Analysis of the effectiveness of equity and debt capital management. Assessing the effectiveness of enterprise capital management

Let's calculate the indicators characterizing the effectiveness of capital structure management, presented in the theoretical chapter.

Let's calculate the level of net working capital using the formula presented in paragraph 1.3.

URCHOC 2013 = 26,994 / 127,638 x 100% = 21.1%

URCHOC 2014 = 25,359 / 118,435 x 100% = 21.4%

URCHOC 2015 = 28,680 / 126,252 x 100% = 22.7%

Figure 5 – Level of net working capital

Let's calculate the coefficient of autonomy (independence):

Cfn 2013 = 67,094 / 127,638 = 0.53

Cfn 2014 = 66,262 / 118,435 = 0.56

Cfn 2015 = 66,300 / 126,252 = 0.53

Figure 6 – Autonomy coefficient

Since the company does not have borrowed funds, calculate such indicators as the debt capital ratio and the debt-to-equity ratio (financial leverage).

In addition, as part of the analysis of the capital structure, it is advisable to assess the level of intensity and efficiency of the enterprise's use of its capital.

To analyze the level of intensity, turnover ratios are used. The real level and dynamics of the efficiency of using own and borrowed sources of financing make it possible to evaluate profitability indicators.

Let's calculate return on equity.

Rsk2013 = -15224 / 67,094 x100% = -23%

Rsk2014 = 32 / 66,262 x 100% = 0.05%

Rsk2015 = 46 / 66,300 x 100% = 0.07%

The negative value of the indicator in 2013 is due to the negative net profit (loss).

In subsequent periods, the value of the indicator is positive, but it should be noted that the indicators are low, which indicates a low amount of profit received from each unit of funds invested by the owners.

Based on the above, we can define optimization of the capital structure.

Optimization of capital structure (capital structure optimization) - calculation of such a ratio of own and borrowed sources, which maximizes the market value of the enterprise, ensuring optimal proportions between the level of financial stability and the level of return on equity capital.

The key factor that was identified during the analysis is the company’s lack of borrowed funds.

The actual cost of attracting them is always higher, however, the risks of bankruptcy are much lower. Due to the fact that sources of financing are different in nature, the company is forced to look for their optimal ratio in order to make the best use of them positive sides and neutralize their negative impact.

When forming the optimal capital structure, it is necessary to take into account that universal approaches and there are no criteria. For each enterprise it is necessary to develop an individual approach and not forget about the specifics of the business sector and the stage of development of the company.

The problem of capital structure is relevant both for Russian companies and for foreign firms. When determining the optimal capital structure of an enterprise, the following main criteria can be distinguished:

Asset financing policy. The formation of a company's capital structure taking into account the specified criterion is based on the study of the relationship between the assets and liabilities of the balance sheet and allows us to determine the required amount and share of certain sources of financing;

Company value. There are many theories in the world that examine the relationship between company value and capital structure. In this case, the optimal structure is the one that maximizes the market value of the company;

Cost of capital. As is known, borrowed capital, like equity capital, has its own cost of servicing for an enterprise; here, the optimal capital structure is understood as a structure that minimizes the cost of capital.

Risks. During the period of its existence, an enterprise has to bear and overcome various types of risks. This may be the risk of bankruptcy, the risk of partial or complete non-repayment of borrowed funds, the risk of debt servicing (non-payment of interest).

Profitability. As is known, due to the effect of financial leverage, the use of borrowed funds can lead to an increase in the return on equity of an enterprise. The optimal capital structure in this case increases the profitability of the company, thus making it possible to acquire maximum profit at the current level of equity capital.

Of course, each of the optimization criteria described above is important and significant to a certain extent when forming the company's capital structure.

However, the most significant of the selected company performance indicators, which characterizes the efficiency of capital use, is return on equity (ROE), since one of the main essential characteristics of capital is its ability to generate profit.

The following figure shows possible ways to improve capital efficiency.

Figure 7 – Possible ways to improve the efficiency of capital use

Since the Berezka hotel complex does not have borrowed funds in its capital structure, it is advisable to increase retained earnings.

One of the events is a special offer that the hotel complex regularly holds.

We will develop a special offer that will attract additional customers and increase the company’s profits.

Title: "Away from the bustle."

The package price includes:

Accommodation in a comfortable room;

Breakfast in buffet mode;

Visit to the fitness center (swimming pool, Finnish and Turkish saunas, jacuzzi, gym);

Skating rink and tubing in winter;

Compliment from the hotel upon arrival;

Russian bathhouse for 2 hours for two;

Massage from the Spa-Saigon salon to choose from: “Flight above the ground” (foot massage, 30 min), “Eastern sacrament” (head, face and neck massage, 30 min);

Late check-out, subject to availability;

Transfer within the city

Table 4 – Forecasted revenues*

*calculated based on the experience of selling similar service packages by the hotel complex

CONCLUSION

The object of the study is the Beryozka hotel complex.

As a result of the analysis of the capital structure, the following conclusions were obtained. In 2013, the largest share in the structure of equity capital is occupied by the revaluation of non-current assets (76%), followed by retained earnings (24%), and the share of the authorized capital is no more than 1%. In 2014, the largest share in the structure of equity capital is occupied by the revaluation of non-current assets (76%), followed by retained earnings (24%), and the share of the authorized capital is no more than 1%. The structure of equity capital in 2015 remains unchanged.

During the period under review, there is a decrease in equity capital, primarily due to a decrease in the company's retained earnings.

It should be noted that the company has no borrowed funds during the period under review.

The level of net working capital reflects the amount of current assets generated from own sources. It is believed that the higher the share of net working capital, the higher the solvency of the organization. Thus, the growth of the indicator from 21.1% to 22.7% is positive factor.

The autonomy coefficient characterizes the independence of an enterprise from borrowed funds and shows the share of its own funds in the total cost of all funds of the enterprise. Standard value The indicator is considered to have an autonomy coefficient value greater than 0.5. The autonomy coefficient of the enterprise in question has decreased slightly since 2014: from 0.56 to 0.53 in 2015, which indicates a decrease in financial stability and a slight increase in the enterprise’s dependence on external sources of financing.

Since the company does not have borrowed funds, it is not possible to calculate such indicators as the debt capital ratio and the debt-to-equity ratio (financial leverage).

Return on equity shows the amount of profit that an enterprise (organization) will receive per unit of equity value. The negative value of the indicator in 2013 is due to the negative net profit (loss). In subsequent periods, the value of the indicator is positive, but it should be noted that the indicators are low (no more than 1%), which indicates a low amount of profit received from each unit of funds invested by the owners.

The task of choosing the optimal capital structure is one of the most serious and pressing problems of financial management. After all, the capital structure has a direct impact on the financial results of the enterprise and determines many aspects of its activities. Capital structure management consists of creating a mixed structure that represents the optimal ratio of equity and debt that minimizes total capital costs and maximizes the market value of the selected company.

The key factor that was identified during the analysis is the company’s lack of borrowed funds. Since the Berezka hotel complex does not have borrowed funds in its capital structure, it is advisable to increase retained earnings.

One of the events is a special offer that the hotel complex regularly holds. We will develop a special offer that will attract additional customers and increase the company’s profits.

Title: "Away from the bustle."

The cost of the package is 14,000 rubles. (2 days).

