of the problem of managing borrowed capital, the author supplemented them with providing and intensifying functions.

1) The essence of the supporting function of borrowed capital is determined by the intended purpose of the enterprise and the optimization of the passive part of its balance sheet. The intended purpose of the enterprise is to regularly receive profit, as a result of which the market value of the enterprise grows, which, if necessary, is supported by the receipt of additional borrowed capital by the enterprise compared to the initial investment. In other words, the borrowed capital of the enterprise in this case satisfies the interests of its owners and/or management.

In procedural terms, the second aspect is more significant - optimization of the passive part of its balance. Any enterprise is financed from several sources: contributions from owners, credits, loans, accounts payable, reinvested profits, donations, earmarked contributions, etc. Attraction of borrowed capital involves expenses - payment for its use. The abundance of tools, the cost of each of which is different, dictates the choice of the most optimal combination. This aspect is especially significant when it is necessary to mobilize additional resources in large volumes, which takes place during the implementation of strategic programs. Which instrument or combination of them is the issue of debt valuable papers, obtaining a long-term loan, financing through prolonged short- and medium-term loans - will fully satisfy the need of the enterprise for financial resources.

2) The function of intensifying the processes of concentration and centralization of capital is manifested in the ability of borrowed capital to expand the scope of the individual capabilities of the enterprise.

The function of intensification of borrowed capital in the capital structure of an enterprise involves the improvement of quality

characteristics of the resources used. In other words, the activation of the process of attracting borrowed capital accelerates the process of growth of the enterprise itself, its value, increases its cash flows increases the return on equity. And the emerging "tax shield" gives the company additional benefits.

V modern conditions borrowed capital is distinguished by the variety of its elements. For more effective management borrowed capital in the capital structure of an enterprise, a clear systematization of classification features is necessary, which will allow one or another element of borrowed capital to be identified with a high degree of reliability. In the first chapter of the dissertation, the author provides a complex system of classification features of borrowed capital, taking into account the peculiarities of its presence in the capital structure of an enterprise.

Source localization

Source nationality

Source owner

Number of creditors

Seniority of creditors

Availability

Degree of risk

Degree of organization

Degree of liquidity

Tool

Urgency

security

Payment types

Frequency of payments

Rice. 2. Classification of borrowed capital of the enterprise.

The variety of elements of the borrowed capital of the enterprise necessitated a clear separation of these elements for the effective management of borrowed capital in the capital structure of the enterprise. To do this, the author divided all the classification features of the borrowed capital of the enterprise into three areas of its attraction:

I. sources of attraction;

II. forms of attraction;

III. attraction conditions.

Classification by sources of borrowed capital reveals the properties of the source of attraction: its localization, nationality and characteristics of creditors (number and seniority).

Classification according to the form of attraction reveals the degree of availability, risk, organization and liquidity of borrowed capital.

Within the framework of the second direction of classification features, the author of the study singled out a group of borrowed capital in terms of the level of riskiness (creditworthiness) of the borrowing enterprise. This is due to the fact that the properties of borrowed capital (its volume, price, maturity and security) are largely determined by the investment quality of the borrower.

absolutely liquid, limitedly liquid and illiquid borrowed capital. This seems possible, since in modern economic literature the concept of liquidity from the point of view of an enterprise is used mainly in relation to assets, while borrowed capital is one of their sources, and in the event of a critical situation (for example, bankruptcy), the question arises of the possibility of selling or assignment of the borrower's obligations.

Classification according to the terms of attraction reveals the conditions for attracting borrowed capital, reflected in the agreement regulating the relationship of attracting, servicing and repaying borrowed capital by the enterprise. These conditions are clearly agreed upon by the lender and the borrower, and then fixed in the contract. The conditions for attracting borrowed capital include: purpose, subject, instrument, term, security, types and frequency of payments.

The identification of directions for attracting borrowed capital allows, on the one hand, to optimize the composition of its sources (through optimization of the cost and structure of the borrowed capital itself) and maximize the market value of the enterprise, and on the other hand, to optimize the forms and conditions of the attraction process, taking into account the specifics of the activity of the borrowing enterprise.

After considering the content (essential characteristics, functions) of the borrowed capital of an enterprise and the diversity of its elements in terms of sources, forms and conditions for its attraction, it should be remembered that each stage of the development of economic relations corresponds to different structure capital.

Our theoretical conclusions about the importance and significance of borrowed capital for an enterprise can be illustrated by statistical "

data, the analysis of which showed that last years the capital structure of enterprises has changed in many ways.

The volume of own capital of enterprises from 2000 to 2003 increased by 2,650,680 million rubles. up to RUB 8,113,388 million However, its share during this time decreased by almost 7 points from 54.9% in 2000 to 48.0% in 2003. This indicates a decrease in the role of equity capital and an increase in the importance

borrowed capital in the structure of financing of Russian enterprises at the present stage.

The volume of borrowed capital of enterprises from 2000 to 2003 increased by 4,315,983 million rubles. and amounted to 8,795,918 million rubles. The growth in the share of borrowed capital of enterprises over four years amounted to about 7 points from 45.1% in 2000 to 52.0% in 2003. This fact reflects the growing importance of borrowed capital in the structure of financing domestic enterprises.

The coefficient of autonomy, according to the State Statistics Committee of the Russian Federation, in 1998 was 65.5%, in 2000 - 59.9%, and in 2003 - 57.7%. The downward dynamics of the coefficient indicates a decrease in the independence of domestic enterprises over the period under review.

Speaking about the structure of the borrowed capital of an enterprise, it should be noted that the main feature is that in Russian economy accounts payable has taken a strong leading position as an instrument for attracting borrowed capital. The total accounts payable of domestic companies currently significantly exceeds the share of bank loans. In 2000, the share of accounts payable amounted to 3,514,951 million rubles. (78.5% of the borrowed capital of the enterprise, 35.4% of all sources of financing of the enterprise), in 2003 - 5,283,176 million rubles. (60.1% of the borrowed capital of the enterprise, 31.2% of the sources of financing of the enterprise). This state of affairs is a consequence of the systemic economic crisis of 1998, which has not yet been completely eliminated.

From 2000 to 2003, the share of bank loans increased by 1,536,597 million rubles. (2 times) from 763,346 million rubles. (7.7%) in 2000 to 2,299,943 million rubles. (13.6%) in 2003. Thus, there is a positive trend in the share of bank loans in the capital structure of domestic enterprises.

The volume of foreign borrowed capital in the capital structure of domestic enterprises still remains below the level of the pre-crisis 1997, but the assignment of the CCC investment rating to the Russian Federation in January 2004 can have a significant impact on the intensification of the inflow of foreign borrowed capital into the domestic economy. Foreign borrowed capital in 2000 amounted to 122,178 million US dollars, in 2003 - 154,951 million US dollars. General gain foreign borrowed capital in the system of financing domestic enterprises from 2000 to 2003. amounted to 32,773 million US dollars (26.8%).

The main conclusion of the author on the basis of all that has been said is that the problem of managing borrowed capital in the capital structure of domestic enterprises at the present stage is extremely important and relevant. This is confirmed by the whole variety of sources of forms and conditions for the functioning of borrowed capital and official statistics.

The second chapter "Management of borrowed capital of the enterprise."

The basis for managing the borrowed capital of an enterprise is the theory of the capital structure, which contributes to the rationale for the adoption and implementation of specific tasks. The tasks and goals of the enterprise are implemented on the basis of the theory of capital structure through the tools of borrowed capital, as evidenced by a wide area of practical application of the theory. The genesis of the capital structure theory, starting from the middle of the 20th century, includes four stages associated with the formation of the following concepts: the traditionalist concept of the capital structure; the concept of indifference of the capital structure - the compromise concept of the capital structure; the concept of conflict of interests in the formation of the capital structure. The above concepts are based on various approaches to optimizing the capital structure of an enterprise and highlighting priority factors that determine the mechanism for such optimization.

The management of borrowed capital of an enterprise involves the study of the process of attracting it to the capital structure of the enterprise. The process of attraction, according to the author, is characterized by a combination of the following features:

Rice. 3. The process of attracting borrowed capital by an enterprise Understanding the process of attracting borrowed capital reveals the features of the mechanism for getting borrowed capital into the financing structure of a domestic enterprise at the present stage.

In addition, the author of the study believes that in a constantly changing economic environment, maintaining liquidity, solvency and simultaneously increasing the financial potential of an enterprise is impossible without developing a systematic approach to managing an enterprise's borrowed capital.

The consistency of the approach lies in the presence of certain interrelated elements that represent an integral structure and influence each other through their inherent functions. A systematic approach to the management of borrowed capital of an enterprise makes it possible to identify elements (instruments for attracting borrowed capital) that are characterized by a set of parameters (volume,

urgency, price, terms of interest payments, etc.), which form a certain structure of borrowed capital. Moreover, in a systematic approach to the management of borrowed capital, its elements are necessarily consistent with the goals and objectives of the enterprise (for example, the elements of the enterprise's borrowed capital are consistent with the assets being invested).

The interaction of elements of borrowed capital occurs not only within the management system of borrowed capital at the enterprise, but also with elements of other external economic systems. An example of internal and external interaction between the elements of the debt capital management system is the restructuring of an existing debt of an enterprise.

The system approach algorithm includes two interrelated areas:

a. management of borrowed capital as an independent element;

b. management of borrowed capital as a set having complex structure and many independent elements.

It should be emphasized the inseparability and interconnectedness of the identified areas of a systematic approach to the management of an enterprise's borrowed capital. The selection of two directions is caused by the need for a logical explanation of the problems of managing borrowed capital in the capital structure of an enterprise.

Direction I Management of borrowed capital as an independent element of the company's capital involves consideration of several aspects of this process.

