As already noted, the finances of enterprises (organizations) cover the range of monetary relations associated with the formation and use of their capital. Financial management studies the patterns of capital movement by stages of circulation in order to select the forms and ways to optimize this process. That is why capital theory, along with portfolio theory, is the core of the science and practice of financial management. Traditionally, in economic theory, capital means the cost of funds invested in the formation of an organization's assets for its implementation. economic activity for the purpose of making a profit. Consequently, capital is the main source of formation financial resources organization, and the profit brought by capital characterizes the efficiency of its use.

The management of an organization can use a variety of methods to successfully manage capital, including:
choice of policy in relation to the formation and use of individual components of equity capital: reserve, additional, retained earnings;
using the opportunities of the stock market for operations with own shares, as well as issuing bonds;
conducting a well-thought-out policy of raising funds from borrowed sources, finding the cheapest ways;
developing a dividend policy aimed at maintaining the well-being of shareholders.

In accordance with applicable Russian Federation standards accounting and reporting under the capital of the organization is understood only part of it, formed at the expense of its own funds, or equity. So, in the new Chart of accounts of accounting, approved by order of the Ministry of Finance of the Russian Federation of October 31, 2000 No. 94n, in section. VII "Capital" accounts from 80 to 89 are provided to reflect the main components of equity capital: authorized capital, reserve capital, additional capital, retained earnings and targeted financing. A similar picture can be seen in the balance sheet, as well as in Form No. 3 “Statement of changes in equity”. Equity capital rightfully belongs to the leading role among the sources of financing. It is by the amount of equity capital that the scale of the organization's activities is judged. Equity capital also characterizes the potential for attracting borrowed funds. Market valuation equity capital (market capitalization), which is usually expressed in terms of the market value of ordinary shares, is one of the most important indicators financial efficiency... At the same time, according to the theory of financial management, the organization's capital includes not only its own, but also borrowed funds. This should be borne in mind by financial management practitioners. The most important financial ratios are calculated on the basis of equity (most often authorized) capital: net profit per ordinary share, return on equity, price of an ordinary share to earnings per share, etc. However, no less importance is attached to such indicators as return on invested capital, coverage ratio borrowed capital, for the calculation of which it is necessary to take into account the dynamics of borrowed funds.

Debt capital also performs essential functions in the circulation of funds of organizations. First, it ensures that additional profit by expanding the scope of activities. Secondly, the attraction of borrowed funds expands the investment opportunities of the organization. Reasonable use of credits allows due to the effect financial leverage increase the return on equity.

The process of forming the capital of an organization begins with determining the amount of its authorized (pooled) capital in accordance with constituent documents and depending on the chosen organizational and legal form. The authorized capital reflects the monetary value of the funds invested in the organization by its founders and participants (individuals and legal entities), in proportion to the shares determined by the constituent documents. State and municipal unitary enterprises, instead of the authorized (share) capital, form the authorized capital. The amount of the authorized capital is the most important economic and legal characteristic of the organization, since it reflects the minimum amount of property that guarantees the interests of creditors. Therefore, guided by economic realities, as well as in accordance with the requirements of the current legislation and financial and production feasibility, the organization can increase or decrease its authorized capital, as well as change its structure.

Legal entities created in the form production cooperatives, business partnerships, quite rarely resort to changes in the authorized capital. Such a need may arise for them in the event that at the end of the second and subsequent years, the value of net assets turns out to be less than the amount of the authorized capital. In this case, organizations are obliged to register this reduction in the prescribed manner.

The procedure for changing the amount of the authorized capital of joint-stock companies and limited liability companies is regulated by the relevant federal laws. So, joint stock companies have the right to make a decision on increasing the authorized capital only after the previously announced authorized capital and all registered issues of shares and bonds are fully paid. In this case, the increase can be made in two ways: by converting previously placed shares into shares with a higher par value and by issuing additional shares. Upon conversion, the decision to increase the authorized capital is made by the general meeting of shareholders and the change in the charter is registered in the prescribed manner. According to the legislation, conversion into shares with a large par value should be carried out only at the expense of other elements of equity capital: share premium received from the sale of treasury shares in excess of their par value; means of revaluation of fixed assets; retained earnings. Both all placed shares and shares of certain types can be converted. However, in the course of this conversion, they cannot be converted into shares of another type.

In case of an increase in the authorized capital due to an additional issue of shares, a different procedure applies. After registration with the financial authorities of the decision to issue shares, the company proceeds to their placement. After the end of the placement period, a report on the results is approved. And only in the field of this a decision is made to increase the authorized capital of the company by the amount of outstanding shares and make appropriate changes to the charter. According to paragraph 1 of Art. 36 of the Federal Law of December 26, 1995 No. 208-FZ "On Joint Stock Companies" payment for additionally issued shares is made at market value, but not less than par. This order has the following exceptions:
- existing shareholders can purchase these shares on pre-emptive rights at a price lower than the market price, but not more than 10%;
- when placing additional issues with the participation of an intermediary, the placement price of shares may be lower than their market value by the amount of the intermediary fee.

The placement of additional shares may be carried out in return for the payment of dividends. In this case, they talk about the capitalization of dividends. At the same time, the proportions of the ratio of the value of investments of various shareholders remain unchanged. A decrease in the authorized capital of a joint-stock company can be made both at the request of the company itself and in accordance with the requirements of the legislation on the compliance of the authorized capital with the amount of net assets. There are two possible ways to reduce the authorized capital:
- conversion of shares into shares with a lower par value;
- redemption of own shares.

Upon conversion of shares, the par value of common and preferred shares of the same type is reduced by the same amount. A decision to convert preferred shares, the size of which is determined as a percentage of their par, can be made only with the participation of the owners of these shares. Those of them who did not participate in the voting or voted against the decision on the conversion may demand that the company repurchase their shares. Reduction of the authorized capital by repurchasing shares is permitted by law only if such a possibility is provided for in the company's charter. At the same time, the par value of shares remaining in circulation must not be less than the minimum size of the authorized capital, and the par value of preferred shares must not exceed 25% of the authorized capital. Management of the authorized capital of a joint-stock company is associated not only with a change in its size, but also with a change in its structure, which can be achieved by converting several shares into one (consolidation); conversion of one share into several (splitting); conversion of shares into shares with other rights.

Consolidation of shares is most often used to increase the market value of a share if the company's management considers it to be undervalued. When shares are split, their number increases due to a proportional reduction in par. At the same time, the amount of equity capital remains the same. The main purpose of the split is to attract new, smaller investors. The fragmentation of mass investors allows the majority shareholder to maintain an advantage when making the most important decisions at the shareholders' meeting. The conversion of shares from common to preferred is also used to maintain control over decision-making, as well as to increase the market value of common shares and the values of net earnings per common share.

Along with the authorized capital, the most important guarantor of ensuring the rights of investors and creditors is the reserve capital. The legislation obliges both Russian joint stock companies and enterprises with foreign capital to form a reserve capital. The volume of required reserves for domestic joint-stock companies must be at least 15% of their authorized capital, and for enterprises with foreign investments - 25%. The reserve capital is intended to cover losses from economic activities, and in joint-stock companies (in the absence of other funds) - for the redemption of the company's bonds and the redemption of their own shares.