The total net profit for the year is expected to be 651 thousand rubles. This amount can fully constitute retained earnings in the balance sheet structure.

Forecast values ​​calculated for 2017 show that equity capital is growing due to the growth of retained earnings, which is a positive factor and indicates the effectiveness of the proposed measure.

BIBLIOGRAPHY

1 Brusov, P.N. Financial management. M.: KNORUS, 2012.–226 p.

2 Burmistrova, L.M. Finance of organizations (enterprises).M.:INFRA–

M, 2013–240 p.

3 Grigorieva, T. I. Financial analysis for

managers: assessment, forecast. M.: Yurayt, 2012.–462 p.

4 Ermasova, N.B. Financial management. M.: Yurayt Publishing House, 2010–621 p.

5 Kotelkin, S. V. International financial

management. M.: Master, NITSINFRA–M, 2012.–605c.

6 Kudina, M. V. Financial management. M.:IDFORUM,NITSINFRA–

M, 2012.–256c.

7 Artemova, A.N. Formation of a system for ensuring economic

security at the corporate level//Microeconomics.–2014.–N1.–

8 Belskikh, M.V. Institutional framework for ensuring economic

security of Russia//Graduate student and applicant.–2014.–N3.–P.21–25.

9 Besedin, M.Yu. Threat of hostile takeover of business entities

subjects and an effective system protective measures/ National interests:

priorities and security.–2013.–N11.–P.62–66.

10 http://berezka74.ru – Official website of the hotel complex.

APPENDIX A – BALANCE SHEET OF THE ENTERPRISE

APPENDIX B – FORECASTED STRUCTURE OF THE ENTERPRISE’S OWN CAPITAL

1.2 Indicators of efficiency of management of capital invested in the property of the enterprise

Business in any field of activity begins with capital, i.e. a certain amount of cash from which to purchase required amount resources, the process of production and marketing of products is organized.

Procurement

Production

Sales

Figure 1.4 - Stages of the capital circulation of an enterprise

In the process of its movement, capital passes through three successive stages of circulation: procurement, production and sales (Figure 1.4).

At the first stage, the enterprise acquires the fixed assets and production inventories it needs; at the second, part of the funds in the form of inventories goes into production, and part is used to pay employees, pay taxes, social security payments and other expenses. This stage ends with the release of finished products. At the third stage, finished products are sold and funds are transferred to the company’s account, and, as a rule, more than the initial amount by the amount of profit received from the business.

Consequently, the faster the capital completes the circuit, the more the enterprise will receive and sell products with the same initial amount of capital over a certain period of time. A delay in the movement of funds at any stage leads to a slowdown in capital turnover, requires additional investment of funds and can cause significant deterioration financial condition enterprises./15/.

The effect achieved as a result of accelerated turnover is expressed primarily in an increase in product output without additional attraction of financial resources. In addition, due to the acceleration of capital turnover, the amount of profit increases, since it usually returns to its original monetary form in increments.

If the production and sale of products are unprofitable, then the acceleration of the turnover of funds leads to a deterioration in financial results and the “eating up” of capital. It follows that it is necessary to strive not only to accelerate the movement of capital at all stages of the circulation, but also to its maximum return, which is expressed in an increase in the amount of profit per one ruble of capital.

Increasing the profitability of capital invested in the property of an enterprise is achieved by rational and economical use of all resources, preventing their overexpenditure and losses at all stages of the circulation. As a result, capital will return to its original state in larger amount, that is, with a profit.

Thus, the efficiency of capital use is characterized by its profitability (profitability) - the ratio of the amount of profit to the average annual amount of fixed and working capital.

To characterize the intensity of capital use, its turnover ratio is calculated (the ratio of proceeds from the sale of products, works and services to the average annual cost of capital).

The inverse indicator of the capital turnover ratio is capital intensity (the ratio of the average annual amount of capital to the amount of revenue). /16/.

In other words, return on assets (ROA) is equal to the product of return on sales (Rрп) and capital turnover ratio (Kob):

ROA = Cob Rрп (1.2)

Return on capital, which characterizes the ratio of profit and capital used to generate this profit, is one of the most valuable and most widely used indicators of the effective performance of a business entity. This indicator allows the analyst to compare its value with what it would be with an alternative use of capital. It is used to assess the quality and effective management of enterprise capital; assessing the ability of the enterprise to obtain sufficient return on investment; forecasting the amount of profit.

The basic concept of calculating profitability is quite simple, but there are different points of view regarding the investment base of this indicator.

Profit on total assets is the best indicator reflecting the efficiency of an enterprise. It characterizes the profitability of all assets entrusted to management, regardless of the source of their formation.

In some cases, when calculating ROA, non-productive assets (excess fixed assets and inventories, intangible assets, deferred expenses, etc.) are excluded from the total amount of assets. This exception is made to avoid making management responsible for generating profits on assets that clearly do not contribute to this. This approach is useful when using ROA as a tool for internal management and control and is not suitable for assessing the effectiveness of the enterprise as a whole. Shareholders and creditors do not entrust their funds to the management of the enterprise so that it invests them in assets that do not generate profit. If there are reasons to invest in such assets, then there is no reason to exclude them from the investment base when calculating ROA.

Exist different opinions and whether depreciable property (fixed assets, intangible assets) should be included in the investment base when calculating ROA at original or residual value. Undoubtedly, if we evaluate the effect of only fixed capital, then the average annual amount of depreciable property should be determined at its original cost. If we evaluate the efficiency of the entire total capital, then the value of depreciable assets must be taken into account at the residual value, since the amount of accrued depreciation is reflected in other balance sheet items (balances of free cash, work in progress, finished products, settlements with debtors for unpaid products) .

The second question that arises when determining return on capital is what profit to take into account: balance sheet (gross), profit from sales of products or net profit. In this case, it is also necessary to take into account the investment capital base.

If we determine the profitability of all assets, then the entire balance sheet profit is taken into account, which includes profit from sales of products, property and non-operating results (income from long-term and short-term financial investments, from participation in joint ventures and other financial transactions).

Accordingly, when determining the turnover of all assets, revenue should include not only its amount from the sale of products, but also revenue from the sale of property, securities, etc.

To calculate the profitability of the functioning of capital in the main activity, profit is taken only from the sale of products, works and services, and as the investment base - the amount of assets minus long-term and short-term financial investments, uninstalled equipment, remnants of unfinished capital construction, etc.

Return on production capital is calculated by the ratio of profit from sales of products to the average annual amount of depreciable property and tangible current assets.

To generalize the efficiency of using fixed assets, there are indicators of profitability (the ratio of profit to the average annual cost of fixed assets), capital productivity (the ratio of the cost of manufactured or sold products after deducting VAT, excise taxes to the average annual cost of fixed assets), capital intensity (the inverse indicator of capital productivity), specific capital investments per ruble of increase in production./29/. The relative savings of fixed assets are also calculated:

± Eopf = OPF 1 − OPF 0 IVP, (1.3)

where OPF 0, OPF 1 are, respectively, the average annual cost of fixed production assets in the base and reporting years;

IVP - index of production volume.

