Test: Tests for the exam on long-term financial policy. Long-term financial policy(1)

Financial strategy The company is a master plan of action for the timely provision of the enterprise with financial resources and their effective use. Comprehensively taking into account the financial capabilities of the enterprise, objectively considering the nature of internal and external factors, it ensures that the financial and economic capabilities of the enterprise correspond to the conditions prevailing in the product market. Otherwise, the company may go bankrupt.

The relevance of the research topic is due to the difficult economic situation in Russia in this moment. Under these conditions, the lack of a developed financial strategy can lead to disjointed decisions by individual structures of the company, which ultimately can lead to a sharp decrease in efficiency financial activities.

Purpose This work is a detailed study of the structure of the enterprise's financial policy and the development of a long-term financial strategy based on available data.

Financial strategy and main stages of its development

In a constantly changing environment external environment It is important to ensure flexibility and transparency of financial policy to achieve sustainability, financial security of the enterprise and growth of its market value.

The first stage in developing a financial policy is to determine the main financial goal of the organization. Setting goals for a financial strategy in the long term begins with a mission - this is a short, clearly formulated document that explains the purpose of creating an organization, its objectives and core values.

The main financial goal is to maximize market value while minimizing risk. It is detailed into financial subgoals (maximization in the medium term), for example: profit; the amount of equity capital; return on equity; asset structure; financial risks.

In areas, financial strategy is a general plan of action for an enterprise, covering the formation of finances and their planning to ensure financial stability enterprises.

Developing a financial strategy involves developing not only goals, but also developing an action plan to achieve those goals.

The financial policy of an enterprise is the division of the financial strategy into individual elements of financial management. Financial policy is aimed at building effective system financial management.

The financial strategy is developed taking into account the risk of non-payments, inflation and other force majeure circumstances. Thus, the financial strategy must correspond to production objectives and, if necessary, be adjusted and changed.

An important condition for determining the period for forming the financial strategy of an enterprise is the predictability of the development of the economy as a whole and the situation in those segments of the financial market with which the upcoming financial activities of the enterprise are connected. The conditions for determining the period for forming a financial strategy are also the industry of the enterprise, its size, stage of the life cycle, and others.

Assessing the effectiveness of the developed financial strategy is the final stage in developing the financial strategy of the enterprise. Covering all forms of financial activity of an enterprise, financial strategy examines the objective economic laws of market relations, develops forms and methods of survival and development under new conditions.

Selection of models when building a financial strategy of an enterprise

As mentioned earlier, developing a financial strategy includes several main stages. First of all, you need to analyze the current situation of the company ( general trends in the industry of activity, analysis of the competitive environment, analysis of financial results) on the basis of which a model of SWOT analysis of the strategic position of the company is formed. Then strategic alternatives for the company's development are considered and a matrix of financial strategies is determined. The company's strategic goals are determined after a comprehensive analysis summarized in the SWOT model. In accordance with this and according to the SMART principle, an ordered tree of goals is built (decision tree modeling). The SMART principle, used in constructing a tree of goals, implies that goals should be: specific (Specific); measurable; agreed upon (Agreeable, Accordant): with a vision and mission among themselves and with those who are to fulfill them; achievable (Realistic); defined in time (Timebounded). The hierarchy of goals establishes the coherence of the organization and ensures that the activities of all departments are oriented towards achieving goals top level. Construction of a tree of goals involves the following phases: establishment by the owners of the main goal (goals) for the company as a whole, based on the mission, vision and SWOT analysis; development of strategic alternatives to achieve the main goal(s) of the company; assessment of the effectiveness of each formulated alternative according to the ratio: achieved result - costs, time, risks; choosing one of the strategic alternatives; building a tree of goals for all departments, the achievement of which leads to the implementation of the selected strategic alternative; development of plans and programs for company divisions to implement the selected strategic alternative; Setting individual goals: for the hierarchy of goals within a company to become a real tool for achieving its main goal(s), it must be brought to the level of leading specialists. There are two ways to achieve the integral strategic goal:

1. the owners set the growth rate for the company's value;
2. owners select several strategic alternatives based on areas of work based on SWOT analysis.

In the first case, from the integral strategic goal, a tree of financial goals is formed, distributed among strategic components (marketing, technological, personnel development) and further down to specific programs. The main tool for constructing a goal tree is the BSC (Balanced Score Card) model. Each of the components of the strategy (financial, investment, marketing, business processes, personnel development) has its own strategic goal, which must be achieved at the end of the forecast (planning) period. The variety of goals that make up the company’s financial and investment strategy and the criteria for their evaluation are shown in Table 1.

Table 1 - Strategic goals of the financial strategy and criteria for their evaluation.

Thus, using the matrix of financial strategies, the key areas of strategic development have been identified:

1. Development of a system of performance indicators, including based on a balanced scorecard system. Determining a system of indicators and measures to achieve goals; identification of key indicators; determination of rules and mechanisms for their calculation; identifying those responsible for achieving goals and implementing processes; setting up procedures and information systems to calculate indicators.

2. Development and improvement of the management system. Development of effective mechanisms for implementing the strategy: organizational structure, optimal distribution of powers and responsibilities of managers for the implementation of the strategy; motivating staff to implement the strategy; optimization of company plans, budgets and reports, increasing the efficiency of decision-making by managers; development of interrelated procedures for planning, accounting, analysis and decision-making.

3. Improvement and engineering of business processes. Documentation and analysis of business processes; development and evaluation of measures to improve the company’s business processes; improvement, design and implementation of new processes; development of the concept of regulation and regulatory documents; formation of mechanisms for creating and updating the regulatory framework.

4. Management of risks. Development and implementation of a system for managing operational risks associated with the sale of electricity, the reliability of planning the company’s activities, mutual settlements with counterparties, fraud and theft of property; development of solutions and procedures to minimize the consequences of operational risks.

Thus, the successful financial activity of an enterprise is due to both timely and correct decisions of top management in current work and in matters of strategy.

The formulated integral strategy of a company can be achieved in different ways: strategic alternatives. A strategic alternative is understood as a variant of the trajectory of movement from current state as planned. Owners and top managers form two or three ranked lists of main jobs from the list possible directions company development. The final choice of alternative (company strategy) is made by the owners and top managers of the company.

In strategic management, matrix methods for studying phenomena and processes occupy a special place.

Scientific supervisor: Ksenofontova Oksana Viktorovna,
Candidate of Economic Sciences, Associate Professor of the Department of Economics, Management and Trade, Tula Branch of the Russian Economic University named after. G. IN. Plekhanov, G. Tula, Russia

Many financiers are afraid to talk about financial strategy because this term seems incomprehensible and mysterious to them. The purpose of this article is to destroy the image of mystery and inapplicability in practice and make financial strategy a common tool of financial management.

If you use the concept of “range of proximal development”, then you need to move from the levels “everything is unclear” and “inaccessible to understanding” to the level “understandable with help”, then you will try to draw up a financial strategy for your enterprise and - everything will fall into place!

