When analyzing decisions made regarding capital structure, it is very important to distinguish between internal and external sources of financing. Internal financing for the development of a company is provided from its income. It includes sources such as retained earnings, accrued but unpaid wages, or accounts payable. If a company invests its profits in the construction of a new building or the purchase of equipment, then this is an example of internal financing. Corporate managers turn to external financing when they raise funds from creditors or shareholders. If a corporation finances the purchase of new equipment or the construction of a plant with proceeds from issuing bonds or shares, this is an example of external financing.

The specifics of internal and external financing of the company’s activities also affect the characteristics of the financial decisions made. For a joint-stock company that has a stable position in its business and does not intend to significantly expand it by attracting significant funds, decisions on financial issues are made, as they say, routinely and almost automatically. In this case, financial policy consists of pursuing a completely defined dividend policy, establishing, for example, the regularity of payments to shareholders in the form of dividends of one third (or other part) of profits. In addition, financial policy affects the maintenance of the bank's credit line i.e. ensuring the corporation's established stable needs for credit resources within the limits agreed with the bank. Managers typically require less time and effort to make these types of internal financing decisions than in the case of external financing; they do not require such careful consideration.

If a corporation raises funds from external sources that may be needed for a large-scale expansion of its business, management decisions turn out to be more complex and, accordingly, require more time. Outside investors typically want to see detailed plans for the use of their funds and also want to ensure that companies' investment projects will generate cash flows sufficient to cover expenses and generate a profit. They scrutinize the corporation's plans and are more skeptical about the prospects for success than its managers. Thus, the use of external financing puts the company in close dependence on the capital market, access to which is associated with higher requirements for the corporation’s investment plans than the use of internal financing sources.

Sources of financing for the enterprise. Key Features

Sources of financing are functioning and expected channels for obtaining financial resources, as well as a list of economic entities that can provide these financial resources. The basis of the project financing strategy is to develop financing schemes based on the individual characteristics of the project and the factors influencing it.

The following main types of financing strategy are distinguished depending on the sources of financing:

Financing from internal sources.

Financing from raised funds.

Debt financing.

Mixed (complex, combined) financing.

Internal sources are the enterprise's own funds - profit and depreciation charges.

Reinvestment of profits is the most acceptable and relatively cheap form of financing for an enterprise expanding its activities.

Features of external sources of financing:

1. Attracted investments:

The investor is interested in high profits and the company itself;

The investor may (or may not) have any intention of ever divesting the investment;

The investor's share of ownership is determined from the ratio of his investments to the entire capital of the company.

2. Borrowed investments:

The company receives a contractual obligation to repay the loan amount;

The loan must be repaid in accordance with the terms under which it was received;

The company pays interest on the loan received;

The company provides the necessary and acceptable guarantees for the lender (possibly the personal property of the owners);

Closed (private) placement of securities;

Access to Western financial markets (depository receipts);

Bank loans, lines of credit, loans;

Commercial (commodity) loan;

State credit (investment tax credit);

Bond loan;

Project financing;

Insurance of export operations;

Franchising;

Factoring;

Forfaiting;

Grants and charitable contributions;

Research and Development Agreement;

Government funding;

Issue of a bill;

Settlement;

The most typical financial instruments for Russia are discussed below.

Sale of a share to a financial or strategic investor

There are two types of equity investors.

Financial type investor:

Strives to maximize the value of the company, has only a financial interest - to receive the greatest profit mainly at the time of exit from the project;

Does not seek to acquire a controlling stake;

Does not seek to change the company's management;

Prefers investment horizon - 4-6 years;

Usually consolidates its control by participating in the Board of Directors.

In Russia, financial investors are represented by investment companies and funds, venture investment funds.

Strategic type investor:

Strives to obtain additional benefits for its main activity;

Strives for complete control, sometimes at the cost of destroying the company;

Actively participates in the management of the company;

Mainly seeks to invest in companies from related industries;

- investor “participation” is often not limited to specific deadlines.