The most general indicator of the efficiency of using fixed assets is capital profitability. Its level depends not only on capital productivity, but also on the profitability of products. The relationship between these indicators can be presented as follows:

R opf = or(1.4)

R opf = ,(1.5)

where R opf is the profitability of fixed production assets;

P - profit from sales of products;

OPF - average annual cost of fixed production assets;

VP, RP - cost of manufactured or sold products;

FO - capital productivity;

R vp, R rp - profitability of manufactured products.

The change in the level of capital productivity of capital invested in property is, in turn, influenced by a number of factors. Factors that determine the profitability of fixed assets are shown in Figure 1.4.

The size of inventories in value terms can change due to both quantitative and cost (inflationary) factors.

Calculation of the influence of quantitative (K) and cost (V) factors on the change in the amount of reserves (Z) for each type is carried out using the method of absolute differences:

Zk = (K 1 - K 0) C 0, ΔZc = K 1 (C 1 - C 0). (1.6)

Figure 1.4 - Scheme of the factor model of fund profitability

The turnover period of inventories (raw materials and materials) is equal to the time they are stored in the warehouse from the moment of receipt to transfer to production. The shorter this period, the smaller, other things being equal, the production - commercial cycle. It is defined as follows:

average value of inventory days of the period

value of the cost of using inventories

The duration of the presence of capital in finished products (P g.p.) is equal to the time of storage of finished products in warehouses from the moment they enter production until shipment to the buyer:

average value of finished products days of the period

cost of finished products released from production

The duration of the production cycle is equal to the time during which finished goods are produced from raw materials:

average production cost days of the period

cost of goods sold

When assessing the state of current capital, it is important to study the quality and liquidity of receivables. One of the indicators used for this purpose is the receivables turnover period (RP), or the debt collection period. It is equal to the time between the shipment of goods and the receipt of cash for them from customers:

average accounts receivable balances days of the period

amount of debt reduction

To characterize accounts receivable, an indicator such as the share of the reserve for doubtful debts in total amount accounts receivable. An increase in the level of this coefficient indicates a decrease in the quality of the latter. /16/.

The period of capital holding in cash is determined as follows:

average cash balances days of the period

amount of cash spent

As a result of the acceleration of turnover, a certain amount working capital enterprises are released. The absolute release of working capital occurs if the actual balances of working capital are less than the standard or balances of working capital for the previous period while maintaining or increasing the sales volume for this period.

Relative release of working capital occurs in cases where the turnover of working capital accelerates with an increase in production volume at the enterprise. Relative and absolute release of working capital have a single economic basis and mean additional cost savings for an economic entity.

The process of reproduction of fixed capital is the basis of life activity and production efficiency. Its movement is regulated and controlled at all levels of farm management.

The most important reproductive characteristics of the turnover of fixed assets are the indicators of their growth, renewal and disposal.

The growth rate reflects the increase in fixed capital for the period under review and is calculated as the ratio of newly introduced fixed assets to their value at the beginning of the period. The degree of renewal of the production apparatus is measured by the renewal coefficient - the ratio of the value of introduced fixed assets to their total value at the end of the period under review. Indicators of growth and renewal of fixed capital are interrelated quantities: the higher the share of growth, the higher the level of renewal, and vice versa.

Significant adjustments to this relationship can be made by the asset retirement ratio, which is the ratio of fixed assets retired from use in a given period to their value at the beginning of the period. /15/.

Renewal coefficient (K OBN), characterizing the share of fixed capital in the total cost at the end of the year:

K OBN = (1.12)

value of fixed capital at the end of the period

Term for renewal of fixed capital (T UBN):

value of fixed capital at the beginning of the period

T OBN = (1.13)

cost of received fixed capital

Retirement rate (K V):

value of disposed fixed capital

cost of capital at the beginning of the period

Growth coefficient (K PR):

amount of increase in fixed capital

K PR = (1.15)

their value at the beginning of the period

Wear coefficient (K WEAR):

amount of depreciation of fixed capital

K IZN = (1.16)

Usability factor (KG):

residual value of fixed capital

initial cost of fixed capital

An accurate calculation of the enterprise's need for working capital is carried out based on the time spent by working capital in the sphere of production and in the sphere of circulation.

Working capital turnover is closely related to its profitability and serves as one of the most important indicators characterizing the intensity of use of an enterprise’s funds and its business activity.

The capital turnover rate is characterized by the following indicators:

Turnover ratio (K rev):

And the enterprise is more stable from the point of view of the possibility of its reorientation in the event of changes in market conditions. Along with indicators of solvency and financial stability, the following indicators are used to assess the property status of an enterprise: 1) The amount of economic assets on the balance sheet of the enterprise. This indicator gives a generalized cost estimate of the value...

Capital Management– the most important, determining growth. Most people don't even think about it.

Meanwhile, money management and related concepts are worth paying due attention to on the pages of our textbook.

The process of using property to make a profit is nothing more than.

Another name for this same process is investment…

. Have a clear decision-making ALGORITHM based on constant analysis of current information; the algorithm must include mechanisms for tracking and processing this information and - most importantly - instant decision-making based on the data received;

. TRANSPARENCY and clarity of the investment strategy; clearly represent the movement of capital at all stages of the investment transaction.

Of course, it is possible to formulate other principles of money management, however, it is worth remembering that the rules are critically important and necessary for any investment strategy, since its ability to survive in any foreseeable future directly depends on them.

The practical implementation of these principles will lead to effective capital management and a stable increase in the additional value of invested funds.

The development of an enterprise primarily depends on the availability and efficiency of equity capital management. Using the DuPont model and the chain substitution method, it is recommended to analyze changes in return on equity, which depend on the following factors: return on sales, asset turnover ratio, capital structure.

where Rск – return on equity,

Pch – net profit,

SK – equity capital,

A – assets of the enterprise,

B – revenue,

ZK – borrowed capital,

Rpr – return on sales (net),

Cob is the turnover ratio of all assets of the enterprise.

The impact of return on sales () is determined by the formula:

(17)

where Rpr – change in profitability of sales compared to the first year

The impact of changes in asset turnover (ΔRk rev) is determined by the formula:

(18)

where Kob – change in the turnover ratio compared to the first year

The impact of changes in capital structure is determined by the formula:

(19)

The total influence of all factors is equal to:

The increase in return on equity was 26%. The greatest impact on the change in return on equity was exerted by an increase in the capital structure of 1%, other profitability indicators decreased, the turnover of all assets of the enterprise decreased by 118% and the change in the capital structure had an insignificant impact of 11%. Because The company has a very high level of equity capital.

2.8. Debt capital management

The effective functioning of an enterprise is impossible without attracting borrowed capital. The efficiency of debt capital management is determined by the effect of financial leverage.

The effect of financial leverage is an increase in the return on equity due to the use of a loan despite its payment.

(21)

where L is the profit tax rate, L =0.24;

R E - economic profitability, %;

(22)

Operating profit (P E) is the sum of profit before tax (P dn) and financial costs.

P E = P dn + FI (23)

P E = 1000412 + 241782 = 1242194 (2010)

P E = 5460051 + 241782 = 5701833 (2011)

SISP – average calculated interest rate, %

FI – financial costs for all loans and borrowings of the enterprise for the analyzed period (data on financial costs are given in the accounting certificate in Appendix 2).

The increase in return on equity due to the use of credit in the current year amounted to -0.49%. Which is much less than in the previous year (0.077%). This suggests that the company should attract more credit to increase the EGF value.