In polite society one is supposed to start a conversation with a definition. And that's why it's in front of you!

Financial strategy is a model of an organization’s actions to provide financial resources to the organization’s basic strategy. In a simple version, this is a plan for financing the organization’s activities for 3-5 years.

A more complex definition looks like this:

Financial strategy is the implementation of the commercial and operational activities of an organization by financing its current and investment expenses in such a way that a list of key restrictions on the most important parameters of its financial condition is always met. I will describe these most important parameters in detail a little later.

The process of justifying and making financial decisions, namely: determining the structure and directions of business activity, managing liabilities (financing the organization), assets (all property of the organization), dividends - this is a process strategic management. Why? It determines the long-term prospects for the development of the enterprise.

As a result of the implementation of all components of the organization's financial strategy, a long-term financial plan is developed. It should address all functional strategies and a development plan that ensures the achievement of previously developed strategic goals within the framework overall strategy organizations.

The main task of long-term financial planning is to ensure structural balance. In case of violation, stabilization measures are provided.

Main components of financial strategy:

1. Structure of business activity.
2. Reserve fund management.
3. Asset structure (ratio of non-current and current assets).
4. Liability strategy (capital raising).
5. Funding strategy for functional strategies and major programs.
6. Financial risk assessment.

As a result of using these components of the financial strategy, it is necessary to develop a long-term financial plan. It must integrate and balance functional strategies, major programs, and ensure the achievement of strategic goals approved in the basic strategy.

Each of the components of the financial strategy has its own internal structure.

1. 1. Structure of business activity.
   1. Financing the development plan through the use of our own and borrowed capital. Financing with equity capital occurs or through distribution net profit and allocating part of it for reinvestment, either through additional contributions from shareholders (owners), or by attracting investors (by selling a share in the business while using the funds paid for the share for development purposes).
   2. Ensuring liquidity (short-term solvency and managing the dynamics of the residual or market value of assets).
   3. An increase in assets (property), including an increase in the monetary component of assets, improvement (optimization) of the asset structure.
2. Reserve fund management.

   Business is supposed to be conducted with a reserve. Lack of financial reserves is one of the most common financial management problems.

   A reserve fund is created during a favorable period, and spent during a crisis.

   There are three ways to set the amount of the reserve fund in real money.

   A) Reserve Fund\Assets=10 (20)%.

   B) Reserve fund\Revenue=5%.

   C) Reserve fund = amount of payments for 5 (15) days.

3. Asset structure.

   The profitability of a business depends on the ratio of non-current and working capital. If in a production organization the ratio of non-current assets to current assets is 7 to 1, then we can immediately assume that the profitability of the business is low (or zero) and, most likely, the prospects are bleak.

4. Capital raising strategy.
   1. Determination of the structure of liabilities (capital) in the form of the “own/borrowed” ratio.

      The point of business is to use equity capital (EK), for which dividends are paid to shareholders (owners). With high business profitability (return on sales on net profit of more than 10%), it becomes possible to attract borrowed bank capital (BC). In this case, by paying the bank 9-15% for loan money, there is an opportunity to earn a little more on this capital, thereby increasing the return on equity. That is why the correct SK/ZK ratio should be 3/1.

   2. Determining the timing of capital raising.

      Priority, of course, is given to long-term borrowed capital, while long-term capital is considered to be capital raised for a period of 3 years or more. Lending for short periods is usually a necessary measure due to the phenomenon of high risk of issuing a “long” loan from the bank’s point of view.

   3. Determination of the cost of capital: (dividends + interest on loans)/liabilities.

The organization's ability to attract additional capital is assessed through its financial potential. It lies in the organization’s ability to accumulate the maximum amount of capital (cash), with given parameters of the cost of capital, the optimal timing of its attraction and the level of risk.

Example: to maintain market share and level competitive advantages it is necessary to implement a development program, and for this the organization required additionally attract (borrow) 150 financial units, while there is a possibility additionally attract 80 financial units in the form of loans. At the same time, with an increase in debt by 80 units, the capital structure (equity/debt capital ratio) will become 1/5. This ratio of equity/borrowed capital will lead to the fact that most of the net profit will be spent on paying interest on loans. It is not possible to repay so many loans within 3-4 years. The payment of dividends will become impractical, the value of the organization will begin to slowly decrease. The business will become unsuccessful (in terms of the level of return on invested capital). The probability of a breakthrough and victory in a competitive competition when investing in the development of 150 units is assessed as low. The recommendation is to give up the fight with the market leader and agree that over the next 3 years the organization’s market share will decrease while maintaining the same revenue volume. Next, focus on improving your financial condition, repay most of the loans, accumulate reserves and wait for a crisis in the economy, in which the market leader goes bankrupt due to a risky financial strategy, and at this moment increase marketing activity using accumulated reserves.

As can be seen from the above example, financial strategy is closely related to competition and is aimed at changing the key financial parameters of the organization over the long term.

Let's move on to the strategy for financing functional strategies and major programs.

It is useful to develop strategies for the main functions: marketing, production, personnel management, logistics. For each function, its own functional strategy is developed, and its financing should be reflected in the financial strategy. Major programs usually affect all major functions of the organization, they are usually the leading core strategy of the organization and therefore their funding is considered in the form of a separate financial plan.

Financial strategy has its own principles:

Simplicity

Still, the financial strategy should be simple and understandable to all employees. For example, “our organization is the best in the country in terms of cost savings, so we have the opportunity to develop using our own accumulated funds”.

Constancy

Constancy is due to the fact that strategic business processes are inertial, and their continuous restructuring and frequent changes in strategic business parameters are associated with a loss of business efficiency.

Of course, a small trading company with 70 employees and revenue of 340 million rubles a year at first glance can often make rapid maneuvers. But the practice of observing even such small companies shows that forced rapid changes most often “turn” the organization towards a worse state, and the organization takes years to achieve some progress. The larger the scale of the business, the more long-term planning is required. A large machine-building enterprise, in order to develop its competitive advantages (or to maintain them), is forced to innovate and develop development programs for 5-10 years in advance. And for such a large organization in size and scale, rapid changes are contraindicated.

Security

The financial strategy must be designed with an established margin of safety, which should allow the key parameters of the strategy to be maintained with minor changes in the parameters of the external environment. The onset of a financial or any other crisis must be foreseen within the framework of the overall strategy; the financial strategy must have in its structure a description of several options for “Plan B” (on average for the scale of the business - this can be done in abstract), which should be switched to when, for example, a decrease in revenue (or a drop in prices) by 10-15%.

Reliability and stability are easiest to maintain with the help of financial reserves and with the help of decisions to reduce (reduce the dynamics) of the development program.

Fragment of the financial strategy of a large metallurgical company:

“Key priorities of our financial strategy

Strong financial position - a significant liquidity reserve, low debt burden and a balanced structure of the debt portfolio.