Within the framework of the first direction, the enterprise is interested in the total amount of borrowed capital of the enterprise, the ratio of equity and debt capital, return on equity and the level of tax protection. The volume of funding sources is determined by the needs of the enterprise. The ratio of own and borrowed capital is determined by the risk appetite of the owners and/or management of the enterprise. Return on equity is determined by the level financial leverage(the ratio of own and borrowed capital). The level of tax protection is determined by the current legislation and regulations and the amount of borrowed capital.

In general, within the framework of the first direction, owners and/or management are only interested in the required and permissible amount of borrowed capital, since the assumption of its homogeneity is initially made.

Within this area, the following analytical activities are being implemented:

1. analysis of the level of effect of the financial leverage that has developed in the enterprise and determines the return on equity, as well as the factors influencing it;

2. analysis of the impact of the existing and potential level of tax protection, due to the specifics of accounting for debt capital in the process of taxing a particular enterprise;

3. determination of the required and allowable amount of borrowed capital as a homogeneous integral complex of its key characteristics: term - the actual time of attracting and servicing borrowed capital; price - as a final characteristic of the volume and term of borrowed capital, showing the amount of the enterprise's costs for attracting and servicing borrowed capital.

II direction. The need to manage borrowed capital as a set of independent elements is explained by a shift in emphasis from general issues (the volume and price of borrowed capital, the level of tax protection) towards managing the structure of borrowed capital itself. The structure of borrowed capital is understood as the ratio of its elements (for example, long-term and short-term borrowed capital).

Of particular interest in this area is the management of borrowed capital within a single element. Debt capital management within one element is due to the possibility of obtaining various options for the structure of debt capital. Moreover, the structural elements of borrowed capital (for example, long-term and short-term borrowed capital) differ in the source, form and conditions of its attraction. Such a variety, combined with the capabilities of an individual enterprise and the situation in various segments of the financial market, directly affects the structure and amount of borrowed capital of an enterprise.

Borrowed capital management as a set of independent elements involves:

1. analysis of the structure of borrowed capital by elements ranked according to its classification (for example, by instruments, these can be loans, bonds, accounts payable, etc.);

2. the possibility of managing the borrowed capital of an enterprise within one of its elements, due to the significant variety of forms and types of its manifestation (for example, borrowed capital consists of a bonded loan, and the latter, in turn, can be attracted through coupon and discount bonds, ruble and currency, with and without an offer). The possibility of varying the management of the borrowed capital of an enterprise within one of its elements allows you to really influence its financial results;

3. due to the heterogeneity of the elements of borrowed capital, the determination of the final price of each element of its attraction is carried out by the borrower by weighing the prices (for example, a coupon or discount on bonds) of each of the sub-elements separately by their weight - volume or share - in the element itself (for example, bond loans). Determining the final price of the borrowed capital of an enterprise is also

is carried out by the weighted average method, but now by weights and prices of enlarged elements.

1. get full information on the quantity (volume) and quality (structure) of the borrowed capital of the enterprise;

2. increase the return on equity of the enterprise;

3. determine the level of tax protection of the enterprise on the basis of I data on the volume and structure of the enterprise's borrowed capital;

4. manage the borrowed capital of the enterprise within one of its ^ structural elements;

5. reduce the cost of borrowed capital of the enterprise by optimizing its structure by elements;

So, a systematic approach to managing the borrowed capital of an enterprise, both as an independent element and as a set of independent elements, is applicable by the owners and / or management of the enterprise, taking into account their goals and objectives. Both directions, complementing each other, give a comprehensive idea of the volume, cost, urgency and security of borrowed capital, as well as its impact on the return on equity, cash flows and the market value of the enterprise.

The third chapter "Financial planning of borrowed capital of the enterprise." Effective management of borrowed capital of an enterprise involves its financial planning. Goals financial planning borrowed capital in the enterprise is to determine the volume, urgency, structure and cost of raising borrowed capital. The tasks of financial planning of borrowed capital at the enterprise are: increasing the efficiency of using borrowed capital; understanding where, how, when and from whom the enterprise will attract, service and repay borrowed capital; determination of the list of instruments for attracting borrowed capital; analysis of the risks of possible bankruptcy and ways to minimize them.

The information necessary for the effective management of borrowed capital is “dispersed” in a variety of planned financial statements (balance sheet, income statement, income statement Money), as well as financial budgets (credit J tax and others determined by the internal document flow

enterprises). Planned financial statements and budgets from various angles describe the process of managing the borrowed capital of an enterprise through their inherent financial indicators. For example, the balance sheet plan reflects the planned capital structure of the enterprise, including borrowed capital. The credit budget reflects the planned maintenance and repayment of the borrowed capital of the enterprise, and the tax budget reflects the planned tax payments.

In this regard, a planning document is needed that focuses on the problems of attracting borrowed capital, forming the structure of borrowed capital, choosing the most beneficial instruments for the enterprise in terms of volume, urgency, price, conditions for paying income, etc. The author proposes a borrowing budget, which also pays due attention to accounts payable, which is important for enterprises, taking into account the specifics of Russia's economic development.

The borrowing budget, as a financial plan for managing the borrowed capital of an enterprise, is formed on the basis of data from planned forms of financial reporting and budgets. It is interconnected with credit and tax budgets. On the basis of the borrowing budget data, the owners and/or management of the enterprise can make changes to the balance sheet for elements related to borrowed capital.

Forecasting significant factors affecting the presence and dynamics of the main elements of the borrowing budget is based on historical information, using the apparatus of mathematical statistics, the results of forecasting models (statistical models that take into account the relationship of factors with each other and external factors), expert assessments and etc.

The choice of the optimal borrowing budget is an important condition for the owners and / or management of the enterprise, but today there is no model that clearly defines the optimum from the whole set of alternatives. The decision is made after studying them on the basis of professional experience.

Current control over the implementation of the borrowing budget contributes to the achievement of long-term financial plans, since the presence financial stability enterprises in short term(up to 1 year) allows the owners and / or management of the enterprise to plan its development for a longer period.

The main planned parameters of the borrowing budget are: instrument; the required amount of borrowed capital in absolute and relative terms; possible amount of borrowed capital in absolute and relative terms; price; shortage of coverage of the required amount due to the possible amount of borrowed capital in absolute and relative terms; final volumes of short-term, long-term and total borrowed capital. one

The amount of the planned attraction of land capital through a specific instrument, expressed in relative units, reflects the share of this instrument in the total amount of borrowed capital of the enterprise.

Thus, the possession by the owners and/or management of an enterprise of such detailed information, which characterizes the borrowed capital of an enterprise from various angles, can significantly improve the efficiency of managing the borrowed capital of an enterprise within the framework of a systematic approach proposed by the author in the second chapter of this dissertation research. The use of the borrowing budget in electronic format allows you to automatically analyze the impact of the enterprise's borrowed capital on the profitability of its activities and / or market value. Automating the formation of the borrowing budget allows you to use all of it as efficiently as possible. positive traits when managing the borrowed capital of the enterprise as an independent element of the capital of the enterprise, and within the framework of one element.

1. Alekhina O.E., Volkov V.A. The corporate bond market is the most dynamic sector of the Russian stock market. // Financial mechanism for the economic development of Russia: Sat. scientific tr. / Ed. Dr. Econ. Sciences, Professor C.B. Barulina / Saratov State Socio-Economic University. - Saratov, 2004 - 160 p. 0.9 p.l.

2. Volkov V.A. Sources of financing the activities of the enterprise and the features of their formation in the modern Russian economy. // Financial mechanism for the economic development of Russia: Sat. scientific tr. / Ed. Dr. Econ. Sciences, Professor C.B. Barulina / Saratov State Socio-Economic University. - Saratov, 2004 - 160 p. 0.6 p.l.

3. Volkov V.A. Classification of borrowed capital as one of the ways to solve the problem of its management in the enterprise. // Economics and Finance - Moscow, Fund scientific publications, 2005, No. 6. 0.3 p.l.

4. Volkov V.A. Advantages and disadvantages of instruments for raising debt capital industrial enterprise. // Economics and Finance - Moscow, Scientific Publications Fund, 2005, No. 13. 0.3 sq.

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Thesis: content author of the dissertation research: candidate of economic sciences, Volkov, Vladimir Avazbekovich

INTRODUCTION

CHAPTER 1. THEORETICAL FOUNDATIONS OF THE FUNCTIONING OF THE LOAN

CAPITAL OF THE ENTERPRISE.

1.1. The essence and functions of the borrowed capital of the enterprise.

1.2. Classification of the elements of the borrowed capital of the enterprise.

CHAPTER 2. THE PROBLEM OF MANAGING THE LOAN CAPITAL OF THE ENTERPRISE.

2.1. A systematic approach to the management of borrowed capital at the enterprise.

2.2. Management of borrowed capital of the enterprise as an independent element of the capital of the enterprise.

2.3. Management of borrowed capital as a set of independent elements of the company's capital.

CHAPTER 3. FINANCIAL PLANNING OF LOAN CAPITAL

ENTERPRISES.

3.1. Goals and objectives of financial planning of borrowed capital.

3.2. Borrowed capital in the budgeting system.

Thesis: introduction in economics, on the topic "Management of borrowed capital of an enterprise"

Relevance of the topic. The development of market relations in Russia determined the independence of the enterprise in the process of making managerial decisions in all areas of financial and economic activity.

The development of the world economy has led to the existing variety of sources, forms and conditions for attracting borrowed capital. The enterprise attracts borrowed capital through government agencies and private financial institutions, which are currently credit organizations, pension and investment funds, and insurance companies. Borrowed capital can be obtained from partner enterprises. Recently, new instruments for attracting borrowed capital have appeared in the financial market. In the conditions of modern Russia, for example, the corporate bond market is actively developing. The emergence of new instruments for attracting borrowed capital is accompanied by the formation of an appropriate legislative framework.

