Own capital of the enterprise composition and sources of formation. Abstract: Principles and sources of formation of the company's own capital

As part of equity capital, two main components can be distinguished: invested capital, that is, capital invested by the owners in the enterprise; and accumulated capital - the capital created in the enterprise in excess of what was originally advanced by the owners. Invested capital includes the par value of common and preference shares, as well as additionally paid-in (in excess of the par value of shares) capital. This group usually includes gratuitously received values. The first component of invested capital is presented in the balance sheet Russian enterprises authorized capital, the second - additional capital (in terms of share premium received), the third - additional capital or fund social sphere(depending on the purpose of using the property received free of charge).

Accumulated capital is reflected in the form of items arising from the distribution net profit(reserve capital, accumulation fund, retained earnings, other similar items). Despite the fact that the source of formation of individual components of accumulated capital is net profit, the goals and procedure for the formation, directions and possibilities for using each of its items differ significantly. These articles are formed in accordance with the legislation, constituent documents and accounting policies.

All sources of equity capital formation can be divided into internal and external (Fig. 2).

Figure 2. Sources of equity capital formation

As part of the internal sources of the formation of their own financial resources the main place belongs to the profit remaining at the disposal of the enterprise, it forms the predominant part of its own financial resources, provides an increase in equity capital, and, accordingly, an increase in the market value of the enterprise. A certain role in the composition of internal sources is also played by depreciation deductions, especially in enterprises with a high cost of used own fixed assets and intangible assets; however, they do not increase the amount of the company's own capital, but are only a means of reinvesting it. Other internal sources do not play a significant role in the formation of the company's own financial resources.

As part of external sources the formation of its own financial resources, the main place belongs to the attraction by the enterprise of an additional share (through additional contributions to the authorized fund or through additional emission and sale of shares). For individual enterprises, one of the external sources of the formation of their own financial resources may be the gratuitous financial aid(as a rule, such assistance is provided only to individual state enterprises different levels). Other external sources include tangible and intangible assets transferred to the enterprise free of charge by individuals and legal entities in charity.

The development of a policy for the formation of the enterprise's own financial resources is carried out in the following main stages:

Analysis of the formation of the company's own financial resources in the previous period. The purpose of this analysis is to identify the potential for the formation of its own financial resources and its compliance with the pace of development of the enterprise.

Introduction

Each enterprise, entrepreneur, organizing its activities, pursues the goal - to get the maximum amount of income. To achieve this goal, means of production are needed, the effective use of which determines the final result of the work.

The development of market relations in society has led to the emergence of a number of new economic objects of accounting and analysis. One of them is the capital of the enterprise as the most important economic category and, in particular, equity capital.

The financial policy of an enterprise is a key moment in increasing the pace of its economic potential in a market economy with its fierce competition. Important indicators characterizing the financial condition of the enterprise. The assessment of equity capital serves as the basis for calculating most of them.

Accounting for equity capital is the most important section in the accounting system. Here the main characteristics of the company's own sources of financing are formed. The company needs to analyze its own capital, as this helps to identify its main components and determine how the consequences of their changes will affect financial stability enterprises. The dynamics of equity capital determines the amount of attracted and borrowed capital.

Thus, equity capital is the main source of financing of the enterprise's funds necessary for its functioning.

Currently, the majority of enterprises are owned by one or more owners. Accounting for documents confirming the ownership rights of owners, as well as various operations with them, are the subject of accounting, which has its own characteristics. This characterizes the relevance of the topic of the thesis.

Own capital is a set of funds belonging to the owner of the enterprise on the basis of ownership, participating in the production process and making a profit. The enterprise's own capital includes various sources of financial resources of the enterprise in terms of their economic content, principles of formation and use.

This topic is currently devoted to many articles in periodicals, it is deeply and comprehensively revealed on the pages of scientific literature and various textbooks.

The object of study of this work is equity capital, the need for its formation at the enterprise, as well as the importance of equity capital for the sustainable and long-term functioning of the enterprise.

Subject of research: the process of formation and use of own capital.

The purpose of the study, in turn, determines its specific tasks, the main of which are:

to study what the company's own capital consists of;

to consider the policy of formation of own financial resources;

determine from what sources there is an increase in own capital;

analyze the company's own capital and give recommendations on the formation and effective use of own capital.

1 Theoretical foundations of the formation of an enterprise's own capital

1.1 Essence and classification of the capital of the enterprise

Any enterprise operating in isolation from others, conducting production or other commercial activities, must have a certain capital, which is a combination of material values ​​and Money, financial investment costs for the acquisition of rights and privileges necessary for the implementation of its economic activity.

Capital is a set of material values ​​and cash, financial investments and costs for the acquisition of rights and privileges necessary for the organization's business activities.