At the same time, the company receiving the investment can also receive additional benefits (for example, in the form of guaranteed supplies and sales, personnel, know-how, supply chains, etc.). In Russia, strategic investors are represented mainly by large transnational companies interested in gaining full control over the business.

Consignment is usually used when selling new, atypical goods, the demand for which is difficult to predict. Traders do not want to take risks and therefore offer only such working conditions to suppliers. For example, when selling new textbooks for institutes, book publishers send their books to retail outlets with the condition that they be returned if they are not purchased. Sometimes this approach is also called “hand over the goods for sale.”

Accounts receivable management

Managers responsible for commercial credit transactions are required to carefully monitor accounts receivable results. Smart managers are always looking for ways to meet the credit needs of their clients, while achieving their own goals and fulfilling the responsibilities of maintaining cash flow into the company.
A large company may have thousands of clients. It is impossible to control the debt of each client, so the accounts receivable control system must be built in such a way as to enable the manager to calculate the compliance of the balance of accounts receivable with the credit conditions of the corporation and automatically show customers with a critical discrepancy.

The following main methods of controlling accounts receivable are distinguished:

Aging schedule

Days of unpaid sales

Residual Matrix

Providing a commercial loan always involves the risk of non-payment. It's good if payments are made in full and on time, but this is usually not the case. Therefore, it is important to properly organize the procedure for receiving money for invoices due for payment, especially in case of late payment.

There are several approaches to debt collection.

Reminder by letter. The approach is applied even for non-overdue debts in order to remind the buyer that the supplier remembers him and controls the payment of the debt. It is recommended to send a letter to the client no later than 10 days before the payment deadline. Such a message may be printed on the next invoice. The letter reminds you of the deadlines and amount (share) of balances to be paid.

Finding out the reasons for the offense. If the debt remains unpaid on time, it is useful to contact or meet with the client in person to find out exactly the reason for the offense. It is necessary to understand as soon as possible whether the delay in payment is caused by problems related to the delivery of goods (for example, quality, assortment), controversial issues regarding the provided payment documents, or financial difficulties of the client. After determining the reason for the delay in payment, a decision must be made: whether to expect the client to repay the debt, to apply enforcement measures to the client in order to achieve payment of the debt, or to recognize the debt as bad.

The situation of non-payment in the case of a discount. Sometimes a situation arises where a customer who is eligible to receive a discount unexpectedly does not pay during the grace period.
In this case, you must demand payment for the entire invoice amount. However, if this case is rather an exception, and the client is very important for the company, you can not pay attention to this and not spoil the relationship. The most flexible way to solve the problem would be to allow the client to keep the discount even in case of late payment in the grace period, if the client agrees for early payment of the next bill.

Minimize debt collection costs and bad debts. When collecting overdue debt, it is important to keep in mind that the collection process can be costly for the seller, both due to the direct costs associated with it and due to damaged customer relationships. Therefore, it is necessary to evaluate the level of costs associated with debt collection and avoid excessive expenses that do not justify the result. As a goal, it is desirable to prevent unnecessary delays in the cash cycle and reduce the level of uncollected funds to zero. In the case of a balance of uncollected funds, the collection costs of which are estimated to be high, bad debts should be written off. In practice, there is always a share of such debt from the total amount of receivables, and managers need to strive to minimize it.

GDRs are global depositary receipts, aimed at circulation on global financial markets.

Project financing

Project financing is a set of activities aimed at attracting funds and other material resources against the assets and cash flows of the company. Project financing is a relatively young and promising complex financial instrument, which is distinguished by the following features.

The object of investment of investors' funds is a specific investment project, and not the overall production and economic activity of the company receiving the funds.
Often, a separate so-called project company is created to obtain and use project financing.