Under the current conditions, enterprises must carefully choose the instruments for attracting borrowed capital and their parameters, that is, learn how to manage borrowed capital to solve the tasks. Effective management of borrowed capital in the capital structure of an enterprise can provide additional income to its business turnover, increase the profitability of the production process itself, and increase the market value of the enterprise. Efficient debt management also stimulates investment activity and the fulfillment of social obligations.

The problem of managing borrowed capital equally affects the interests of large enterprises, medium and small enterprises.

The development of a competitive market environment, a variety of financial institutions, a plurality of borrowed capital instruments require an enterprise to solve an important problem: what instruments of borrowed capital to use; under what conditions to attract; what benefits can be obtained? Under these conditions, the topic of the dissertation research is particularly relevant.

Among domestic economists who have made a significant contribution to the development of the problem of the participation of borrowed capital in the system of financing an enterprise, it should be noted Abalkina L.I., Antonov N.G., Barda B., Blank I.A., Bukato V.I., Bunkina M. K., Kovaleva V.V., Mironova M.G., Molchanova A.V., Movsesyan A.G., Polyakova V.P., Rasskazova E.A., Sokolinskaya N.E., Usoskina V.M. ., Feldman A.B., Sheremeta A.D., Shirinskaya E.B. other.

The essence of borrowed capital at all levels of the economy (macro- and micro-level) with varying degrees of study has been widely reflected in domestic and foreign literature. However, the problem of borrowed capital from the standpoint of the financial management of a particular enterprise requires additional research, taking into account modern realities.

The relevance and insufficient development of problems related to the management of borrowed capital determined the choice of topic, goals and objectives of the dissertation research.

The purpose of the dissertation research is to develop theoretical and practical provisions for the management of borrowed capital in the capital structure to ensure profitability, competitiveness, solvency and financial stability of an enterprise in the context of the development of market relations.

Research objectives. To achieve this goal, it was necessary to solve the following tasks that determined the logic and structure of the dissertation research:

Determine the essence, place and role of borrowed capital in the financial and economic activities of the enterprise;

Explore the elements of borrowed capital and develop their classification;

Investigate the problems of managing the borrowed capital of an enterprise;

Explore the process of attracting borrowed capital;

Propose measures to improve the management of borrowed capital of the enterprise;

The subject of the study is the economic relations that arise in the process of attracting borrowed capital by an enterprise.

The object of the study is the theoretical, organizational and legal aspects of the functioning of borrowed capital in the enterprise. The dissertation research was carried out on the basis of enterprises of the Russian Federation.

The theoretical and methodological basis of the study was the works of Russian and foreign economists in the field of finance theory, financial management and economic analysis. The dissertation used monographs and articles by leading economists on the theory and practice of managing the borrowed capital of an enterprise, financial planning and the problems of developing enterprise budgets, as well as the provisions of the Civil and Tax Codes, legislative and regulatory acts of the Russian Federation.

During the study, methods of theoretical analysis, a systematic approach, grouping, generalization, comparison, functional classification, graphic images, etc. were used.

The information base of the study was the legislative and regulatory acts of the Russian Federation, the state statistical reporting of the State Statistics Committee of the Russian Federation, reports and materials of the Ministry of Finance of the Russian Federation and the Ministry of Economic Development and Trade of the Russian Federation, data from Volgograd Motor Plant JSC, NPO Physics JSC and CJSC " Coltech International”, as well as data from special economic studies published in the press.

The scientific novelty of the study is determined by the fact that it carried out a comprehensive study of the management of borrowed capital of domestic enterprises and suggested ways for its further improvement. The most important results of the dissertation research are as follows: from the standpoint of financial management, the essential characteristics of the borrowed capital of an enterprise are supplemented: borrowed capital as an object of management and borrowed capital as a source of additional income; on the basis of a comprehensive study of the main characteristics of borrowed capital, the definition of the essence of the concept of "borrowed capital" from the point of view of the borrowing enterprise is given; the functions of borrowed capital were supplemented (providing function, intensification function), revealing its role and place in the business turnover of the borrowing enterprise; the author's system of classification signs of borrowed capital of the borrowing enterprise is proposed, ranked in three directions: by sources of attraction, by forms of attraction, by conditions of attraction; the features of the process of attracting borrowed capital are highlighted: borrowed capital as an element of creating a new business, communication and coordination of borrowed capital with the financial and management processes of the enterprise, determinability and controllability of the parameters of borrowed capital, the impact of borrowed capital on the financial results of the enterprise; a systematic approach to the management of an enterprise's borrowed capital is proposed, which includes two interrelated areas: management of borrowed capital as an independent element of the enterprise's capital, management of borrowed capital as a set of independent elements; the expediency of using a borrowing budget in financial planning at an enterprise, which focuses on the problem of attracting borrowed capital and allows optimizing its main parameters (volume, instrument, time, structure, cost), is substantiated.

The theoretical and practical significance of the work lies in the fact that this work develops the conceptual and methodological apparatus of the scientific direction related to the management of the borrowed capital of an enterprise. The dissertation research contains a number of practical recommendations, the implementation of which will improve the efficiency of the enterprise, improve their financial position and raise the quality level of the enterprise's borrowed capital management.

The proposals developed and substantiated by the dissertator can be used by enterprises on a nationwide scale.

The practical significance of the study is to develop conclusions and recommendations for improving the management of borrowed capital in the capital structure of an enterprise in modern conditions.

Approbation of work. The main provisions have been tested in the articles of the author. The most significant provisions and results of the study were reflected in 4 works published by the author with a total volume of 2.1 p.l.

The completed scientific developments are used in the educational process by the Department of Finance of the Saratov State Socio-Economic University when teaching academic disciplines for students studying in the specialty "Finance and Credit" specialization "Financial Management".

Applied developments are used in planning the need for borrowed capital at JSC "Trolza" (Engels).

Scope and structure of work. The dissertation consists of an introduction, three chapters, including seven paragraphs, a conclusion, a list of references and applications.

Thesis: conclusion on the topic "Finance, monetary circulation and credit", Volkov, Vladimir Avazbekovich

Conclusion

The market reforms of the last decades and, as a result, the increased independence of the enterprise in all areas of financial and economic activity have led to the freedom to choose the structure of financing for domestic enterprises. In accordance with this, the role of borrowed capital as a source of debt financing of an enterprise has grown significantly. Moreover, in market conditions this is especially true, since the preservation of liquidity, solvency and profitability of production are the fundamental principles of market management.

Trends in the development of the world economy have led to a variety of sources, forms and conditions for attracting borrowed capital. Today, enterprises attract borrowed capital from private financial institutions represented by credit institutions, pension and investment funds, insurance companies, as well as from partner enterprises and government agencies. There are also new instruments for attracting borrowed capital in the financial market. For example, in the conditions of modern Russia, the corporate bond market is actively developing.

Under the current conditions, enterprises must carefully choose the instruments for attracting borrowed capital and their parameters, that is, learn how to manage borrowed capital in order to solve the tasks. This, in turn, will provide additional income to the business turnover of the enterprise, increase the profitability of production, and increase the market value of the enterprise. Efficient management of borrowed capital stimulates investment activity and the fulfillment of social obligations of the enterprise.

The formation of a new competitive environment for enterprises, the formation and development of financial institutions, the multiplicity of borrowed capital instruments make the topic of dissertation research particularly relevant.

In the first chapter, borrowed capital is presented as a financial category that reflects economic relations mediated by a certain amount of funds transferred for temporary use by one business entity to another. In this capacity, borrowed capital is the unity of economic relations and their form (monetary, tangible or intangible). It should be stated that the essence of borrowed capital in the economic literature F has been studied quite fully and in detail. Traditionally, the following essential characteristics are distinguished: accumulated value; bearer of the risk factor and liquidity; object of time preference and market circulation; factor of production and investment resource.

However, the characteristics of borrowed capital must be supplemented from the point of view of the borrowing enterprise: borrowed capital as an object of management and its ability in this capacity to bring additional returns, that is, to act as its source.

Borrowed capital as an object of management is isolated, has a value expression, serves and maintains the continuity of the enterprise, and also affects its solvency, financial stability and financial result. Borrowed capital as an object of management has a complex internal structure and is formed in accordance with the objectives. The owners and/or management of an enterprise can make a decision regarding its presence or absence in the capital structure of the enterprise, as well as regarding its quantity (volume) and quality (the structure of elements by maturity, price, terms of receipt and payment of interest). G

Borrowed capital as a source of additional return. The additional return received by the enterprise depends both on the volume of the borrowed capital itself and its parameters (price, conditions), and on the efficiency of its use. Borrowed capital affects both the extensive and intensive development of the enterprise. Extensive development of the enterprise is achieved by attracting additional borrowed capital. As a result, assets, financial potential, scale of production, cash flow of the enterprise increase and, as a result, there is an additional return (income). Intensive development of the enterprise is achieved by increasing the share of borrowed capital in the capital structure of the enterprise. An increase in the level of financial leverage of an enterprise increases the risk of bankruptcy with a higher return on equity, which also contributes to the emergence of additional returns (income).

The dynamics of additional returns is controlled by the owners and/or management of the enterprise. The level of return on borrowed capital is the absolute value of its increment after a complete cycle from the moment it is applied to the moment it is returned to the creditor. The rate of return on borrowed capital of an enterprise is a relative value. These indicators help assess the feasibility of attracting borrowed capital and rank its instruments in terms of return / price ratio.

The essence of the providing function of borrowed capital is the ability to use it to form a target capital structure. In general, the operation of this function is explained, firstly, by the need to generate profits for the enterprise, which, if necessary, is provided by additional attraction of borrowed capital compared to the initial investment, and, secondly, by optimizing the passive part of the enterprise's balance sheet. Since the attraction of borrowed capital involves the cost of using it, the abundance of instruments that differ in value dictates the choice of the most optimal combination of them. This is especially significant when it is necessary to mobilize large amounts of additional resources for the implementation of strategic programs.