The Encyclopedic Dictionary defines capital as capital - from French, Eng. capital, from lat. Сapitalis - main) - in a broad sense - this is everything that can generate income, or resources created by people for the production of goods and services. In more narrow sense- this is a source of income invested in the business, in the form of means of production (physical capital). It is customary to distinguish between fixed capital, which is part of the capital involved in production over many cycles, and circulating capital, which is involved and fully spent during one cycle. Money capital is understood as the money with which physical capital is acquired. The term "capital", understood as capital investments of material and monetary resources in the economy, in production, is also called capital investments, or investments.

The capital of the enterprise is formed both at the expense of its own (internal) and borrowed (external) sources. The main source of financing is equity. The development of market relations is accompanied by significant shifts in the composition and structure of sources of financial support for the economic activity of the enterprise. One of the main indicators characterizing its financial stability is the amount of equity capital.

This category, inherent in the conditions of a market economy, which has replaced the traditional concept of "sources of an enterprise's own funds", makes it possible to more clearly distinguish between internal sources of financing an enterprise's activities from external sources involved in economic turnover in the form of bank loans, short-term and long-term loans of other legal and individuals, various accounts payable.

The capital of an enterprise, or capital, is the main economic basis for the creation and development of an enterprise, which, in the course of its functioning, ensures the interests of the state, owners and personnel.

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

Equity is the net worth of property, defined as the difference between the value of an organization's assets (property) and its liabilities. Own capital is reflected in the third section of the balance sheet. It is a set of funds belonging to the owner of the enterprise on the basis of ownership, participating in the production process and making a profit.

Considering the economic essence of the capital of the enterprise, it should be noted such characteristics as:

the capital of the enterprise is the main factor of production. In the system of factors of production (capital, land, labor), capital has a priority role, because it combines all factors into a single production complex;

capital characterizes the financial resources of the enterprise that generate income. In this case, it can act in isolation from the factor of production in the form of invested capital;

capital is the main source of wealth formation for its owners. Part of the capital in the current period leaves its composition and falls into the "pocket" of the owner, and the accumulated part of the capital ensures the satisfaction of the needs of the owners in the future;

The capital of an enterprise is the main measure of its market value. In that acts as, first of all, the equity capital of the enterprise, which determines the volume of its net assets. Along with this, the amount of capital used in the enterprise characterizes at the same time the potential for attracting borrowed funds, which provide additional profit. Together with other factors, it forms the basis for assessing the market value of the enterprise;

the dynamics of the company's capital is the most important indicator the level of efficiency of its economic activity. The ability of own capital to self-increase at a high rate characterizes the high level of formation and effective distribution of the enterprise's profits, its ability to maintain financial balance through internal sources. At the same time, the decrease in equity capital is, as a rule, the result of inefficient, unprofitable activities of the enterprise.

The capital of an enterprise is characterized by a variety of types and is systematized into the following categories:

by affiliation the company allocate own and borrowed capital.

Equity characterizes the total value of the enterprise's funds, owned by it and used by it to form a certain part of the assets. This part of the asset, formed from the equity invested in them, represents the net assets of the enterprise. Own capital includes sources of financial resources that are different in their economic content, principles of formation and use: authorized, additional, reserve capital. In addition, the composition of equity capital, which can be operated by an economic entity without reservations when making transactions, includes retained earnings; special purpose funds and other reserves. Also, own funds include gratuitous receipts and government subsidies. The amount of the authorized capital must be determined in the charter and other constituent documents of the organization registered with the executive authorities. It can be changed only after making appropriate changes to the constituent documents.

All own funds, to one degree or another, serve as sources for the formation of funds used by the organization to achieve its goals.

Borrowed capital company characterizes the funds or other property values ​​attracted to finance the development of the enterprise on a repayable basis. Sources of borrowed capital can be divided into two groups - long-term and short-term. Long-term in Russian practice are those borrowed sources, the maturity of which exceeds twelve months. Short-term borrowed capital includes credits, loans, as well as promissory notes - with a maturity of less than one year; accounts payable and receivable.

2) by form of investment distinguish between capital in monetary, tangible and intangible forms used to form the authorized capital of the enterprise. Capital investment in these forms is permitted by law when creating new enterprises, increasing the volume of their authorized funds.

3) by investment object allocate fixed and working capital of the enterprise. Fixed capital characterizes that part of the capital used by the enterprise, which is invested in all types of its non-current assets. Working capital characterizes that part of it that is invested in all types of its current assets.

4) by type of ownership allocate private and public capital invested in the enterprise in the process of forming its authorized capital.

5) on organizational and legal forms of activity allocate the following types of capital: share capital, share capital and individual capital.

6) according to the nature of use by the owner allocate consumed and accumulated capital. Consumed capital, after its distribution for the purpose of consumption, loses the functions of capital. It represents the outflow of funds of the enterprise carried out for consumption purposes (payment of dividends, interest, social needs of the enterprise and its employees). Accumulated capital characterizes various forms of its growth in the process of profit capitalization, dividend payments, etc.