NLMK has a significant reserve of cash liquidity and undrawn credit lines. The company's liquid funds significantly exceed its short-term debt.

A comfortable level of debt burden during all periods of the cycle has always been one of NLMK’s priorities. Despite capital-intensive growth over recent years, NLMK remained a company with one of the lowest debt loads among metallurgical companies in Russia and the world. NLMK plans to gradually reduce its debt burden in the future and sets a goal to reduce the net debt/EBITDA ratio to 1.0x.

The structure of the debt portfolio and the debt repayment schedule are currently comfortable for us. Over the past two years, we have actively managed our debt portfolio and, thanks to access to the Russian and international capital markets, have restructured it towards financial obligations with longer maturities and lower interest rates.”

Source: http://nlmk.com/ru/investor-relations/financial-strategy

If we talk about a simple sequence of steps aimed at developing a financial strategy, then below is one of possible options such a sequence, optimized for medium-sized businesses.

Topic: Tests for the exam on long-term financial policy

Type: Test | Size: 27.31K | Downloads: 499 | Added 09/18/08 at 18:24 | Rating: +39 | More Tests

Topic 1 “Fundamentals of the financial policy of an enterprise”

1. The financial policy of the enterprise is:

a) Science that analyzes the financial relations of enterprises;

b) Science that studies the distribution relations of an enterprise carried out in monetary form;

c) A set of measures for the purposeful formation, organization and use of finances to achieve the goals of the enterprise; +

d) The science of financial management of a business entity. Correct answer

2. The main goal of the financial activity of an enterprise is: a) To organize financial work at the enterprise;

b) Correct calculation and timely payment of taxes;

c) Accurate implementation of all indicators of financial plans;

d) In maximizing the welfare of owners in the current and future periods; +

f) In maximizing profits;

f) To ensure the financial stability of the enterprise. .

3. The main purpose of the financial activity of the enterprise is:

a) Maximizing the market price of the enterprise. +

b) Profit maximization

c) Providing the enterprise with sources of financing

d) All of the above

4. The strategic financial goals of a commercial organization are:

a) Profit maximization; +

b) Ensuring the liquidity of the enterprise’s assets;

c) Organization of a financial planning and regulation system;

d) Ensuring financial sustainability +

f) Synchronization and alignment of positive and negative cash flows of the enterprise;

f) Increase in the market value of the organization; g) Providing dividend payments.

5. The strategic direction of development of the enterprise is influenced by the following factors:

a) New products in production technology in this market segment;

b) Enterprise scale; +

c) Stage of development of the enterprise; +

d) State of the financial market; +

f) Tax system; +

f) The amount of public debt.

6. The tactical financial goals of a commercial organization include:

a) Profit maximization;

b) Reducing production costs; +

c) Ensuring the financial stability of the enterprise;

d) Maximizing the welfare of owners in the current and future periods;

f) Increase in sales volume;

f) Increasing selling prices for manufactured products.

7. Long-term financial policy includes:

a) Capital structure management; +

b) Accounts payable management; c) Calculation of working capital standards;

d) Accounts receivable management.

8. Long-term financial policy of the enterprise:

a) Determined by short-term financial policy;

b) Exists along with it; +

c) Influences short-term financial policy. +

9. Horizontal method financial analysis- This:

a) Comparison of each reporting item with the previous period+

b) Determination of the structure of the final financial indicators

c) Determination of the main trend in the dynamics of indicators

10. Assessment of the dynamics of financial indicators is carried out using:

a) vertical analysis

b) horizontal analysis +

c) financial ratios

11. Academic disciplines with which financial policy is associated:

a) Financial management; +

b) Statistics; +

c) Finance; +

d) Accounting; +

f) History economic studies; f) World economy.

12. The objects of management of an enterprise’s financial policy include:

a) Financial market;

b) Capital; +

c) Cash flows; +

d) Innovation processes.

Tests on topic 2 “Long-term financial policy”

1. Capitalization is:

a) The sum of the products of stock prices and the number of shares outstanding. +

b) The total volume of issues of securities traded on the market.

c) Aggregate share capital issuing companies at par value. d) The total market value of the assets of the issuing companies.

2. Indicate the most likely consequences of a significant excess of the company’s equity capital in relation to To debt capital due to the fact that the company prefers issuing shares to issuing bonds:

1. Acceleration of earnings per share growth.

2. Slowdown in earnings per share growth. 3. Increase in the market value of the company's shares, 4. Decrease in the market value of the company's shares

3. The current yield of bonds with a coupon rate of 10% per annum and a market value of 75% is equal to:

4. Two corporate bonds with the same par value are simultaneously circulating on the market. The bond of JSC “A” has a coupon rate of 5%, the bond of JSC “B” has a coupon rate of 5.5%. If the market value of the bond of JSC “A” is equal to the par value, then, without taking into account other factors affecting the price of the bond, indicate the correct statement regarding the bond of JSC ((B”:

a) the market value of the bond of JSC “B” is higher than the face value.+

b) the market value of the bond of JSC “B” is below par. c) the market value of the bond of JSC “B” is equal to the par value.

d) the yield on the bond of JSC "B" is higher than the yield on the bond of JSC "A".

5. Indicate the sources of payment of dividends on ordinary shares:

A) Retained earnings of the current year.+

b) Retained earnings from previous years. c) Reserve fund.

d) Retained earnings of the current year and previous years. +

b. The advantages of the joint stock form of business organization include:

A) Subsidiary liability of shareholders.

b) Wide opportunities for access to financial markets. +

c) All of the above.

7. If the company has no profit, then the owner of preferred shares: A) May require payment of dividends on all shares.

b) May require partial payment of dividends.

c) Cannot demand payment of dividends at all+

d) Unity 1 and 2.

8. Specify the financial instrument used to attract equity capital:

a) Additional share contribution. +

b) Issue of bonds.

c) Increase in additional capital.+

d) Leasing.

9. What types of liabilities do not belong to the company’s equity capital: A) Authorized capital.

b) Retained earnings.

With) Bills of exchange To payment . +

d) Long-term loans. +

e) Accounts payable +

10. The autonomy coefficient is defined as the ratio:

A) Own capital to balance sheet currency. +

b) Own capital to short-term loans and borrowings. c) Net profit to equity. d) Own capital To revenue.

11. Own capital of the enterprise: A) The sum of all assets.

b) Retained earnings.

c) Revenue from the sale of goods (work, services).

d) The difference between a company's assets and liabilities. +

12. Leasing is more profitable than a loan: A) Yes.

b) No.

c) Depending on the conditions of their provision+

d) Depending on the terms of provision.

13. Financial leasing is:

A) Long-term agreement providing for full depreciation of leased equipment. +

b) Short-term rental of premises, equipment, etc.

c) Long-term lease, involving partial redemption of equipment. -

14. The share of preferred shares in the authorized capital of a JSC should not exceed:

b) 25%. +

d) The standard establishes general meeting shareholders.