No company can do without attracting borrowed sources. It is necessary to analyze the structure of borrowed capital using the layout of analytical table 3.14. The quality of borrowed capital should be assessed. For this purpose, it is recommended to determine the share of long-term sources in the total amount of borrowed capital. The higher the share of long-term liabilities, the higher the quality of borrowed capital.

Assessment of the composition and structure of borrowed capital.

From the above data, it can be seen that long-term liabilities increased by 15.781%, while accounts payable and short-term liabilities remained at low levels.

Debt capital management also includes an analysis of the organization's creditworthiness and assessment of the effectiveness of the use of borrowed funds.

The creditworthiness of a company is whether it has the prerequisites to receive a loan and repay it within the terms established by the agreements. Creditworthiness is characterized by:

The reputation of the organization, which is determined by the timeliness of settlements on previously received loans, the quality of the reports submitted, the responsibility and competence of management;

Current financial condition and ability to produce competitive products;

The ability to mobilize funds from various sources if necessary.

We will assess the organization's creditworthiness on the basis of a rating assessment, including five financial indicators: absolute liquidity ratio, critical liquidity ratio, investment coverage ratio, inventory coverage ratio, return on sales. There are five credit rating classes for each indicator. Depending on the accepted actual values, it can be assigned to the appropriate creditworthiness class (Table 3.15). The first class corresponds to very high creditworthiness, the second – high, the third – medium, the fourth – low, the fifth – very low.

Based on the data obtained, a comprehensive creditworthiness indicator is calculated. The sequence for calculating this indicator is as follows. The resulting credit class number for each indicator is multiplied by the weighting coefficient of the indicator. The multiplication results are then added together. The result is a comprehensive indicator of creditworthiness, expressed in points or percentages.

Creditworthiness assessment based on key indicators

The company has a fairly strong position as a borrower. Credit rating class is 3, which affects the relatively high lending percentage.

Working capital management

The effectiveness of working capital management is assessed by turnover indicators and depends on the composition and structure of current assets.

Working capital (current capital, current assets) are funds that circulate during the year or one production cycle.

It consists of the following main elements: inventories, accounts receivable, additional funds.

Control current assets begins with their analysis. Based on financial statements, it is recommended to determine the composition of current assets as a whole and by individual components. The results are entered in table 3.13

To assess the turnover of current assets (working capital), the following indicators are used:

(25)

(2010)

(2011)

where: K rev – turnover ratio of current assets in times. It shows the turnover rate of current assets.

Thus, the company's assets will turn into revenue 5.5 times in 2010 and 3.835 times in 2011.

(26)

where O is the duration of one revolution in days.

It took 66 days for the company’s assets to turn into revenue in 2010, and 95 days in 2011.

Analysis of current assets

The analysis shows that during the reporting period, the amount of reserves increased by 476,461 thousand rubles, cash decreased by 357,151 thousand rubles. The company's accounts receivable increased by 860,709 thousand rubles. But in general, the number of current assets of the enterprise increased to 4,268,931 thousand rubles. Largest specific gravity accounts receivable = 54.73%, the smallest is cash (2.66%).

Indicators of the quality of accounts receivable management:

Y= (27)

Y= 48.05% (2010)

У= 0.44 (2011)

where Y is the share of receivables in the total amount of current (current) assets, %

Shows what share receivables occupy in the total amount of current assets. An increase in this indicator indicates an outflow of funds from circulation.

K= (28)

K= 11.44 (2010)

where: K is the receivable capacity, rub./rub.

Shows the volume of sales carried out by the enterprise on credit terms.

Y= 0.00 (2010)

Y= 0.00 (2011)

Information on doubtful accounts receivable is given in the accounting certificate in Appendix 2.

Indicators of the quality of accounts receivable management.

The receivables turnover ratio shows that receivables turn into revenue approximately 9 times per year. The loan repayment period has increased by almost 11 days. There is no share of doubtful accounts receivable.

Optimal management of current assets involves control over the duration of the operating, production and financial cycle.

Based on financial statements, it is necessary to determine the duration of the operating, production and financial cycles using the following formulas.

PPV = 43.847 + 42.485 = 86.332

POC – duration of the operating cycle;

PPT – duration of the production cycle;

Accounts receivable turnover period.

Average time (days) of turnover of raw materials and materials, finished products, work in progress, respectively.

42,060 (32) =0,532 (33)

Then we calculate the duration of the financial cycle (PFC):

PFC = 86.332 – 35.365 = 50.968

Accounts payable turnover periods (days),

When managing working capital, it is important to determine whether the current activities of the company are supported by available financial resources. To do this, we will calculate the indicator of financial and operational needs (FEP)

FEP=1818885+2336335-1621172=2534048

If FEP< 0, то компания не испытывает недостаток текущего финансирования.

If FEP >0, then the company lacks current financing.

CHOC=42833133-42083089+858014=1608058

where DKZ – long-term loans and borrowings

PI(D) is calculated - potential surplus (deficit) of funds

PI(D)=2534048-16088058=925990

Then you should determine the amount of relative savings (overexpenditure) of working capital using the formula:

(40)

where EC rel – relative savings (overexpenditure) of working capital, rub.

N 1 – sales revenue in the analyzed year.

The time during which financial resources are in inventories and accounts receivable is 44 days, when they are withdrawn from circulation – 51 days.

FEP > PSC, therefore, the company is financially unstable. The financial and operating needs of the enterprise amount to 2,534,048 thousand rubles, and the net working capital is 1,608,058 thousand rubles. There is a payment deficit equal to 925,990 thousand rubles.

Assessment of production and financial leverage.

The process of asset management aimed at increasing profits is characterized by the category of production and financial leverage. Production and financial leverage summarizes the overall risk of a company in terms of a possible lack of funds to cover current expenses and financial costs of servicing borrowed capital.

To assess production and financial leverage, the following formulas are used:

Where PFL is production and financial leverage

where EOL is the effect of operating leverage,

T Pr eq. – growth rate of operating profit

P pr - profit from sales,

FI – interest on loans and heims

T N pr – revenue growth rate

where EFL is the effect (level) of financial leverage,

T Pch pr – growth rate of net profit.

Thus, an increase in the level of production leverage means an increase in the share of non-current assets, i.e. means of production that are the main source of generating income for the enterprise. The effect of leverage is manifested in the fact that the acquisition of new fixed assets allows you to obtain additional profit.

Financial leverage allows you to increase the share of long-term borrowed funds, resulting in additional profit.

Production and financial leverage = EOL * EFL = 2.601 * 0.963 = 2.51.

The peculiarity of the coefficient for OJSC Verkhnevolzhsknefteprovod is that the lion's share of equity capital is occupied by non-current assets, which will bring good profits to the company in the future. Hence the high risk of any loan.

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Introduction

The purpose of the pre-diploma internship is to prepare for the development of the final qualifying work(graduate project) on the topic: “Analysis and management of working capital of commercial organizations” (based on materials from LLC “”) based on in-depth self-study theoretical foundations of analysis and management of working capital of commercial organizations, as well as collection of materials on the topic of the diploma project.