The conditions for the formation of high final results of the enterprise's activities largely depend on the structure of the capital used, which is the ratio of own and borrowed financial resources used by the company in the course of its business activities.
The structure of the capital used by an enterprise determines many aspects of not only financial, but also its operating and investment activities, and has an active impact on the final results of this activity. It affects the return on assets and equity (i.e., the level of economic and financial profitability of the enterprise), determines the system of financial stability and solvency ratios (i.e., the level of main financial risks) and ultimately forms the ratio of the degree of profitability and risk in the process of enterprise development.
financial basis the enterprise represents its own capital. At an operating enterprise, it is represented by the following main forms (Fig. 16.1.).

Rice. 16.1. Forms of functioning of the enterprise's own capital

Own capital management is connected not only with ensuring the effective use of its already accumulated part, but also with the formation of its own financial resources that ensure the future development of the enterprise. In the process of managing the formation of own financial resources, they should be classified according to the sources of this formation.
As part of the internal sources of formation of their own financial resources, the main place belongs to the profit remaining at the disposal of the enterprise. It forms the predominant part of its own financial resources, ensures the growth of its own capital, and, accordingly, the growth of the market value of the enterprise. Depreciation charges also play a certain role in the composition of internal sources, especially at enterprises with a high cost of their own fixed assets and intangible assets; however, they do not increase the amount of the company's own capital, but are only a means of reinvesting it. Other internal sources do not play a significant role in the formation of the enterprise's own financial resources (Fig. 16.2.).

Rice. 16.2. The composition of the main sources of formation of the enterprise's own financial resources
As part of the external sources of formation of its own financial resources, the main place belongs to the attraction by the enterprise of additional share (through additional contributions to the authorized fund) or equity (through additional emission and sale of shares) capital. For individual enterprises, one of the external sources of generating their own financial resources may be the gratuitous financial assistance provided to them (as a rule, such assistance is provided only to individual state-owned enterprises of various levels). Other external sources include tangible and intangible assets transferred to the enterprise free of charge and included in its balance sheet.
The basis of the management of the enterprise's own capital is the management of the formation of its own financial resources. In order to ensure the efficiency of managing this process, the enterprise usually develops a special financial policy aimed at attracting its own financial resources from various sources in accordance with the needs of its development in the coming period.
The policy of forming own financial resources is part of the overall financial strategy of the enterprise, which consists in ensuring the necessary level of self-financing of its production development. The development of a policy for the formation of the enterprise's own financial resources is carried out according to the following main stages (Fig. 16.3.).

Rice. 16.3 The main stages in the development of a policy for the formation of the enterprise's own financial resources
Analysis of the formation of the company's own financial resources in the previous period. The purpose of this analysis is to identify the potential for the formation of its own financial resources and its compliance with the pace of development of the enterprise. At the first stage of the analysis, the total volume of the formation of own financial resources, the correspondence of the growth rate of own capital to the growth rate of assets and the volume of sales of the enterprise, the dynamics of the share of own resources in the total volume of formation of financial resources in the preplanning period are studied.
At the second stage of the analysis, the sources of the formation of own financial resources are considered. First of all, the ratio of external and internal sources of formation of own financial resources, as well as the cost of attracting own capital from various sources, is studied. At the third stage of the analysis, the sufficiency of own financial resources formed at the enterprise in the preplanning period is assessed. The criterion for such an assessment is the "self-financing factor for the development of the enterprise." Its dynamics reflects the trend of providing the development of the enterprise with its own financial resources.
Determination of the total need for own financial resources. This need is determined by the following formula:

(16.1)

,
where Psfr - the total need for the enterprise's own financial resources in the planning period;
PC - the total need for capital at the end of the planning period;
USK - the planned share of equity in its total amount;
SKN - the amount of equity at the beginning of the planning period; Pr - the amount of profit allocated for reinvestment in the planning period.
The calculated total need covers the required amount of own financial resources, generated both from internal and external sources.
Estimation of the cost of raising equity capital from various sources. Such an assessment is carried out in the context of the main elements of equity capital formed from internal and external sources. The results of this assessment serve as the basis for the development management decisions concerning the choice of alternative sources of formation of own financial resources, providing an increase in the own capital of the enterprise.
Ensuring the maximum volume of attracting own financial resources from internal sources. Before turning to external sources for the formation of one's own financial resources, all the possibilities of their formation from internal sources must be realized. Since the main planned internal sources of formation of the enterprise's own financial resources are the sum of net profit and depreciation charges, it is first of all necessary to provide for the possibility of their growth due to various reserves in the process of planning these indicators.
Ensuring the necessary volume of attracting own financial resources from external sources. The volume of attracting own financial resources from external sources is designed to ensure that part of them that could not be generated from internal sources of financing. If the amount of own financial resources attracted from internal sources fully meets the total need for them in the planning period, then there is no need to attract these resources from external sources.
The need to attract own financial resources from external sources is calculated using the following formula:

(16.2)

where SFRVNESH is the need to attract own financial resources from external sources;
FSFR - the total need for the company's own financial resources in the planning period;
SFRVNUT - the amount of own financial resources planned to be attracted from internal sources.
Ensuring the satisfaction of the need for own financial resources from external sources is planned by attracting additional share capital (owners or other investors), additional issue of shares or other sources.
Optimization of the ratio of internal and external sources of formation of own financial resources. This optimization process is based on the following criteria:
ensuring the minimum total cost of attracting own financial resources. If the cost of attracting own financial resources from external sources exceeds the planned cost of attracting borrowed funds, then such formation of own resources should be abandoned;
maintaining the management of the enterprise by its original founders. The growth of additional equity or share capital at the expense of third-party investors can lead to a loss of such control.
The effectiveness of the developed policy for the formation of one's own financial resources is assessed using the coefficient of self-financing of the enterprise's development in the coming period. Its level should correspond to the goal.
The coefficient of self-financing of the enterprise development is calculated according to the following formula:

(16.3)

where KSF is the coefficient of self-financing of the future development of the enterprise; SFR - the planned volume of formation of own financial resources; ?A - the planned increase in the assets of the enterprise.
Successful implementation of the developed policy for the formation of own financial resources is associated with the solution of the following main tasks:
conducting an objective assessment of the value of individual elements of equity capital;
ensuring the maximization of the formation of the profit of the enterprise, taking into account the acceptable level of financial risk;
formation of an effective profit distribution policy (dividend policy) of the enterprise;
formation and effective implementation of the policy of additional issue of shares (issuance policy) or attraction of additional share capital.
Effective financial activity of the enterprise is impossible without the constant attraction of borrowed funds. The use of borrowed capital allows you to significantly expand the volume of economic activity of the enterprise, ensure more efficient use of equity capital, accelerate the formation of various target financial funds and ultimately increase the market value of the enterprise.
Although the basis of any business is equity capital, at enterprises in a number of sectors of the economy, the amount of borrowed funds used significantly exceeds the amount of equity capital. In this regard, managing the attraction and effective use of borrowed funds is one of the essential functions financial management aimed at ensuring the achievement of high final results of the economic activity of the enterprise.
Borrowed capital used by the enterprise characterizes in aggregate the volume of its financial obligations (the total amount of debt). These financial obligations in modern economic practice are differentiated as follows (Fig. 16.4).
Long-term financial liabilities include all forms of borrowed capital functioning at the enterprise with a period of its use of more than one year. The main forms of these liabilities are long-term bank loans and long-term borrowings (debt on a tax credit; debt on issued bonds, debt on financial assistance provided on a repayable basis, etc.), the maturity of which has not yet come or has not been repaid within the stipulated term.

Rice. 16.4. Forms of financial liabilities of the enterprise reflected in its balance sheet

Short-term financial liabilities include all forms of borrowed capital with a maturity of up to one year. The main forms of these liabilities are short-term bank loans and short-term borrowings (both due for repayment in the coming period and not repaid on time), various forms of accounts payable of the enterprise (for goods, work and services; for promissory notes issued; for advances received ; for settlements with the budget and off-budget funds; for wages; with subsidiaries; with other creditors) and other short-term financial obligations.
In the process of development of the enterprise, as its financial obligations are repaid, there is a need to attract new borrowed funds. Sources and forms of borrowing by the enterprise are very diverse. The classification of borrowed funds attracted by the enterprise according to the main features is shown in fig. 16.5.
Taking into account the above classification, management of attraction of borrowed funds is organized, which is a purposeful process of their formation from various sources and in different forms in accordance with the needs of the enterprise in borrowed capital at various stages of its development. The variety of tasks solved in the process of this management determines the need to develop a special financial policy in this area at enterprises that use a significant amount of borrowed capital.

Rice. 16.5. Classification of borrowed funds attracted by the enterprise, according to the main features

The borrowing policy is part of the overall financial strategy, which is to provide the most effective forms and conditions for attracting borrowed capital from various sources in accordance with the needs of the development of the enterprise. The process of forming a policy for attracting borrowed funds by an enterprise includes ten main stages (Fig. 16.6).
Analysis of the attraction and use of borrowed funds in the previous period. The purpose of this analysis is to identify the volume, composition and forms of borrowing by the enterprise, as well as assess the effectiveness of their use.
At the first stage of the analysis, the dynamics of the total volume of borrowings in the period under review is studied; the pace of this dynamics is compared with the growth rate of the amount of own financial resources, the volume of operating and investment activities, the total amount of the company's assets. At the second stage of the analysis, the main forms of raising borrowed funds are determined, the share of formed financial credit, commodity credit and internal accounts payable in the total amount of borrowed funds used by the enterprise is analyzed in dynamics.
At the third stage of the analysis, the ratio of the volumes of borrowed funds used by the enterprise by the period of their attraction is determined. For these purposes, an appropriate grouping of the used borrowed capital is carried out on this basis, the dynamics of the ratio of short- and long-term borrowed funds of the enterprise and their correspondence to the volume of current and non-current assets used are studied.