15. Which item is not included in section III of the balance sheet “Capital and reserves”? a) Authorized capital.

b) Additional and reserve capital.

c) Current liabilities. +

d) Retained earnings.

16. Indicate the financial source for the formation of additional capital:

a) Share premium+

b) Profit.

c) Founders' funds.

17. For enterprises of what organizational and legal form is the formation of reserve capital mandatory in accordance with Russian legislation:

A) State unitary enterprises.

b) Joint stock companies.+

c) Partnerships of faith.

18. Name the source of financing for the enterprise:

A) Depreciation charges +

b) Cash

c) Working capital d) Fixed assets

19. The value (price) of attracted capital is determined as:

a) The ratio of expenses associated with attracting financial resources to the amount of attracted resources. +

b) The amount of interest paid on loans.

c) The amount of interest on loans and dividends paid.

20. The effect of financial leverage determines:

A) Rationality of raising borrowed capital; +

b) The ratio of current assets to short-term liabilities; c) The structure of the financial result. Correct answer

Tests on topic 3

1. What is the purpose of the financial planning process at an enterprise:

A. For more efficient use of profits and other income. +

B. On rational use labor resources. B. for improvement consumer properties goods.

2. What is not a source of financing for an enterprise:

A. Forfaiting.

B. Depreciation charges.

B. Volume of R&D expenditures. +

G. Mortgage.

3. From the listed sources, select a source of financing for long-term investments:

A. Additional capital.

B. Sinking fund. +

B. Reserve fund.

4. What is meant by the sources of financing available to the enterprise for the planning period:

A. Own funds.

B. Authorized capital of the enterprise.

B. Own, borrowed and attracted funds. +

5. What period does the current financial plan of the enterprise cover:

A. Year. +

B. Quarter. Per month.

6. What is the main task of financial planning of an enterprise:

A. Maximizing company value. +

B, Accounting for volumes of products produced.

B. Effective use of labor resources.

7. Which of the following methods relates to forecasting:

A. Normative.

B. Delphi. +

B. Balance sheet.

D. Cash flows.

8. Which of the following methods relates to financial planning:

A. Normative +

B. Trend analysis.

B. Time series analysis. D. Econometric.

9. Is it true that the method of economic-mathematical modeling makes it possible to find a quantitative expression of the relationships between financial indicators and the factors that determine them:

10. Arrange financial plans by validity period in order of decreasing validity period:

A. Strategic plan, long-term financial plan, operational financial plan, current financial plan (budget).

B. Strategic plan, long-term financial plan, current financial plan (budget), operational financial plan. +

B. Long-term financial plan, strategic plan, operational financial plan, current financial plan (budget).

11. The following data is available for the enterprise: balance sheet assets, which change depending on sales volume - 3000 rubles, balance sheet liabilities, which change depending on the sales volume

depending on sales volume - 300 rubles, projected sales volume - 1250 rubles,

actual sales volume is 1000 rubles, income tax rate is 24%, dividend payout ratio is 0.25. What is the need for additional external financing:

B. 532.5 rub.+

V. 623.5 rub.

12. The sales volume of the enterprise is 1000 thousand rubles, equipment utilization is 70%. What is the maximum sales volume when the equipment is fully loaded:

A. 1000 rub. B. 1700 rub.

V. 1429 rub. +

D. None of the answers are correct.

13. The sales volume of the enterprise is 1000 thousand rubles, equipment utilization is 90%. What is the maximum sales volume when the equipment is fully loaded:

A. 1900 rub.

B.1111 rub.+

V. 1090 rub.

D. None of the answers are correct.

14. The sales volume of the enterprise is 1000 thousand rubles, equipment utilization is -.. 90%, fixed assets - 1SOO thousand rubles. What is the capital intensity ratio at full: ": equipment loading:

D. None of the answers are correct. I

15. Is there a relationship between financial policy and growth:

A. Exists in the form of a direct relationship. +

B. Exists in the form of an inverse relationship.

B. There is no relationship.

l6. The maximum growth rate that a company can achieve without external financing is called:

A. Sustainable growth rate

B. Internal growth rate +

B. Reinvestment ratio.

17. The maximum growth rate that an enterprise can maintain without increasing financial leverage is called:

A. Sustainable growth rate +

B. Internal growth rate C. Reinvestment rate.

D. Dividend payout ratio.

18. The net profit of the enterprise amounted to 76 thousand rubles, the total amount of assets was 500 thousand rubles. Of 76 thousand rubles. net profit was reinvested 51 thousand rubles. The internal growth rate will be:

A. 10%.

D. None of the answers are correct.

19. The enterprise has a net profit of 76 thousand rubles, equity capital of 250 thousand rubles. The capitalization ratio is 2/3. The sustainable growth rate is:

A. 12.4%.

B. 10.3%.

IN. 25,4%. +

D. None of the answers are correct.

20. An enterprise has a financial leverage of 0.5, a net return on sales of 4%, a dividend payment rate of 30% and a capital intensity ratio of 1. The sustainable growth ratio is:

D. None of the answers are correct.

21. With an increase in net return on sales, the sustainable growth rate is:

A. Will increase. +

B. Will decrease.

B. It won’t change.

22. When the percentage of net profit paid as dividends decreases, the sustainable growth coefficient:

A. Will increase. +

B. Will decrease.

B. It won’t change.

23. When the financial leverage of an enterprise decreases (the ratio of borrowed funds to equity), the sustainable growth ratio:

A. Will increase.

B. Will decrease. +

B. It won’t change.

24. When the turnover of an enterprise’s assets decreases, the coefficient of sustainable growth:

A. Will increase.

B. Will decrease. +

B. It won’t change.

25. If the received value The Z-score in Altman’s five-factor bankruptcy forecasting model is more than 3, which means that the probability of bankruptcy is:

A. Very high.

B. High.

B. Low

G. Very low +

DCFP T4 tests

1. The operating budget includes:

A. Budget for direct labor costs.

B. Investment budget. +

B. Cash flow budget.

2. Which indicator included in the cash flow budget creates a source of direct investment? A. Redemption of bonds.

B. Purchase of tangible non-current assets. +

B. Depreciation.

3. What operating budget should be prepared so that the quantities of materials that need to be purchased can be estimated: A. Business expenses budget. B. Sales budget.

B. Production budget

D. Materials procurement budget. +

4. Is it true that the initial element of the direct cash flow budgeting method is profit?

5. Are business expenses reflected in the income and expense budget included in the operating expenses of the enterprise? A. Yes.