In accordance with the goal, the tasks of the pre-diploma internship were defined:

study scientific and specialized literature, legislative and regulatory documents and materials on the problem chosen for the qualifying work;

collect, process and analyze primary economic information on the topic of the thesis, perform all necessary practical calculations using existing and independently developed algorithms and software;

study the activities of LLC "";

study the main legislative and regulatory documents and materials governing the main activities of the enterprise under study;

study and consolidate the necessary analytical skills of work on the organization and formulation of economic, organizational and financial work at a specific enterprise.

acquire skills in reporting and analysis of statistical, technical, economic and financial information.

The relevance of the chosen topic of the final qualifying work is due to the fact that the activity of an enterprise in a market economy of any form of ownership, organizational and legal status and industry orientation directly depends on financial capital and its structure. Achieving the strategic goals of an enterprise also significantly depends on the effectiveness of managing the enterprise’s capital and its structure, that is, determining the general need for them, the formation of an optimal structure, and the conditions for attracting them.

Wealth management is a relatively new field functional management enterprise. Property and capital management is one of the most comprehensive management systems, which integrates the methodological principles of financial management, operational management, innovation management, accounting, controlling, logistics and other special areas of knowledge. Managers of various functional services of the enterprise participate in capital management, and the implementation of adopted management decisions Almost all of its personnel are engaged in this area.

The subject is the policy of effective management of the working capital of an enterprise.

1. THEORETICAL FOUNDATIONS OF ENTERPRISE CAPITAL MANAGEMENT IN MARKET ECONOMIC CONDITIONS

1.1 Economicmaintenance of enterprise capital, its classification and essence

To carry out business activities, produce products, generate income and profit, enterprises use different types resources: material, labor, financial, and money. At the same time, financial resources are the basis production process. Thus, to ensure the normal process of financing business structures, regardless of their forms of ownership and organizational and legal status, there is a significant need for financial capital.

Capital is the main amount of funds necessary for the establishment and implementation of production (activity).

An analysis of the opinions of leading domestic and foreign economists revealed the lack of a single generally accepted interpretation of the definition of “capital”, as well as the association of certain characteristics with it, depending on the researcher’s affiliation with one or another economic school, professional interests, etc. At the same time, depending on the internal essence of capital identified by one or another author, the available interpretations of the concept of “capital” were classified according to individual comparison criteria given in Appendix 1.

Thus, the complexity and versatility of the category “capital” significantly influenced the interpretation of the essence of capital.

Capital is an economic category that has been known for a long time, but has received new content in market conditions. As the main economic basis for the creation and development of an enterprise, capital in the process of its functioning ensures the interests of the state, owners and personnel.

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

Considering economic essence capital of the enterprise, the following characteristics should be noted (Table 1).

Table 1 - Classification of enterprise capital

Capital as a whole is the sum of funds, fixed assets, and intangible assets. The concept of “capital” is usually associated with the concept of “property”, “property”. At the time of creation of an enterprise, its start-up capital is embodied in the assets invested by the founders, and constitutes the value of the enterprise’s property.

Property - material assets available and controlled by the enterprise (buildings, structures, material resources, finished products, etc.), intangible property assets (rights to use natural resources, industrial and intellectual property, patents, know-how, trademarks, etc.), funds in the accounts and cash register of the enterprise.

So, under general concept“Enterprise capital” is understood by its different types, which are characterized by dozens of terms. All this requires an appropriate systematization of the terms that are used. This systematization was carried out according to the most important classification criteria (Appendix 2).

Despite the significant list of classification characteristics considered, they still do not reflect all types of enterprise capital that are used in scientific terminology and practice.

1.2 Sources of capital formation for an enterprise, their types and costs. Management methodology

An enterprise is created to carry out entrepreneurial activities and in the process of this activity uses both its own capital and borrowed funds.

The capital of an enterprise is formed from various sources: its own, attracted, borrowed and investment.

The grouping of an enterprise's capital in accordance with the sources of their formation can be presented in the form of a diagram (Appendix 3).

Own funds are funds that are constantly in circulation and the time of use of which is not established. They are formed at the expense of equity capital, that is, the part of the capital in the assets of the enterprise remaining after the deduction of all its liabilities.

Raised funds are funds that an enterprise receives for a certain period for a fee on the terms of their return. They are formed mainly through long- and short-term bank loans.

Borrowed funds are funds that belong to the enterprise, but due to current system settlements are constantly in circulation. These funds are generated from all types of accounts payable.

All of these sources take part both in the formation of the enterprise’s assets and in the implementation of production and financial activities in order to generate income and profit.

Investment funds are funds received by enterprises without taking into account the period of their use and without taking into account payment for them.

Own, attracted and borrowed capital, on the one hand, form the financial resources of the enterprise and take part in the financing of its assets, on the other hand, they create obligations to specific owners - the state, legal entities and individuals.

The sources of capital formation are varied. The starting source of capital at the time of establishment of an enterprise is the authorized (share) capital - property created from the contributions of the founders (or proceeds from the sale of shares).

The main source of capital for an operating enterprise is income (profit) from core and other activities and non-operating operations. It is also formed through stable liabilities, various targeted income, shares and other contributions of members labor collective. Stable liabilities include authorized, reserve and other capital, long-term loans and accounts payable that are constantly in circulation of the enterprise.

The enterprise's capital is formed both from its own (internal) and from borrowed (external) sources.

In accordance with P(S)BU 2 “Balance”, equity capital is the part of the assets of the enterprise that remains after deducting its liabilities.

Elements of equity are:

Authorized capital is the total value of assets recorded in the constituent documents, which are the contribution of owners (participants) to the capital of the enterprise.

Share capital is the amount of share contributions of members of unions and other enterprises, which is provided for by the constituent documents.

Additional invested capital is the amount by which the sale price of issued shares exceeds their nominal value (for joint-stock companies).

Other additional capital is the amount of additional valuation of non-current assets, the value of non-current assets received free of charge by the enterprise from other legal or individuals, but other types of additional capital.

Reserve capital - the amount of reserves created, in accordance with current legislation or constituent documents, from the retained earnings of the enterprise

Retained earnings (uncovered loss) - displays either the amount of profit that is reinvested in the enterprise or the amount of uncovered loss.

Unpaid capital is the amount of debt owed by owners (participants) for contributions to the authorized capital.

Withdrawn capital is the actual cost of shares of its own issue or shares purchased by the company from its participants.

The authorized capital represents the amount of funds provided by the owners to ensure the authorized activities of the enterprise. The content of the category “authorized capital” depends on the organizational and legal form of the enterprise:

for a state enterprise - the valuation of property assigned by the state to the enterprise with the right of full economic management;

For joint stock company- total nominal value of shares of all types;

for a limited liability partnership - the sum of the owners' shares;

for a rental enterprise - the amount of contributions of its employees;

for an enterprise of a different form, allocated to an independent balance sheet, the valuation of property assigned by its owner to the enterprise with the right of full economic management.

When creating an enterprise, investors in its authorized capital can be cash, tangible and intangible assets.

The authorized capital is formed during the initial investment of funds. Its value is announced upon registration of the enterprise, and any adjustments to the size of the authorized capital (additional issue of shares, reduction of the par value of shares, making additional contributions, admitting a new participant, joining part of the profit, etc.) are allowed only in cases and in the manner provided for by the current legislation and constituent documents documents.

The formation of the authorized capital may be accompanied by the formation of an additional source of funds - premiums on shares. This source arises when, during the initial issue, shares are sold at a price above their par value. Upon receipt of these amounts, they are credited to additional capital.