The source of return on invested funds is profit from the implementation of the investment project (separated from the financial results of the activities of the project initiators). As part of the financing complex, various sources and forms of financing can be used (loan, financial leasing, acquisition by a bank of a share in the authorized capital of the project initiator, establishment of a new special company with equity participation of the project initiator, the bank and attracted co-investors, issue of targeted bond loans, etc. ).
The absence of a guarantee instrument typical for banks (this does not exclude the receipt of a number of guarantees at different stages of the project), the main guarantee is the future (cash flow). The following guarantees can be used for project financing for investors:

Pledges of all cash receipts of the project company in favor of creditors;

Project management agreement to ensure proper operation;

The right of the creditor to enter into the most significant agreements and rights under the project;

Guaranteed contracts for the provision of raw materials;

Guaranteed agreements for the sale of products;

Contracts for technical support and preventative repairs;

Package of insurance guarantees;

Concession/transfer agreement;

Possible state investment incentives (preferential taxation, exemption from import duties);

Mechanisms to eliminate the risks of currency conversion and transfer.

To ensure full financing of the project, the following guarantees can be used:

Legal guarantees;

Reserve funds;

Collaterals, deposits in special accounts;

Bank guarantees and guarantees;

Reserve support loans;

Fixed price contracts;

Bank accounts with special treatment (including letters of credit);

Obligations of founders (sponsors) for additional contributions to the capital of the project company;


Insurance of loans against the risk of non-repayment, project assets and cargo against the risk of loss, insurance of profits, liability of project developers, construction and other risks;
hedging.

Project financing is a progressive tool of the future. Through project financing, the volume of attracted investments in production and infrastructure areas is growing.

Various parties are involved in a project financing scheme. The bank can act as a project organizer, financial consultant and co-investor.


Anton Gagen

Information Agency "Financial Lawyer"

8.3. Internal and external sources of financing.

Internal sources of financing, their limitations (at the expense of profits, depreciation, increase in accounts payable, factoring, package financing).

There are several options for using a company's internal funds to finance innovative projects.

1) One of the main sources is the company’s retained earnings, which remains after paying dividends from net profits. However, many firms do not have sufficient profits to finance innovation.

2) Depreciation charges, despite the fact that they are included in the cost, represent the funds remaining at the disposal of the company. Their use to finance innovation is also acceptable, but in this case the renewal of fixed assets not related to innovation activities is reduced and the overall percentage of depreciation of fixed assets increases.

Innovative firms can use accelerated depreciation methods. Small firms are also allowed to write off as depreciation charges up to 50% of the original cost of the active part of fixed assets with a service life of more than three years in the first year of equipment operation.

3) Another opportunity is represented by the assets the company has. Formed for the implementation of some projects, these assets can be used for others. For example, Chrysler increased the share of using its own funds when implementing the next innovative project to produce a new minivan model through the use of technologies and components it already had. The most important engine and transmission components were taken from the Dodge Omni and Plymouth Horizon models.

A company implementing innovative projects has a certain material base that can be reused - laboratory equipment, premises, information technology.

It is also possible to sell unused equipment at market prices (so that the proceeds can be used for innovative projects).

4) The company can increase its short-term liabilities as a source of financing innovative projects. In this case, the period between receipt of materials and their payment, as well as between receipt of an advance payment and shipment, increases. Such a policy may worsen the business image of the company. Some buyers will refuse to cooperate with the company, other partners will begin to make more stringent demands on it - increase prices for materials, include penalties for stitching in contracts, demand more expensive forms of payment - letters of credit, etc.

5) Accounts receivable can be reduced, for example, through the sale of the right of collection (under agreement factoring). It should also be done with caution so as not to cause a decline in sales, since for many buyers an important condition is the provision of a deferred payment.

6) Financing a long-term innovation project from revenues from parallel short-term project(s) synchronized with expected project costs is also called packaging the project.

Even large corporations find it difficult and risky to finance large-scale innovation projects from internal sources (this leads to a dangerous outflow of funds from the core business). Therefore, the most important source is funds received from outside.

External sources of financing. Additional issue of shares.

The company can raise additional funds either by increasing share capital (additional issue of shares) or by obtaining borrowed funds.