The function of intensification is manifested in the ability of borrowed capital - a powerful factor in the concentration of capital - to expand the scope of individual investment opportunities of the enterprise. With the help of borrowed capital, the scale of existing production is maintained and the growth of future production is ensured.

The function of intensifying the borrowed capital of an enterprise involves improving the qualitative characteristics of the resources used. In other words, the activation of the process of attracting borrowed capital accelerates the process of growth in the value of the enterprise, increases its monetary, material and intangible reserves by increasing the return on equity. And the emerging "tax shield" provides additional benefits.

The study of the essential characteristics and functions made it possible to clarify the essence of the concept of "loan capital" of the enterprise.

Borrowed capital is a part of the capital of an enterprise that functions in the economic system on the basis of market principles and is the object of management. The volume and composition of borrowed capital are regulated by the owners and / or management of the enterprise in accordance with its goals, according to the criteria of time, risk and liquidity. Borrowed capital expands the production and investment potential of the enterprise, but at the same time limits the financial independence of the enterprise from other economic entities.

The expediency for enterprises to attract borrowed capital, on the one hand, and the variety of its forms, on the other, necessitated the classification of its elements for effective management of it at the enterprise. In this study, the classification features are grouped into three areas for attracting borrowed capital: sources of attraction; forms of attraction; attraction conditions.

Classification by source reveals the properties of the source of borrowed capital: its localization, nationality and characteristics of creditors (number and seniority).

Classification according to the form of attraction reveals the degree of availability, risk, organization and liquidity of the borrowed capital.

Here are the following clarifications. A group of borrowed capital has been singled out in terms of the level of riskiness (creditworthiness) of the borrowing enterprise, since the properties of borrowed capital (volume, price, maturity and security) are largely determined by the investment qualities of the borrowing enterprise itself. The group of borrowed capital, in terms of its degree of liquidity, includes absolutely liquid, limitedly liquid and illiquid borrowed capital, since in the event of a critical situation (bankruptcy), the question arises of the possible sale or assignment of the obligations of the borrowing enterprise.

Classification by conditions reveals the conditions for attracting borrowed capital, provided for by the relevant agreement. For example, purpose, subject, instrument, term, security, types and frequency of payments.

The proposed classification of borrowed capital in these areas allows you to optimize the composition of sources, as well as the forms and conditions of attraction.

The second chapter reflects the rationale for a systematic approach to managing the borrowed capital of an enterprise, implemented on the basis of the theory of capital structure and reveals the characteristic features of the process of attracting borrowed capital into the business turnover of an enterprise, divided into four blocks.

The systematic approach lies in the presence of interconnected elements that make up an integral structure and influence each other through their inherent functions. A systematic approach to managing the borrowed capital of an enterprise makes it possible to identify elements (instruments for attracting borrowed capital) characterized by a set of parameters (volume, maturity, price, terms of interest payments, etc.) that form a certain structure of borrowed capital. Moreover, in a systematic approach to the management of borrowed capital, its elements are necessarily consistent with the goals and objectives of the enterprise (for example, the elements of the enterprise's borrowed capital are consistent with the assets being invested).

The interaction of elements occurs within the enterprise's loan capital management system and with elements of the external environment. An example of internal and external interaction of elements is the restructuring of an existing debt of an enterprise.

The systems approach algorithm includes two related directions: a. management of borrowed capital as an independent element; b. management of borrowed capital as an aggregate having a complex structure and many independent elements.

The selection of two directions is caused by the need for a logical disclosure of the problems of managing the borrowed capital of an enterprise.

Direction I involves consideration of several aspects. The company is interested in the total amount of borrowed capital, the ratio of equity and debt capital, return on equity and the level of tax protection. The volume of funding sources is determined by the needs of the enterprise; the ratio of own and borrowed capital - the propensity of the owners and / or management of the enterprise to take risks; return on equity - the level of financial leverage; the level of tax protection - by the current legislation and regulations, as well as the amount of borrowed capital.

Within the framework of the first direction, owners and/or management are only interested in the required and permissible amount of borrowed capital, since an assumption is initially made about its homogeneity. In this direction, a number of analytical measures are being implemented:

1. determination of the required and allowable amount of borrowed capital in these conditions as a homogeneous integral complex of its characteristics: term and price;

2. analysis of the current level of the effect of financial leverage and factors influencing it;

3. analysis of the impact of the existing and potential tax shield.

The second direction is due to a shift in emphasis from general issues towards managing the structure of borrowed capital - the ratio of its elements (for example, long-term and short-term borrowed capital).

Debt management within one element involves various financing options from the same source. Moreover, the structural elements of borrowed capital (for example, long-term and short-term borrowed capital) may differ in the source, form and conditions of its attraction. This diversity, combined with the capabilities of an individual enterprise-borrower and the financial market conditions, affects the structure and volume of its borrowed capital.

The second direction of debt capital management involves:

1. analysis of the structure of borrowed capital by its elements;

2. the possibility of managing the borrowed capital of an enterprise within one of its elements;

3. determination of the final price of the borrowed capital of the enterprise is carried out by the method of weighted average by the weights and prices of the elements.

In addition, in order to improve the quality of debt capital management, it is necessary to consider the process of attracting it to the capital structure of an enterprise, which, according to the author, is characterized by a set of specific features. Understanding the process of attracting borrowed capital reveals the mechanism of getting borrowed capital into the financing structure of a domestic enterprise at the present stage.

The third chapter is devoted to the financial planning of the borrowed capital of the enterprise. The information necessary for the effective management of borrowed capital is "dispersed" in the planned financial statements, as well as financial budgets. Planned financial statements and budgets from various angles describe the process of managing the borrowed capital of an enterprise through their inherent financial indicators.

In this regard, a planning document is needed that focuses on the problem of attracting borrowed capital, forming its structure, choosing the most profitable instruments for the enterprise in terms of volume, urgency, price, conditions for paying income, etc. The author of the dissertation research proposes a borrowing budget.

The main planned parameters of the borrowing budget are: specific instrument; the required amount of borrowed capital in absolute and relative terms; possible amount of borrowed capital in absolute and relative terms; price; shortage of coverage of the required amount due to the possible amount of borrowed capital in absolute and relative terms; final volumes of short-term, long-term and total borrowed capital.

Borrowed capital in the borrowing budget is represented by enlarged groups of instruments (for example, bank loans, bills of exchange, bonds, etc.) of its attraction and a set of structural elements (for example, currency and ruble bank loans, interest-bearing and discount bonds, bills of exchange, etc.). ) within one instrument.

The amount of planned attraction of land capital through a specific instrument, expressed in relative units, reflects the share of this instrument in the total amount of borrowed capital of the enterprise, which makes it possible to plan the structure of borrowed capital.

The final line of the borrowing budget indicates the price of all borrowed capital, weighted by the volume and prices of the instruments used to attract it into the business turnover of the enterprise.

The borrowing budget, as a financial plan for managing the borrowed capital of an enterprise, can serve as an information basis for the formation of planned forms of financial reporting and budgets. It is interconnected with credit and tax budgets. On the basis of the borrowing budget data, the owners and / or management of the enterprise can make changes to the balance sheet for elements related to borrowed capital. You can make several budget options and determine how each of them affects the final indicators in the reporting.

Thus, the possession by the owners and / or management of the enterprise of such detailed information characterizing the borrowed capital of the enterprise from various angles can significantly increase the efficiency of managing the borrowed capital of the enterprise within the framework of a systematic approach. The use of the borrowing budget in electronic form allows you to automate the analysis of the impact of the enterprise's borrowed capital on the profitability of its activities and / or market value. Automating the formation of the borrowing budget allows you to use all its positive qualities as efficiently as possible.

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In an economic downturn, capital formation strategies by a credit institution are of great importance. At the same time, the bank's capital plays a significant role in ensuring the stability and reliability of the banking system, while the efficiency of the banking system is a decisive factor in economic growth, improving the standard of living and welfare of society. This article analyzes equity and ways to replenish it using the example of PJSC ROSBANK, as one of the most stable banks in Russia. As a result of the study, the main trends in the formation of its resource base by the Bank were identified and external and internal factors that have a key impact on the formation of a commercial bank's own funds were identified.

bank capital

own funds

commercial banks

resource structure

bank capital formation

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In the course of its activities, any organization is exposed to various kinds of risks, and one of the first is the risk of losing invested funds. The Bank equally risks both its own and borrowed funds. But it is worth noting that in the event of adverse conditions, the damage is primarily covered by equity, and only if there is not enough equity, creditors begin to bear the losses. Thus, capital acts as a protective mechanism to minimize the risk of losing creditors' funds. But nevertheless, the growth of the share of capital in the total amount of the bank's funds in most cases means a reduction in profits, which is undoubtedly an unfavorable factor.

It should be noted that in addition to the main protective function, the bank's own capital also performs operational and regulatory functions.

The operational function provides the financial basis for the bank's activities. The bank's equity in this function provides an adequate base for the growth of active operations, i.e. maintains the volume and nature of banking operations in accordance with the tasks of the bank.

The regulatory function is associated solely with the special interest of society in the successful functioning of banks, as well as with laws and regulations that allow central banks to exercise control over the activities of commercial banks and other lending institutions.

In general, the bank's own capital is the financial basis for its development. Compared with other areas of business activity, the bank's equity occupies a small share in the total capital, which is associated with the specifics of the activities of commercial banks. As mentioned earlier, equity plays the role of a protective mechanism, but not all elements of equity have the same protective properties. Many of these have specific features that affect the item's ability to recover extraordinary contingencies. In this regard, two levels are distinguished in the structure of equity:

1) the main (basic) capital - the capital of the first level

2) additional capital - capital of the second level.