Rice. 16.6. The main stages in the development of a policy for attracting borrowed funds by an enterprise

At the fourth stage of the analysis, the composition of specific creditors of the enterprise and the conditions for their provision various forms financial and commodity (commercial) credits. These conditions are analyzed from the standpoint of their compliance with the financial and commodity market conditions. At the fifth stage of the analysis, the effectiveness of the use of borrowed funds in general and their individual forms in the enterprise is studied. For these purposes, the indicators of turnover and profitability of borrowed capital, discussed earlier, are used. The first group of these indicators is compared in the process of analysis with the average period of equity turnover.
The results of the analysis serve as the basis for assessing the feasibility of using borrowed funds at the enterprise in the current volumes and forms.
Determination of the objectives of raising borrowed funds in the coming period. These funds are attracted by the enterprise on a strictly targeted basis, which is one of the conditions for their subsequent effective use. The main objectives of attracting borrowed funds by enterprises are:
replenishment of the required volume of the permanent part of current assets. At present, the majority of enterprises engaged in production activities, do not have the ability to fully finance this part of current assets at the expense of their own capital. Much of this funding comes from debt;
ensuring the formation of a variable part of current assets. Whichever asset financing model an enterprise uses, in all cases, the variable part of current assets is partially or fully financed by borrowed funds;
formation of the missing volume of investment resources. The purpose of attracting borrowed funds in this case is the need to accelerate the implementation of individual real projects of the enterprise (new construction, reconstruction, modernization); renewal of fixed assets (financial leasing), etc.;
ensuring the social needs of their employees. In these cases, borrowed funds are attracted to issue loans to their employees for individual housing construction, arrangement of garden and garden plots, and for other similar purposes;
other temporary needs. The principle of targeted attraction of borrowed funds is also ensured in this case, although such attraction is usually carried out on short time and in small quantities.
Determination of the maximum volume of borrowing. The maximum volume of this attraction is dictated by two main conditions:
the marginal effect of financial leverage. Since the amount of own financial resources is formed at the previous stage, the total amount of used own capital can be determined in advance. In relation to it, the financial leverage ratio (financing ratio) is calculated, at which its effect will be maximum. Taking into account the amount of equity in the coming period and the calculated financial leverage ratio, the maximum amount of borrowed funds is calculated to ensure the efficient use of equity;
ensuring sufficient financial stability of the enterprise. It should be evaluated not only from the standpoint of the enterprise itself, but also from the standpoint of its possible creditors, which will subsequently reduce the cost of borrowing. Taking into account these requirements, the enterprise sets a limit on the use of borrowed funds in its business activities.
Estimation of the cost of attracting borrowed capital from various sources. Such an assessment is carried out in the context of various forms of borrowed capital attracted by the enterprise from external and internal sources. The results of such an assessment serve as the basis for the development of management decisions regarding the choice of alternative sources of raising borrowed funds that ensure the satisfaction of the enterprise's needs for borrowed capital.
Determination of the ratio of the volume of borrowed funds attracted on a short-term and long-term basis. The calculation of the need for short-term and long-term borrowings is based on the purpose of their use in the coming period. For a long-term period (over 1 year), borrowed funds are attracted, as a rule, to expand the volume of own fixed assets and form the missing volume of investment resources. For a short-term period, borrowed funds are attracted for all other purposes of their use.
The calculation of the required amount of borrowed funds within each period is carried out in the context of individual target areas of their future use. The purpose of these calculations is to establish the timing of the use of borrowed funds to optimize the ratio of their long-term and short-term types.
The definition of forms of borrowing is carried out on the basis of the goals and specifics of their economic activity. These forms are differentiated in the context of a financial loan; commodity (commercial) credit; other forms.
The composition of the main creditors is determined by the forms of borrowing. The main creditors of the enterprise are usually its permanent suppliers, with whom long-term commercial relations have been established, as well as commercial Bank carrying out its settlement and cash services.
Formation effective conditions attracting loans. The most important of these conditions include:
the term for granting a loan, which is one of the determining conditions for attracting it. The optimal term is considered to be the term for granting a loan, during which the purpose of attracting it is fully realized (for example, a mortgage loan - for the period of implementation of the investment project; commodity credit - for the period of full sale of purchased goods, etc.). P.).
interest rate for a loan, characterized by three main parameters: shape, type, size.
terms of payment of the amount of interest, characterized by the order of payment of its amount. This procedure is reduced to three fundamental options: payment of the entire amount of interest at the time of the loan; payment of interest in equal installments; payment of the entire amount of interest at the time of payment of the principal amount of the debt (when repaying the loan). Other things being equal, the third option is preferable;
terms of payment of the principal amount of the debt, characterized by the envisaged periods of its repayment. These conditions are reduced to three fundamental options: partial repayment of the principal amount of the debt during the total period of the loan; full repayment of the entire amount of debt upon expiration of the term of the loan; repayment of the main or part of the debt amount with a grace period after the expiration of the term beneficial use loan. Ceteris paribus, the third option is preferable for the enterprise;
Ensuring efficient use of loans. The criterion of such efficiency is the indicators of turnover and profitability of borrowed capital.
Ensuring timely payments on loans received. For the purpose of this security for the largest loans, a special return fund may be reserved in advance. Loan servicing payments are included in the payment calendar and are monitored in the process of monitoring current financial activities.
To choose the optimal strategy for raising capital, it is necessary to find a relationship between the method of financing and the main financial indicators of the company. To solve this problem, it is necessary to consider the concepts of cost, structure and price of the company's capital.

