Equity capital of the bank and methods of its formation. Debt management as one of the main tasks of a financial manager Debt capital management magazine article

Increasing business efficiency is impossible only within the framework of the enterprises' own resources. To expand their financial capabilities, enterprises resort to attracting additional borrowed money to increase investment in own business, get more profit. The issue of the formation, functioning and reproduction of capital by small businesses, for whom it is not always easy to attract borrowed capital, becomes relevant. An indicator of the market stability of a company is its ability to successfully develop in the conditions of transformation of the external and internal environment. In most cases, small businesses use a bank loan as borrowing sources, which is explained by the relatively large financial resources of Russian banks, as well as the fact that when obtaining a bank loan, there is no need to publicly disclose information about the enterprise. To do this, it is necessary to have a flexible structure of financial resources and, if the need arises, be able to attract borrowed funds, that is, to be creditworthy.

small business

capital Management

lending

Borrowed capital

1. Guseva E. G. Production management at a small enterprise. Educational and practical guide. -M.: MGUESI, 2008. -114p.

2. Kovalev VV Financial analysis: capital management, investment choice, reporting analysis. - M.: Finance and statistics, 2007. –512s.

3. Sheremet A.D., Saifulin R.S. Enterprise finance. Tutorial. – M.: Infra-M, 2007. – 343 p.

4. Financial analysis of the company's activities. – M.: East-service, 2009.

5. Holt Robert N. Fundamentals financial management. - Per. from English. - M.: Delo, 2010.

At present, in the context of the existence of various forms of ownership in Russia, the study of the formation, functioning and reproduction of capital in small businesses is becoming especially relevant. Opportunities for the formation of entrepreneurial activity and its further development can only be realized if the owner reasonably manages the capital invested in the enterprise.

Increasing business efficiency is impossible only within the framework of the enterprises' own resources. To expand their financial capabilities, it is necessary to attract additional borrowed funds in order to increase investments in their own business, to obtain greater profits. In this regard, managing the attraction and effective use of borrowed funds is one of the most important functions of financial management, aimed at ensuring the achievement of high final results of the economic activity of the enterprise. This topic is especially acute for newly organized small businesses that do not always have the opportunity to finance themselves.

Borrowed capital used by such enterprises characterizes in aggregate the volume of their financial liabilities. Sources of borrowed capital can be funds raised on the securities market and credit resources. The choice of a source of debt financing and the strategy for attracting it determine the basic principles and mechanisms for organizing the financial flows of an enterprise. The efficiency and flexibility of managing the formation of borrowed capital contribute to the creation of an optimal financial structure of the enterprise's capital.

Currently, the main ways to attract borrowed capital are a bank loan, emission financing, leasing. In most cases, small businesses use a bank loan as borrowing sources, which is explained by the relatively large financial resources of Russian banks, as well as the fact that when obtaining a bank loan, there is no need to publicly disclose information about the enterprise. Here, some of the problems caused by the specifics of bank lending are removed, which is associated with simplified requirements for application documents, with relatively short periods for considering applications for issuing a loan, with the flexibility of borrowing conditions and forms of loan collateral, with simplification of accessibility Money etc.

The leaders of most Russian companies do not want to disclose financial information about their enterprises, as well as to make changes in financial policy. As a consequence - the fact that only 3% of Russian companies use equity financing.

According to a number of modern scholars, the concepts of "capital" and "financial resources" require a distinction in terms of financial management of enterprises. Capital (own funds, net assets) is the organization's property free from obligations, the strategic reserve that creates conditions for its development, absorbs losses if necessary, and is one of the most important pricing factors when we are talking about the cost of the organization itself. Capital is the highest form of mobilization of financial resources.

The following set of various functions of capital is distinguished:

production resource (factor of production).

Object of ownership and disposal.

Part of financial resources.

Source of income.

Time preference object.

Object of sale and purchase (object of market circulation).

Carrier of the liquidity factor.

The use of borrowed capital to finance the activities of an enterprise, according to many economists, is economically beneficial, since the payment for this source is on average lower than for equity capital. This means that interest on loans and borrowings is less than profitability equity characterizing, in fact, the level of cost of equity. In other words, in normal conditions Debt capital is a cheaper source than equity capital.

In addition, the involvement of this source allows owners and top managers to significantly increase the amount of controlled financial resources, i.e. expand the investment opportunities of the enterprise.

Allocate various forms attraction of borrowed funds. So, borrowed capital is attracted to service the economic activities of the enterprise in the following main forms (Fig. 1.1):

Fig.1.1 Forms of borrowing.

According to the degree of security of borrowed funds attracted in monetary form, which serves as a guarantee of their full and timely return, allocate the following types(Fig.1.2.):

Fig.1.2. Types of borrowed funds in cash.

A blank or unsecured loan is a type of loan that is issued, as a rule, to an enterprise that has a good reputation for timely repayment and fulfillment of all conditions of the loan agreement. AT financial practice this category of enterprises is characterized by a special term - "first-class borrower";

Thus, based on the composition of borrowed funds, in financial practice, the main creditors of an enterprise can be:

commercial banks and other institutions that provide loans in cash (mortgage banks, trust companies, etc.);
suppliers and buyers of products (commercial credit from suppliers and advance payments from buyers);
stock market (issuance of bonds and other securities other than shares) and other sources.

Another way to attract borrowed funds is to expand the practice of financial leasing. Leasing uses an increasing share every year Russian enterprises. The attractiveness of financial leasing as a form of lending for commercial banks is associated with a lower degree of risk of investing in investments due to the fact that:

credit resources are directed to the acquisition of the active part of fixed assets - equipment, the actual need for which is confirmed and its use by the lessee organization is guaranteed;
the lessee organization decides to conclude an agreement only if there are all the necessary conditions, including production area, labor force, raw materials and materials, except for equipment.

Thus, capital management is a system of principles and methods for the development and implementation management decisions associated with its optimal formation from various sources, as well as ensuring its effective use in various types economic activity of the enterprise.

It is also possible to summarize the direction of attracting capital, namely the solution of the following tasks:

Formation of a sufficient amount of capital to ensure the necessary pace economic development enterprises.
Optimization of the distribution of formed capital by types of activity and areas of use.
Ensuring the conditions for achieving the maximum return on capital with the expected level of financial risk.
Ensuring the constant financial balance of the enterprise in the process of its development.
Ensuring a sufficient level of financial control over the enterprise by its founders.
Ensuring timely reinvestment of capital.

The formation of an enterprise's borrowed capital should be based on the principles and methods for developing and implementing decisions that regulate the process of attracting borrowed funds, as well as determining the most rational source of financing borrowed capital in accordance with the needs and opportunities for the development of the enterprise. The main objects of management in the formation of borrowed capital are its price and structure, which is determined in accordance with external conditions.

In the structure of borrowed capital, there are sources that require their coverage to attract them. The quality of coverage is determined by its market value, the degree of liquidity or the possibility of compensation for borrowed funds.

Analyzing bank lending, we found out that one of the main problems is the reluctance of banks to issue money to finance new enterprises that do not have a credit history. But it is during this period that borrowed capital is especially important for such enterprises. In addition, the problem of high rates for new businesses is also intractable.

In other cases, attracting a bank loan is one of the most popular ways to finance an enterprise. The main feature of bank lending is a simplified procedure (with the exception of syndicated bank loans and loans in relatively large volumes).

The correct application of the above recommendations allows enterprises to increase profitability by increasing production volumes and product sales. The need to attract external sources of financing is not always associated with the insufficiency of internal sources of financing. These sources, as you know, are retained earnings and depreciation. The considered sources of self-financing are not stable, limited by the speed of cash turnover, the rate of product sales, and the amount of current expenses. Therefore, free money is often (if not always) not enough, and an additional injection of it, aimed at increasing asset turnover, will be extremely useful for most enterprises.