Fixed capital represents the funds that the bank can freely use to cover possible unexpected losses. Elements of basic capital are reflected in the reports published by the bank, form the basis on which many assessments of the quality of the bank's performance are based, and, finally, affect its profitability and degree of competitiveness.

The capital of the second level consists of hidden reserves, which are less permanent and can only under limited conditions be used for the above purposes. The cost of such funds is capable of changing over time.

The sources of the bank's fixed capital include:

1) the authorized capital of the bank in the legal form of a joint-stock company, formed as a result of the issue and placement of ordinary shares, as well as preferred shares that are not cumulative;

2) the authorized capital of the bank in the organizational and legal form of a limited liability company, formed by paying shares by the founders;

3) share premium of banks;

4) funds of banks (reserve and other funds) formed from the profits of previous years. remaining at the disposal of banks and confirmed by an audit organization;

5) profit of the current year and previous years in the part confirmed by the auditor's report.

Sources of additional capital include:

1) increase in the value of property due to revaluation;

2) funds formed at the expense of deductions from the profit of the current and previous year before confirmation by an audit organization;

3) profit of the current year, not confirmed by an audit organization;

4) profit of previous years before audit confirmation before July 1 of the year following the reporting one (in the absence of such confirmation, profit after the specified date is not included in the calculation of equity);

5) subordinated loan;

6) a part of the authorized capital formed at the expense of capitalization of the increase in the value of property during revaluation.

For clarity, consider the equity structure of PJSC ROSBANK, presented in Table. one.

Managing the ratio between equity and liabilities is an important criterion. Since own funds are non-refundable resources, they act as a reserve to cover the bank's obligations. Within its own funds, the bank guarantees 100% liability for its obligations.

Consider the structure of liabilities of PJSC ROSBANK in Table. 2.

Liabilities are funds placed at the disposal of the bank under certain conditions. In terms of the total volume, the bank's liabilities are several times higher than the capital, which is predetermined by the specifics of banking activities. Comparison of the sums of the totals in Table. 1 and table. 2 confirms the above.

To regulate the banking system and ensure the stability of the financial system as a whole, the Central Bank of the Russian Federation has developed a system of standards that are mandatory for all banks operating in the territory of the Russian Federation. In case of repeated violation of these standards, the bank's license is revoked.

Table 1

Structure of equity capital of PJSC ROSBANK, thousand rubles

Name of indicator
Authorized capital
Extra capital
Retained earnings of previous years (uncovered losses of previous years)
Unused profit (loss) for the reporting period
reserve fund
Sources of own funds

table 2

Structure of liabilities of PJSC ROSBANK, thousand rubles

Name of indicator
Deposits of individuals with a term of more than a year
Other deposits of individuals (including individual entrepreneurs) (up to 1 year)
Deposits and other funds of legal entities (up to 1 year)
including current funds of legal entities (without IP)
Correspondent accounts of LORO banks
Interbank loans received for up to 30 days
Own securities
Interest liabilities, arrears, accounts payable and other debts
Expected cash outflow
Current responsibility

Table 3

Capital adequacy ratios of PJSC ROSBANK

Table 4

Types of sources of replenishment of the bank's own capital

Types of sources of equity	Description of sources
Accumulation	The easiest and least expensive method of replenishing capital, especially for banks whose activities are characterized by a high rate of return. Thus, small banks that are unable to attract investors due to lack of an appropriate reputation rely on this method.
Reinvestment
Placement of shares on the Russian stock market	It plays an important role in the formation of the bank's capital. The share price largely depends on the level of dividends paid, i.e. an increase in dividends leads to an increase in the share price. Therefore, high stock returns encourage capital raising through the sale of additional shares.
Dividend politics	It has a significant impact on the possibility of expanding the capital base through domestic sources. A high proportion of profits allocated to capital gains results in lower dividend payouts. Accordingly, high dividends lead to an increase in the market value of the bank's shares, which makes it easier to increase capital from external sources.

One of the important indicators of a bank's reliability is the bank's own funds (capital) adequacy ratios.

From January 1, 2014, Russian banks must calculate three capital adequacy ratios instead of one, as was the case before, due to the introduction of Basel III. In addition to the total capital adequacy ratio (10%), the adequacy of basic capital (5%) and core capital (5.5%, and since 2015 - 6%) appears. According to the Basel Committee, more stringent approaches to calculating capital adequacy and liquidity ratios should reduce the risks of a systemic banking crisis and improve the sector's ability to cope with the consequences of global financial collapses.

Based on the data presented in table. 3, we can conclude that for the period under review, the capital adequacy ratios of PJSC ROSBANK corresponded to the normative values.

For the normal functioning of the bank, much attention is paid to the amount of equity and borrowed capital, risks and its assets.

The equity capital of a commercial bank is the basis of its activities and is an important source of financial resources. It is designed to maintain customer confidence in the bank and convince creditors of its financial stability. The capital must be large enough to ensure the confidence of borrowers that the bank is able to meet their needs for loans even under unfavorable conditions for the economic development of the national economy. This led to increased attention of state and international bodies to the size and structure of the bank's own capital, and the bank's capital adequacy ratio was classified as one of the most important in assessing the bank's reliability. At the same time, equity capital is of paramount importance for ensuring the stability of the bank and the efficiency of its work. The constraining factor of its growth is the need to form reserves for active operations.

The level of required capital should be determined depending on the expected financial losses, the determination of which is difficult due to the lack of statistics. Thus, equity capital is really very important, so let's consider the sources of its replenishment. Types of sources of replenishment of the bank's own capital are presented in Table. 4.

As indicated in Table. 4 sources of capital growth for a bank can be internal (profit) and external (shareholder funds). But it is worth noting that the method of increasing capital at the expense of shareholders is not publicly available, due to the fact that small banks do not have sufficient reputation to attract them. It follows that the sources of capital growth for the main group of Russian banks should be sought within the business, and not outside.

In 2006, there were 1,729 IPOs worldwide worth $247 billion. IPO or initial public offering is the first public sale of shares of a joint-stock company, including in the form of sale of depositary receipts for shares, to an unlimited number of persons. Conducting an IPO allows the bank to gain access to the capital of a much wider range of investors, but in turn requires the cost of placement and payment of dividends.

PJSC ROSBANK did not refuse to conduct an IPO until the last moment. But in the end, the Board of Directors of the Bank decided to increase its authorized capital by placing an additional issue of shares by private subscription. The fact is that if PJSC ROSBANK held an IPO, then the share of the strategic investor Societe Generale (SG) in the bank's capital would be diluted. At the moment, SG owns 99.4% of the shares of PJSC ROSBANK. Cooperation with such a shareholder allowed the Bank to quickly improve its rating and improve access to the international debt capital market.

PJSC ROSBANK manages its capital to ensure that all companies of the SG Group continue to operate for the foreseeable future and, at the same time, maximize profits for shareholders by optimizing the ratio of debt and equity.

The capital structure is reviewed by the Management Board of the Group every six months. As part of this assessment, the Board, in particular, analyzes the cost of capital and the risks associated with each class of capital. Based on the recommendations of the Management Board, the Group adjusts its capital structure by paying dividends, issuing additional shares, attracting additional subordinated borrowings or paying off existing loans.

At the moment, PJSC ROSBANK is one of the Russian banks with high capitalization and a sufficient level of liquidity, its indicators comply with all mandatory standards.

Bibliographic link

Ivanova I.V. OWN CAPITAL OF THE BANK AND WAYS OF ITS FORMATION // International Journal of Applied and Fundamental Research. - 2015. - No. 8-3. – P. 537-540;
URL: https://applied-research.ru/ru/article/view?id=7146 (date of access: 03/20/2020). We bring to your attention the journals published by the publishing house "Academy of Natural History"

Keywords

EQUITY/ BORROWED CAPITAL / PROBLEMS OF FUNCTIONING AND USE OF VARIOUS SOURCES OF CAPITAL OF THE ENTERPRISE/OWN CAPITAL/LOAN CAPITAL/ PROBLEMS OF FUNCTIONING AND USE OF VARIOUS SOURCES OF THE CAPITAL OF THE ENTERPRISE

annotation scientific article on economics and business, author of scientific work - Merkulova Elena Yurievna, Morozova Natalia Sergeevna

The main sources of formation of the property of the enterprise are own and borrowed capital, the value of which is in the liabilities side of the balance sheet. Using only equity, the enterprise has the highest financial stability, but limits the pace of its development. Borrowed capital ensures the growth of the financial potential of the enterprise if it is necessary to significantly expand its assets and increase the growth rate of its economic activity. It is able to generate an increase in financial profitability due to the effect of financial leverage. At the same time, the use loan capital generates the risk of a decrease in financial stability and the risk of loss of solvency. The level of these risks increases in proportion to the growth in the share of use loan capital. Assets generated by loan capital, generate a lower rate of return, which is reduced by the amount of interest paid on loans. There is also a high dependence of the cost loan capital from fluctuations in the financial market. Thus, an enterprise using borrowed capital has a higher financial potential for its development and the possibility of increasing financial profitability, but generates financial risk and the threat of bankruptcy to a greater extent. Analysis of the effectiveness of the use of own and loan capital organizations is a way of accumulating, transforming and using accounting and reporting information, with the aim of: assessing the current and prospective financial condition of the organization, i.e. using its own and loan capital; to substantiate the possible and acceptable pace of development of the organization from the standpoint of providing them with sources of funding; identify available sources of funds, evaluate rational ways to mobilize them; predict the position of the enterprise in the capital market.