6. Detailed diagram of estimated production costs other than direct ones material costs and direct labor costs that must occur to fulfill the production plan are:

A. Production overhead budget. +

B. Investment budget.

B. Management budget. D. Basic budget.

7. Which of the following items of the cash flow plan are included in the section “Receipts from current activities”?

A. Obtaining new loans and credits.

B. Revenue from sales of products.+

B. Issue of new shares.

8. Is it true that an increase in long-term financial investments creates an influx of cash in the enterprise? A. Yes.

B. No. I +

9. Which of the listed cash flow budget items are included in the section “Expenses for investment activities”? A. Short-term financial investments.

B. Payment of interest on a long-term loan.

B. Long-term financial investments.+

10. Specify two methods for drawing up a cash flow plan:

A. Direct. +

B. Control.

B. Analytical.

D. Indirect. +

11. Is it true that an increase in accounts receivable creates an influx of cash in the enterprise? A. Yes.

12. In what cases is it advisable to allocate income (expenses) for investment activities in the cash flow budget?

A. In any case. +

B. With a significant volume of investment activity.

B. when separating depreciation and repair funds.

13. What budget is the starting point in the process of developing a master budget?

A. Business expenses budget.

B. Sales budget. +

B. Production budget.

D. Materials procurement budget.

14. What financial indicator is reflected in the expenditure side of the cash flow budget?

A. Means of targeted financing.

B. Investments in fixed assets and intangible assets +

B. Issue of bills.

15. A budget based on adding one month to the budget period as soon as the current one expires is called: A. Continuous.

B. Flexible. +

B. Operational. G. Forecasting.

16. Which of the following items is included in the expenditure side of the cash flow budget?

A. Advances received.

B. Long-term loans.

B. Income from non-operating operations...

D. Advances issued. +

17. What financial indicators are not included in the liabilities of the enterprise’s planned balance sheet?

A. Targeted funding and revenues. B. Long-term loans and borrowings.

B. Short-term financial investments. +

18. It follows from the company’s sales budget that they expect to sell 12,500 units in November. product A and 33100 pcs. product B. The selling price of product A is 22.4 rub., and product B - 32 rub. The sales department receives 6% commission on the sale of product A and 8% on the sale of product B. How much commission is budgeted to receive from sales per month:

A. 106276 rub.

B. 101536 rub.+

V. 84736 rub.

G. 92436 rub.

19. What is the best basis for evaluating monthly performance:

A. Expected completion for the month (budget). +

B. Actual completion for the same month in the previous year. B. Actual performance for the previous month.

20. The company sold goods for the amount is 13,400 rubles. in August; in the amount of 22,600 rubles. in September and in the amount of 18,800 rubles. in October. From the experience of receiving money for goods sold, it is known that 60% of funds from credit sales are received the next month after the sale; 36% - in the second month, 4% - will not be received at all. How much money was received from sales on credit in October:

A. 18384 rub. +

B. 19416 rub.

V. 22600 rub.

G. 18800 rub.

21. In the process of preparing an operating budget, the last step is usually the preparation of:

A. Budget of income and expenses. +

B. Balance forecast

B. Cash flow budget.

D. None of the above mentioned budgets.

22. The amount of materials that need to be purchased will be equal to the budgeted amount of materials used:

A. Plus planned ending inventories of materials and minus their initial inventories.+

B. Plus the beginning inventories of materials and minus the planned ending inventories. B. Both of the above statements are true. G. None of them are correct.

23. An enterprise has an initial inventory of a certain product of 20,000 pcs. At the end of the budget period, it plans ending inventory to be 14,500 units. of this product and produce 59,000 pcs. The planned sales volume is:

B. 64500 pcs.+

D. None of the quantities listed.

24. During the budget period, a manufacturing company expects to sell products on credit in the amount of 219,000 rubles. and receive 143,500 rubles. It is assumed that no other cash receipts are expected, the total amount of payments in the budget period will be 179,000 rubles, and the balance in the “cash” account should be at least 10,000 rubles. What additional amount needs to be raised in the budget period:

A. 45,500 rub. +

B. 44500 rub.

V. 24500 rub.

D. None of the above answers are correct

Tests on topic 5. Management of current costs and pricing policy of the enterprise

1, Fixed costs per unit of production as the level increases business activity enterprises:

a) increase;

b) decrease; +

c) remain unchanged;

d) do not depend on the level of business activity.

Opportunity costs:

a) Not documented;

b) Typically not included in financial statements; c) May not represent actual cash costs;

d) All of the above are true. +

2. Opportunity costs are taken into account when accepting management decisions: a) With an excess of resources;

b) In conditions of limited resources; +

c) Regardless of the degree of resource provision.

3. The threshold for product profitability (the point of critical production volume) is determined by the ratio:

a) fixed costs to variable costs

b) fixed costs to marginal income per unit of production +

c) fixed costs to revenue from sales of products

4. What impact will have on the margin of financial strength of non-fixed expenses:

a) the margin of financial strength will increase

b) the financial safety margin will decrease +

c) the financial safety margin will remain unchanged

6. Determine the threshold for profitability of sales of new products. The estimated price per unit of production is 1000 rubles. Variable costs per unit of production - 60%. The annual amount of fixed costs is 1600 thousand rubles.

a) 4000 thousand rubles. +

b) 2667 thousand rubles.

c) 1600 thousand rubles.

7. At what minimum price can an enterprise sell products (to ensure break-even sales), if variable costs per unit of production - 500 rubles, the estimated volume of output is 2000 units, the annual amount of fixed costs is 1200 thousand rubles.

b) 1000 rub.

c) 1100 rub. +

8. The margin of financial strength is defined as:

a) the difference between revenue and variable costs

b) the difference between revenue and fixed costs

c) the difference between revenue and the profitability threshold +

9. Using the data below, determine the margin of financial strength: revenue - 2000 thousand rubles, fixed costs - 800 thousand rubles, variable costs - 1000 thousand rubles.

a) 400 thousand rubles. +

b) 1600 thousand rubles. c) 1000 thousand rubles.

10. How will reducing fixed costs affect the critical sales volume?

a) the critical volume will increase

b) the critical volume will decrease +

c) the critical volume will not change

11. Based on the data below, determine the effect of operating leverage: sales volume is 11,000 thousand rubles, fixed costs are 1,500 thousand rubles, variable costs are 9,300 thousand rubles:

12. Calculate the expected amount of profit from sales with a planned increase in sales revenue by 10%, if in the reporting period sales revenue is 150 thousand rubles, the amount of fixed costs is 60 thousand rubles, the amount of variable costs is 80 thousand rubles .

a) 11 thousand rubles.

b) 17 thousand. rub.+

c) 25 thousand rubles.

13. Determine the amount of financial safety margin (in monetary terms): sales revenue - 500 thousand rubles, variable costs - 250 thousand. rub., fixed costs - 100 thousand rubles.

a) 50 thousand rubles.

b) 150 thousand rubles.

c) 300 thousand rubles. +

14. Determine by what percentage profit will increase if the company increases sales revenue by 10%. The following data is available: sales revenue—500 thousand rubles, marginal income—250 thousand rubles, fixed costs—100 thousand rubles.