Bibliographic link

Kravtsova V.A. POLICY OF LOAN CAPITAL ATTRACTION BY SMALL BUSINESS ENTERPRISES. // International Student Scientific Bulletin. - 2015. - No. 1.;
URL: http://eduherald.ru/ru/article/view?id=11974 (date of access: 03/20/2020). We bring to your attention the journals published by the publishing house "Academy of Natural History"

Keywords

EQUITY/ BORROWED CAPITAL / PROBLEMS OF FUNCTIONING AND USE OF VARIOUS SOURCES OF CAPITAL OF THE ENTERPRISE/OWN CAPITAL/LOAN CAPITAL/ PROBLEMS OF FUNCTIONING AND USE OF VARIOUS SOURCES OF THE CAPITAL OF THE ENTERPRISE

annotation scientific article on economics and business, author of scientific work - Merkulova Elena Yurievna, Morozova Natalia Sergeevna

The main sources of formation of the property of the enterprise are own and borrowed capital, the value of which is in the liabilities side of the balance sheet. Using only equity, the enterprise has the highest financial stability, but limits the pace of its development. Borrowed capital ensures the growth of the financial potential of the enterprise if it is necessary to significantly expand its assets and increase the growth rate of its economic activity. It is able to generate an increase in financial profitability due to the effect of financial leverage. At the same time, the use loan capital generates a downside risk financial stability and the risk of insolvency. The level of these risks increases in proportion to the growth in the share of use loan capital. Assets generated by loan capital, generate a lower rate of return, which is reduced by the amount of interest paid on loans. There is also a high dependence of the cost loan capital from fluctuations in the financial market. Thus, an enterprise using borrowed capital has a higher financial potential for its development and the possibility of increasing financial profitability, but generates financial risk and the threat of bankruptcy to a greater extent. Analysis of the effectiveness of the use of own and loan capital organizations is a way of accumulating, transforming and using information accounting and reporting, which aims to: evaluate the current and prospective financial condition of the organization, i.e., the use of its own and loan capital; to substantiate the possible and acceptable pace of development of the organization from the standpoint of providing them with sources of funding; identify available sources of funds, evaluate rational ways to mobilize them; predict the position of the enterprise in the capital market.

The text of the scientific work on the topic "Characteristics and analysis of the use of own and borrowed capital of the enterprise"

UDC 336.64 doi: 10.20310/1819-8813-2016-11-10-35-40

CHARACTERISTICS AND ANALYSIS OF THE USE OF OWN AND LOAN CAPITAL OF THE ENTERPRISE

MERKULOVA ELENA YURIEVNA Tambov State University named after G. R. Derzhavin, Tambov, Russian Federation, e-mail: [email protected]

MOROZOVA NATALIA SERGEEVNA Lipetsk branch of FSBEI HPE "Financial University"

under the Government of the Russian Federation”, Lipetsk, Russian Federation, e-mail: [email protected]

The main sources of formation of the property of the enterprise are own and borrowed capital, the value of which is in the liabilities side of the balance sheet. Using only its own capital, the enterprise has the highest financial stability, but limits the pace of its development. Borrowed capital ensures the growth of the financial potential of the enterprise if it is necessary to significantly expand its assets and increase the growth rate of its economic activity. It is able to generate an increase in financial profitability due to the effect of financial leverage. At the same time, the use of borrowed capital generates the risk of a decrease in financial stability and the risk of loss of solvency. The level of these risks increases in proportion to the growth in the proportion of the use of borrowed capital. Assets formed from borrowed capital generate a lower rate of return, which is reduced by the amount of interest paid on loans. There is also a high dependence of the cost of borrowed capital on fluctuations in the financial market. Thus, an enterprise using borrowed capital has a higher financial potential for its development and the possibility of increasing financial profitability, but generates financial risk and the threat of bankruptcy to a greater extent. Analysis of the effectiveness of the use of own and borrowed capital of organizations is a way of accumulating, transforming and using information from accounting and reporting, with the aim of: assessing the current and prospective financial condition of the organization, i.e., the use of own and borrowed capital; to substantiate the possible and acceptable pace of development of the organization from the standpoint of providing them with sources of funding; identify available sources of funds, evaluate rational ways to mobilize them; predict the position of the enterprise in the capital market.

Keywords: own capital, borrowed capital, problems of functioning and use of various sources of enterprise capital

The study of the structure of capital has always been at the center of attention of economists of different schools and directions of economic doctrine. The study of enterprise capital as an economic category, starting from the second half of the 19th century. and up to the present day, carried out by such scientists as: D. Clark, J. Keynes, K. Marx, D. Mil, V. Pa-reto, W. Petty, D. Ricardo, A. Smith, I. Schumpeter. They made a huge contribution to the development of the topic of capital, and also highlighted the problems that are directly related to the analysis of equity capital and the effectiveness of the application of data obtained as a result of analytical procedures. So Professor L. T. Gitlyarovskaya notes that the analysis of capital is a complex and continuous process of collecting, classifying and applying the data obtained.

accounting and financial reporting, to determine the financial position of the company, diagnosing the pace of expansion of financial and economic activities, discovering available sources of capital formation and their rational use, including forecasting the development of the company in the future in the capital market.

The sources of capital formation of the enterprise are own and borrowed funds (Table 1). Consideration of the current Russian regulatory documents on accounting leads us to the fact that the concept of "own capital" is contained only in the Concept of Accounting in the Market Economy of Russia. In others normative documents considered

structure of capital and methodological aspects of accounting of its constituent elements.

The equity capital of an enterprise is understood as the value of assets that belong to the owner of the enterprise on the basis of ownership rights, used to generate income.

Equity usually includes invested capital, that is, capital reinvested by the owners of the enterprise and accumulated capital, which is created in excess of what was originally invested by the founders. The invested capital consists of such articles of own capital as authorized capital, additional capital (in terms of share premium received). First component invested capital proposed in the balance sheet of Russian enterprises authorized capital, the second component - by additional capital (in terms of share premium received), and the third component of invested capital is reflected by additional capital or fund social sphere. The accumulated capital of the enterprise is executed in the form that is formed due to net profit (reserve capital, retained earnings, accumulation fund and other items). It has also been found that the more specific gravity accumulated capital, the higher the quality of equity. Sources with the help of which it is formed

Yes. That is, equity is understood as the difference between the assets of the enterprise and its liabilities. It has a rather complex structure, and its composition is directly determined by the organizational and legal form of the enterprise.

equity can be divided into two groups: internal and external. Internal sources include: net profit, depreciation, property revaluation fund and other receipts. External sources include: issuance of shares, grants financial help, and other sources.

All information about equity, which is generated by the accounting and analytical system, is used not only by internal, but also by external users (Fig. 1).

As a result, the maximization of equity capital occurs at the expense of any of its sources of formation, which positively affects the activities of the enterprise as a whole, increases its financial independence from external sources of financing and increases production volumes.

Based on the foregoing, we can conclude that competent management of equity capital and the sources of its formation will allow us to analyze the occurrence,

Sources of enterprise capital formation and their characteristics

№ Sources of capital formation Characteristics of attracted capital

Internal External Long-term Short-term Own Borrowed

1. Contributions of the founders (including additional capital from share premium) + + +

2. Retained earnings (including reserve capital and funds from profit) + + +

3. Long-term loans and credits (including issued bonds) + + +

4. Short-term loans and credits + + +

5. Accounts payable (trade loans) + + +

standing and application, as well as provide significant proposals for managerial decision-making.

Borrowed (attracted) funds represent part of the financial resources of the enterprise invested in the assets of the enterprise.