The text of the scientific work on the topic "Characteristics and analysis of the use of own and borrowed capital of the enterprise"

UDC 336.64 doi: 10.20310/1819-8813-2016-11-10-35-40

CHARACTERISTICS AND ANALYSIS OF THE USE OF OWN AND LOAN CAPITAL OF THE ENTERPRISE

MERKULOVA ELENA YURIEVNA Tambov State University named after G. R. Derzhavin, Tambov, Russian Federation, e-mail: [email protected]

MOROZOVA NATALIA SERGEEVNA Lipetsk branch of FSBEI HPE "Financial University"

under the Government of the Russian Federation”, Lipetsk, Russian Federation, e-mail: [email protected]

The main sources of formation of the property of the enterprise are own and borrowed capital, the value of which is in the liabilities side of the balance sheet. Using only its own capital, the enterprise has the highest financial stability, but limits the pace of its development. Borrowed capital ensures the growth of the financial potential of the enterprise if it is necessary to significantly expand its assets and increase the growth rate of its economic activity. It is able to generate an increase in financial profitability due to the effect of financial leverage. At the same time, the use of borrowed capital generates the risk of a decrease in financial stability and the risk of loss of solvency. The level of these risks increases in proportion to the growth in the proportion of the use of borrowed capital. Assets formed from borrowed capital generate a lower rate of return, which is reduced by the amount of interest paid on loans. There is also a high dependence of the cost of borrowed capital on fluctuations in the financial market. Thus, an enterprise using borrowed capital has a higher financial potential for its development and the possibility of increasing financial profitability, but generates financial risk and the threat of bankruptcy to a greater extent. Analysis of the effectiveness of the use of own and borrowed capital of organizations is a way of accumulating, transforming and using information from accounting and reporting, with the aim of: assessing the current and prospective financial condition of the organization, i.e., the use of own and borrowed capital; to substantiate the possible and acceptable pace of development of the organization from the standpoint of providing them with sources of funding; identify available sources of funds, evaluate rational ways to mobilize them; predict the position of the enterprise in the capital market.

Keywords: own capital, borrowed capital, problems of functioning and use of various sources of enterprise capital

The study of the structure of capital has always been at the center of attention of economists of different schools and directions of economic doctrine. The study of enterprise capital as an economic category, starting from the second half of the 19th century. and up to the present day, carried out by such scientists as: D. Clark, J. Keynes, K. Marx, D. Mil, V. Pa-reto, W. Petty, D. Ricardo, A. Smith, I. Schumpeter. They made a huge contribution to the development of the topic of capital, and also highlighted the problems that are directly related to the analysis of equity capital and the effectiveness of the application of data obtained as a result of analytical procedures. So Professor L. T. Gitlyarovskaya notes that the analysis of capital is a complex and continuous process of collecting, classifying and applying the data obtained.

accounting and financial reporting, to determine the financial position of the company, diagnosing the pace of expansion of financial and economic activities, identifying available sources of capital formation and their rational use, including forecasting the development of the company in the future in the capital market.

The sources of capital formation of the enterprise are own and borrowed funds (Table 1). Consideration of the current Russian regulatory documents on accounting leads us to the fact that the concept of "own capital" is contained only in the Concept of Accounting in the Market Economy of Russia. Other regulatory documents consider

structure of capital and methodological aspects of accounting of its constituent elements.

The equity capital of an enterprise is understood as the value of assets that belong to the owner of the enterprise on the basis of ownership rights, used to generate income.

Equity usually includes invested capital, that is, capital reinvested by the owners of the enterprise and accumulated capital, which is created in excess of what was originally invested by the founders. The invested capital consists of such articles of own capital as authorized capital, additional capital (in terms of share premium received). The first component of invested capital is offered in the balance sheet of Russian enterprises by authorized capital, the second component is by additional capital (in terms of share premium received), and the third component of invested capital is reflected by additional capital or social sphere fund. The accumulated capital of the enterprise is executed in the form that is formed due to net profit (reserve capital, retained earnings, accumulation fund and other items). It has also been found that the greater the share of accumulated capital, the higher the quality of equity. Sources with the help of which it is formed

Yes. That is, equity is understood as the difference between the assets of the enterprise and its liabilities. It has a rather complex structure, and its composition is directly determined by the organizational and legal form of the enterprise.

equity can be divided into two groups: internal and external. Internal sources include: net profit, depreciation, property revaluation fund and other income. External sources include: issuance of shares, grants, and other sources.

All information about equity, which is generated by the accounting and analytical system, is used not only by internal, but also by external users (Fig. 1).

As a result, the maximization of equity capital occurs at the expense of any of its sources of formation, which positively affects the activities of the enterprise as a whole, increases its financial independence from external sources of financing and increases production volumes.

Based on the foregoing, we can conclude that competent management of equity capital and the sources of its formation will allow us to analyze the occurrence,

Sources of enterprise capital formation and their characteristics

№ Sources of capital formation Characteristics of attracted capital

Internal External Long-term Short-term Own Borrowed

1. Contributions of the founders (including additional capital from share premium) + + +

2. Retained earnings (including reserve capital and funds from profit) + + +

3. Long-term loans and credits (including issued bonds) + + +

4. Short-term loans and credits + + +

5. Accounts payable (trade loans) + + +

standing and application, as well as provide significant proposals for managerial decision-making.

Borrowed (attracted) funds represent part of the financial resources of the enterprise invested in the assets of the enterprise.

They represent economic and legal obligations to third parties. In accounting, the attracted funds are defined as liabilities, i.e., these funds must be returned to creditors within the terms established by the contract.

Users

Internal

financial managers

Owners

Information on financial results

Data on the effectiveness of deposits, amounts, dividends, cost of capital

< л Налоговые органы

Suppliers, customers, organizations

Company management Management information Investors Expediency of investments

Data required for audit

Information about tax payments

Information

about solvency

and liquidity

Lenders

Information about the solvent

Rice. 1. Users of property information]

The Framework for Accounting, developed by the American Institute of Chartered Accountants' Financial Reporting Standards Board (FASB), defines a liability as the probable future outflow of economic benefits arising from an entity's present obligation to delegate assets or provide services to other entities through transactions. or events occurring in

E. t MERKULOVA, N. 8. MOROZOVA

capital, formed in the accounting and analytical system

past periods. In addition, liabilities should include debts generated in the course of economic activity (accounts payable).

Borrowed capital for commercial structures plays a very important role as an additional means of financing economic activities. However, after a certain period of time, each entrepreneur is obliged to return these funds to creditors not only in full, but

and in the agreement established by the contract, with interest.

When deciding on the rationality of attracting borrowed funds, it is important for entrepreneurs to assess the current situation with the financial condition of the enterprise, the structure of financial resources, which are reflected in the liability of the balance sheet. But a high share and a high percentage for using a loan can make it unreasonable to attract new borrowed funds.

Despite the fact that, by attracting borrowed funds, the company receives a number of privileges, however, under certain circumstances (low level of profitability), they can also turn into their reverse side, a lack of income received, which worsens the financial situation and may lead to bankruptcy. In addition, an enterprise that has a sufficient portion of borrowed funds in the total amount of economic assets has a lower degree of opportunity for capital maneuverability. In the event of unpredictable circumstances, such as: a decrease in demand for goods, an increase in the cost of raw materials and materials, a fall in product prices, seasonal fluctuations in demand, etc., all this can provoke a loss in the solvency of an enterprise, a decrease in income and a decrease in profitability, i.e. e. deterioration of the financial condition of the enterprise.

The attracted sources of funds in accounting (financial) accounting include long-term and short-term liabilities. The attraction of borrowed funds into the turnover of the enterprise is considered a normal phenomenon, which contributes to a short-term improvement in the financial condition of the enterprise, if the funds received are not frozen, but are used in the turnover of the organization.

According to the purpose of attracting borrowed capital is divided into funds necessary for:

Reproduction of fixed assets and intangible assets;

Replenishment of current assets;

Satisfaction of social needs.

According to the form of attraction, borrowed funds are divided into funds in cash, commodity form, in the form of equipment, etc.

By sources of attraction, borrowed funds are divided into external and internal.

According to the form of collateral, all borrowed funds are divided into: secured by a pledge or pledge, secured by a surety or guarantee, and unsecured.

For the further development and functioning of the company's activities, quite often before

it is the choice of one of several options for the source of capital: own or borrowed. Before an organization decides to raise borrowed funds, it is important to assess the structure of liabilities in the financial statements, if the share of debt is high enough, then attracting new borrowed funds will be unwise and even dangerous. If the company decides to use the attracted capital, then the financial manager needs to analyze and study in detail on what conditions and in what volume the borrowed funds are provided. Undoubtedly, the company will have a number of advantages by attracting borrowed funds, but certain circumstances can complicate the financial situation and lead the company to bankruptcy.

With the help of borrowed funds, the assets of the company can be financed and replenished, and this offer is quite attractive, since the lender does not impose requirements on the future income of the company. But at the same time, regardless of the results of the organization's activities, he has every right to claim a predetermined amount from the contract and interest on it.

As you know, the amount of liabilities and their maturity dates are known in advance, which undoubtedly simplifies the financial planning of cash flows. But the amount of expenses, which is associated with interest on the use of borrowed funds, encourages the organization to increase income through the rational use of funds raised.

If the share of borrowed funds significantly exceeds the share of own funds, then the enterprise has a meager opportunity for capital maneuvering. Also, unforeseen circumstances, such as: an increase in the cost of raw materials and materials, a decrease in demand for products, a fall in prices for goods, seasonal changes in demand, etc., in an unstable financial condition, can serve as one of the main reasons for the loss of the company's solvency.