As part of equity capital, two main components can be distinguished: invested capital, that is, capital invested by the owners in the enterprise; and accumulated capital - the capital created in the enterprise in excess of what was originally advanced by the owners. Invested capital includes the par value of common and preference shares, as well as additionally paid-in (in excess of the par value of shares) capital. This group usually includes gratuitously received values. The first component of invested capital is represented in the balance sheet of Russian enterprises by authorized capital, the second by additional capital (in terms of share premium received), and the third by additional capital or a social fund (depending on the purpose of using property received free of charge).

Accumulated capital is reflected in the form of items arising from the distribution of net profit (reserve capital, accumulation fund, retained earnings, other similar items). Despite the fact that the source of formation of individual components of accumulated capital is net profit, the goals and procedure for the formation, directions and possibilities for using each of its articles differ significantly. These articles are formed in accordance with the legislation, constituent documents and accounting policies.

As part of the internal sources of formation of its own financial resources, the main place belongs to the profit remaining at the disposal of the enterprise, it forms the predominant part of its own financial resources, provides an increase in own capital, and, accordingly, an increase in the market value of the enterprise. Depreciation charges also play a certain role in the composition of internal sources, especially at enterprises with a high cost of their own fixed assets and intangible assets; however, they do not increase the amount of the company's own capital, but are only a means of reinvesting it. Other internal sources do not play a significant role in the formation of the enterprise's own financial resources.

As part of the external sources of the formation of its own financial resources, the main place belongs to the attraction by the enterprise of an additional share (through additional contributions to the authorized fund or through additional emission and sale of shares). For individual enterprises, one of the external sources of generating their own financial resources may be the gratuitous financial assistance provided to them (as a rule, such assistance is provided only to individual state-owned enterprises of various levels). Other external sources include tangible and intangible assets transferred to the enterprise free of charge by individuals and legal entities as a charity.

The development of a policy for the formation of the enterprise's own financial resources is carried out in the following main stages:

1. Analysis of the formation of the company's own financial resources in the previous period. The purpose of this analysis is to identify the potential for the formation of its own financial resources and its compliance with the pace of development of the enterprise.

At the first stage of the analysis, the total volume of the formation of own financial resources, the correspondence of the growth rate of own capital to the growth rate of assets and the volume of sales of the enterprise, the dynamics of the share of own resources in the total volume of formation of financial resources in the preplanning period are studied.

2. Determining the total need for own financial resources.

Ensuring the maximum volume of attracting own financial resources from internal sources. Ensuring the necessary volume of attracting own financial resources from external sources. Optimization of the ratio of internal and external sources of formation of own financial resources

At the second stage of the analysis, the sources of the formation of own financial resources are considered. First of all, the ratio of external and internal sources of formation of own financial resources, as well as the cost of attracting own capital from various sources, is studied.

At the third stage of the analysis, the sufficiency of own financial resources formed at the enterprise in the preplanning period is assessed. The criterion for such an assessment is the indicator "self-financing factor for the development of an enterprise." Its dynamics reflects the trend of providing the development of the enterprise with its own financial resources.

3. Estimation of the cost of raising equity capital from various sources. Such an assessment is carried out in the context of the main elements of equity capital formed from internal and external sources. The results of such an assessment serve as the basis for the development of management decisions regarding the choice of alternative sources for the formation of own financial resources that ensure the growth of the enterprise's own capital.

4. Ensuring the maximum volume of attraction of own financial resources from internal sources. Before turning to external sources for the formation of one's own financial resources, all the possibilities of their formation from internal sources must be realized. Since the main planned internal sources of the formation of the enterprise's own financial resources are the sum of net profit and depreciation charges, it is first of all necessary to provide for the possibility of their growth due to various reserves in the process of planning these indicators.