They represent economic and legal obligations to third parties. In accounting, the attracted funds are defined as liabilities, i.e., these funds must be returned to creditors within the terms established by the contract.

Users

Internal

financial managers

Owners

Information on financial results

Data on the effectiveness of deposits, amounts, dividends, cost of capital

< л Tax authorities

Suppliers, customers, organizations

Enterprise management Management Information Investors Expediency of investments

Data required for audit

Information about tax payments

Information

about solvency

and liquidity

Lenders

Information about the solvent

Rice. 1. Users of property information]

The Framework for Accounting, developed by the American Institute of Chartered Accountants' Financial Reporting Standards Board (FASB), defines a liability as the probable future outflow of economic benefits arising from an entity's present obligation to delegate assets or provide services to other entities through transactions. or events occurring in

E. t MERKULOVA, N. 8. MOROZOVA

capital, formed in the accounting and analytical system

past periods. In addition, liabilities should include debts generated in the course of economic activity (accounts payable).

Borrowed capital for commercial structures plays a very important role as an additional means of financing economic activities. However, after a certain period of time, each entrepreneur is obliged to return these funds to creditors not only in full, but

and in the agreement established by the contract, with interest.

When deciding on the rationality of attracting borrowed funds, it is important for entrepreneurs to assess the current situation with the financial condition of the enterprise, the structure of financial resources, which are reflected in the liability of the balance sheet. But a high share and a high percentage for using a loan can make it unreasonable to attract new borrowed funds.

Despite the fact that, by attracting borrowed funds, the company receives a number of privileges, however, under certain circumstances (low level of profitability), they can turn into their own reverse side, lack of income received, which worsens the financial situation and may lead to bankruptcy. In addition, an enterprise that has a sufficient portion of borrowed funds in total amount economic means, has a smaller degree of opportunity for capital maneuverability. In the event of unpredictable circumstances, such as: a decrease in demand for goods, an increase in the cost of raw materials and materials, a fall in product prices, seasonal fluctuations in demand, etc., all this can provoke a loss in the solvency of an enterprise, a decrease in income and a decrease in profitability, i.e. e. deterioration of the financial condition of the enterprise.

The attracted sources of funds in accounting (financial) accounting include long-term and short-term liabilities. The attraction of borrowed funds into the turnover of the enterprise is considered a normal phenomenon, which contributes to a short-term improvement in the financial condition of the enterprise, if the funds received are not frozen, but are used in the turnover of the organization.

According to the purpose of attracting borrowed capital is divided into funds necessary for:

Reproduction of fixed assets and intangible assets;

Replenishment of current assets;

Satisfaction of social needs.

According to the form of attraction, borrowed funds are divided into funds in cash, commodity form, in the form of equipment, etc.

By sources of attraction, borrowed funds are divided into external and internal.

According to the form of collateral, all borrowed funds are divided into: secured by a pledge or pledge, secured by a surety or guarantee, and unsecured.

For the further development and functioning of the company's activities, quite often before

it is the choice of one of several options for the source of capital: own or borrowed. Before an organization decides to raise borrowed funds, it is important to assess the structure of liabilities in the financial statements, if the share of debt is high enough, then attracting new borrowed funds will be unwise and even dangerous. If the company decides to use the attracted capital, then the financial manager needs to analyze and study in detail on what conditions and in what volume the borrowed funds are provided. Undoubtedly, the company will have a number of advantages by attracting borrowed funds, but certain circumstances can complicate the financial situation and lead the company to bankruptcy.

With the help of borrowed funds, the assets of the company can be financed and replenished, and this offer is quite attractive, since the lender does not impose requirements on the future income of the company. But at the same time, regardless of the results of the organization's activities, he has every right to claim a predetermined amount from the contract and interest on it.

As you know, the amount of liabilities and their maturity dates are known in advance, which undoubtedly simplifies the financial planning of cash flows. But the amount of expenses, which is associated with interest on the use of borrowed funds, encourages the organization to increase income through the rational use of funds raised.

If the share of borrowed funds significantly exceeds the share of own funds, then the enterprise has a meager opportunity for capital maneuvering. Also, unforeseen circumstances, such as: an increase in the cost of raw materials and materials, a decrease in demand for products, a fall in prices for goods, seasonal changes in demand, etc., in an unstable financial condition, can serve as one of the main reasons for the loss of the company's solvency.

From the point of view of financial stability, the most rational option for an enterprise is to use its own capital, since there is no threat of bankruptcy, and investors at any time will not demand a return of their funds. But the difficulty lies in the fact that own funds are rather limited due to their organizational and legal complexities. Then, in this situation, the company has the right to use the attracted capital on certain conditions. Sometimes borrowed funds can be very profitable with economic

Russian point of view. For example, the cost of capital raised, in some cases, costs the company much cheaper than the cost of its own. This fact is explained by the fact that the risk of own sources significantly dominates the creditor risk, since the amount of the incentive is fixed in the loan agreement, and the loan is guaranteed by guarantees and collateral.

If the borrowed funds exceed the allowable amount, then the financial stability of the enterprise is reduced, the risk of creditors increases and the cost of borrowed capital increases. Attracting additional own sources is a rather lengthy and slow procedure, it is much easier to attract borrowed capital. So, for example, a company with a perfect level of profitability uses borrowed capital much more often than its own. It is also important to note that the weighted average cost of capital (WACC) is the main economic criterion for the optimal capital structure. Preference should be given to such a source of capital formation, which helps to minimize the weighted average cost of capital (WAC).

There are several factors that are not always amenable to economic research: the risk that is associated with the source of capital formation, all kinds of legal changes, the time and money spent on borrowed capital.

The ratio between own and borrowed sources of funds is greatly influenced by such factors as the external and internal working conditions of an economic entity and the chosen financial strategy:

The difference between dividend rates and loan interest rates. If dividend rates are lower than interest rates, then leverage should be reduced, and vice versa;

Reducing or expanding the activities of economic entities. As a result, there is either an increase or decrease in the need to attract borrowed funds;

Accumulation of excess or unused stocks, materials and obsolete equipment;

Rejection of funds, in the formation of doubtful receivables, which attracts additional borrowed funds.

The ratio between the company's own and borrowed funds is one of the main analytical factors that reflect the degree of risk of investing financial assets.

resources, i.e. the larger the share of borrowed capital, the greater the degree of risk, and vice versa.

Therefore, an enterprise that uses borrowed capital, will have sufficient financial opportunities for its further development (the formation of an additional volume of assets) and the possibility of increasing the profitability of the business entity, but one should not exclude the financial risk and the threat of bankruptcy that arise in the event of an increase in the share of borrowed funds in the total amount of capital.

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CHARACTERISTIC AND ANALYSIS OF USE OF OWN AND LOAN CAPITAL OF THE ENTERPRISE

MERKULOVA ELENA YURYEVNA Tambov State University named after G. R. Derzhavin, Tambov, the Russian Federation, e-mail: [email protected]

MOROZOVA NATALIYA SERGEEVNA Lipetsk Branch of Financial University under the Government of the Russian Federation, Lipetsk, the Russian Federation, e-mail: [email protected]

The main sources of formation of property of the enterprise are own and loan capital which size is in a balance passive. Using only own capital, the enterprise has the highest financial stability, but limits rates of the development. The loan capital provides growth of financial capacity of the enterprise in need of essential expansion of its assets and increase of growth rates of volume of its economic activity. It is capable of generating a gain of financial profitability due to the effect of financial leverage. At the same time use of the loan capital generates risk of decrease in financial stability and risk of loss of solvency. The level of these risks increases in proportion to growth of specific weight of use of the loan capital. The assets created by the loan capital generate a smaller rate of return which decreases for the sum of the paid loan percent. Also there is a high dependence of cost of the loan capital on fluctuations of an environment of the financial market. Thus, the enterprise using the loan capital has higher financial potential of the development and a possibility of a gain of financial profitability, however to a large extent generates financial risk and the threat of bankruptcy. The analysis of efficiency of use of own and loan capital of the organizations represents the way of accumulation, transformation and use of information of accounting and the reporting aiming: to estimate the current and perspective financial state of the organization, i.e. use of own and loan capital; to prove the possible and acceptable rates of development of the organization from a position of providing them by financing sources; to reveal available sources of means, to estimate rational ways of their mobilization; to predict the position of the enterprise at the market of the capitals.