The specificity of the formation of equity capital in the Russian Federation is determined by the additional capital, i.e. sources of increase in the value of the organization's property, as well as sources of income of various values. Additional capital arises as a result of: an increase in the value of non-current assets after their revaluation; share premium from the sale of shares during the initial offering; gratuitous receipt of property and funds; accrual of depreciation using deflator indices in the sale of fixed assets.

Ultimately, the question of what to include in the additional capital and how to use it is up to the owners of the enterprise. Most often, it can be used to cover property depreciation or free transfer of property to other organizations. Additional capital funds can also be used to cover losses and increase the authorized capital.

Since 2000, the procedure for the formation and use of retained earnings has undergone significant changes in accounting and reporting. The value of this indicator has increased. Until now, the part of the net profit that was not used to create reserves and special purpose funds was recognized as undistributed. In accordance with the order of the Ministry of Finance of the Russian Federation of June 28, 2000 No. 60n, the group of articles "Retained earnings of previous years" includes the balances of special purpose funds. The value of the retained earnings of the reporting year is calculated as the difference between the financial result (profit) of the reporting year and the amount of taxes and other obligatory payments due (including penalties for violation of tax legislation) at the expense of profit.

Retained earnings of the reporting year are the basis for disclosing information on earnings per share in the form of basic earnings (loss) per share. In accordance with the order of the Ministry of Finance of the Russian Federation dated March 21, 2000 No. 29n "On approval guidelines on disclosure of information on earnings per share ”basic earnings (loss) per share is defined as the ratio of the basic profit (loss) of the reporting period to the weighted average number of ordinary shares outstanding during the reporting period. The basic profit (loss) of the reporting period is determined by reducing (increasing) the profit (loss) of the reporting period remaining at the disposal of the organization after taxation and other obligations of payments to the budget and off-budget funds, by the amount of dividends on preferred shares accrued to their owners for the reporting period.

The weighted average number of ordinary shares outstanding during the reporting period is determined by summing the number of such shares outstanding as of the first day of each calendar month of the reporting period and dividing the amount received by the number of calendar months in the reporting period. Ordinary shares are included in the calculation of their weighted average from the date on which the rights to the ordinary shares arise from their original owners. To calculate the weighted average number of ordinary shares in circulation, data from the register of shareholders of the company are used as of the first day of each calendar month of the reporting period. When placing ordinary shares at a price below their market value, for the purpose of calculating the basic profit (loss) per share, all ordinary shares outstanding before the placement are assumed to be paid at a price below market value with a corresponding increase in their number.

The number of ordinary shares in circulation is adjusted based on the ratio of the market value at the end date of the said placement and the average calculated value of the ordinary shares in circulation: Number of ordinary shares = PC / CPC
where PC is the market value of ordinary shares at the date of the end of the placement;
CPC - medium estimated cost of an ordinary share on the date following the end of the placement.

Based on this, the average calculated value of ordinary shares in circulation is determined as the quotient of dividing the total value of ordinary shares in circulation on the date following the date of the end of the offering by their number.

In this case, the aggregate value of ordinary shares consists of the market value of ordinary shares in circulation prior to the placement; funds received from the placement of ordinary shares at a price below market value.
CPC = (D1 + D2) / KA;
where D1 is the market value of ordinary shares in circulation before the placement, which is defined as the product of the market value of an ordinary share at the end date of the placement (PC) by the number of ordinary shares in circulation before the start of the said placement;
D2 - funds received from the placement of ordinary shares at a price below market value;
CA - the number of ordinary shares in circulation on the date following the end of the placement.

As already noted, borrowed capital also plays an important role in the composition of the sources of funds for the enterprise. In financial management, borrowed capital is considered to be long-term loans from banks and other credit organizations, bond loans and loans of other legal entities, budget loans allocated for strictly specific goals... Short-term accounts payable in financial management is not included in the structure of borrowed capital, since, in terms of its economic content, it serves to maintain the required level of the company's working capital, and in addition, normal, non-overdue debt is a free source of funds for the organization. The same interpretation of accounts payable exists in financial analysis. To build an analytical balance, as a rule, the amount of working capital is shown minus accounts payable.

The amount of borrowed capital, especially its share in the structure of sources of funds of the enterprise, characterizes the financial stability of the organization. Traditionally, it is believed that the ideal ratio of equity to debt capital is 50:50, but in practical activities requires an individual approach to assessing the size of the company's debt burden. For these purposes, it is necessary to consider not only the share of borrowed funds, but also the conditions for their provision: terms, interest rates, taxation of interest payments.

According to the legislation, the amounts of interest payments within the refinancing rate and bank margin are exempt from income tax or have a "tax shield". Due to the tax shield, there is the so-called effect of financial leverage, or an increase in the return on equity of the organization. However, the financial leverage works positively only as long as the rate for the loan does not exceed the value of the economic profitability of the organization itself. From this point of view, when managing the capital structure, the decisive importance is not so much the ratio of equity and borrowed funds, but rather the conditions for granting a loan. At the same time, a large share of borrowed sources also means a significant diversion of funds for interest payments, and, consequently, reduces the solvency of the organization and increases the risk for creditors. To assess the value of the debt burden in this case, the coefficient of coverage of interest payments by profit can be used, the normal value of which is 3.

Thus, capital management of an organization is a complex multifaceted process aimed at optimizing its structure, maintaining the required amount of equity capital and increasing its market value.

Send your good work in the knowledge base is simple. Use the form below

Students, graduate students, young scientists who use the knowledge base in their studies and work will be very grateful to you.

Posted on http://www.allbest.ru/

1. Essence, structure and methods of forming equity capital

capital dividend cost management

Capital is the means that a business entity has to carry out its activities with the aim of making a profit.

Capital is one of the fundamental economic categories, the essence of which scientific thought has been clarifying over a number of centuries. The term "capital" comes from the Latin "capitalis", which means main, main. In the initial works of economists, capital was considered as the main wealth, the main property. With the development of economic thought, this initial abstract and generalized concept of capital was filled with concrete content, corresponding to the dominant paradigm of economic analysis of the development of society.

In the process of economic activity, there is a constant turnover of capital: it successively changes the monetary form to a material one, which in turn changes, taking various forms of products, goods and others, in accordance with the conditions of the production and commercial activity of the organization, and, finally, capital again turns into cash ready to start a new circuit.

In Russian practice, the capital of an enterprise is often divided into active and passive capital. From a methodological point of view, this is not true. This approach is the reason for underestimating the place and role of capital in business and leads to a superficial consideration of the sources of capital formation. Capital cannot be passive, since it is a value that brings surplus value, which is in motion, in constant circulation. Therefore, it is more reasonable to apply here the concepts of sources of capital formation and functioning capital.

The structure of sources of formation of assets (funds) is represented by the main components: own capital and borrowed (borrowed) funds.

Equity capital of the organization as a legal entity in general view determined by the value of the property owned by the organization. These are the so-called net assets of the organization. They are defined as the difference between the value of property (active capital) and borrowed capital. Of course, equity capital has a complex structure. Its composition depends on the organizational and legal form of the economic entity.