An additional issue allows you to attract financial capital without increasing the size of the principal debt. It can be carried out in the form of public offering and targeted placement among individuals and companies. The first form is characteristic of companies that are already stable on the market and have an established reputation.

The second form is typical for:

1) for young firms and venture companies that do not have the opportunity to take out long-term loans. Venture funds become buyers of shares. In the USA, these are SBICs – companies investing in small and venture businesses (Perkins, Kleiner). The state often provides tax benefits to such funds.

2) companies that wish to remain closed. Buyers of shares here are investor groups (buyout groups), such as Kohlberg, Kravis, Poberts (KKR).

3) companies planning changes in the capital structure, change of owner:

Redemption of a controlling stake at the expense of creditors (LBO), acquisition by managers of a controlling stake in their own company (MBO).

Buyers of shares act as intermediaries. They can be SBICs or limited partnerships. In the USA - a limited partnership or limited partnership formed with the participation of an investor. Intermediaries conduct an examination, select an innovative project and carry out subsequent monitoring of the company’s activities. Investors are private and public pension funds, investment funds, individuals, financial holdings, insurance companies, banks, etc.

Bank lending, investment and corporate loans.

Borrowing funds to finance innovation activities is carried out by obtaining loans and issuing bonds.

Lending by banks and investment funds can be

1) specialized (project). The bank issues funds for a specific project and controls the use of allocated funds.

2) corporate. The entire activity of the company as a whole is credited.

It is believed that it is rational for a company to take out a loan in parts and enter into an agreement on the allocation of a line of credit.

An innovative project requires attracting a long-term loan (more than 1 year). However, this type of loan is difficult to obtain: banks take a long time to process it, and you need durable, reliable collateral - real estate, new equipment.

A short-term loan can be obtained at the stage of preparation for production and the start of release of a new product, when there are already certain results from the previous stages.

The issue of bonds is associated with a number of difficulties: the length of time it takes to register the issue with the Federal Securities Commission; investors are not guaranteed to fully purchase all issued bonds; they may have to be sold at a discount (which will reduce the amount of funds received).

State funding, funding from extra-budgetary funds.

In its most general form, the existing system of budget financing of the innovation sector is presented below:

1. Basic financing of the strategic core.

1.1. Academic sector, higher education.

1.2. State scientific centers, laboratories.

1.3. Unique experimental facilities.

2. Priority areas of scientific and technical progress. Contracts for the implementation of government orders.

2.1. Federal innovation programs.

2.3. State scientific and technical programs.

3. Target budget funds. Grants.

3.1. Russian Foundation for Basic Research.

3.2. Russian Humanitarian Scientific Foundation.

3.3. Fund for Assistance to the Development of Small Enterprises in the Scientific and Technical Sphere.

3.4. Federal Fund for Manufacturing Innovation???

Russian Fund for Technological Development (RFTD) - extra-budgetary fund, which is formed from those deductions that enterprises, exempting these deductions from taxes, send to industry funds, extra-budgetary R&D funds and parent organizations coordinating their activities. It is formed from 25% of deductions from the funds collected by industry funds. Funds from extra-budgetary funds are used to finance R&D to create new types of high-tech products, raw materials and materials; development of new and improvement of used technologies, measures to improve the technical level of products; work on standardization, certification and licensing of products, as well as in the field of occupational health and safety; development of regulatory and structural materials, etc.

Created in accordance with the Decree of the President of the Russian Federation “On urgent measures to preserve the scientific and technical potential of the Russian Federation” dated April 27, 1992 No. 1 426. Extra-budgetary funds are formed through quarterly voluntary contributions from enterprises and organizations, regardless of their form of ownership, in the amount of 1.5% of cost products sold, and the amounts of deductions are included by enterprises in the cost of production.