Authorized capital and additional capital perform different functions. The authorized capital, in contrast to additional capital, ensures the regulation of relations of ownership and management of the enterprise; its size cannot be less than the amount established by law.

Share capital is the amount of share contributions of members of unions and other enterprises, provided for by the constituent documents. The source of financing for share capital is mandatory and additional share contributions received from individual collective members.

Additional capital consists of: additionally invested capital; other additional capital. Additional invested capital is the amount by which the selling price of issued shares exceeds their par value. Other additional capital - the amount of additional valuation of non-current assets, the value of assets received free of charge by the enterprise from other legal entities or individuals, and other types of additional capital.

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

the average amount of equity capital used in the reporting period at book value. This indicator is calculated using the chronological average method for a number of internal reporting periods;

the average amount of equity capital employed at current market value;

the amount of payments to capital owners (in the form of dividends, interest) from the net profit of the enterprise.

This amount represents the price the business pays for the owners' capital used.

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

SK fo = PE * 100: SK,

Where, SK fo - the cost of operating equity capital, %;

PE - the amount of net profit paid upon distribution to the owners;

SK is the average amount of equity capital.

The value of retained earnings of the last reporting period is estimated using forecast calculations.

Since the capitalized part of retained earnings will be used in the coming period, the price of the generated retained earnings is the payments planned for its amount to the owners to whom it belongs.

Taking into account this approach, the value of retained earnings is determined by the formula:

SK f1 = SK fo * PW,

Where, SKf1 is the cost of operating equity capital in the planning period, %;

PW is the planned rate of profit payments to owners per unit of invested capital.

The cost of additionally attracted share capital is estimated at the cost of preferred and common shares.

The cost of attracting an additional issue of preferred shares is determined taking into account the fixed amount of dividends, calculated by the formula:

SK pr = D pr * 100: SK pr * (1- Ez),

Where, SK pr is the cost of equity capital raised through the issue of preferred shares, %;

D pr - the amount of dividends provided for payment;

SK pr - the amount of equity capital raised through the issue of preferred shares;

Ez - emission costs ( decimal in relation to the amount of the issue).

The cost of attracting an additional issue of common shares requires taking into account the following indicators: the amount of the additional issue of common shares; the amount of dividends paid in the reporting period per share; planned costs of issuing shares.

In this case, the cost of attracting equity capital is the most expensive, since the costs of servicing it do not reduce the tax base, and the risk premium is the highest since this capital is protected to the least extent during bankruptcy.

The cost of additional capital raised through the issue of common shares is carried out according to the formula:

SKpl = Ka * D pa * PW * 100: SKpl x*(1 - EZ),

Where, SK pl - the cost of capital raised through the issue of common shares, %;

Ka is the number of additionally issued common shares;

Dpl - the amount of dividends paid per common share in the reporting period, %;

PVT - rate of dividend payments;

SKpl - the amount of equity capital raised through the issue of common shares;

EZ - costs of issuing common shares.

Based on the above, we can conclude that the cost of operating equity capital is determined primarily by the area of ​​its use - operating activities. It is associated with the formation of operating profit and the policy of its distribution.

The process of assessing the cost of raising equity capital from external sources is characterized by a high level of complexity and requires correspondingly highly qualified performers. This assessment is carried out through the development and implementation of the company's emission policy, as well as its dividend policy.

Taking into account the assessment of the cost of individual components of equity capital and the share of each element in its total amount, the weighted average cost of equity capital of the enterprise can be calculated.

The capital of the enterprise is formed, in addition to equity capital, also at the expense of attracted and borrowed funds. Raised capital includes accounts payable for goods (work, services), as well as all types of existing obligations of the enterprise:

the amount of advances received from legal entities and individuals for subsequent deliveries of products, performance of work, provision of services;

the amount of debt of the enterprise for all types of payments to the budget, including personal income tax;

arrears of contributions to extra-budgetary funds, social insurance funds, the Pension Fund, the Funds for insurance of enterprise property and individual insurance of its employees;

the enterprise's debt on dividends to its founders;

the amount of bills issued by the enterprise to suppliers and contractors to ensure the supply of products, performance of work and provision of services.

Borrowed capital includes long- and short-term bank loans, as well as other long-term obligations associated with raising borrowed funds.

All types of capital are reflected in the corresponding liability sections of the enterprise's balance sheet.

An enterprise's capital can also be raised in the financial market through the sale of shares, bonds and other types of securities issued by the enterprise; dividends on securities of other enterprises and the state; income from financial transactions; loans.

Financial resources can come in the form of redistribution from associations and concerns of which they belong, from higher organizations while maintaining industry structures, from insurance organizations.

IN in some cases the enterprise can be provided with subsidies (in cash or in kind) from state or local budgets, as well as special funds. There are:

direct subsidies - government capital investments in objects that are especially important for the national economy, or in low-profit ones, but vitally necessary;

indirect subsidies carried out through tax and monetary policy, for example, through the provision of tax breaks and preferential loans.

To determine the real cost of borrowed funds, there are a number of formulas, the main one of which is the following:

Where, Sk - cash payments in period k;

k - period number;

r - interest rate;

n - number of periods.

The settlement amount is the unaffordable amount of cash and cash equivalents that is expected to be paid to settle the liability in the ordinary course of business.

The cost of borrowed capital in the form of a bank loan is estimated using the following formula:

ZKbk = (PKb * (1 - Snp) / (1 - ZPb),

Where, ZKbk is the cost of borrowed capital attracted in the form of a bank loan, %;

PKb - interest rate for Bank loan, %;

ZPb - the level of expenses for attracting a bank loan to its amount, expressed as a decimal fraction.

The cost of a commodity (commercial) loan is assessed in terms of two forms of its provision:

on a loan in the form of a short-term deferred payment;

on a loan in the form of a long-term deferred payment, formalized by a promissory note.

The cost of a commodity (commercial) loan provided in the form of a short-term deferred payment, at first glance, appears to be zero, since in accordance with established commercial practice, deferment of payments for delivered products within the stipulated period (usually up to one month) is not subject to additional fees.

In other words, outwardly this form of loan looks like a financial service provided free of charge by the supplier.

However, in reality this is not the case. The cost of each such loan is estimated by the size of the discount from the price of the product when making a cash payment for it.

If, under the terms of the contract, a deferred payment is allowed within a month from the date of delivery (receipt) of the product, and the size of the price discount for cash payment is 5%, this will be the monthly cost of the attracted commodity loan, and per year this cost will be: 5 % * 360 / 30 = 60%.

Thus, the seemingly free provision of such a commodity loan may turn out to be the most expensive source of borrowed capital in terms of the cost of attraction.

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

ZKtkk = (CS * 360) (1 - SNP) / PO,

Where, ZKTKK - the cost of a commodity (commercial) loan provided on the terms of a short-term deferred payment, %;

CA - the size of the price discount when making a cash payment for products (“payment against documents”), %;

SNP - income tax rate, expressed as a decimal fraction;

PO - period of deferred payment for products, in days.

Considering that the cost of attracting this type of borrowed capital is hidden, the basis for managing this cost is its mandatory assessment at the annual rate for each commodity (commercial) loan provided and its comparison with the cost of attracting a similar bank loan.