The financial basis of the enterprise is represented by the equity capital formed by it.

Statutory fund. It characterizes the initial amount of the company's equity capital invested in the formation of its assets for the start of business activities. Its size is determined (declared) by the charter of the enterprise. For enterprises of certain fields of activity and organizational and legal forms (joint-stock company, limited liability company) the minimum size statutory fund regulated by law.

Reserve fund (reserve capital). It represents the reserved part of the equity capital of the enterprise, intended for internal insurance of its economic activities. The size of this reserve part of equity is determined by the constituent documents. The formation of the reserve fund (reserve capital) is carried out at the expense of the enterprise's profit (the minimum amount of deduction-profit to the reserve fund is regulated by law).

Special (target) financial funds. These include purposefully formed funds of their own financial resources for the purpose of their subsequent targeted spending. These financial funds usually include a depreciation fund, a repair fund, a labor protection fund, a fund for special programs, a production development fund, and others. The procedure for the formation and use of the funds of these funds is regulated by the charter and other constituent and internal documents of the enterprise.

Undestributed profits. It characterizes a part of the enterprise's profit received in the previous period and not used for consumption by owners (shareholders, shareholders) and personnel. This part of the profit is intended for capitalization, i.e. for reinvestment in production development. In terms of its economic content, it is one of the forms of a reserve of the company's own financial resources, ensuring its production development in the coming period.

Other forms of equity. These include settlements for property (when renting it out), settlements with participants (for the payment of income to them in the form of interest or dividends) and some others, reflected in the first section of the balance sheet liability.

Equity management is not only about collateral effective use already accumulated part of it, but also with the formation of its own financial resources, ensuring the future development of the enterprise. In the process of managing the formation of their own financial resources, they are classified according to the sources of this formation.

As part of the internal sources of the formation of its own financial resources, the main place belongs to the profit remaining at the disposal of the enterprise - it forms the predominant part of its own financial resources, provides an increase in equity capital, and, accordingly, an increase in the market value of the enterprise.

Depreciation charges also play a certain role in the composition of internal sources, especially at enterprises with a high value of their own fixed assets and intangible assets used; however, they do not increase the amount of the company's equity capital, but only serve as a means of its reinvestment. Other internal sources do not play a significant role in the formation of the company's own financial resources.

As part of external sources for the formation of its own financial resources, the main place belongs to the enterprise's attraction of additional share (through additional contributions to the authorized fund) or joint stock (through additional issue and sale of shares) capital. For individual enterprises, one of the external sources for the formation of their own financial resources may be the gratuitous financial assistance provided to them (as a rule, such assistance is provided only to individual state enterprises of different levels). Other external sources include material and intangible assets included in its balance sheet.

The basis for managing the company's own capital is the management of the formation of its own financial resources. In order to ensure the efficiency of managing this process, an enterprise usually develops a special financial policy aimed at attracting its own financial resources from various sources in accordance with the needs of its development in the coming period.

The formation of equity capital is based on the principles of ensuring the required level of self-financing and production development of the enterprise. The formation of equity capital is carried out according to the main stages:

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

At the first stage of the analysis, the total volume of the formation of its own financial resources, the correspondence of the growth rate of equity capital to the growth rate of assets and the volume of the company's products sold, the dynamics specific gravity own resources in the total volume of formation of financial resources in the preplanned period.

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

At the third stage of the analysis, the sufficiency of the company's own financial resources, formed at the enterprise in the preplanned period, is assessed. The criterion for such an assessment is the indicator “coefficient of self-financing of enterprise development”. Its dynamics reflects the tendency of ensuring the development of the enterprise with its own financial resources.

Determination of the total need for own financial resources. This need is determined by the following formula:

Psfr = PkhUsk / 100-SKn + Pr, (1)

where Psfr is the total need for the company's own financial resources in the planning period;

Pc - total capital requirement at the end of the planning period;

Usk - the planned share of equity capital in its total amount;

SKN - the amount of equity at the beginning of the planning period;

Pr is the amount of profit directed to consumption in the planning period.

The calculated total need covers the required amount of own financial resources, generated both from internal and external sources.

Assessment of the cost of attracting equity capital from various sources. Such an assessment is carried out in the context of the main elements of equity capital formed from internal and external sources. The results of such an assessment serve as the basis for the development management decisions regarding the choice of alternative sources of formation of their own financial resources, providing an increase in the company's equity capital.

Ensuring the maximum volume of attracting own financial resources from internal sources. Before turning to external sources for the formation of their own financial resources, all the possibilities of their formation should be realized at the expense of internal sources. Since the main planned internal sources for the formation of the company's own financial resources are the sum of net profit and depreciation charges, first of all, in the planning process of these indicators, it is necessary to envisage the possibility of their growth at the expense of various reserves.

The method of accelerated depreciation of the active part of fixed assets increases the possibility of forming own financial resources from this source. However, it should be borne in mind that an increase in the amount of depreciation deductions in the process of accelerated depreciation of certain types of fixed assets leads to a corresponding decrease in the amount of net profit. Therefore, when looking for reserves for the growth of own financial resources at the expense of internal sources, one should proceed from the need to maximize their total amount.

Ensuring the required volume of attracting own financial resources from external sources.

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

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

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

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

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

The effectiveness of the process of forming own financial resources is assessed using the coefficient of self-financing of enterprise development in the coming period. Its level should correspond to the set goal.

The self-financing coefficient of enterprise development is calculated using the following formula:

Ksf = CFR / A, (2)

where Ksf is the coefficient of self-financing of enterprise development;

SFR - the planned volume of the formation of its own financial resources;

A - the planned increase in the assets of the enterprise.

Successful implementation of the process of forming your own financial resources is associated with the solution of the following main tasks:

carrying out an objective assessment of the value of individual elements of equity capital;

ensuring the maximization of the formation of the enterprise's profit, taking into account the permissible level financial risk;

the formation of an effective policy for the distribution of profits (dividend policy) of the enterprise;

formation and effective implementation of the policy of additional issue of shares (emission policy) or attracting additional share capital.

Equity capital is characterized by the following main positive features:

Ease of attraction, since decisions related to an increase in equity capital (especially due to internal sources of its formation) are made by the owners and managers of the enterprise without the need to obtain the consent of other economic entities.

Higher ability to generate profits in all areas of activity, because when using it, it does not require the payment of interest in all its forms.

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

At the same time, it has the following disadvantages:

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

High cost compared to alternative borrowed sources of capital formation.

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

Based on the economic essence of equity capital, the following criteria for the optimal structure of equity capital can be distinguished:

To provide protective function, inherent in equity capital, the amount of the authorized capital must meet the requirements laid down in legislative acts. First of all, this concerns the minimum possible size at the time of formation, as well as the condition that in the course of the functioning of business entities, the size of their net assets should be kept at a rate less than the authorized capital. But already at this stage, contradictions arise in Russian practice. The share of the authorized capital in the equity capital is so small that it cannot serve as a criterion for the sustainability of an enterprise, since the revaluation of fixed assets is reflected in the additional capital, and in this situation it is more expedient to compare net assets not only with the amount of the authorized capital, but also with the additional capital.