The method of accelerated depreciation of the active part of fixed assets increases the possibility of forming one's own financial resources from this source. However, it should be borne in mind that the increase in the amount of depreciation deductions in the process of accelerated depreciation certain types fixed assets leads to a corresponding decrease in the amount of net profit.

5. Ensuring the necessary volume of attraction of own financial resources from external sources. The volume of attracting own financial resources from external sources is designed to provide that part of them that could not be formed from internal sources of financing. If the amount of own financial resources attracted from internal sources fully satisfies the total need for them in the planning period, then there is no need to attract these resources from external sources.

Ensuring the satisfaction of the need for own financial resources from external sources is planned by attracting additional share capital (owners or other investors), additional issue of shares or other sources.

6. Optimization of the ratio of internal and external sources of formation of own financial resources. This optimization process is based on the following criteria:

a) in ensuring the minimum total cost of attracting own financial resources. If the cost of attracting own financial resources from external sources exceeds the planned cost of attracting borrowed funds, then such formation of own resources should be abandoned;

b) in ensuring the preservation of the management of the enterprise by its original founders. The growth of additional share capital or share capital at the expense of third-party investors can lead to a loss of such control.

The effectiveness of the developed policy for the formation of one's own financial resources is assessed using the coefficient of self-financing of the enterprise's development in the coming period. Its level should correspond to the goal.

Equity capital is characterized by the following main positive features:

1. Ease of attraction, since decisions related to increasing equity capital (especially through internal sources of its formation) are made by the owners and managers of the enterprise without the need to obtain the consent of other business entities.

2. Higher ability to generate profits in all areas of activity, tk. when using it, the payment of loan interest in all its forms is not required.

3. Ensuring the financial sustainability of the development of the enterprise, its solvency in the long term, and, accordingly, reducing the risk of bankruptcy.

However, it has the following disadvantages:

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

2. High cost compared to alternative borrowed sources of capital formation.

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

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

Based on the economic essence of equity capital, the economist Ukhina O.I. It is proposed to single out the following criteria for the optimal structure of equity capital:

1. To ensure the protective function inherent in equity capital, the amount of the authorized capital must meet the requirements laid down in legislative acts. First of all, this concerns the minimum possible amount at the time of formation, as well as the condition that in the course of the functioning of economic companies, the amount of their net assets must be kept in the amount less than the authorized capital. But already at this stage, contradictions arise in Russian practice.

Specific gravity statutory fund in equity is so small that it cannot act as a criterion for the sustainability of the enterprise, tk. revaluation of fixed assets is reflected in additional capital, and in this situation it is more expedient to compare net assets not only with the amount of authorized capital, but also with additional capital.

2. Operating enterprises must have a sufficient amount of equity capital, which will ensure the financial stability of the enterprise. It is assumed that it should be sufficient to form not only the main, but also own working capital. This will ensure the protective and regulatory functions of capital, as well as the function of changing the direction of production, i.e. development opportunities.

3. For the implementation of the function of capital, expressed by the ability to generate income, the criterion may be the effectiveness of the use of equity capital.

Its most effective use is possible under the condition of attracting a loan, despite its payment. This is indicated by the effect of financial leverage. Accordingly, the ratio of own and borrowed capital should have an optimal value for each specific enterprise based on its strategy and capabilities.

4. The price of equity indicates the high price of the enterprise, its financial stability, and also allows you to realize the purchasing power of capital and its regulatory function.

5. Capital acts as an agent of production, serving future needs. Based on this, it is necessary to include retained earnings (or profit directed to special funds for the development of production) in the composition of equity capital. All this should be expressed in the dividend policy. Determination of proportions in the distribution of profits is one of the key issues. It is important for an enterprise how own development, and the payment of dividends to the founders, which contributes to the increase in the price of the enterprise. Achieving the optimal size in the distribution of profits is possible based on the internal growth rates of the enterprise.

6. Protective and regulatory functions can be fully implemented only when creating a minimum amount of reserve capital. This is especially important for agricultural enterprises, which are subject to both entrepreneurial and natural and economic risks. At the same time, one should take into account the Russian practice and the contradictions that arise when determining the minimum amount of reserve capital, the amount of which is directly dependent on the amount of the authorized capital, which is regulated in legislative acts. However, it is worth noting that at present, in most ACOs, the size of the authorized capital is very small, which means that in the event of unforeseen losses, the minimum level of reserve capital does not play the buffer value that is attributed to it.

Thus, considering the problem of forming a rational capital structure, it is advisable to conclude that by approaching this issue, taking into account the optimality criteria, many enterprises can achieve the required level of financial stability, ensure a high degree development, reduce risk factors, increase the price of the enterprise and bring production to a more efficient level.

The ratio between own and borrowed sources of funds is one of the key analytical indicators that characterize the degree of risk of investing financial resources in a given enterprise. One of the most important characteristics financial condition enterprise is the stability of its activities in the light of long term. It is associated with general financial structure enterprises, the degree of its dependence on creditors and investors.