Practice shows that in many cases it is more profitable to take out a bank loan to constantly pay for products immediately and receive an appropriate price discount than to use this form of commodity (commercial) loan.

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

The cost of this form of commodity (commercial) loan is calculated using the formula:

ZKtkv = (PKv * (1 - SNP) / (1 - TS),

Where, ZKtkv - the cost of a commodity (commercial) loan in the form of a long-term deferred payment with a bill of exchange, %;

PKV - interest rate for a bill of exchange loan, %;

Spn - income tax rate, expressed as a decimal fraction;

CA - the size of the price discount provided by the supplier when making a cash payment for products, expressed as a decimal fraction.

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

The composition and amount of financial resources depend on the type and size of the enterprise, the type of its activity, and production volumes. At the same time, the volume of financial resources is closely related to the volume of production and the efficiency of the enterprise. With an increase in production volume and an increase in the efficiency of the enterprise, the volume of its own financial resources increases and vice versa. A sufficient amount of financial resources and their effective use means a stable financial position of the enterprise: solvency, financial stability, liquidity. In this regard, the most important task of the enterprise is to search for reserves for increasing its own financial resources and their most effective use in order to increase the efficiency of the enterprise as a whole.

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

The dynamics of an enterprise's capital is the most important barometer of the level of efficiency of its economic activities. The ability of equity capital to self-expand at a high rate characterizes the high level of formation and effective distribution of the enterprise’s profit, its ability to maintain financial balance from internal sources. At the same time, a decrease in the volume of equity capital is, as a rule, a consequence of ineffective, unprofitable activities of the enterprise.

The high role of capital in the economic development of an enterprise and ensuring the satisfaction of the interests of the state, owners and personnel defines it as the main object of financial management of an enterprise, and ensuring its effective use is one of the most important tasks of financial management.

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

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

1. Formation of a sufficient amount of capital to ensure the necessary pace of economic development of the enterprise.

This task is implemented by determining the total capital requirement to finance the assets required by the enterprise, developing schemes for financing current and non-current assets, developing a system of measures to attract various forms of capital from the provided sources.

2. Optimization of the distribution of generated capital by type of activity and areas of use.

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

3. Providing conditions for achieving maximum profitability, capital at the envisaged level financial risk.

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

4. Ensuring the minimization of financial risk associated with the use of capital at the envisaged level of its profitability.

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

5. Ensuring constant financial balance of the enterprise in the process of its development.

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

6. Ensuring a sufficient level of financial control over the enterprise on the part of its founders.

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

7. Ensuring sufficient financial flexibility of the enterprise.

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

8. Optimization of capital turnover.

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

9. Ensuring timely reinvestment of capital.

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

One of the important prerequisites for effective capital management of an enterprise is the assessment of its value.

The cost of capital is the price that a company pays to attract it from various sources.

So, let's consider the main areas of use of the cost of capital indicator in the activities of an enterprise.

1. The cost of capital of an enterprise is a measure of operating profitability. The cost of capital characterizes the portion of profit that must be paid for the use of generated or attracted new capital to ensure the production and sale of products. This indicator acts as the minimum standard for generating the operating profit of an enterprise, that is, the lower limit in planning its size.

2. The cost of capital indicator is used as a criterion in the process of making real investments. First of all, the level of capital cost of a particular enterprise acts as a discount rate, with the help of which the amount of net cash flow is reduced to the present value in the process of assessing the effectiveness of individual real projects. In addition, it is a basis for comparison with the internal rate of return of the investment project that is being considered. If it is lower than the enterprise's cost of capital, such an investment project should be unacceptable.

3. The cost of capital of an enterprise is a basic indicator of the formation of the effectiveness of financial investment. Since the criteria for this efficiency are set by the enterprise itself, when determining the assessment of the profitability of individual financial instruments, the basis of comparison is the cost of capital indicator. This indicator allows you to evaluate not only the market value or profitability of individual financial investment instruments, but also to formulate the most effective direction and types of this investment at the previous stage of forming an investment portfolio. Thus, this indicator is a measure of assessing the profitability of the formed investment portfolio as a whole.

4. The indicator of the cost of capital of an enterprise acts as a criterion for making management decisions on the use of rent (leasing) or the acquisition of ownership of production fixed assets. If the cost of using (servicing) financial leasing exceeds the cost of the enterprise's capital, the use of this direction for the formation of production fixed assets is unprofitable for the enterprise.

5. The indicator of the cost of capital in the context of its individual elements is used in the process of managing the structure of this capital based on the mechanism of financial leverage. The use of financial leverage consists in the formation of its highest differential, one of the components of which is the cost of borrowed capital. The minimization of this component is ensured in the process of assessing the cost of capital attracted from various borrowed sources, and the formation of an appropriate structure of sources for its use by the enterprise.

6. The level of the enterprise's capital value is an important measurement of the level of market value of this enterprise. A decrease in the level of capital costs leads to a corresponding increase in the market value of the enterprise and vice versa. This dependence is especially quickly reflected in the activities of open joint-stock companies, the price of shares of which rises or falls with a corresponding decrease or increase in the value of their capital. Consequently, managing the cost of capital is one of the independent areas of increasing the market value of an enterprise, which is one of the goals of managing its profitability.

7. The cost of capital indicator is a criterion for assessing and forming the appropriate type of policy for an enterprise to finance its assets (primarily working capital. Based on the real cost of capital that is used and the assessment of its measurement, the enterprise forms an aggressive, moderate (compromise) or conservative type asset financing policies.

Important for assessing the cost of capital when managing the formation of profit in the process of financial activity is the need to calculate this indicator at all stages of enterprise development. The process of assessing the cost of capital is based on the following basic principles (Appendix 4).

The concept of such an assessment is based on the fact that capital has an appropriate value, which forms the level of operating and investment expenses of the enterprise. This concept is one of the basic ones in the financial management system of an enterprise. Moreover, it is not limited to determining the price of capital attracted, but determines a whole range of areas of economic activity of the enterprise as a whole.

1.3 Goal, objectives, information support and general scheme for analyzing the efficiency of enterprise capital management

Making investment and financial decisions in the process of doing business is closely related to the management of capital of business entities, since the presence of a certain value and dynamics of its condition is one of the important criteria when choosing optimal management decisions. In all periods of the life cycle of an enterprise: from attracting resources to create or expand a business to the moment of liquidation or reorganization, capital is always a necessary attribute of the enterprise’s activities. Currently, as a rule, to determine the effectiveness of resource attraction by an enterprise, methods are used financial planning and cash flow determinations. This is a fairly simple, but not always effective approach.

Attracting resources by an enterprise is a dual process that should be considered from two perspectives: from the investor’s side - as an investment, and from the enterprise’s side - as attracting sources of capital for its formation. To solve these problems from the investor’s position, it is quite sufficient to use financial methods that make it possible to determine the timing of the return of invested funds and the amount of income from investments. From the point of view of the enterprise in which capital formation is carried out, financial methods of analysis alone to determine the degree of its reproduction are clearly not enough. Therefore, there is a need to apply a number of other methods and techniques for analyzing the attraction of resources and assessing the effectiveness of their use.

It should be noted that at the moment, both abroad and here, in practice, a utilitarian, narrowly focused approach to the analysis of capital prevails, which is based mainly on solving management problems certain types assets of the enterprise and sources of their formation. In this regard, entrepreneurial capital as the economic basis of business, a system that includes a set of property relations and obligations, in the practice of financial and management analysis, as well as in theory economic analysis not given enough attention.