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

To implement the function of capital, which is expressed by the ability to generate income, the criterion can be the efficiency of using equity capital. Its most effective use is possible on condition of attracting a loan, despite its being paid for. This is indicated by the effect of financial leverage. Accordingly, the ratio of equity and debt capital should be optimal for each specific enterprise based on its strategy and capabilities.

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

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

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

Thus, considering the problem of the formation of a rational capital structure, it is advisable to conclude that approaching the solution of this issue, taking into account the criteria of optimality, many enterprises can achieve the required level of financial stability, ensure a high degree of development, reduce risk factors, increase the price of an enterprise and withdraw production to a more efficient level. The ratio between own and borrowed sources of funds is one of the key analytical indicators characterizing the degree of risk of investing financial resources in a given enterprise. One of the most important characteristics of the financial condition of an enterprise is the stability of its activities in the light of a long-term perspective. It is associated with the general financial structure of the enterprise, the degree of its dependence on creditors and investors.

2 . Modern methods equity valuation

The development of an enterprise requires, first of all, mobilization and an increase in the efficiency of using its own capital, as this ensures the growth of its financial stability and the level of solvency. Therefore, priority should be given to assessing the cost of equity capital in the context of its individual elements and in general.

Assessment of the cost of equity capital has a number of features, the main of which are:

the need to continually adjust the carrying amount of equity in the valuation process. The principles of this adjustment were discussed earlier. In this case, only the used part of equity capital is subject to adjustment, since the newly attracted equity capital is estimated at the current market value;

the appraisal of the cost of the newly attracted equity capital is probabilistic and, therefore, largely conditional. If the attraction of borrowed capital is based on certain contractual or other fixed obligations of the enterprise, then the attraction of the principal amount of equity does not contain such contractual obligations (with the exception of the issue of preferred shares).

Any obligations of the enterprise to pay interest on share capital, dividends to holders of ordinary shares, etc., do not have the character of contractual obligations and are only calculated planned values that can be adjusted based on the results of upcoming economic activities;

payments to owners of capital are included in taxable profit, which increases the cost of equity over debt. Payments to capital owners in the form of interest and dividends are made at the expense of the company's net profit, while interest payments for the borrowed capital used are made at the expense of costs (prime cost), and therefore are not included in the taxable base for profit. This determines the higher level of cost of the newly attracted equity capital in comparison with the borrowed one;

raising equity capital is associated with more high level risk of investors, which increases its value by the amount of the risk premium. This is due to the fact that the claims of the owners of the main part of this capital (with the exception of the owners of preferred shares) are subject to satisfaction in case of bankruptcy of the enterprise in the last turn;

raising equity capital is not associated, as a rule, with the return cash flow for its principal amount, which determines the profitability of using this source by the enterprise despite its higher cost. If the borrowed capital is repayable cash flow Along with payments for servicing it, it also includes the repayment of the principal amount on time, then, for the attracted equity capital, the return cash flow includes, as a rule, only payments of interest and dividends to the owners (with the exception of certain cases of redemption by the enterprise of its own shares or shares). This determines the greater security of the use of equity capital from the standpoint of ensuring the solvency and financial stability of the enterprise, which stimulates its willingness to go for a higher cost of attracting this capital. Taking these features into account, let us consider the mechanism for assessing and managing the cost of equity capital.

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

the average amount of used equity in the reporting period at book value. This indicator serves as the initial basis for adjusting the amount of equity capital, taking into account its current market valuation. This indicator is calculated using the chronological average method for a number of internal reporting periods;

the average used equity at the current market valuation.

the amount of payments to capital owners (in the form of interest, dividends, etc.) at the expense of the company's net profit. This amount is the price that the company pays for the capital used by the owners. In most cases, this price is determined by the owners themselves, setting the amount of interest or dividends on the invested capital in the process of distributing net profit.

The process of managing the value of this element of equity capital is primarily determined by the scope of its use - the operating activities of the enterprise. It is associated with the formation of the operating profit of the enterprise and its profit distribution policy.

The cost of retained earnings of the last reporting period is estimated taking into account certain forecast calculations. Since retained earnings represent that capitalized part of it that will be used in the coming period, the price of the generated retained earnings is the payments planned for its amount to the owners who own it.

Such an approach to assessing retained earnings is based on the fact that if it were paid to the owners of capital when it was distributed based on the results of the reporting period, they, having invested it in any objects, would receive a certain profit, which would be the price of this invested capital. But the owners preferred to invest this profit in their own enterprise, therefore, its price is the amount of the net profit of the coming period planned for distribution for this part of the invested capital.

Taking into account this approach, the cost of retained earnings is equated to the cost of the functioning equity capital of the enterprise in the planning period.

This approach allows us to draw the following conclusion: as long as the cost of operating equity in the planning period and the cost of retained earnings in the same period are equal, when assessing the weighted average cost of capital in the planning period, these elements of capital can be considered as a single summed element, i.e. included in the assessment with a single summed specific weight.

The process of managing the cost of retained earnings is primarily determined by the sphere of its use - investment activities. Therefore, the goals of managing this part of the capital are subordinated to the goals of the investment policy of the enterprise and, accordingly, the rate of investment profit (internal rate of return) should always be correlated with the level of the value of retained earnings.

The cost of additionally attracted share (share) capital is calculated in the process of valuation differentiated by preferred shares and ordinary shares (or additionally attracted shares).

The cost of attracting additional capital through the issue of preferred shares is determined taking into account the fixed amount of dividends, which is predetermined for them. This greatly simplifies the process of determining the value of this element of capital, since servicing obligations on preferred shares will largely coincide with servicing obligations on borrowed capital. However, a significant difference in the nature of this service from the standpoint of cost estimation is that payments for servicing borrowed capital are attributed to costs (prime cost) and therefore are excluded from taxable profit, and dividend payments on preferred shares are made at the expense of the company's net profit, i.e. ... do not have a "tax shield". In addition to the payment of dividends, the company's expenses also include the issuance costs of the issue of shares (the so-called "placement costs"), which make up a tangible amount.

The cost of attracting additional capital through the issue of ordinary shares (or additionally attracted shares) requires taking into account the following indicators:

the amount of the additional issue of common shares (or the amount of additionally attracted shares);

the amount of dividends paid in the reporting period per share (or the amount of profit paid to the owners per unit of capital);

the planned growth rate of profit payments to capital owners in the form of dividends (or interest);

the planned costs of issuing shares (or attracting additional share capital).

In the process of attracting this type of equity capital, it should be borne in mind that in terms of cost it is the most expensive, since the cost of servicing it does not reduce the profit tax base, and the risk premium is the highest, since this capital is protected in the least degree.

Taking into account the assessment of the value of the individual constituent elements of equity capital and the specific weight of each of these elements in its total amount, an indicator of the weighted average cost of equity capital of the enterprise can be calculated.

3 . Features of the dividend and emission policy at the enterprise

As noted above, successful equity management should ensure that the challenges are met. The most important at the stage of sustainable operation of the enterprise is the formation and implementation of an effective policy in the distribution of profits and additional issue of shares.