15. Using the data below, determine the point of critical sales volume: sales - 2,000 thousand rubles; fixed costs - 800 thousand rubles; variable expenses - 1,000 thousand rubles.

a) 1,000 thousand rubles.

b) 1,600 thousand rubles. +

c) 2,000 thousand rubles.

16. The effect of operating leverage is determined by the ratio:

A) marginal income to profit +

B) fixed costs to variable costs

C) fixed costs to marginal income per unit of production

17. Determine the amount of financial strength margin (in % of sales revenue): sales revenue - 2000 thousand rubles, variable costs - 1100 thousand rubles, fixed costs - 860 thousand rubles.

18. How will the increase in fixed costs affect the critical sales volume?

A) the critical volume will increase +

B) the critical volume will decrease

C) the critical volume will not change

19. The area of ​​safe or sustainable operation of an organization is characterized by:

A) the difference between the actual and critical volume of sales +

C) the difference between marginal income and profit from product sales

C) the difference between marginal income and fixed costs

20. Determine the amount of marginal income based on the following data: sales of products - 1000 thousand rubles; fixed costs - 200 thousand rubles; variable costs - 600 thousand rubles.

A) 400 thousand rubles. +

B) 800 thousand rubles. C) 200 thousand rubles.

21. Determine the amount of marginal income based on the following data: product sales - 1000 thousand rubles, fixed costs - 200 thousand rubles, variable costs - 400 thousand rubles.

a) 600 thousand rubles. +

b) 800 thousand rubles. c) 400 thousand rubles.

22. Total fixed costs - 240,000 million rubles. with a production volume of 60,000 units. Calculate fixed costs for a production volume of 40,000 units.

a) 6 million rubles. per unit +

b) 160,000 million rubles. in the amount c) 4 million rubles. per unit

23. Production leverage (leverage) is:

a) the potential opportunity to influence profits by changing the structure of product production and sales volumes +

b) the difference between the total and production cost of production c) the ratio of profit from sales of products to costs d) the ratio of borrowed capital to equity

24. The following data on the enterprise are available: sales price of products is 15 rubles; variable costs per unit of production 10 rub. It is desirable for the company to increase profits from product sales by 10,000 rubles. How much do you need to increase production?

c) 50000 pcs. d) 15000 pcs.

25. The strength of the production lever of firm A is higher than that of firm B. Which of the two firms will suffer less with the same decrease in relative sales volume:

a) Company B.+

b) Company A.

c) Same.

Tests on topic 6. “Management of current assets”

1. Absolutely liquid assets include:

a) Cash; +

b) Short-term receivables;

c) Short-term financial investments..+

d) Stocks of raw materials and semi-finished products; f) Finished goods inventories. Correct answer-

2. Gross current assets are current assets formed from: a) Own capital;

b) Own and long-term debt capital;

c) Own and borrowed capital; +

d) Own and short-term borrowed capital. Correct answer-

3. If the company does not use long-term borrowed capital, then

a) Gross current assets are equal to own current assets;

b) Own current assets are equal to net current assets, +

c) Gross current assets are equal to net current assets; Correct answer-

4. The sources of formation of the organization’s current assets are:

a) Short-term bank loans, accounts payable, equity +

b) Authorized capital, additional capital, short-term bank loans, accounts payable

c) Own capital, long-term loans, short-term loans, accounts payable

Correct answer-

5. The operating cycle is the sum of:

a) Production cycle and receivables circulation period; +

b) Financial cycle and accounts payable turnover period; +

c) Production cycle and accounts payable turnover period; d) Financial cycle and receivables circulation period. Correct answer-

b. The duration of the financial cycle is determined as:

a) Operating cycle - the period of turnover of accounts payable; +

b) Operating cycle - the period of turnover of receivables; c) Operational cycle - production cycle;

d) The period of turnover of raw materials + the period of turnover of work in progress, the period of turnover of finished goods inventories,

f) Production cycle period + accounts receivable turnover period - accounts payable turnover period. +

Correct answer-

7. The reduction in the operating cycle can occur due to:

a) saving time in the production process; +

b) reduction of delivery time for materials,

c) accelerating the turnover of accounts receivable; +

d) increasing the turnover of accounts payable. Correct answer-

8. What model of financing current assets is called conservative?

A) the constant part of current assets and approximately half of the varying part of current assets are financed from long-term sources; +

b) the permanent part of current assets is financed from long-term sources;

c) all assets are financed from long-term sources; +

6) half of permanent current assets are financed from long-term sources of capital.

Correct answer-

9. Equity ratio of current assets, this ratio:

a) profit to current assets;

b) revenues for negotiable items;+

c) current assets to revenue;

d) equity to current assets, The correct answer is—

10. By undertaking an increase in working capital, the following contributes:

a) increase in turnover of working capital,

b) increasing the production cycle; +

c) increase in profits;

d) increasing the terms for providing loans to buyers; +

f) reduction of finished goods inventories. Correct answer-

11. The model of economically justified needs (KOQ) allows you to calculate for the finished pre-production:

a) optimal batch size of manufactured products +

b) the optimal average size of finished goods inventory; +

c) maximum production volume;

d) the minimum amount of total costs; +

Correct answer-

12. The optimal amount of inventory will be the following:

a) total costs for the formation, maintenance, renewal of reserves will be minimal+

b) the amount for storage will be minimal;

c) uninterrupted operational activities for production and

sale of IIpO~H.

Correct answer-

13. What type of accounts receivable management policy can be considered aggressive?

a) increasing the term for providing loans to consumers;

b) reduction of credit limits; +

c) reduction of discounts when paying upon delivery. Correct answer-

14. The cash management policy includes:

a) minimizing current cash balances +

b) ensuring solvency; +

c) provision effective use temporarily free cash +

Correct answer-

15. The duration of the financial cycle is:

a) the duration of the turnover period of inventories, work in progress and finished goods

products,

b) the duration of the production cycle plus the turnover period of accounts receivable minus the turnover period of accounts payable; +

c) the duration of the production cycle, the period of collection of receivables;

d) the duration of the production cycle plus the period of turnover of accounts payable;

Correct answer-

16. The efficiency of using working capital is characterized by:

a) Working capital turnover +

b) Structure of working capital; c) Capital structure The correct answer is—

17. There cannot be the following relationship between own working capital and the amount of current assets:

a) Own working capital - more than current assets; +

b) Own working capital less than current assets; With) . Own working capital is equal to current assets. Correct answer-

18. The working capital of an enterprise does not include:

a) Objects of labor;

b) Finished products in warehouses;

c) Machinery and equipment; +

d) Cash and settlement funds. Correct answer-

19. From the components of current assets given below, select the most liquid:

a) inventories

b) accounts receivable

c) short-term financial investments +

d) deferred expenses =:";.6 Correct answer—

20. A slowdown in the turnover of current assets will lead to:

a) growth of asset balances on the balance sheet +

b) reducing asset balances on the balance sheet

c) reducing the balance sheet currency Correct answer

Liked? Click on the button below. To you not difficult, and for us Nice).