Off-budget industry funds were formed by ministries, departments, concerns, corporations and associations through contributions from enterprises in the amount of 1.5% of the cost of their commercial products (works, services). In turn, the RFTR budget was formed by deductions of 25% of funds from extra-budgetary funds. After Chapter 25 of Part Two of the Tax Code of the Russian Federation came into force and a number of amendments were introduced into it, off-budget R&D funds began to be formed through voluntary contributions of enterprises up to 0.5% of gross profit. Changing the method of deductions to off-budget R&D funds actually meant reducing the size of payments to the RFTR by almost half (by industry from which funds are collected). The consequence of the regulatory changes that occurred was that in 2004. the RFTR has funds left only to fulfill obligations under previously concluded agreements, but not to finance new projects.

The right to participate in the competition are highly effective commercial innovative projects related primarily to economic development, for which the innovator invests at least 20% of his own funds and the payback period of which does not exceed two years. Projects for the competition are submitted to the Ministry of Economy of the Russian Federation and must contain: a business plan and conclusions of the state environmental assessment, state non-departmental or independent assessment.

Internal financing involves the use of those financial resources, the sources of which are generated in the process of the financial and economic activities of the organization. Examples of such sources include net profit, depreciation, accounts payable, reserves for future expenses and payments, and deferred income.

At external financing funds coming into the organization from the outside world are used. Sources of external financing can be founders, citizens, the state, financial and credit organizations, and non-financial organizations.

Grouping of financial resources of organizations by sources of their formation is presented in the figure below.

An organization's financial resources, unlike material and labor resources, are interchangeable and susceptible to inflation and devaluation.

Currently, an urgent problem for domestic industrial enterprises is the state of deterioration of which has reached 70%. In this case, we are talking not only about physical, but also about moral wear and tear. There is an urgent need to re-equip Russian enterprises with new high-tech equipment. In this case, the choice of source of financing for this re-equipment is important.

The following sources of funding are distinguished:

• Internal enterprise sources(net profit, depreciation, sale or rental of unused assets).
• Involved funds(foreign investment).
• Borrowed funds(, bills).
• Mixed(complex, combined) financing.

Internal sources of financing of the enterprise

Involved funds

When choosing a foreign investor as a source of financing, an enterprise should take into account the fact that the investor is interested in high profits, the company itself and his share of ownership in it. The higher the share of foreign investment, the less control the owner of the enterprise has.

Remains debt financing, in which there is a choice between and . Most often, in practice, the effectiveness of leasing is determined by comparing it with a bank loan, which is not entirely correct, because for each specific transaction one has to take into account its own specific conditions.

Credit - as a source of financing for an enterprise

- a loan in monetary or commodity form provided by the lender to the borrower on the terms of repayment, most often with the borrower paying interest for using the loan. This form of financing is the most common.

Advantages of the loan:

• the credit form of financing is characterized by greater independence in the use of received funds without any special conditions;
• Most often, a loan is offered by a bank that services a specific enterprise, so the process of obtaining a loan becomes very quick.

The disadvantages of the loan include the following:

• the loan term in rare cases exceeds 3 years, which is prohibitive for enterprises aimed at long-term profit;
• To obtain a loan, an enterprise must provide collateral, often equivalent to the amount of the loan itself;
• in some cases, banks offer to open a current account as one of the conditions for bank lending, which is not always beneficial to the enterprise;
• With this form of financing, an enterprise can use a standard depreciation scheme for purchased equipment, which obliges it to pay property taxes throughout the entire period of use.

Leasing - as a source of financing for an enterprise

is a special complex form of entrepreneurial activity that allows one party - the lessee - to effectively update fixed assets, and the other - the lessor - to expand the boundaries of activity on mutually beneficial terms for both parties.

Advantages of leasing:

• Leasing involves 100% lending and does not require you to start payments immediately. When using a conventional loan to purchase property, the company must pay about 15% of the cost from its own funds.
• Leasing allows an enterprise that does not have significant financial resources to begin implementing a large project.

It is much easier for an enterprise to obtain a leasing contract than a loan - after all the equipment itself serves as security for the transaction.