Let's start with the dividend policy. The term "dividend policy" is associated with the distribution of profits in joint stock companies. However, the principles and methods of profit distribution considered in this section are applicable not only to joint-stock companies, but also to enterprises of any other organizational and legal form of activity (in this case, only the terminology will change - instead of the terms share and dividend, the terms share, contribution and profit will be used. on a deposit; the mechanism for paying income to owners will remain the same). The distribution of profits in a joint-stock company is the most complex of its options and therefore was chosen to consider all aspects of this mechanism. In principle, in a broader interpretation, the term "dividend policy" can be understood as a mechanism for the formation of the share of profit paid to the owner, in accordance with the share of his contribution to the total amount of the company's equity capital.

The main goal of developing a dividend policy is to establish the necessary proportionality between the current consumption of profit by the owners and its future growth, which maximizes the market value of the enterprise and ensures its strategic development.

Based on this goal, the concept of dividend policy can be formulated as follows: dividend policy is component part the general policy of profit management, which consists in optimizing the proportions between the consumed and capitalized parts of it in order to maximize the market value of the enterprise.

Numerous theoretical studies are devoted to the formation of an optimal dividend policy in countries with developed market economies. The most common theories related to the mechanism for the formation of dividend policy are:

The theory of the independence of dividends. Its authors - F. Modigliani and M. Miller (usually mentioned when referring under the abbreviation MM) argue that the chosen dividend policy has no effect on either the market value of the enterprise (share price) or the well-being of the owners in the current or future period, so how these indicators depend on the amount of generated, and not distributed, profit. In accordance with this theory, the dividend policy is assigned a passive role in the mechanism of profit management. At the same time, they accompanied their theory with a significant number of restrictions that cannot be ensured in real practice of profit management. Despite its vulnerability in terms of practical use, the MM theory has become the starting point for the search for more optimal solutions to the mechanism for forming a dividend policy.

The theory of preference for dividends (or "tit in hand"). Its authors - M. Gordon and D. Lintner argue that each unit of current income (paid in the form of dividends), due to the fact that it is "cleared of risk", is always worth more than income deferred for the future, due to its inherent risk ... Based on this theory, maximizing dividend payments is preferable to capitalizing profits. However, opponents of this theory argue that in most cases, the income received in the form of dividends is still reinvested in the shares of its own or a similar joint-stock company, which does not allow using the risk factor as an argument in favor of one or another dividend policy (the risk factor can only be taken into account by the mentality owners; it is determined by the level of risk of economic activity of a particular company, and not by the nature of the dividend policy).

The theory of minimization of dividends (or "theory of tax preferences"). In accordance with this theory, the effectiveness of dividend policy is determined by the criterion of minimizing tax payments on the current and future income of owners. the factor of the cost of money over time, tax incentives on capitalized profits, etc.), the dividend policy should ensure that dividend payments are minimized, and, accordingly, maximized capitalization of profits in order to obtain the highest tax protection of the owners' aggregate income. suits numerous small shareholders with low level income that constantly needs their current receipts in the form of dividend payments (which reduces the volume of demand for shares of such companies, and, accordingly, the quoted market price of shares).

The signaling theory of dividends (or "signaling theory") This theory is based on the fact that the basic models for assessing the current real market value of shares as a basic element use the amount of dividends paid on it. Thus, an increase in the level of dividend payments determines an automatic increase in the real, and, accordingly, the quoted market value of shares, which, when sold, brings additional income to shareholders. In addition, the payment of high dividends “signals” that the company is on the rise and expects a significant increase in profits in the coming period. This theory is inextricably linked with the high "transparency" of the stock market, where promptly obtained information has a significant impact on fluctuations in the market value of shares.

The theory of conformity of dividend policy with the composition of shareholders (or “theory of customers”) According to this theory, the company should implement such a dividend policy that meets the expectations of the majority of shareholders, their mentality. If the majority of shareholders (the "clientele" of the joint-stock company) prefers current income, then the dividend policy should proceed from the preferential direction of profit for current consumption. Conversely, if the main shareholder group prefers to increase their forthcoming income, then the dividend policy should proceed from the predominant capitalization of profit in the process of its distribution. The part of shareholders who disagree with such a dividend policy will reinvest their capital in shares of other companies, as a result of which the composition of the “clientele” will become more homogeneous.

The practical use of these theories allowed us to develop three approaches to the formation of dividend policy - "conservative", "moderate" ("compromise") and "aggressive". Each of these approaches corresponds to a certain type of dividend policy (table).

Let's move on to considering the features of the emission activity of the enterprise. Raising equity capital from external sources by issuing additional shares is a complex and expensive process. Therefore, this source of formation of your own financial resources should be resorted to only in extremely limited cases.

The main types of dividend policy of a joint stock company

From the standpoint of financial management, the main goal of the emission policy is to attract the required amount of own financial resources in the stock market as soon as possible. Taking into account the formulated goal, the issuing policy of the enterprise is part of the general policy of forming its own financial resources, which consists in ensuring the attraction of the required volume by issuing and placing its own shares on the stock market.

The emission activity of the enterprise covers the following stages.

Investigation of the possibilities of effective placement of the proposed issue of shares. The decision on the proposed primary (when transforming an enterprise into a joint-stock company) or additional (if the enterprise has already been created in the form of a joint-stock company and needs an additional inflow of equity capital) issue of shares can be made only on the basis of a comprehensive preliminary analysis of the stock market situation and an assessment of the investment attractiveness of their shares ...

Analysis of the situation on the stock market (exchange and over-the-counter) includes a description of the state of supply and demand of shares, the dynamics of the price level of their quotations, the volume of sales of new issues of shares and a number of other indicators. The result of such an analysis is to determine the level of sensitivity of the stock market's response to the emergence of a new issue and to assess its potential to absorb the issued volumes of shares.

Assessment of the investment attractiveness of their shares is carried out from the standpoint of taking into account the prospects for the development of the industry, the competitiveness of manufactured products, as well as the level of indicators of their financial condition. The evaluation process determines the possible degree of investment preference for the shares of one's own company in comparison with the traded shares of other companies.

Determination of emission targets. Due to the high cost of attracting equity capital from external sources, the objectives of the issue should be sufficiently significant from the standpoint strategic development the enterprise and the possibility of a significant increase in its market value in the coming period. The main of such goals, which the company is guided by, resorting to this source of formation of equity capital, are real investment associated with sectoral (sub-sectoral) and regional diversification of production activities.

Determination of the emission volume. When determining the volume of emission, it is necessary to proceed from the previously calculated need for attracting own financial resources from external sources. The number of issued shares is determined based on the volume of issue and the par value of one share (during the issue, one par value can be set).

Assessment of the cost of the attracted share capital. In accordance with the principles of such an assessment, it is carried out according to two parameters:

the expected level of dividends (it is determined based on the chosen type of dividend policy);

costs for the issue of shares and the placement of the issue (reduced to the average annual amount).

The estimated cost of attracted capital is compared with the actual weighted average cost of capital and the average level of interest rates in the capital market. Only after that the final decision on the implementation of the issue of shares is made.