Key words: own capital, loan capital, problems of functioning and use of various sources of the capital of the enterprise

Introduction.

It is known that each enterprise has its own financial resources - these are the funds at the disposal of the enterprise and intended to ensure its effective operation, to fulfill financial obligations and provide economic incentives to employees. Financial resources are formed from their own and borrowed funds.

Own sources of financial resources at operating enterprises include income (profit) from the main and other activities, non-sales operations, depreciation, proceeds from the sale of retired property. Along with them, the sources of financial resources are stable liabilities, which are equated to their own sources, since they are constantly in the turnover of the enterprise, are used to finance its economic activities, but do not belong to it. Sustainable liabilities include: wage arrears and deductions for social insurance, reserve of forthcoming payments wages during regular holidays and a one-time remuneration for length of service, debt to suppliers for non-fractionated deliveries, depreciation fund funds allocated for the formation of production reserves for overhaul, debt to the budget for certain types of taxes, etc. The need for funds increases as the enterprise operates. This is due to the growth of the production program, depreciation of fixed production assets, etc. Therefore, appropriate financing of capital gains is required.

Therefore, when an enterprise does not have enough own funds to finance the activities of the enterprise, it can attract funds from other organizations, which are called borrowed capital.

1. General concept capital.

Collection output:

IMPACT OF LOAN CAPITAL ON THE FINANCIAL STATE OF THE ENTERPRISE

Pachkova Olga Vladimirovna

cand. economy Sciences, Associate ProfessorFGAOU HPE "Kazan (Volga Region) Federal University", Russian Federation, Republic of Tatarstan, Kazan

Gaptelkhakov Marat Rafkatovich

4th year student of the Kazan (Volga Region) Federal University, Russian Federation, Republic of Tatarstan, Kazan

INFLUENCE OF BORROWED CAPITAL ON FINANCIAL CONDITION OF THE ENTERPRISE

Olga Pachkova

candidate of Economic Sciences, Associate professor of FSAEI HVE “Kazan Federal University”, Republic of Tatarstan, Kazan

Marat Gaptelhakov

4-year student, FSAEI HVE “Kazan Federal University”, Republic of Tatarstan, Kazan

ANNOTATION

The article considers borrowed sources of financing of the enterprise. Since in its activities the company is faced with the need to attract additional funds. The types of borrowed capital are considered, the effect of financial leverage is shown in detail, since effectively attracted borrowed capital must satisfy the conditions for reducing costs and increasing profits from the use of capital.

ABSTRACT

The article deals with borrowed sources of financing. Since the company faces with the need to raise additional funds in its activity. The types of debt capital are considered; the effect of financial leverage is shown in detail, as effectively involved borrowed capital must satisfy the conditions to reduce costs and increase profits from the capital use.

Keywords: borrowed capital; Bank loan; bond loan; leasing; effect of financial leverage.

keywords: borrowed capital; bank credit; funded loan; leasing; effect of financial leverage.

As the enterprise operates, the need for cash increases, which requires proper financing of capital gains. At the same time, an enterprise with a shortage of its own funds can attract funds from other organizations, which are referred to as borrowed capital. Borrowed capital refers to funds that are lent to an enterprise by third-party organizations to achieve the goals of its activities, as well as to make a profit.

The organization of borrowed capital has a significant impact on the efficiency of companies and is the key if they make long-term and costly investments.

Among the advantages of using borrowed capital, the following can be distinguished: wider opportunities for attracting, especially with a high rating of the borrower; increase in return on equity; the possibility of using tax shields that reduce the cost of capital, since the interest paid is included in the cost; accelerated development of the enterprise and others.

In addition, the use of borrowed capital also has disadvantages: raising borrowed funds creates financial risks (interest rate, risk of loss of liquidity), the targeted nature of the use of borrowed funds, and the complexity of the procedure for raising borrowed funds.

Borrowed capital as a long-term source of financing is divided into such sources of financing as bank loans, bond loans and leasing. In a general sense, a loan is the provision by one party (the lender) of money or other things to the property of the other party (the borrower).

The bond loan plays a significant role in terms of financing the activities of the company. It is carried out by issuing and selling bonds. The issue of bonds is designed to attract investments from a wide range of people, in contrast to a bank loan. With a bank loan, a bank or other credit institution acts as a lender.

According to Art. 665 of the Civil Code of the Russian Federation, leasing is the operation of acquiring ownership by the lessor (lessor) of the property specified by the lessee (lessee) from a seller determined by the lessee with its subsequent provision for a fee for temporary possession and use for business purposes.

Thus, leasing is a type of entrepreneurial activity that provides for the investment by the lessor of financial resources in the acquisition of property with its subsequent provision to the lessee on a lease basis.

The leasing car market is developing rapidly in Russia. This is primarily due to the fact that the cost of expensive property can be completely written off in an exceptionally short time, while its consumer qualities do not actually change. But the market leader in terms of the subject of leasing at the end of 2014 is railway equipment, which occupies 42.2%. For comparison , leasing cars account for 21.7 % of the market .

When choosing a method of raising borrowed capital, an enterprise should pay attention to the following key parameters:

1. the amount of financial resources;

2. the term for their provision;

3. the level of interest payments for the resources provided;

4. type of resource attraction rate (floating or fixed);

5. the need for collateral and its conditions;

6. terms of repayment.

The indicator of financial leverage helps to answer the question of how much borrowed funds per ruble of own funds. This is the ratio of debt to equity. The effect of financial leverage reflects the change in the return on equity obtained through the use of borrowed funds. It is calculated according to formula 1:

The figure below shows the components of the effect of financial leverage (Fig. 1).

Figure 1. The effect of financial leverage

The tax coefficient (1-t) shows the extent to which the effect of financial leverage is manifested in connection with different levels of income tax.

One of the multipliers is the so-called financial leverage differential (Dif) or the difference between the return on the company's assets (economic profitability), calculated on EBIT, and the interest rate on borrowed capital. The financial leverage differential is the main condition that forms the growth of return on equity. For this, it is necessary that the economic profitability exceed the interest rate of payments for the use of borrowed sources of financing, i.e., the financial leverage differential must be positive. If the differential becomes less than zero, then the effect of financial leverage will only act to the detriment of the organization.

The final component is the coefficient of financial leverage (or leverage of financial leverage - FLS). This coefficient characterizes the strength of the impact of financial leverage and is defined as the ratio of borrowed capital (D) to equity (E).

The differential and lever arm are closely interconnected. As long as the return on investment in assets exceeds the price of borrowed funds, i.e., the differential is positive, the return on equity will grow the faster, the higher the ratio of borrowed and own funds. However, as the share of borrowed funds grows, their price rises, profits begin to decline, as a result, the return on assets also falls and, therefore, there is a threat of obtaining a negative differential.

According to economists, based on a study of the empirical material of successful foreign companies, the optimal effect of financial leverage is within 30-50% of the level of economic return on assets (ROA) with a financial leverage of 0.67-0.54. In this case, an increase in the return on equity is ensured not lower than the increase in the profitability of investments in assets.

The effect of financial leverage contributes to the formation of a rational structure of the sources of funds of the enterprise in order to finance the necessary investments and obtain the desired level of return on equity, in which the financial stability of the enterprise is not violated.