This paper attempts to develop a methodology for analyzing entrepreneurial capital within the framework of an integrated, systematic approach from the perspective of an enterprise that has an interest in increasing capital. At the same time, we note that the study of the macroeconomic sphere of accumulation, investment and the functioning of capital markets is not included in the scope of this study.

In relation to capital as a complex economic category, the versatility of which is also manifested in the system of indicators for its calculation, a comprehensive systematic consideration of the issues of its analysis, which includes a large complex of subsystems and special tasks, is objectively necessary. At the same time, an integrated approach to the analysis of capital is determined by the need to study all of its components and properties.

The systematic analysis of capital is determined by the mutual connection and mutual dependence of the elements of this system. In turn, the capital analysis system is a part, a subsystem of another more complex system- systems for comprehensive economic analysis of enterprise activities. The place of analysis of capital and its elements in the system of comprehensive economic analysis of an enterprise’s activities can be seen in the scheme of comprehensive economic analysis proposed by prof. HELL. Sheremet, shown in Appendix 5.

The process of studying capital should include two main aspects inherent in any systemic study: the study of the genetic aspects of the system (in this case, the formation of capital) and the study of the functional aspects of the system (the process of functioning of capital).

This can be represented schematically, as shown in Fig. 1.

Rice. 1 - Enlarged scheme of capital analysis

In this regard, when analyzing capital, it is necessary to consider the processes of its formation and development, on the one hand, and the processes of its functioning, on the other. To reflect the main stages of a comprehensive analysis of entrepreneurial capital, you can use the diagram shown in Fig. 2.

The genetic side of capital is studied by assessing and detailed research of the entire set of sources of capital of an enterprise, by assessing the formation process, determining the structure and other qualitative indicators of the sources of capital formation, as well as determining their value.

The functional component of this system is determined by reflecting the price of operating capital, analyzing the structure and other qualitative indicators of this category.

Rice. 2 - Scheme of a comprehensive capital analysis system

A special place in the system of analysis of enterprise capital is occupied by the study of its current state, as well as indicators of intensity and efficiency of use.

1.4 Indicators reflecting the efficiency of financing the enterprise’s activities. Financial leverage and its calculation

An enterprise that uses only its own capital is deprived of the opportunity to quickly increase the scale of production under favorable market conditions. Without loan funds, it is not possible to increase the return on equity (in this case, the indicators of economic and financial profitability will be the same). In addition, production in many industries is seasonal, therefore, during periods of increased activity, the need for additional attraction of means of production increases.

Loan capital should be understood as a part of the funds that is formed from borrowed sources, is not the property of the enterprise and, after a certain period of time, must be reimbursed to the owner in a specified form. Most often, attracting loan capital is possible only on a paid basis. Sources of loan capital can be a variety of loans and advances, investment contributions from employees and bond issues, rental property, etc. The use of loan capital can sometimes have special advantages: unlike dividends, which are a distribution of profits, interest on loans is considered a cost and therefore they are not taxed; In addition, debt is beneficial during periods of rising inflation, since payments on debt obligations are made with funds of lower purchasing power. The disadvantage of loan capital is that with an increase in its share, the amount of interest payments increases, and this reduces the profitability of its use. It's easy to understand what's what more share loan funds in the overall structure of the enterprise's advanced capital, the greater will be the amount of payments with fixed terms and the likelihood of inability to pay interest and principal. In addition, with a high share of loan capital, an enterprise may lose financial flexibility, that is, the ability to quickly increase its funds at the expense of creditors.

Many indicators are used to measure, evaluate and analyze capital. At the same time, it should be noted that capital is a category of complex economic nature, and its indicators are not reflected directly in the financial statements of the enterprise. Therefore, obtaining capital indicators is only possible using calculation and analytical methods. These circumstances, in turn, predetermine the urgent need to develop and use, when assessing and analyzing capital, a system of indicators that most fully characterize its condition, movement and efficiency of use.

In this regard, the issue of ensuring a clear classification of these indicators according to the most essential characteristics with determining their mutual connection and reflection in the information model of the enterprise is relevant.

The system of capital indicators should be formed in three main directions:

1. Indicators of sources of capital formation.

2.Indicators of functioning capital.

3. Indicators of the results of capital functioning.

The most important indicators characterizing the sources of capital formation, first of all, include: the size, structure and cost of all sources of capital and its individual components.

Functioning capital is determined by indicators of a different order: volume indicators of assets; structure and price of the enterprise's assets. In addition, indicators of operating capital should include volumetric indicators of current assets and the structure of current capital.

The indicators for assessing capital and the efficiency of its use can be depicted schematically, as shown in Appendix E.

Among the indicators of the structure of capital sources, it is necessary to highlight the following.

1. The structure of individual sources of capital and their dynamics for the period, including:

The magnitude of own sources;

The amount of long-term borrowed sources;

The amount of short-term borrowed sources.

2. Cost, weighted average cost and cost structure of capital sources.

3. Aggregate indicator of the cost of capital sources.

The indicator of the effect of financial leverage is the same as “gearing”, but only in this case it is considered as a capital management tool, and not just as an indicator of the structure of capital sources.

When assessing the structure of sources from external consumers of information, it is necessary to calculate the coefficient of independence (autonomy), with which you can consider the dynamics of funds; it also shows the share of funds invested by the owners in the total value of the property.

The financial structure is expressed in a low proportion of borrowed capital at a higher level of funds secured by own funds, which characterizes the financial stability of the manufacturer.

The financial stability coefficient shows the share of financing sources that enterprises can use for a long time.

Lenders and banks are interested in the working capital indicator.

Availability of working capital means the ability to pay off debts and the availability of funds to expand activities. Its use is evidenced by the working capital agility coefficient.

The working capital agility coefficient indicates the level of clarity in the use of the enterprise’s own funds, i.e. what part of society’s own funds is not fixed in a value of an immobilized nature and is in a form that more or less freely allows the means to be maneuvered.

Internal analysis is concerned with the assessment of alternative financing options and, first of all, the financing ratio must be calculated.

The financing ratio shows the ratio of equity and debt capital. The optimal ratio is 1:2, but it is allowed that the share of own funds be at least 50% if the company’s activities are characterized by high turnover assets, demand for products, etc.

An important indicator of internal balance is the investment ratio.

The investment ratio shows whether the equity capital covers the principal and by how much. It is considered optimal to fully cover the main capital with equity and finance it and some part of the working capital.

The main task of the financial activity of an enterprise - the formation of additional profit in the process of attracting external capital - is implemented by different methods. One of the main mechanisms for achieving this task is “financial leverage”. Financial leverage characterizes the use of borrowed funds by an enterprise, which affects changes in the return on equity ratio. In other words, financial leverage is an objective factor that arises with the appearance of borrowed funds in the amount of capital used by the enterprise, allowing it to obtain additional profit on its own capital.

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

EFL = (1 - SNP) x (KVRa - PK) x (ZK/SK),

Where, EFL is the effect of financial leverage, which consists in an increase in the return on equity ratio, %;

SNP - income tax rate, expressed as a decimal fraction;

KVRa - gross return on assets ratio (ratio of gross profit to average asset value), %;

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