Determination of effective forms of underwriting. In order to quickly and efficiently conduct an open placement of the issued volume of shares, it is necessary to determine the composition of the underwriters, agree with them the prices of the initial quotation of shares and the size of the commission, ensure the regulation of the volumes of sale of shares in accordance with the needs for the flow of funds that ensure the maintenance of liquidity already placed shares at the initial stage of their circulation.

Taking into account the increased volume of equity capital, the company has the opportunity to use a constant financial leverage ratio to accordingly increase the amount of borrowed funds, and therefore to increase the return on equity capital.

Thus, both dividend policy and emission policy play an important role in the management of an organization's equity capital.

Let's summarize the chapter. The means that a business entity has in order to carry out its activities in order to make a profit, I call capital. Equity capital in general is determined by the value of the property owned by the organization. Equity capital management is associated with its formation and ensuring effective use. Equity capital is formed from internal and external sources. The financial stability of the organization directly depends on the amount of equity capital.

Posted on Allbest.ru

Introduction

Capital is one of key concepts financial management. From the standpoint of financial management, capital expresses the total amount of funds in monetary, material and intangible forms invested in the assets (property) of the concern. From the standpoint of corporate finance, capital reflects the monetary (financial) relations that arise between the corporation and other business entities regarding its formation and use. Such monetary relations arise between a corporation (joint-stock company) as legal entity and its shareholders, creditors, suppliers, buyers of products (services), institutional participants in the stock market and the state (payment of taxes and fees to the budget system).

The problems of the formation and use of capital, including the problems of managing its value and structure, were studied by economists: I.L. Blank, I.T. Balabanov, V.V. Kovalev, E.S. Stoyanova, T.V. Warm, MA. Fedotov, and others. Among contemporary foreign researchers, it is necessary to take revenge on the works of E. Bodie, J. Brighsma, Van Horn, L. Gapspsky, R.K. Merton, G. Markov, S. Maysrs, S. Ross, R.N. Holt, W.F.Sharp, D.K.Shima, and others.

As a result of capital investment, fixed and working capital is formed. In the process of functioning, fixed capital takes the form of non-current assets, and working capital - the form of circulating assets. The monetary resources of corporations advanced into circulating assets represent circulating assets.

Capital is wealth used for its own increase (self-growth). Investment of capital and production and trade process forms the entrepreneur's profit.

The main tasks of this thesis are:

1. study of the economic nature of capital, its concepts and classification, features of capital formation, methods and sources of capital attraction, a methodological approach to capital formation;

2. study of capital management at Rosenergoatom Concern OJSC, economic characteristics of Rosenergoatom Concern OJSC, capital structure and investment decisions, capital formation policy at Rosenergoatom Concern OJSC;

3. economic analysis of the capital of Rosenergoatom Concern OJSC, analysis of the composition and structure of the enterprise's capital, construction of a simulation model to determine the rational capital structure, features of the efficiency of the enterprise with the proposed capital structure;

4. to analyze labor protection at Rosenergoatom Concern OJSC

The above list reveals the relevance of studying enterprise capital management, since Russian enterprises have sufficient potential to fully enter the international market.

The purpose of writing a thesis is to consider capital management techniques, to consider the difficulties and ways to solve them.

The object of the research is the enterprise of Rosenergoatom Concern OJSC.

The subject of research of the thesis is the study of capital.

When performing the thesis, observation methods, structural functional, comparative and the method of constructing a factor model were used.

Elements of scientific novelty contains the proposed way of building a simulation model to determine the rational structure of capital, considered in paragraph 3.2 using the automation of the process.

This path regarding the construction of a simulation model to determine the rational capital structure can be taken into account by every industrial enterprise.

Section 1. The economic nature of capital

1.1. The concept and classification of enterprise capital

In economic theory, four factors are distinguished: capital, land, labor and management (production management). According to the form of investment, entrepreneurial and loan capital are distinguished. Entrepreneurial capital is advanced in real (capital), intangible and financial assets of the concern in order to extract the nailed and obtain the rights to manage it. Loan capital is money capital provided on credit on terms of repayment, payment, urgency and collateral. Unlike entrepreneurial loan capital, the enterprise is not invested either, but is transferred by the lender (bank) to the borrower for temporary use in order to receive interest. Loan capital appears on the credit market as a commodity, and its price is interest. A loan taken at a low interest rate is “cheap money”; a loan taken at a high interest rate is “expensive money”. A loan received for a period of less than 15 days is “short money”.

The price of capital means how much money should be paid (given) to raise a certain amount of capital.

The equity price is the sum of dividends per share for the share capital or the amount of profit paid on shares and related expenses.

The cost of borrowed capital is the sum of interest paid for a loan or bond issue and related costs.

The cost of capital raised is the cost of accounts payable. It represents the amount of penalties for accounts payable not repaid within more than three months after the occurrence or within the period specified by the agreement (contract).

Capital is the main measure of the market value of a firm (concern). First of all, this refers to equity capital, which determines the volume of net assets. At the same time, the amount of used equity capital characterizes the parameters of attracting debt capital that can bring additional profit.

The ability of equity capital to self-growth characterizes the acceptable level of formation of the net (retained) profit of the concern, its ability to maintain financial balance from its own sources. The decrease in the share of equity capital in its total volume indicates the loss of financial independence from external sources of financing (borrowed and borrowed funds).

Capital is classified according to the following criteria.

1. Equity and borrowed capital are allocated according to the affiliation of the concern. Equity capital belongs to her on the basis of ownership and is used to form a significant part of the assets. Debt capital reflects the funds raised to finance the concern on a repayable and paid basis. All forms of debt capital are liabilities of the group that are repayable on time. Short-term borrowed capital (including accounts payable) is used to cover current assets.

2. According to the purposes of use, production, loan and speculative capital are distinguished. Speculative capital appears on the secondary stock market as a result of a significant overvaluation of traded shares. The main goal of speculative operations is to maximize income (profit).

3. According to the form of investment, there is monetary, tangible and intangible capital used to form the authorized (share) capital of business partnerships and companies. However, for accounting purposes, it receives a specific cost estimate.

4. By investment objects, there are fixed and working capital. Fixed capital is invested in all types of non-current assets (tangible and intangible), and working capital is invested in current assets with varying degrees of liquidity (reserves, accounts receivable, financial investments and cash).

5. According to the forms of ownership, state, private and mixed capital are distinguished. As of 01.01.00 the share of enterprises with state capital was 11.2%, with private capital - 74.4%, with mixed capital - 14.4%.

6. According to the organizational and legal forms of activity, they distinguish between joint-stock, share (reserve) and individual capital belonging to family farms.

7. By the nature of participation in production process capital is divided into functioning and inactive (fixed assets under repair, in reserve, on conservation, in construction in progress).

8. By the nature of use, the owners (owners) allocate consumed and plowed up (reinvested) capital. The consumed capital includes the amounts allocated for the payment of dividends and other payments of a social nature. The reinvested capital includes retained earnings of the reporting year and previous years.