For almost any company, borrowed sources of financing mean the possibility of more intensive development, largely due to the formation of an additional amount of assets. However, companies that use borrowed capital are more exposed to financial risk and the threat of bankruptcy. Therefore, it is necessary to more carefully approach the issue of choosing sources of debt financing, taking into account all possible risks.

Bibliography:

1. Civil Code of the Russian Federation. Part 2 dated January 26, 1996 No. 14-FZ // Collection of Legislation of the Russian Federation. - 1996. - No. 5. - Art. 665.

2. Kovalev V.V. Course of financial management: textbook. allowance. M.: TK Velby, Prospekt Publishing House, 2008. - 448 p.

3. Kovalev V.V. Financial management: theory and practice: textbook. allowance. M.: TK Velby, Prospekt Publishing House, 2007. - 1024 p.

4. Koltsova I. Five indicators for an objective assessment of the debt burden of your company // CFO. - 2006. - No. 6. - S. 16-21.

5. Market structure by leasing items // Rating agency "Expert RA" [ Electronic resource]. - Access mode. - URL: http://www.raexpert.ru/rankingtable/leasing/leasing_2014/tab03/ (date of access: 03/28/2015).

6. The effect of financial leverage (DFL) // Site analysis of the financial condition of the enterprise [Electronic resource]. - Access mode. - URL: http://afdanalyse.ru/publ/finansovyj_analiz/1/ehffekt_finansovogo_rychaga/7-1-0-222 (date of access: 03/27/2015).

Dissertation abstract on the topic "Management of debt capital of an enterprise"

As a manuscript

VOLKOV Vladimir Avazbekovich

MANAGEMENT OF BORROW CAPITAL OF THE ENTERPRISE

Specialty: 08.00.10 - "Finance, money circulation and credit"

Saratov - 2005

The work was carried out at the Department of Finance of the Saratov State Socio-Economic University.

Academic Supervisor Official Opponents

Lead organization

Cand. economy Sciences, Associate Professor Alekhina Olga Efimovna

Doctor of Economics Sciences, Professor Kovalenko Sergey Borisovich Ph.D. economy Sciences, Associate Professor Kondratiev Valery Alekseevich

Ural State University of Economics

The defense will take place on December 6, 2005 at 1300 hours. at a meeting of the dissertation council D 212.241.03 at the Saratov State Socio-Economic University at the address:

410003, Saratov, Radishcheva, 89, Saratov State Socio-Economic University, room. 843.

The dissertation can be found in the library of the Saratov State Socio-Economic University.

Scientific secretary of the dissertation - ,--. l S.M. Bogomolov

Council, Ph.D. economy Sciences, Associate Professor J --3 -"

GENERAL DESCRIPTION OF WORK

Relevance of the topic. The development of market relations in Russia led to the independence of the enterprise in the process of making managerial decisions in all areas of financial and economic activity.

The enterprise independently carries out investment activities, forms the volume of production, determines the pricing policy, etc. To carry out financial and economic activities, the enterprise forms a certain structure of funding sources. As practice shows, borrowed capital plays a significant role in this structure. It should be kept in mind, however, that the market conditions must maintain liquidity, solvency and operate profitably.

Under these conditions, the topic of the dissertation research is particularly relevant. ^cNation^!

LIBRARY C-! 9E

The degree of scientific development of the problem. In economic science, borrowed capital in its various forms has been studied for a long time. An important contribution to the development of the problem of borrowed capital was made first by the classics of economic theory in the person of Smith A., Ricardo D., Petty V. and Marx K. Then, the generations of economists who replaced them considered borrowed capital as an element of the capital structure of an enterprise. Here it is necessary to note the works of Keynes J., Friedman M., Brailey R. and Myers S., Fisher S., Dornbush R., Shmalenzi R., Harris L., Samuelson P.

Among domestic economists who have made a significant contribution to the development of the problem of the participation of borrowed capital in the enterprise financing system, it is necessary to note Abalkina L.I., Antonov N.G., Barda B., Blank I.A., Bukato V.I., Bunkina M. K., Kovaleva V.V., Mironova M.G., Molchanova A.V., Movsesyan A.G., Polyakova V.P., Rasskazova E.A., Sokolinskaya N.E., Usoskina V.M., Feldman A. .B., Sheremeta A.D., Shirinskoy E.B. other.

The relevance and insufficient development of problems related to the management of borrowed capital and the development of its areas determined the choice of topic, goals and objectives of the dissertation research.

Research objectives. To achieve this goal, it was necessary to solve the following tasks that determined the logic and structure of the dissertation research:

Determine the essence, place and role of debt capital management in the financial and economic activities of the enterprise;

To explore the basics of managing the borrowed capital of an enterprise;

Analyze the features and organizational foundations of building financial budgets enterprises;

The information base of the study was the legislative and regulatory acts of the Russian Federation, the state statistical reporting of the State Statistics Committee of the Russian Federation, reports and materials of the Ministry of Finance of the Russian Federation and the Ministry of Economic Development and Trade of the Russian Federation, data from Volgograd Motor Plant JSC, NPO Physics JSC and CJSC " Coltech International”, materials of scientific and practical conferences, as well as data from special economic studies published in the press.

From the standpoint of financial management, the essential characteristics of the borrowed capital of the enterprise are supplemented: borrowed capital as an object of management and borrowed capital as a source of additional income;

Based on a comprehensive study of the main characteristics, the definition of the essence of the concept of "loan capital" from the point of view of the borrowing enterprise is given;

The functions of borrowed capital have been supplemented (providing function, intensification function), revealing its role and place in business turnover enterprise-borrower;

The content of the process of attracting borrowed capital has been studied: borrowed capital as an element of creating a new business; communication and

coordination of borrowed capital with financial and management processes enterprises; deterministic and adjustable parameters of borrowed capital; the impact of borrowed capital on financial results enterprise activities;

A systematic approach to the management of an enterprise's borrowed capital is proposed, which includes two interrelated areas: management of borrowed capital as an independent element of the enterprise's capital; management of borrowed capital as a set of independent elements;

The expediency of using a borrowing budget in financial planning at an enterprise, which focuses on the problem of attracting borrowed capital and allows optimizing its main parameters (volume, instrument, time, structure, cost), is substantiated.

The practical significance of the study is the orientation of the provisions, conclusions and recommendations of the dissertation for widespread use in improving the management of borrowed capital in the capital structure of the enterprise.

Approbation of works The main provisions have been tested in the articles of the author. The most significant provisions and results of the study were reflected in four papers published by the author with a total volume of 2.1 p.l.

Completed scientific developments are also used in the educational process by the Department of Finance of the Saratov State Socio-Economic University when teaching academic disciplines for students studying in the specialty "Finance and Credit" specialization "Financial Management".

The list of used literature includes 173 sources. There are 4 tables, 7 figures and 12 appendices in the work.

MAIN IDEAS AND CONCLUSIONS OF THE THESIS FOR DEFENSE

First chapter " Theoretical basis functioning of the borrowed capital of the enterprise”. Borrowed capital as a financial category expresses its inherent economic relations, mediated by a certain amount of funds allocated for temporary use by one business entity to another. In this capacity, borrowed capital is the unity of the economic relationship and its form (monetary, tangible or intangible). From a legal point of view, borrowed capital expresses the right to dispose of funds received for temporary use and the right to demand their return on time. The borrowing enterprise manages the borrowed capital in accordance with the needs that have arisen, however, the creditor's corresponding right to demand a return stimulates the need for rational use of borrowed capital, taking into account the conditions for attracting it. Therefore, the right to dispose or demand is due to the ownership of the borrowed capital of the parties to the transaction.