To download for free Tests for maximum speed, register or log in to the site.

Important! All Tests presented for free download are intended for drawing up a plan or basis for your own scientific works.

Friends! You have a unique opportunity to help students just like you! If our site helped you find the job you need, then you certainly understand how the job you add can make the work of others easier.

If the Test, in your opinion, Bad quality, or you have already come across this work, please let us know.

Financial planning as a function of managing the financial activities of an organization. Types of financial plans.

Financial planning– the process of developing a system of financial plans and planned (normative) indicators to provide the enterprise with the necessary financial resources and increase the efficiency of its financial activities in the coming period.

Financial planning at an enterprise is based on the use of 3 main systems:

1.forecasting financial activity- development of a general financial strategy and financial policy in the main areas of financial activity - up to 3 years;

2.current planning of financial activities- development of current financial plans for certain types of financial activities - 1 year;

3.operative financial planning - development of all forms of budgets on the main issues of financial activity - month, quarter.

The importance of financial planning for business entities is that:

It embodies the developed strategic goals in the form of specific financial indicators;

Provides an opportunity to determine the viability of a project in a competitive environment and serves as a tool for obtaining financial support from external investors.

Basic tasks financial planning.

1. Providing the necessary resources for all types of enterprise activities.

2. Determining ways to effectively invest capital and assessing the degree of rationality of its use.

3.Identification of internal reserves for increasing profits through the economical use of funds.

4. Establishing optimal financial relations with the budget, commercial banks and counterparties.

5. Respect for the interests of shareholders and other investors.

6. Monitoring the financial condition, solvency and creditworthiness of the enterprise.

In financial planning practice, the following are used: methods:

1.Method economic analysis allows you to determine the main patterns and trends in the movement of natural and cost indicators, as well as the internal reserves of the enterprise.

2.Normative method lies in the fact that, on the basis of previously established standards, the need of an economic entity for financial resources and their sources is calculated.

3. Balance sheet calculation method allows you to determine the future need for financial resources ah based on the forecast of receipts and expenditures of funds for the main balance sheet items.

4.Cash flow method is of a universal nature when drawing up financial plans and serves as a tool for forecasting the size and timing of receipt of the necessary financial resources.

5.Method of multivariate calculations consists in developing alternative options for planned calculations in order to select the optimal criterion, while the selection criteria may be different.

6.Method of economic and mathematical modeling allows you to qualitatively express the close relationship between financial indicators and the main factors in their determination.

TO financial plans compiled by business entities, relate balance of income and expenses, consolidated budget, estimate of income and expenses. Financial plan a commercial organization can be drawn up in form balance of income and expenses or consolidated budget(as noted earlier in this work). The balance of income and expenses distinguishes: income and receipts, expenses and deductions, payments to the budget and state extra-budgetary funds.

57. Forecasting as the basis of promising intra-company
planning and financial strategy of the enterprise.

Financial strategy of the enterprise is a system of long-term financial goals of the financial activity of an enterprise, determined by its financial ideology and the most effective ways to achieve them.

basis forward planning is forecasting– long-term financial planning, the main goal of which is to study the possible financial condition of the enterprise by developing financial indicators and parameters, the use of which allows us to determine one of the most optimal options for the development of the enterprise when the market situation changes.

The output results of forecasting are the development of the following main documents:

1.Forecast of the profit and loss statement;

2. Cash flow forecast;

3. Balance sheet forecast.

The main purpose of constructing these documents is to assess the financial position of the enterprise at the end of the planning period.

Using the forecast income statement, the amount of profit received in the upcoming period is determined. For this purpose, the cost-volume-profit method is widely used in practice. This method provides the following features:

Determine the volume of production and sales of products in order to ensure break-even production;

Set the amount of desired profit;

Increase the flexibility of financial plans in order to take into account various options for changing market conditions.

The balance sheet forecast reflects a fixed statistical picture of the financial balance of the enterprise, where expenses are always covered by income. The structure of the forecasted balance sheet corresponds to the structure of the reporting balance sheet, since the latest reporting balance sheet is taken as the source document.

The cash flow forecast reflects the movement of cash flows from current, investing and financing activities. This document helps the financial manager in assessing the enterprise's use of funds and in determining the sources of their formation. Forecast data allows you to estimate future cash flows, and, consequently, the growth prospects of the enterprise and its future financial needs. Using a cash flow forecast, you can estimate how much money needs to be invested in the economic activities of the enterprise, the synchronicity of the receipt and expenditure of funds, and therefore check the future liquidity of the enterprise.

58. Taking into account the time factor in financial calculations. Growth multiplier. Discounting.

At the heart of financial calculations is the concept of the “time value of money.” Cash depreciates over time, that is, it is subject to inflation. This important circumstance must be taken into account in financial calculations. Since the value of money at the beginning and end of the time period is not the same, in terminology financial management introduce the concepts of current (present or today's) and future value of money. A financial transaction calculated without taking into account the time factor may be ineffective due to the fact that income is “eaten up” by inflation.

There are two methods to take into account time factor in financial calculations:

Calculation of compound interest (accumulation method);

Discounting.

By lending funds, their owner receives income in the form of interest accrued at a specific rate for a certain period of time.

Most often, the interest rate is set as an annual rate, which accrues interest at the end of the year. There are two main methods of calculating interest: method simple interest; compound interest method.

With the first method, interest is accrued once at the end of the period, while the accrual base remains unchanged. If the initial amount is , and the rate % is r, then annually the initial amount will increase by an amount and after n – years it will be:

At complex method Interest accruals are made annually both on the principal amount and on previously accumulated and unclaimed interest. In this case, the base from which % is calculated will constantly increase by the end of the nth year:

More profitable is simple interest method, if the deposit is placed for a period of no more than a year and, conversely, if the deposit period is more than a year, the most profitable method is the calculation of compound interest.

The multiplier is called buildup multiplier ; it shows how many times the initial capital (deposit) will increase due to the addition of accrued interest at a given interest rate r for n periods.

Determining the amount of accrued value is called compounding .

Compound interest method allows you to determine what the initial deposit amount turns into at a positive rate of its growth.

Discounting– the reverse process of compound interest; it allows us to estimate what we will lose if we do not invest money in any project, including without placing it on deposit. In other words, discounting makes it possible to judge the degree of depreciation of money over n periods.

Discounting method- This is a method of bringing a monetary amount of a future period to the current moment. From the perspective of the current moment, the future sum (F) will always be less than the present sum (P), since the denominator of the fraction is less than 1.

where is the discount factor or the index of bringing the future amount to the current moment;

The discount rate adopted at the level of the average % of the Central Bank on deposits.

The multiplier values ​​are located in special financial tables.