9. According to the sources of attraction to the country's economy - domestic and foreign capital.

Describing the possibility of increasing savings due to the inflow of foreign investment, it should be noted that this path for Russia in an unstable economy is extremely difficult. The reason for this is high cost inflation, the ongoing payments crisis, the lack of long-term prospects for economic development (clear industrial and investment policies), etc.

The deteriorating economic situation in Russia caused by the 2014 financial crisis led to the reform of the country's financial system. The economic changes taking place in the country require adequate changes in the field of financial relations at the level of organizations. However, the limited set of financial instruments in Russia does not yet allow to apply the accumulated foreign experience in managing the financial assets of companies with sufficient completeness and efficiency. Western practice does not take into account the main problems of the Russian economy, which is characterized by high inflation rates, an underdeveloped stock market, a high degree of insolvency, frequently changing tax laws, etc. Particularly relevant at this stage of development of the Russian economy is the problem effective management capital of companies.

Capital belongs significant role in the system of basic economic resources that predetermine the pace and potential of economic development of both individual economic entities and the country's economy as a whole. The sustainable functioning of a business is conditioned by the availability of capital as the main source of economic development of companies.

The capital management policy in the company includes the equity capital management policy, which consists in ensuring the required level of self-financing of its production development, and the debt capital management policy, which consists in ensuring the most effective forms and conditions for attracting borrowed capital from various sources in accordance with the company's development needs. And the financial position of the company largely depends on how optimal the ratio of equity and borrowed capital will be.

The ratio between own and borrowed sources of funds is one of the key analytical indicators characterizing the degree of risk of investing financial resources in a particular company (affects the level of economic and financial profitability, determines the financial stability of the company). In this connection, we can say that the problem of rational management and use of capital is extremely relevant for all companies and requires careful analysis on their part.

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

First of all, it is necessary to consider the economic essence of capital, which characterizes it as:

- financial resources of the company that generate income;

- the main source of the formation of the well-being of the company's owners (the accumulated part of the capital is designed to ensure the satisfaction of the needs of its owners in the prospective period, that is, it forms the level of their future well-being);

- the main meter of the company's market value;

- an indicator of the level of efficiency of the company's economic activity.

In the works of modern economists, the subject essence of capital is characterized by many terms: "economic good", "value", "economic value", "special kind of goods", "economic resource", "economic factor", "wealth" and others. Even such a superficial review of the terminology used shows that the subject essence of capital is directly related to the economic sphere of its manifestation.

The purpose of the management and use of capital is to meet the needs for the acquisition of assets necessary for the operation of the company and to optimize the capital structure.

The company's management must have a clear idea of what financial resources it will carry out its activities with and in what areas of activity it will invest its capital. Wherein essential both for the company itself (in order to increase profitability and ensure financial stability) and for its counterparties (when assessing the degree of financial risk), there is a rational structure of funding sources, that is, the ratio of equity and debt capital.

The functioning of any company is impossible without having its own capital, which is a set of material values, cash, financial investments, etc., necessary for the implementation of economic activities. The equity of an organization as a legal entity is generally determined by the value of the property owned by the organization. These are the so-called net assets of the organization. They are defined as the difference between the value of property (active capital) and borrowed capital. Equity capital consists of authorized, additional and reserve capital, retained earnings and target (special) funds.

Also, the activities of almost no company can do without borrowed capital. It represents money or other property values attracted for the needs of the development of the enterprise on a repayable and paid basis, i.e. these are loans, borrowings and accounts payable.

Debt capital is a catalyst for business processes that enable enterprises to increase profits and company value. The essence of the company's debt capital is manifested in the implementation of the operational, coordination, control and regulatory functions of the process of attracting external sources of financing.

Taking into account the peculiarities of attracting capital by companies, as well as modern economic conditions, we can say that there is a relationship between the growth rates of the national economy and the volume of borrowed funds by enterprises. The limitation on the amount of capital raised is the borrower's interest in using it, as well as the ability to return the borrowed funds, taking into account their value, within a specified period.

The choice of capital management policy (its formation and use) is the basis for the functioning of any company. This process is very time consuming and is divided into several stages.

Determining the total capital requirement - determination of the necessary financial resources for the formation of the company's assets. The calculation of these resources is carried out when developing a business plan.
Estimation of the cost of total and borrowed capital. Optimization of the capital structure is carried out at its cost. The cost of capital is the average price that an enterprise pays to raise it from various sources. Because enterprises more often use a mixed form of financing, then the assessment is made depending on the use of capital:

- an increase in equity capital at the expense of the profit remaining at the disposal of the enterprise (a forecast of net profit is made; part of the profit is determined, which is aimed at the development of production, the creation of a reserve fund and consumption funds);

- assessment of the cost of increasing equity capital by issuing shares (determining the amount of dividends);

- the assessment of the cost of capital increase from other own sources is the determination of the cost of attracting equity capital.

- assessment of the cost of attracting borrowed capital through bank loans (the interest rate is predicted based on market conditions; the amount of savings in tax payments is determined, which will be obtained through the use of credit resources, since taxable profit decreases);

- obtaining borrowed funds by issuing bonds (determining the coupon rate; determining the costs associated with the issue).

3) Optimization of the financial structure of capital. The optimal capital structure is such a ratio of own and borrowed sources, which maximizes the market value of the company. When optimizing capital, it is necessary to take into account the peculiarities of each of its components.

Equity capital is characterized by:

Ease of attraction (only the owner's decision is needed, does not depend on other economic entities).
High rate of return on invested capital, because interest on raising funds is not paid.
Low risk of loss of financial stability and bankruptcy of the enterprise.

Disadvantages:

Limited amount of attraction, i.e. it is impossible to significantly expand economic activity.
The possibility of increasing the return on equity capital by attracting borrowed funds is not used.

Thus, a company using only its own funds has the highest financial stability, but limited opportunities increase in profits.

Debt capital is characterized by the following features:

Ample opportunities to attract (if there is a pledge or guarantee).
Increasing the financial potential of the company if it is necessary to increase the volume of economic activity.
The ability to improve the return on equity.

But it has the following disadvantages:

Difficulty attracting, because the decision depends on other business entities.
The need for collateral or guarantees.
Low rate of return on assets.
Low financial stability of the enterprise.

Consequently, a company using only borrowed capital has a higher potential and the ability to increase the return on equity, while losing financial stability.

That is why, when forming the capital structure, it is necessary to observe a rational ratio of own and borrowed funds.

Also, in the process of conducting business activities for optimal capital management of the company, it is necessary to be guided by the following factors:

The structure of the company's assets (the more liquid funds, the more opportunities to attract borrowed funds).
The pace of development of the company (fast-growing companies in the early stages of their life cycle, producing competitive products, have great opportunity on attracting debt capital).
The level of profitability of the activity (with high profitability, you can capitalize part of the profit and thereby reduce the need for borrowed capital).
The level of taxation of profits (with high tax rates and the possibility of attributing the costs of servicing a loan to production costs, it becomes profitable to attract borrowed capital).
The attitude of lenders to the company. Even with a high share of equity capital, the lender may be guided by other criteria, which will reduce the possibility of raising debt capital.
Financial market conditions. The rise or fall in the cost of borrowed capital determines the possibilities and efficiency of its attraction.