From a financial point of view, most scientists understand borrowed capital as a set of monetary, material (buildings, structures, equipment, etc.) and intangible (patents, rights, trademarks, etc.) values transferred by one business entity for use by another to the subject on the terms of urgency, payment, repayment and security.

From the point of view of accounting, borrowed capital is determined by the totality of the company's liabilities, grouped by articles in the context of short-term and long-term accounts payable, expressed in monetary units as of a certain reporting date.

The obvious variety of definitions of borrowed capital found in the economic literature is a manifestation of the complex nature of this category and the versatility associated with it. economic relations, which allowed the author of the study to conclude that there is no common understanding in the modern economic literature in terms of managing it in an enterprise. In this connection, the author of the study highlights the general economic characteristics of borrowed capital, which manifests itself as the original ownership of it not by the borrowing enterprise, but by its external partners, and characteristics from the point of view of managing borrowed capital at the enterprise.

In modern domestic and foreign economic literature, the following generally recognized essential characteristics of borrowed capital have been identified:

1. accumulated value;

2. risk factor carrier;

3. carrier of the liquidity factor;

4. object of time preference;

5. object of market circulation;

6. object of use

a. factor of production;

b. investment resource;

Considering the complexity of borrowed capital as a component of an enterprise's activities and an element of liabilities, the author of the study identified two more characteristics that allow studying borrowed capital from the standpoint of managing it at an enterprise within the framework of financial management. As such, the author attributed the characteristics of the borrowed capital of the enterprise as an object of management and the ability in this capacity to bring additional returns, that is, to act as its source.

1. Borrowed capital as an object of management. Borrowed capital as an object of enterprise management is isolated, has a value expression, mediating, servicing and maintaining the continuity of the financial and economic activities of the enterprise, affects the solvency, financial stability of the enterprise and its financial result.

A characteristic feature of borrowed capital as an object of management in an enterprise is the freedom of the owners and / or management of the enterprise to make decisions not only regarding its presence or absence in the capital structure of the enterprise, but also regarding its quantity (volume) and quality (the structure of elements by urgency, price, conditions interest receipts and payments).

The process of making managerial decisions on borrowed capital includes a set of measures that determine its place and role in the capital structure of an enterprise through determining the source or group of sources, forms and conditions (volume, term, price) of attraction; providing continuous servicing of borrowed capital and its subsequent repayment. The whole set of solutions mentioned above is acceptable for the enterprise only while maintaining the current financial independence and ensuring minimal possible risk bankruptcy.

The last argument in favor of considering borrowed capital as an object of corporate financial management is the constant development and improvement of sources, forms and conditions for attracting it by an enterprise.

2. The source of additional return is one of the key practical characteristics of borrowed capital, suggesting that, along with the presence of equity capital, the use of borrowed capital in the capital structure of an enterprise affects the extensive and intensive development of the enterprise itself. Extensive development of the enterprise is achieved by attracting the amount of borrowed capital and the invariance of the amount of equity capital. As a result, assets, financial potential, scale of production, cash flow of the enterprise increase and, as a result, there is

additional return (income). Intensive development of the enterprise is achieved by increasing the share of borrowed capital in the capital structure of the enterprise. An increase in the level of financial leverage of an enterprise predetermines a greater level of risk of a bankruptcy situation with a higher return on equity, and, just as with extensive development, additional returns (income) arise.

In this regard, the dynamics of additional returns, due to the attraction of borrowed capital into the capital structure, is controlled by the owners and/or management of the enterprise. The level of return on borrowed capital shows the absolute value of its increment after a complete cycle from the moment it is applied to the moment it is returned to the creditor. The rate of return on borrowed capital of an enterprise is a relative value. These indicators help to assess the economic feasibility of attracting borrowed capital and rank its instruments according to the return / price ratio.

The level of return on borrowed capital of the borrowing enterprise is measured on the basis of the criterion of excess of the profitability of the event financed by it over its price. In this case, the limitation is the minimization of the risk of sanctions in case of violation of the conditions for attracting, servicing or repaying borrowed capital.

The owners and / or management of the enterprise in the process of managing borrowed capital are guided by the fact that its use is possible in the case when the additional return (additional income) they receive covers the costs of servicing it. In turn, the inefficient use of borrowed capital can cause enormous damage to the enterprise and lead to bankruptcy.

The totality of essential characteristics, reflecting the versatility and complexity of borrowed capital, is presented by the author of the study as follows:

Rice. 1. Essential characteristics of the borrowed capital of the enterprise

The identification of essential characteristics allowed the author of the study to define the essence of borrowed capital from the point of view of its management in the capital structure of the borrowing enterprise.

Borrowed capital is a part of the capital of an enterprise that functions in the economic system on the basis of market principles and is an object of management. The volume and composition of borrowed capital are regulated by the owners and / or management of the enterprise in accordance with its goals, according to the criteria of time, risk and liquidity. Borrowed capital expands production and investment the potential of the enterprise, but at the same time limits the financial independence of the enterprise from other subjects of the economy.

Being an independent category and an integral element of the economic relations of the enterprise, borrowed capital performs a number of functions. The generally recognized functions of borrowed capital include the functions of redistribution, savings and control. From the point of view of the problem of managing borrowed capital, the author supplemented them with providing and intensifying functions.

1) The essence of the supporting function of borrowed capital is determined by the intended purpose of the enterprise and the optimization of the passive part of its balance sheet. The intended purpose of the enterprise is to regularly receive profit, as a result of which the market value of the enterprise grows, which, if necessary, is supported by the receipt of additional borrowed capital by the enterprise compared to the initial investment. In other words, the borrowed capital of the enterprise in this case satisfies the interests of its owners and/or management.

In procedural terms, the second aspect is more significant - optimization of the passive part of its balance. Any enterprise is financed from several sources: contributions from owners, credits, loans, accounts payable, reinvested profits, donations, earmarked contributions, etc. Attraction of borrowed capital involves expenses - payment for its use. The abundance of tools, the cost of each of which is different, dictates the choice of the most optimal combination. This aspect is especially significant when it is necessary to mobilize additional resources in large volumes, which takes place during the implementation of strategic programs. Which instrument or combination of them - the issue of debt securities, obtaining a long-term loan, financing through prolonged short- and medium-term loans - will fully satisfy the need of the enterprise for financial resources.

2) The function of intensifying the processes of concentration and centralization of capital is manifested in the ability of borrowed capital to expand the scope of the individual capabilities of the enterprise.

The function of intensification of borrowed capital in the capital structure of an enterprise involves the improvement of quality

characteristics of the resources used. In other words, the activation of the process of attracting borrowed capital accelerates the process of growth of the enterprise itself, its value, increases its cash flows, and increases the return on equity. And the emerging "tax shield" gives the company additional benefits.

In modern conditions, borrowed capital is distinguished by the variety of its elements. For more efficient management of borrowed capital in the capital structure of an enterprise, a clear systematization of classification features is necessary, which will allow a high degree reliability to identify one or another element of borrowed capital. In the first chapter of the dissertation, the author gives integrated system classification features of borrowed capital, taking into account the peculiarities of its presence in the capital structure of the enterprise.

Source localization

Source nationality

Source owner

Number of creditors

Seniority of creditors

Availability

Degree of risk

Degree of organization

Degree of liquidity

Tool

Urgency

security

Payment types

Frequency of payments

Rice. 2. Classification of borrowed capital of the enterprise.

The variety of elements of the borrowed capital of the enterprise necessitated a clear separation of these elements for the effective management of borrowed capital in the capital structure of the enterprise. To do this, the author divided all the classification features of the borrowed capital of the enterprise into three areas of its attraction:

I. sources of attraction;

II. forms of attraction;

III. attraction conditions.

Classification by sources of borrowed capital reveals the properties of the source of attraction: its localization, nationality and characteristics of creditors (number and seniority).