1. Factors influencing the need for external financing

Attracted, or external, sources of financial resources can be divided into own and borrowed. If external investors invest money in authorized capital enterprise as an additional one in order to participate in the management of the enterprise and make a profit, then the result of such an investment is the formation of attracted own resources.

In cases of insufficient financial resources from their own sources, enterprises can attract borrowed funds in the form of long-term and short-term bank loans, loans and borrowings from budgetary, legal and individuals(in the form of bills, bonded loans, etc.).

The biggest impact on enterprise needs V raising funds from external sources factors:

Planned growth rate sales volume (S). Fast-growing companies require greater increases in assets while keeping other elements constant. The higher rate of increase the volume of sales of the company, the greater will be the need for external financing.

Baseline use of fixed assets or availability excess capacity;

Capital intensity (A/S). The number of assets required for each ruble of revenue is called the capital intensity ratio. Companies with more high relations assets to revenue require more assets for a given revenue growth, therefore, they have a greater need for external financing.

- product profitability(share of profit in revenue (return on sales, margin)) (M). The higher the margin, the more of the net profit is available to support sales growth and the lower the need for external financing.

Percentage of retained earnings. Companies that retain more retained earnings and do not pay them out as dividends have less need for external financing;

The ratio of spontaneous liabilities to revenue (L/S). Companies that spontaneously create significant liabilities from accounts payable will have a relatively low need for external financing.

Approximate calculation of needs in external financing:

The need for external financing = the need for an increase in assets – a spontaneous increase in liabilities – an increase retained earnings

Where is the change in sales volume,

Relative increase in assets,

Relative increase in liabilities.

Related information.

Funding strategy is an action plan that is formed with the aim of developing and growing the company, increasing sales volumes, increasing competitiveness, expanding the product range and achieving stability.

Funding strategy- This is one of the sections of the plan. It displays how much funds are needed to achieve the goal, what the sources of capital may be, within what time frame to repay borrowed funds, what actions must be performed in what sequence.

Funding strategy may involve the development of a new or existing enterprise. In the first and second cases, it is necessary to draw up a clear methodology for attracting capital and analyze possible sources of obtaining funds.

Strategies for financing current assets

The working capital financing strategy is based on the principles of financial “feeding” of the variable part of the company’s funds. The constant component of current assets can be determined at the level of covering minimum needs in a certain period of time. In turn, the variable component represents the difference between the real and the minimum acceptable need for working capital.

The essence of the approach is simple. That part of working capital that is covered by long-term or personal borrowed funds is called “net” working capital. You can find it using a simple formula - subtract current assets from the company's current assets. In addition, “net” can be easily calculated using a balance using two methods - moving from the “lower” or from the “upper” part.

In the first case, working capital can be calculated as the difference between the company's current assets and liabilities. This is precisely that part of the organization’s capital that is covered by long-term loans and personal capital. That is, from the “bottom part” - these are the company’s personal current assets.

In the second case, net working capital is calculated using a more flexible formula. First, long-term liabilities and personal capital are summed, and fixed assets are subtracted from the resulting number. The difference obtained as a result of the calculation remains to cover its own current assets.

Thus, net defense capital is the company’s personal working capital and credit funds. If there are working capital balances (if it is not covered by financial assets), you need to finance additionally and take out a loan. If there are not enough accounts payable, a short-term loan will be required. In this way, the financial needs of the company and its requirements for additional capital are formed.

Current financial needs (CFR) are calculated using a simple formula. The loan debt is subtracted from the company's current assets (cash is not taken into account). In this case, the financial manager may give preference to various sources of financing. In this regard, the financing strategy is also changing. Today there are four main options:

- aggressive strategy. Its essence lies in the fact that a constant portion of working capital is subject to long-term investment. In turn, the variable component of current assets must be financed by issuing short-term loans;

- perfect strategy. In this case, all current assets of the company will be covered by current liabilities. This model is promising in its essence, but very risky. If suddenly creditors simultaneously demand that the company fulfill its obligations, then the sale of part or all of the company’s assets will be inevitable. In this case, the business may be completely destroyed;

- compromise strategy. Its essence is to partially cover the needs of the enterprise through long-term loans. In particular, non-current capital, a constant component of working capital and somewhere around 50-60% of the variable component of working capital are financed. Financing of the remaining part of the working capital capital is carried out for a short period of time (through short-term loans). There is an opinion that it is the compromise financing strategy that is the most effective. The only downside is that in some periods of time the company may receive excess working capital, which will lead to a decrease in their profitability;

- conservative strategy suitable for the least risky entrepreneurs. Its essence is the active financing of almost all assets and needs of the company through long-term loans. Most often, a conservative strategy is used at the stage of formation of a company. But here two main conditions must be met. Firstly, the capital of the company's owners must be of an appropriate size, sufficient for the normal functioning of the business. Secondly, it must have access to obtain long-term loans intended for investment financing.

The use of a particular strategy depends on the stability of the company’s supply processes and sales activities:

If deliveries are perfectly organized and failures are extremely rare, there is an exact information regarding the timing of payments, volumes of products supplied and future costs, then an ideal or aggressive strategy can be used;

In the case where there is no certainty in the issues mentioned above, the timing of payments and volumes of supplies are not clearly determined by the contractual obligations of the parties, then it is better to give preference to a conservative or compromise strategy. In addition, to protect the company's assets, an insurance reserve of working capital must be created.

Key factors in developing a financing strategy

Development of an enterprise strategy is one of the key issues on which not only efficiency, but also further activities organizations. That's why when creating new strategy It is important to take into account a whole group of main factors:

1. Operating cycle frequency. The shorter the operating cycle, the more actively the company can use borrowed funds to cover its own needs.

2. Structure of the company's assets. If a company has a very “heavy” capital structure and high operating leverage, then its credit rating will be minimal. In such a situation, you can not count on profitable ones and rely more on. As a rule, in such companies it is their own working capital that should become the main source of financing.

3. Type of capital, which is owned by the company. In the case when an organization has at its disposal highly liquid material assets that have high quality, then problems with obtaining a loan rarely arise.

If the situation is the opposite and most of the company’s capital is intangible assets, the price of which can change over different periods of time, then problems may arise with attracting loans.

4. Stability of financial flow. The more stable the flow of funds into the company’s “treasury,” the greater access the company has to borrowed capital and the larger loans can be issued. It's easy to explain. Maximum cash flow is a guarantee of timely debt servicing.

5. Stability of the company's market position. The more stable the organization’s position in the market for the purchase and sale of products, the more actively the funds of suppliers, buyers and counterparties can be used. As a rule, such companies have the least need for borrowed capital and use it in extremely rare cases.

6. Total price of funding sources. The higher the cost of a funding source, the less profitable it is for the company itself. In such situations, it is important to carefully consider the feasibility of raising capital. It is important to take into account not only the company’s direct expenses (for example, interest payments on a loan and dividends), but also indirect ones (issue costs, additional services of the leasing company, and so on).