A leasing agreement is more flexible than a loan. A loan always involves limited amounts and repayment terms. When leasing, an enterprise can calculate its income and work out with the lessor an appropriate financing scheme that is convenient for it. Repayment can be made from funds received from the sale of products produced on leased equipment. The company has additional opportunities to expand production capacity: payments under the leasing agreement are distributed over the entire term of the agreement and, thus, additional funds are freed up for investment in other types of assets.

Leasing does not increase debt in the company’s balance sheet and does not affect the ratio of equity and borrowed funds, i.e. does not reduce the enterprise’s ability to obtain additional loans. It is very important that equipment purchased under a leasing agreement may not be listed on the lessee’s balance sheet during the entire term of the agreement, and therefore does not increase assets, which exempts the company from paying taxes on acquired fixed assets.

The Russian Federation has retained the right to choose the balance sheet accounting of property received (transferred) under financial lease on the balance sheet of the lessor or lessee. The initial cost of the property that is the subject of leasing is the amount of the lessor's expenses for its acquisition. In addition, since 2002, regardless of the chosen method of accounting for the property that is the subject of the leasing agreement (on the balance sheet of the lessor or the lessee), lease payments reduce the tax base (Article 264 of the Tax Code of the Russian Federation). Article 269 of the Tax Code of the Russian Federation introduces a restriction on the amount of interest on loans that the lessor can attribute to reducing the tax base, but in other cases the lessor can attribute the amount of interest on the loan to reducing the tax base.

Leasing payments, paid by the enterprise, entirely attributed to production. If the property received under leasing is accounted for on the balance sheet of the lessee, then the enterprise can receive benefits associated with the possibility of accelerated depreciation of the leased asset. Depreciation charges for such property can be calculated based on its cost and norms approved in the prescribed manner, increased by a factor not exceeding 3.

Leasing companies unlike banks no deposit needed, if the property or equipment is liquid on the secondary market.

Leasing allows an enterprise to minimize taxation on completely legal grounds, as well as to attribute all costs of equipment maintenance to the lessor.

In particular, all sources of investment financing are divided into:

Internal;

And external ones.

To internal sources investment financing include:

1) own sources, which include:

Depreciation (sinking fund);

Net profit of the enterprise;

Reserve capital;

Special purpose funds;

Authorized capital funds (which is formed when creating an enterprise);

Founders' funds, etc.

External sources include:

1) attracted sources are funds that are raised from the market by issuing shares, in the form of charitable contributions, scientific grants, as well as funds allocated by budgets of various levels. This source of financing is fully available only to joint stock companies in the form of issuing shares;

2) borrowed sources are funds that are raised on the terms of repayment (that is, these funds must be returned to the lender without fail), urgency (these funds are raised for a certain period) and payment (the funds are raised at a certain percentage). Borrowed sources of investment financing include: loans and borrowings from banks; issue of bonds; bills, etc.

In table 10 shows a comparative description of own, attracted and borrowed sources of financing.

Table 10 - Comparative characteristics of various sources of financing

As already noted, indirect sources of investment financing are those sources that do not directly affect the value of the organization’s property. TO indirect sources relate:

1)leasing According to the Federal Law “On Financial Lease (Leasing)”, “leasing is a set of economic and legal relations arising in connection with the implementation of a leasing agreement, including the acquisition of the leased asset.” A leasing agreement assumes that the lessor (lessor - the person who leases the property) undertakes to acquire ownership of the property specified by the lessee (lessee - the person who leases the property) from the seller specified by him and to provide the lessee with this property for a fee for temporary possession and use.

That is, the traditional leasing scheme involves the participation of three parties:

– lessee – an enterprise that is interested in purchasing certain property for its production activities;

– lessor – an organization that, at the direction of the lessee, purchases the equipment necessary for it from a certain supplier, and then leases this equipment to this lessee;

– supplier (seller) of property.