Classification according to the form of attraction reveals the degree of availability, risk, organization and liquidity of borrowed capital.

Within the framework of the second direction of classification features, the author of the study singled out a group of borrowed capital in terms of the level of riskiness (creditworthiness) of the borrowing enterprise. This is due to the fact that the properties of borrowed capital (its volume, price, maturity and security) are largely determined by the investment quality of the borrower.

absolutely liquid, limitedly liquid and illiquid borrowed capital. This seems possible, since in modern economic literature the concept of liquidity from the point of view of an enterprise is used mainly in relation to assets, while borrowed capital is one of their sources, and in the event of a critical situation (for example, bankruptcy), the question arises of the possibility of selling or assignment of the borrower's obligations.

Classification according to the terms of attraction reveals the conditions for attracting borrowed capital, reflected in the agreement regulating the relationship of attracting, servicing and repaying borrowed capital by the enterprise. These conditions are clearly agreed upon by the lender and the borrower, and then fixed in the contract. The conditions for attracting borrowed capital include: purpose, subject, instrument, term, security, types and frequency of payments.

The allocation of directions for attracting borrowed capital allows, on the one hand, to optimize the composition of its sources (through optimization of the cost and structure of the borrowed capital itself) and maximize market value enterprises, and on the other hand, to optimize the forms and conditions of the attraction process, taking into account the specifics of the activity of the borrowing enterprise.

After considering the content (essential characteristics, functions) of the borrowed capital of an enterprise and the diversity of its elements in terms of sources, forms and conditions for attracting it, it should be remembered that each stage in the development of economic relations corresponds to a different capital structure.

Our theoretical conclusions about the importance and significance of borrowed capital for an enterprise can be illustrated by statistical "

data, the analysis of which showed that in recent years the capital structure of enterprises has changed in many ways.

The volume of own capital of enterprises from 2000 to 2003 increased by 2,650,680 million rubles. up to RUB 8,113,388 million However, its share during this time decreased by almost 7 points from 54.9% in 2000 to 48.0% in 2003. This indicates a decrease in the role of equity capital and an increase in the importance

borrowed capital in the structure of financing of Russian enterprises on present stage.

The volume of borrowed capital of enterprises from 2000 to 2003 increased by 4,315,983 million rubles. and amounted to 8,795,918 million rubles. The increase in the share of debt capital of enterprises over four years amounted to about 7 points from 45.1% in 2000 to 52.0% in 2003. This fact reflects the growing importance of debt capital in the structure of financing domestic enterprises.

The coefficient of autonomy, according to the State Statistics Committee of the Russian Federation, in 1998 was 65.5%, in 2000 - 59.9%, and in 2003 - 57.7%. The downward dynamics of the coefficient indicates a decrease in the independence of domestic enterprises over the period under review.

Speaking about the structure of the borrowed capital of an enterprise, it should be noted that the main feature is that in Russian economy accounts payable has taken a strong leading position as an instrument for attracting borrowed capital. The total accounts payable of domestic companies currently significantly exceeds the share of bank loans. In 2000, the share of accounts payable amounted to 3,514,951 million rubles. (78.5% of the borrowed capital of the enterprise, 35.4% of all sources of financing of the enterprise), in 2003 - 5,283,176 million rubles. (60.1% of the borrowed capital of the enterprise, 31.2% of the sources of financing of the enterprise). This state of affairs is a consequence of the systemic economic crisis of 1998, which has not yet been completely eliminated.

From 2000 to 2003, the share of bank loans increased by 1,536,597 million rubles. (2 times) from 763,346 million rubles. (7.7%) in 2000 to 2,299,943 million rubles. (13.6%) in 2003. Thus, there is a positive trend in the share of bank loans in the capital structure of domestic enterprises.

The volume of foreign borrowed capital in the capital structure of domestic enterprises still remains below the level of the pre-crisis 1997, but the assignment of the CCC investment rating to the Russian Federation in January 2004 can have a significant impact on the intensification of the inflow of foreign borrowed capital into the domestic economy. Foreign borrowed capital in 2000 amounted to 122,178 million US dollars, in 2003 - 154,951 million US dollars. Total increase in foreign borrowed capital in the system of financing domestic enterprises from 2000 to 2003 amounted to 32,773 million US dollars (26.8%).

The main conclusion of the author on the basis of all that has been said is that the problem of managing borrowed capital in the capital structure of domestic enterprises at the present stage is extremely important and relevant. This is confirmed by the whole variety of sources of forms and conditions for the functioning of borrowed capital and official statistics.

The second chapter "Management of borrowed capital of the enterprise."

The basis for managing the borrowed capital of an enterprise is the theory of the capital structure, which contributes to the rationale for the adoption and implementation of specific tasks. The tasks and goals of the enterprise are implemented on the basis of the theory of capital structure through the tools of borrowed capital, as evidenced by a wide area practical application theories. The genesis of the capital structure theory, starting from the middle of the 20th century, includes four stages associated with the formation of the following concepts: the traditionalist concept of the capital structure; the concept of indifference of the capital structure - the compromise concept of the capital structure; the concept of conflict of interests in the formation of the capital structure. The above concepts are based on various approaches to optimizing the capital structure of an enterprise and highlighting priority factors that determine the mechanism for such optimization.

The management of borrowed capital of an enterprise involves the study of the process of attracting it to the capital structure of the enterprise. The process of attraction, according to the author, is characterized by a combination of the following features:

Rice. 3. The process of attracting borrowed capital by an enterprise Understanding the process of attracting borrowed capital reveals the features of the mechanism for getting borrowed capital into the financing structure of a domestic enterprise at the present stage.

In addition, the author of the study believes that in a constantly changing economic environment, maintaining liquidity, solvency and simultaneously increasing the financial potential of an enterprise is impossible without developing a systematic approach to managing an enterprise's borrowed capital.

The consistency of the approach lies in the presence of certain interrelated elements that represent an integral structure and influence each other through their inherent functions. A systematic approach to the management of borrowed capital of an enterprise makes it possible to identify elements (instruments for attracting borrowed capital) that are characterized by a set of parameters (volume,

urgency, price, terms of interest payments, etc.), which form a certain structure of borrowed capital. Moreover, in a systematic approach to the management of borrowed capital, its elements are necessarily consistent with the goals and objectives of the enterprise (for example, the elements of the enterprise's borrowed capital are consistent with the assets being invested).

The interaction of the elements of borrowed capital occurs not only within the management system of borrowed capital at the enterprise, but also with elements of other external economic systems. An example of internal and external interaction of elements of the debt capital management system is the restructuring of an existing debt of an enterprise.

The system approach algorithm includes two interrelated areas:

a. management of borrowed capital as an independent element;

b. management of borrowed capital as an aggregate having a complex structure and many independent elements.

It should be emphasized the continuity and interconnectedness of the selected areas of the systematic approach to the management of the enterprise's borrowed capital. The selection of two directions is caused by the need for a logical explanation of the problems of managing borrowed capital in the capital structure of an enterprise.

Direction I Management of borrowed capital as an independent element of the company's capital involves consideration of several aspects of this process.

Within the framework of the first direction, the enterprise is interested in the total amount of borrowed capital of the enterprise, the ratio of equity and debt capital, return on equity and the level of tax protection. The volume of funding sources is determined by the needs of the enterprise. The ratio of own and borrowed capital is determined by the risk appetite of the owners and/or management of the enterprise. Return on equity is determined by the level of financial leverage (the ratio of equity and borrowed capital). The level of tax protection is determined by the current legislation and regulations and the amount of borrowed capital.

In general, within the framework of the first direction, owners and/or management are only interested in the required and permissible amount of borrowed capital, since the assumption of its homogeneity is initially made.