As part of the internal sources of the formation of its own financial resources, the main place belongs to the profit remaining at the disposal of the enterprise - it forms the predominant part of its own financial resources.

Depreciation charges also play a certain role in the composition of internal sources, although they do not increase the amount of the company's own capital.

Other internal sources do not play a significant role in the formation of the enterprise's own financial resources.

As part of the external sources of the formation of its own financial resources, the main place belongs to the attraction of additional share or equity capital by the enterprise, gratuitous financial assistance (as a rule, such assistance is provided only to individual state enterprises of various levels).

Other external sources of formation of own financial resources include tangible and intangible assets transferred to the enterprise free of charge and included in its balance sheet.

The increase in the company's own capital is primarily associated with the management of the formation of its own financial resources. The main task of this department is to ensure the necessary level of self-financing of the development of the economic activity of the enterprise in the coming period.

Under net assets is understood the difference between the amount of the organization's assets accepted for calculation and the amount of liabilities accepted for calculation.

Based on the value of net assets, the capital structure (the ratio of own and borrowed funds) is assessed. A decrease in the share of equity capital entails a deterioration in the creditworthiness of enterprises. In addition, given that the indicators of equity and borrowed capital are used to calculate the profitability of investments in an enterprise by various investors (owners, creditors), it can be assumed that an overestimation of the volume of liabilities in total liabilities will adversely affect the objectivity of indicators characterizing the "price" of capital.

As part of equity, it is necessary to highlight the share of its individual components, as well as reflect the dynamics of its composition and structure in recent periods. The need for separate consideration of equity capital items is due to the fact that each of them is a characteristic of legal and other restrictions on the ability of an enterprise to dispose of its assets.

Let us consider in more detail each of the components of the equity capital of the enterprise.

Authorized capital is the cost reflection of the total contribution of the founders (owners) to the property of the enterprise during its creation. According to the Civil Code Russian Federation authorized capital is owned by joint-stock companies and other commercial organizations(limited liability companies, additional liability companies). Only in joint-stock companies (JSC) the authorized capital is divided into shares, expressed in shares, certifying the property rights of shareholders. At present, the amount of the authorized capital should not be less than the amount equal to 1000 times the minimum wage established on the date of submission of constituent documents for registration for open JSCs, and 100 times the minimum wage for LLCs and CJSCs.)

An increase in the authorized capital of an organization can be either at the expense of its own sources(additional capital, retained earnings, etc.) or through additional contributions from participants.

Legal significance of the authorized capital joint-stock company consists primarily in the fact that its size determines the limits of the minimum property liability that a joint-stock company has and bears for its obligations.

In addition to the authorized capital, the reserve capital is included in the equity capital.

The reserve capital is formed in accordance with the procedure established by law and has a strictly designated purpose. In a market economy, the reserve capital acts as an insurance fund created to compensate for losses and protect the interests of third parties in case of insufficient profit from the enterprise.

Reserve capital is created in without fail joint-stock companies and joint organizations in accordance with applicable law. Other organizations may create it at their own discretion. At the same time, the procedure for the formation of reserve capital is established by law. After the entry into force of the Law on Joint Stock Companies, the minimum amount of reserve capital should not be less than 15% of the authorized capital.

Information about the amount of reserve capital in the balance sheet of an enterprise is or should be extremely important for external users of financial statements who consider the reserve capital of an enterprise as a reserve of its financial strength. In countries with developed market relations, the absence of reserve capital or its insufficient value is considered as an additional risk factor for investing in an enterprise, since it indicates either an insufficient profit of the enterprise or the use of reserve capital to cover losses.

Additional capital - a component of equity in its present interpretation - combines a group of rather heterogeneous elements: the amount from the revaluation of non-current assets of the enterprise; gratuitously received valuables; share premium of a joint-stock company, etc.

The structure of sources of additional capital formation is shown in Figure 3.

Figure 3 - The structure of sources of additional capital formation

Accumulation funds characterize the amount of net profit aimed at the production development and expansion of the enterprise. The amounts for this balance sheet item show the increment in the net assets of the enterprise for the entire period of its operation

Retained earnings is the profit remaining after the payment of taxes and other payments and the formation of reserves (funds). In terms of economic content, retained earnings are so close to reserves that they are considered as a free reserve. Means of reserves (funds) and retained earnings are placed in specific property or are in circulation. Their value characterizes the result of the enterprise's activity and indicates how much the enterprise's assets have increased due to its own sources.

The division of equity capital into capital and reserves is not so much theoretical as practical value: according to the ratio and dynamics of these groups, they evaluate business activity and efficiency of the enterprise.

Targeted funding includes funds received by an organization for strictly defined purposes: research work, training, maintenance of children's institutions, and others.