Thus, optimization of the capital structure is one of the most difficult tasks of managing a company's resources. It is capital that plays the main role in the economic development of the company and ensuring the satisfaction of the interests of the state, owners and personnel, is the main object of the company's financial management, and ensuring the efficiency of its use is one of the most important tasks of financial management. Therefore, each company must carefully develop the most rational capital management policy for itself, which will correspond to its interests and goals in the economic sphere of activity and ensure its profitable operation and financial stability.

Strukov Pavel Alekseevich

2nd year student of the magistracy of the Institute of Economics and Entrepreneurship

Nizhny Novgorod State University Lobachevsky

Literature sources

Artyukhov, A.A. Management of own and borrowed capital of the company: textbook / A. A. Artyukhov - Moscow: Yurayt, 2014. - 176 p.
Gurzhiev, V.A. Investment strategy of the corporation: dissertation for the degree of candidate of economic sciences - Russian Academy of State Service under the President of the Russian Federation.
Lvovna, N.A. Financial diagnostics of the enterprise: monograph / N.A. Lvovna, ed. V.V. Ivanova - Moscow: Prospect, 2015 .-- 304 p.
V.V. Neudachin Implementation of the company's strategy. Financial analysis and modeling: textbook / V.V. Neudachin - Moscow: Publishing House RANEPA Business, 2015. - 168 p.
Higgins, R.S. Financial management. Capital and Investment Management / Robert S. Higgins, Margarita Rymers (translated by A.N.Svirid) - Moscow: Williams, 2013.- 464 p.

on the topic: "Enterprise capital management"

Introduction

SECTION 1. Economic nature of capital

1.1. The concept and classification of enterprise capital

1.2. Features of capital formation

1.3. Methods and sources of raising capital

1.4. Methodological approach to capital formation

SECTION 2. Capital management of Rosenergoatom Concern OJSC

2.1. Economic characteristics of Rosenergoatom Concern OJSC

2.2. Capital structure and investment decision making

2.3. Capital formation policy at Rosenergoatom Concern OJSC

SECTION 3. Economic analysis of the capital of Rosenergoatom Concern OJSC

3.1. Analysis of the composition and structure of the capital of the enterprise

3.2. Building a simulation model to determine a rational capital structure

3.3. Features of the efficiency of the enterprise with the proposed capital structure

SECTION 4. Labor protection at Rosenergoatom Concern OJSC

Conclusion

List of used literature

Applications

Introduction

Capital is one of the key concepts in financial management. From the standpoint of financial management, capital expresses the total amount of funds in monetary, material and intangible forms invested in the assets (property) of the concern. From the standpoint of corporate finance, capital reflects the monetary (financial) relations that arise between the corporation and other business entities regarding its formation and use. Such monetary relations arise between a corporation (joint-stock company) as a legal entity and its shareholders, creditors, suppliers, buyers of products (services), institutional participants in the stock market and the state (payment of taxes and fees to the budget system).

Capital is wealth used for its own increase (self-growth). Investment of capital and production and trade process forms the entrepreneur's profit.

The main tasks of this thesis are:

study of the economic nature of capital, its concepts and classification, features of capital formation, methods and sources of capital attraction, a methodological approach to capital formation;

study of capital management at Rosenergoatom Concern OJSC, economic characteristics of Rosenergoatom Concern OJSC, capital structure and investment decisions, capital formation policy at Rosenergoatom Concern OJSC;

economic analysis of the capital of Rosenergoatom Concern OJSC, analysis of the composition and structure of the enterprise's capital, construction of a simulation model to determine the rational capital structure, features of the efficiency of the enterprise with the proposed capital structure;

analyze labor protection at Rosenergoatom Concern OJSC

The above list reveals the relevance of studying enterprise capital management, since Russian enterprises have sufficient potential to fully enter the international market.

The purpose of writing a thesis is to consider capital management techniques, to consider the difficulties and ways to solve them.

The object of the research is the enterprise of Rosenergoatom Concern OJSC.

The subject of research of the thesis is the study of capital.

When performing the thesis, observation methods, structural functional, comparative and the method of constructing a factor model were used.

This path regarding the construction of a simulation model to determine the rational capital structure can be taken into account by every industrial enterprise.

Section 1. The economic nature of capital

1.1. The concept and classification of enterprise capital

The price of capital means how much money should be paid (given) to raise a certain amount of capital.

The equity price is the sum of dividends per share for the share capital or the amount of profit paid on shares and related expenses.

The cost of borrowed capital is the sum of interest paid for a loan or bond issue and related costs.

Capital is classified according to the following criteria.

6. According to the organizational and legal forms of activity, they distinguish between joint-stock, share (reserve) and individual capital belonging to family farms.

7. By the nature of participation in the production process, capital is divided into functioning and inactive (fixed assets under repair, in reserve, on conservation, in construction in progress).

9. According to the sources of attraction to the country's economy - domestic and foreign capital.

In addition, the focus on a significant inflow of foreign investment gives rise to the following problems:

♦ foreign capital does not tend to the real sector of the economy and investments are, as a rule, of a short-term nature;

♦ increasing dependence on foreign capital presupposes a constant and significant outflow of foreign exchange funds (in the form of exported profits);

♦ foreign investors determine the directions of capital investment, guided by their own interests and benefits - in many cases this is an unequal export of non-renewable natural resources from Russia.

It is no coincidence that the share of foreign investment in the 90s. XX century did not exceed 3% of their total. In practice, there are other classifications of capital (for example, legal and “shadow”, etc.).

The functioning of capital in the process of its productive use is characterized by the process of the individual circulation of funds (within a separate concern), which takes place according to formula 1:

D - T - D "(1)

where D - funds advanced by the investor;

T-product (tools and objects of labor purchased by the investor);

D "- monetary affinities received by the investor from the sale of the finished product, including funds for compensation, wages and profits;

D "- D is the investor's net profit;

D "- T - proceeds from the sale of goods;

Organizational and economic relations in the field management capital enterprises... The object of the study is the final qualification ..., goals and objectives management capital enterprises 1.1 Concept, composition and structure of capital enterprises Capital is one of ...

System development management capital enterprises

Coursework >> Management

The process of posing specific questions management capital enterprises.Function of capital enterprises in the process of it ... different types economic activity enterprises. Control capital enterprises aims to address the following ...

Control capital and problems of attracting borrowed funds

Abstract >> Economics

Determines the special importance of the process of competent management

Organization of financial management of the enterprise's capital. Enterprise capital management

Send your good work in the knowledge base is simple. Use the form below

Similar documents

Introduction

Section 1. The economic nature of capital

1.1. The concept and classification of enterprise capital

Introduction

Section 1. The economic nature of capital

1.1. The concept and classification of enterprise capital

System development management capital enterprises

Control capital and problems of attracting borrowed funds

Send your good work in the knowledge base is simple. Use the form below

Similar documents

Introduction

Section 1. The economic nature of capital

1.1. The concept and classification of enterprise capital

Introduction

Section 1. The economic nature of capital

1.1. The concept and classification of enterprise capital

System development management capital enterprises

Control capital and problems of attracting borrowed funds

Read also