It should be noted that the subject of leasing can be any non-consumable things, including the enterprises themselves and other property complexes, buildings, structures, equipment, vehicles and other movable and immovable property that can be used for business activities. The subject of leasing cannot be land plots and other natural objects, as well as property that is prohibited for free circulation by federal laws or for which a special circulation procedure has been established, with the exception of military products.

Leasing is most often resorted to by companies that, on the one hand, do not have enough own funds to purchase the required property, and on the other hand, their financial condition is such that banking and other credit organizations will refuse to issue them a loan. That is, leasing is more attractive for enterprises with a relatively unstable financial situation that cannot guarantee the return of loan funds. In addition, the subject of leasing (property that is purchased under lease) in itself is security for this transaction. But, on the other hand, leasing payments are usually higher than loan payments.

The traditional leasing scheme is shown in Fig. 2.

The property under the leasing agreement is the property of the lessor, and is reflected in the lessee's off-balance sheet accounts, therefore the value of the lessee's property is not directly reflected;

2)franchising(or, according to the Civil Code of the Russian Federation, a commercial concession agreement). In this case, “... one party (the copyright holder) undertakes to provide the other party (the user), for a fee for a period or without specifying a period, the right to use in the user’s business activities a set of exclusive rights belonging to the copyright holder, including the right to a company name and (or) commercial designation of the copyright holder, on protected commercial information, as well as on other objects of exclusive rights provided for in the contract, trademark, service mark, etc.” A commercial concession agreement provides for the use of a set of exclusive rights, business reputation and commercial experience of the copyright holder to a certain extent (in particular, establishing a minimum and (or) maximum volume of use), with or without indicating the territory of use in relation to a certain area of ​​business activity (sale of goods received from the copyright holder or produced by the user, carrying out other trading activities, performing work, providing services).

Essentially, franchising implies that a large, well-known enterprise grants another enterprise the right to use its trademark, its technology, a proven business system, etc. The most famous examples of the use of franchising in Russia are the sale of the 1C accounting program, the McDonald's fast food system, the organization of the production of passenger cars from well-known manufacturers, etc.;

3)factoring. According to the Civil Code, factoring involves “financing against the assignment of a monetary claim.” Under a financing agreement for the assignment of a monetary claim, one party (financial agent) transfers or undertakes to transfer to the other party (client) funds to offset the monetary claim of the client (creditor) to a third party (debtor). This type of source of investment financing actually involves the enterprise selling its receivables to a specialized factor firm. The factoring scheme is shown in Fig. 3.

Factoring is reflected in the structure of the organization’s property, in particular, in fact, accounts receivable are “transformed” into cash, but have virtually no effect on the organization’s balance sheet. In practice, factoring is most often carried out by banking organizations, as well as collection agencies.

Other sources of investment financing may also be used.

3.4. The concepts of “capital”, “funds”, “funds”, “investments”

Quite often, concepts such as “capital”, “funds”, “funds”, “investments” are used in relation to property. Let's look at these concepts in more detail. In theory, under capital refers to material and financial resources, intellectual developments, entrepreneurial skills, etc., which are involved in the production process and serve to make a profit, i.e. capital- this is everything that an organization uses in its activities to make a profit. Capital in an organization can exist in several forms:

– in cash (for example, funds in a current account, at the cash desk);

– in production form (these are means used in production, for example, buildings, equipment, etc.);

– in commodity form (these are stocks of finished products in a warehouse).

Capital has a cost and natural (material) expression. At the same time, under funds refers to the material state of capital, and means, as a rule, refers to the value expression of capital. However, in everyday life, as a rule, no distinction is made between these concepts.

The concept of investment is regulated by the Federal Law “On investment activity in the Russian Federation, carried out in the form of capital investments.” Investments are understood as “...cash, securities, other property, including property rights, other rights that have a monetary value, invested in objects of entrepreneurial and (or) other activity in order to make a profit and (or) achieve another useful effect” , i.e. investments are everything that is invested in business activities with the aim of making a profit, and capital is what the organization already has at a particular point in time.