From the point of view of financial stability, the most rational option for an enterprise is to use its own capital, since there is no threat of bankruptcy, and investors at any time will not demand a return of their funds. But the difficulty lies in the fact that own funds are rather limited due to their organizational and legal complexities. Then, in this situation, the company has the right to use the attracted capital on certain conditions. Sometimes borrowed funds can be very profitable with economic

Russian point of view. For example, the cost of capital raised, in some cases, costs the company much cheaper than the cost of its own. This fact is explained by the fact that the risk of own sources significantly dominates the creditor risk, since the amount of the incentive is fixed in the loan agreement, and the loan is guaranteed by guarantees and collateral.

If the borrowed funds exceed the allowable amount, then the financial stability of the enterprise is reduced, the risk of creditors increases and the cost of borrowed capital increases. Attracting additional own sources is a rather lengthy and slow procedure, it is much easier to attract borrowed capital. For example, a company with a perfect level of profitability uses borrowed capital much more often than its own. It is also important to note that the weighted average cost of capital (WACC) is the main economic criterion for the optimal capital structure. Preference should be given to such a source of capital formation, which helps to minimize the weighted average cost of capital (WAC).

There are several factors that are not always amenable to economic research: the risk that is associated with the source of capital formation, all kinds of legal changes, the time and money spent on borrowed capital.

The ratio between own and borrowed sources of funds is greatly influenced by such factors as the external and internal working conditions of an economic entity and the financial strategy chosen by it:

The difference between dividend rates and loan interest rates. If dividend rates are lower than interest rates, then leverage should be reduced, and vice versa;

Reducing or expanding the activities of economic entities. As a result, there is either an increase or decrease in the need to attract borrowed funds;

Accumulation of excess or unused stocks, materials and obsolete equipment;

Rejection of funds, in the formation of doubtful receivables, which attracts additional borrowed funds.

The ratio between the company's own and borrowed funds is one of the main analytical factors that reflect the degree of risk of investing financial assets.

resources, i.e. the larger the share of borrowed capital, the greater the degree of risk, and vice versa.

Consequently, an enterprise that uses borrowed capital will have sufficient financial opportunities for its further development (formation of an additional volume of assets) and the possibility of increasing the profitability of the business entity, but one should not exclude the financial risk and the threat of bankruptcy that arise in the event of an increase in the share of borrowed funds. in total capital.

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CHARACTERISTIC AND ANALYSIS OF USE OF OWN AND LOAN CAPITAL OF THE ENTERPRISE

MERKULOVA ELENA YURYEVNA Tambov State University named after G. R. Derzhavin, Tambov, the Russian Federation, e-mail: [email protected]

MOROZOVA NATALIYA SERGEEVNA Lipetsk Branch of Financial University under the Government of the Russian Federation, Lipetsk, the Russian Federation, e-mail: [email protected]

The main sources of formation of property of the enterprise are own and loan capital which size is in a balance passive. Using only own capital, the enterprise has the highest financial stability, but limits rates of the development. The loan capital provides growth of financial capacity of the enterprise in need of essential expansion of its assets and increase of growth rates of volume of its economic activity. It is capable of generating a gain of financial profitability due to the effect of financial leverage. At the same time use of the loan capital generates risk of decrease in financial stability and risk of loss of solvency. The level of these risks increases in proportion to growth of specific weight of use of the loan capital. The assets created by the loan capital generate a smaller rate of return which decreases for the sum of the paid loan percent. Also there is a high dependence of cost of the loan capital on fluctuations of an environment of the financial market. Thus, the enterprise using the loan capital has higher financial potential of the development and a possibility of a gain of financial profitability, however to a large extent generates financial risk and the threat of bankruptcy. The analysis of efficiency of use of own and loan capital of the organizations represents the way of accumulation, transformation and use of information of accounting and the reporting aiming: to estimate the current and perspective financial state of the organization, i.e. use of own and loan capital; to prove the possible and acceptable rates of development of the organization from a position of providing them by financing sources; to reveal available sources of means, to estimate rational ways of their mobilization; to predict the position of the enterprise at the market of the capitals.

Key words: own capital, loan capital, problems of functioning and use of various sources of the capital of the enterprise

…………………………………………………………..………..….4
Chapter 1
1.1. The economic essence and types of capital of the organization…………….6
1.2. The main sources of debt capital formation, their composition………………………………………………………………………….16
1.3. The policy of the organization in terms of the formation (attraction) of borrowed capital………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………
1.4. The main stages of development and implementation of the debt capital management policy…………………………………………………………..27
Chapter 2
2.1. Methods and techniques of debt capital management………….….33
2.2. Cost of capital, incl. cost of borrowed capital sources………………………………………………………………………37
2.3. Estimating the cost of sources of short-term financing…44
CHAPTER 3. ANALYSIS OF PROBLEMS AND PROSPECTS OF GROWTH OF THE EFFICIENCY OF MANAGEMENT OF LOAN CAPITAL OF THE ORGANIZATION, ON THE EXAMPLE OF PROTEKS LLC…………………………….54
3.1. Characteristics, assessment of the property and financial condition of Protex LLC according to financial statements…………………54
3.2. Features of debt capital management in Protex LLC…67
3.3. Advantages and Disadvantages of the Loan Capital Management System Established in Protex LLC…………………………………..72
3.4. Recommendations for improving the policy of managing borrowed capital in Protex LLC………………………………….….73
………………………………………………………………….84
LIST OF USED LITERATURE……………………….…………….88
APPENDICES…………………………………………………………………….92

Introduction

The relevance of the research topic is justified by the fact that the management of the enterprise must clearly understand from what sources of resources it will carry out its activities and in what areas of activity it will invest its capital. At present, the analysis of the formation and use of borrowed capital in organizations is particularly relevant, since the analytical services of organizations develop and apply analysis methods to determine the financial and economic situation. An analysis of the process of formation and use of borrowed capital reveals to interested users the whole range of advantages and problems that exist in the enterprise. This is justified by the fact that the formation and use of borrowed capital has a significant impact on the efficiency of the organization and is one of the key aspects in the implementation of long-term costly investments. An analysis of the debt capital management system will provide users with up-to-date information about the amount of the organization's borrowed capital, the optimality of its structure, and the feasibility of using it. Thus, the relevance of studying the management of borrowed capital of an enterprise is justified by the fact that the data obtained as a result of the analysis will help in making certain management decisions aimed at improving and rationalizing the structure of borrowed capital, minimizing the impact of negative factors, profit growth, effective and fruitful management of the borrowed capital of the organization.
The relevance of the problem posed in the work allows us to determine the object, subject, purpose and objectives of the study.
Objective– study of the effectiveness of the organization's borrowed capital management, using the example of Protex LLC.
Work tasks:
- to consider the theoretical foundations of the organization's borrowed capital management;
- to study the methodological foundations of the organization's borrowed capital management;
— to assess the effectiveness of the organization's borrowed capital management, using the example of Protex LLC;
— to develop recommendations for improving the policy of managing borrowed capital in the organization under study.
The object of the study is Protex LLC.
The subject of the research is the effectiveness of the management of borrowed capital in Protex LLC.
When working on the problem posed, both general scientific methods of analysis and synthesis, comparison, and methods of financial analysis were used.
The degree of development of the problem. A lot of scientific papers, manuals, monographs and publications are devoted to the study of the theoretical and methodological foundations of analysis and management of the borrowed capital of an enterprise. In this work, we most actively used the following works when working on the problem posed: I.V. Afanasiev, S.L. Zhukovskaya, M.S. Oborina, V.A. Kravtsova, E.R. Mukhina, O.V. Pachkova, A.I. Romashova, R.Yu. Sarycheva, V.B. Frolova and others. In general, the problem posed in the course work is sufficiently developed in the scientific literature.
The practical significance lies in the conclusions and proposals made on the basis of the results of the evaluation of the dynamics, structure and efficiency of the management of borrowed capital in Protex LLC. The developed recommendations are aimed at improving the policy of managing borrowed capital in the organization under study.
The work consists of an introduction, 3 chapters (theoretical, methodological and practical), conclusion, list of references and applications.

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Overall volume: 92

In modern conditions of development of economic relations, the issue of attracting borrowed sources of financing, which form the capital structure of organizations, is becoming increasingly important. On the one hand, the emergence of an increasing range of opportunities to attract capital gives a certain freedom in choosing the source of activity, and on the other hand, the existing conflicts of interests of opposite sides of loan relations, the advantages and disadvantages of a particular source, the characteristics of various fields of activity, the instability of the external environment, limit options decisions made by the financial manager. The capital structure is the ratio of own and borrowed sources used by the organization in the course of its activities. Sources advanced/invested in assets take the form of capital.

The use of both equity and borrowed capital has positive and negative sides for the organization, presented in table 1.

Table 1. Advantages and disadvantages of using equity and debt capital

	Benefits	limitations
Equity (share)	Does not involve mandatory payments	Limited volume of attraction
	Flexibility to exit the business	High cost compared to alternative borrowing sources
	Ensuring financial stability, solvency	Unused opportunity to increase the return on equity ratio by attracting borrowed capital
	positive image	The right to participate in management
		Organization complexity
Borrowed capital	Wide opportunities to attract	Growing financial risk
	Ensuring the growth of financial potential	Mandatory payments
	Opportunity to raise return on equity	Dependence on stock market fluctuations
	Fixed cost and term	The complexity of the recruitment process
	The amount of the fee does not depend on the income of the organization	Limiting Conditions
	Fee for use reduces the tax base	Availability of security requirements
	No right to drive	Restrictions on terms and volumes
		The growth of borrowed capital leads to a decrease in financial stability, as one of the criteria for creditworthiness

Among the problems faced by domestic organizations is the effective management of borrowed capital.

Debt capital management is a system of principles and methods for developing and implementing financial solutions that regulate the process of raising borrowed funds, as well as determining the most rational source of financing borrowed capital in accordance with the needs and opportunities for the development of an organization at various stages of its existence.

It is economically stipulated that the return on the use of this source of financing for activities should exceed the cost of attracting it. In addition, the organization, attracting borrowed capital, must take into account the aspects of maintaining financial stability. Too much borrowing reduces the financial stability of the enterprise, but a small amount of borrowed funds does not allow the company to develop. Thus, the creation of an effective system of debt capital management should be based on the organization of planning, formation and use of debt capital in such a way that the enterprise maintains financial stability on the one hand, and on the other hand, ensures profitability growth and economic development.

Currently, there are two models for borrowing capital in the financial market:

Anglo-Saxon (exogenous money supply system), which is characterized by borrowing through the mechanism of the stock market
Continental (system of endogenous money supply), which is characterized by active participation in the process of borrowing a bank loan.

The main forms of raising debt capital are currently distinguished: bank credit, bond issue, accounts payable and leasing. Let's take a closer look at these forms.

Credit is the classic and most well-known form of borrowing capital. A loan is money provided by a lender to a borrower on terms of urgency, payment and repayment. A bank loan can be provided both on a short-term and long-term basis if the borrower meets the creditworthiness requirements. At the same time, it is necessary to take into account the high price of a loan for a borrower in modern Russian practice.

Another popular form of debt financing is a bond loan, which is a form of issuing bonds by an organization under certain, predetermined legal terms. The expediency of issuing bonds is determined by the demand for them in the securities market and the cost of issuing. The interest rate on bonds (coupon) in practice is generally much lower than on a bank loan, however, there are additional costs associated with the issue.

Accounts payable - the debt of the subject to other persons, which this subject is obliged to repay. Accounts payable is an exclusively short-term source of borrowed funds, while, in accordance with the terms of the organization's contracts, it can be both a paid (set percentage) and a free source of borrowed capital.

The needs of organizations for continuous technical re-equipment, the introduction of new technologies, and the expansion of the production of goods and services have led to the emergence of new forms of capital raising, one of which is the use of such an instrument as leasing, which is a specific form of lending used when enterprises acquire fixed assets. As a rule, the attraction price is lower than a classic bank loan, in addition, the pledge of the purchased equipment acts as collateral by default.

It must always be taken into account that changes in the volume of funding sources, both in absolute and relative terms, will affect the financial stability of the enterprise. In addition, the structure of attracted sources of funds is influenced by the life cycle of the company (for example, at the initial stage of the development of an enterprise, it is not well known, and often there are many difficulties in attracting borrowed capital, but already at the stage of growth of the organization, the best and most acceptable way to form capital is to raise it funds from financial markets). As new investment objectives and risks emerge for the entity, the cash flow will become more volatile and it may be difficult to raise capital. If the organization is investing in specific assets, then the risks will be higher, and equity capital will be used to a greater extent.

By attracting borrowed capital, the efficiency of the organization's activities is increased. Therefore, in the course of managing borrowed capital, it is necessary to provide the required amount of financial resources, determine the optimal ratio of equity and borrowed funds (in terms of risk and profitability), in general, form a certain financial strategy.

The company's need for borrowed resources will be based on the specifics of its activities. For example, business entities in the trade sector are characterized by the predominance of borrowed sources, and for large organizations - their own. At the same time, it should be taken into account that long-term sources of financing in the analysis are equated to their own sources.

As an example, we can analyze the capital structure of OJSC Moscow United Electric Grid Company (OJSC MOEK), which is one of the largest distribution grid companies in Russia and provides a service for the transmission of electric energy and technological connection of consumers to electric networks in the city of Moscow and Moscow areas.

Table 2. Capital structure of JSC MIPC

Indicator
Indicator	in million rubles	in million rubles	in % of the total or in % of the group of liabilities	in million rubles	in % of the total or in % of the group of liabilities
Capital and reserves	140 451,8	155 177,7		171 144,0
long term duties	39 989,9	51 760,1		55 384,8
Bank loans
Loans
Other liabilities
short-term obligations	69 268,5	58 637,3		60 218,4
Bank loans
Loans
Accounts payable
Other liabilities
Total	249 710,2	265 575,1		286 747,2

Table 2 shows that long-term and short-term liabilities account for less than 50% of all sources, short-term liabilities slightly exceed long-term ones. In the structure of long-term liabilities, more than 60% are bank loans (see Fig. 1), and in the structure of short-term liabilities, accounts payable, which is essentially a free source, predominate (see Fig. 2).

Rice. 1. Structure of long-term liabilities of MOEK JSC

Rice. 2. Structure of short-term liabilities of JSC MIPC

The share of loans is insignificant, however, when choosing a source of borrowing, the following factors should be taken into account, demonstrating the advantages of a loan and a bonded loan as the main options for attracting borrowed sources (see Table 3). A bond loan is more often used in banking practice.

Banks use to a greater extent borrowed capital attracted from clients - individuals and legal entities, as well as from other banks and the Bank of Russia, while the share of borrowed capital can be 80% of total capital; ordinary firms, in order to maintain financial stability, do not seek a large share of borrowed funds and clearly calculate the purposes for which they will borrow and the ability to return funds to creditors.

Table 3. Advantages and disadvantages of using a bond loan and a bank loan

When looking for a source of debt capital formation, difficulties also arise: if it is necessary to finance an investment project, then it may be risky and funds may not be returned to creditors, moreover, the greater the risk, the greater the cost of such capital, and there are also low-profit industries, data organizations areas of activity constitute a risk zone for the creditor.

Table 4. Capital structure of JSC VTB Bank

Indicator
Indicator	in million rubles	in % of the total or in % of the group of liabilities	in million rubles	in % of the total or in % of the group of liabilities
Total liabilities, incl.
Loans, deposits, etc. funds of the Central Bank of the Russian Federation
Funds of credit organizations
Client funds
Financial obligations
Issued debt
Other liabilities
Provisions for possible losses on contingent liabilities
Sources of own funds
Balance currency

As we can see from the calculations, a large share in the capital of the bank is occupied by borrowed capital, that is, liabilities (more than 84%, while own funds - just over 15%). (see Table 4) At the same time, in the structure of liabilities (see Fig. 3), the largest share is accounted for by customer funds (about 50%) and funds from credit institutions (about 31%).

Rice. 3 Borrowed capital structure of JSC VTB Bank

When determining the volumes and terms of attracted funds, it is necessary to compare them with the need for the implementation of a particular project and future repayment opportunities, for example, in banks, it is necessary to correlate sources and assets by terms and amounts to ensure sustainability and stability of activities; if an investment project is financed, then a long-term source is needed (long-term credit, issue of long-term bonds, leasing). In addition, lending is often carried out for a specific purpose, for example, a project, respectively, these funds cannot be used in another direction. The financial strategy should be designed in such a way as to minimize the risks for the company. The financial strategy should be consistent with the financial policy of the organization.

The main directions of this policy is the formation of long-term and short-term credit sources of financing the activities of the organization.

In the process of forming financial policy, including the policy of attracting borrowed capital, the management of the organization faces a number of issues and problems that need to be addressed.

1) It is necessary to accurately determine the goals and directions of attracting borrowed funds. Perhaps it will be the replenishment of a part of current assets, the acquisition of fixed assets, the conduct of advertising campaigns, the implementation of scientific developments.

2) Determining the optimal amount of borrowed funds. At this stage, the organization's management determines the level of the effect of financial leverage, providing a reasonable level of borrowing.

4) Determining the form of borrowing. If a bank loan, then in the form of a revolving or non-revolving line of credit, an overdraft or a classic form of lending, funds will be raised.

5) Determination of acceptable conditions for attracting borrowed funds. This includes the form and timing of interest payments, the amount of the principal debt, the possibility of prolongation, changes in the interest rate, etc.

When forming debt capital, it is also necessary to take into account that the ability of a company to raise the funds it needs depends on its reputation, on the availability of various sources of financing, on the flexibility and stability of the company, its size, and when financing an investment project, also on its riskiness and profitability, social and economic importance.

Thus, in general, attracting borrowed financial resources increases financial risk, so the amount of borrowing at optimal rates for the company is limited; the target nature of the majority of borrowed resources does not give freedom in the disposal of funds, therefore, it often leads to lost profits; it is necessary to provide security and use these funds only at a certain time, since it is necessary to return the borrowed capital.

At the same time, borrowed capital is necessary for the development of the company, increasing the return on equity, as well as reducing the cost of capital through the use of tax shields when calculating the weighted average price based on the WACC model, in addition, it is often impossible to implement an expensive and important investment project without the participation of investors and creditors (for example, banks with investment blocks in their structure are now becoming more active in this area). Therefore, it is necessary to develop an optimal structure of borrowed capital for the company and diversify various sources of raising funds. For example, in addition to credit sources, a company can use a bonded loan. However, in addition to the positive aspects (low rates, lack of a strict purpose of use), there are problems here. With the help of funds raised by the issue of bonds, it is impossible to cover all the losses of the company, it is necessary to prepare a lot of documents, there are certain risks for creditors.

In order to determine whether the capital structure is optimal, there are various indicators, such as the effect of financial leverage, return on assets, capital, financial leverage ratio. The weighted average cost of capital is also calculated.

Summing up, I would like to note the fact that at present there is no established and only correct approach in the world community to solving the problem of the formation of borrowed capital. There are various views, such as the Modigliani-Miller theory, the traditional approach. However, each of them has its shortcomings and controversial points. As a result, the financial management of any organization will have to independently and individually, depending on the characteristics of the organization and its activities, determine the sources of financing activities and the structure of borrowed capital.

Obviously, depending on the characteristics of the activities of a company, the capital structure will differ. In any case, it is necessary to take into account the need for borrowed capital and all the difficulties that arise with raising funds, that is, to form an optimal financial strategy that will comply with the conditions of financial stability and minimize the cost of raising capital.

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