Within this area, the following analytical activities are being implemented:

1. analysis of the level of effect of the financial leverage that has developed in the enterprise and determines the return on equity, as well as the factors influencing it;

2. analysis of the impact of the existing and potential level of tax protection due to the specifics of accounting for debt capital in the process of taxing a particular enterprise;

3. determination of the required and allowable amount of borrowed capital as a homogeneous integral complex of its key characteristics: term - the actual time of attracting and servicing borrowed capital; price - as a final characteristic of the volume and term of borrowed capital, showing the amount of the company's costs for attracting and servicing borrowed capital.

II direction. The need to manage debt capital as a set of independent elements is explained by a shift in emphasis from general issues(the volume and price of borrowed capital, the level of tax protection) in the direction of managing the structure of the borrowed capital itself. The structure of borrowed capital is understood as the ratio of its elements (for example, long-term and short-term borrowed capital).

Of particular interest in this area is the management of borrowed capital within a single element. Debt capital management within one element is due to the possibility of obtaining various options for the structure of debt capital. And structural elements borrowed capital (for example, long-term and short-term borrowed capital) differ in the source, form and conditions of its attraction. Such a variety, combined with the capabilities of an individual enterprise and the situation in various segments of the financial market, directly affects the structure and amount of borrowed capital of an enterprise.

Borrowed capital management as a set of independent elements involves:

1. analysis of the structure of borrowed capital by elements ranked according to its classification (for example, by instruments, these can be loans, bonds, accounts payable, etc.);

2. the possibility of managing the borrowed capital of an enterprise within one of its elements, due to the significant variety of forms and types of its manifestation (for example, borrowed capital consists of a bonded loan, and the latter, in turn, can be attracted through coupon and discount bonds, ruble and currency, with and without an offer). The possibility of varying the management of the borrowed capital of an enterprise within one of its elements allows you to really influence its financial results;

3. due to the heterogeneity of the elements of borrowed capital, the determination of the final price of each element of its attraction is carried out by the borrower by weighing the prices (for example, a coupon or discount on bonds) of each of the sub-elements separately by their weight - volume or share - in the element itself (for example, bond loans). Determining the final price of the borrowed capital of an enterprise is also

is carried out by the weighted average method, but now by weights and prices of enlarged elements.

1. get full information on the quantity (volume) and quality (structure) of the borrowed capital of the enterprise;

2. increase the return on equity of the enterprise;

3. determine the level of tax protection of the enterprise on the basis of I data on the volume and structure of the enterprise's borrowed capital;

4. manage the borrowed capital of the enterprise within one of its ^ structural elements;

5. reduce the cost of borrowed capital of the enterprise by optimizing its structure by elements;

So, a systematic approach to managing the borrowed capital of an enterprise, both as an independent element and as a set of independent elements, is applicable by the owners and / or management of the enterprise, taking into account their goals and objectives. Both directions, complementing each other, give a comprehensive idea of the volume, cost, urgency and security of borrowed capital, as well as its impact on the return on equity, cash flows and the market value of the enterprise.

The third chapter "Financial planning of borrowed capital of the enterprise." Effective management of borrowed capital of an enterprise involves its financial planning. The objectives of financial planning of borrowed capital in the enterprise is to determine the volume, urgency, structure and cost of attracting borrowed capital. The tasks of financial planning of borrowed capital at the enterprise are: increasing the efficiency of using borrowed capital; understanding where, how, when and from whom the enterprise will attract, service and repay borrowed capital; determination of the list of instruments for attracting borrowed capital; analysis of the risks of possible bankruptcy and ways to minimize them.

The information necessary for the effective management of borrowed capital is “dispersed” in a variety of planned financial statements (balance sheet, income statement, cash flow statement), as well as financial budgets (credit J tax and others determined by internal document flow

enterprises). Planned financial statements and budgets from various angles describe the process of managing the borrowed capital of an enterprise through their inherent financial indicators. For example, the balance sheet plan reflects the planned capital structure of the enterprise, including borrowed capital. The credit budget reflects scheduled maintenance and repayment of borrowed capital of the enterprise, and the tax budget - the planned tax payments.

In this regard, a planning document is needed that focuses on the problems of attracting borrowed capital, forming the structure of borrowed capital, choosing the most beneficial instruments for the enterprise in terms of volume, urgency, price, conditions for paying income, etc. The author proposes a borrowing budget, which also pays due attention to accounts payable, which is important for enterprises, taking into account the specifics of Russia's economic development.

The borrowing budget, as a financial plan for managing the borrowed capital of an enterprise, is formed on the basis of data from planned forms of financial reporting and budgets. It is interconnected with credit and tax budgets. On the basis of the borrowing budget data, the owners and/or management of the enterprise can make changes to the balance sheet for elements related to borrowed capital.

Forecasting significant factors affecting the presence and dynamics of the main elements of the borrowing budget is based on historical information, using the apparatus of mathematical statistics, the results of forecasting models (statistical models that take into account the relationship of factors with each other and external factors), expert assessments, etc.

The choice of the optimal borrowing budget is an important condition for the owners and / or management of the enterprise, but today there is no model that clearly defines the optimum from the whole set of alternatives. The decision is made after studying them on the basis of professional experience.

Current control over the implementation of the borrowing budget contributes to the achievement of long-term financial plans, since the presence of financial stability of the enterprise in the short term (up to 1 year) allows the owners and / or management of the enterprise to plan its development for a longer period.

The main planned parameters of the borrowing budget are: instrument; the required amount of borrowed capital in absolute and relative terms; possible amount of borrowed capital in absolute and relative terms; price; shortage of coverage of the required amount due to the possible amount of borrowed capital in absolute and relative terms; final volumes of short-term, long-term and total borrowed capital. one

The amount of the planned attraction of land capital through a specific instrument, expressed in relative units, reflects the share of this instrument in the total amount of borrowed capital of the enterprise.

Thus, the possession by the owners and / or management of the enterprise of such detailed information characterizing the borrowed capital of the enterprise from various angles can significantly improve the efficiency of managing the borrowed capital of the enterprise within the framework of the systematic approach proposed by the author in the second chapter of this dissertation research. The use of the borrowing budget in electronic format allows you to automatically analyze the impact of the enterprise's borrowed capital on the profitability of its activities and / or market value. Automation of the formation of the borrowing budget allows you to use all its positive qualities as efficiently as possible when managing the enterprise's borrowed capital as an independent element of the enterprise's capital, and within the framework of one element.

1. Alekhina O.E., Volkov V.A. The corporate bond market is the most dynamic sector of the Russian stock market. // Financial mechanism for the economic development of Russia: Sat. scientific tr. / Ed. Dr. Econ. Sciences, Professor C.B. Barulina / Saratov State Socio-Economic University. - Saratov, 2004 - 160 p. 0.9 p.l.

2. Volkov V.A. Sources of financing the activities of the enterprise and the features of their formation in the modern Russian economy. // Financial mechanism for the economic development of Russia: Sat. scientific tr. / Ed. Dr. Econ. Sciences, Professor C.B. Barulina / Saratov State Socio-Economic University. - Saratov, 2004 - 160 p. 0.6 p.l.

3. Volkov V.A. Classification of borrowed capital as one of the ways to solve the problem of its management in the enterprise. // Economics and Finance - Moscow, Scientific Publication Fund, 2005, No. 6. 0.3 p.l.

4. Volkov V.A. Advantages and disadvantages of tools for attracting borrowed capital of an industrial enterprise. // Economics and Finance - Moscow, Scientific Publications Fund, 2005, No. 13. 0.3 sq.

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Thesis: content author of the dissertation research: candidate of economic sciences, Volkov, Vladimir Avazbekovich

INTRODUCTION

CHAPTER 1. THEORETICAL FOUNDATIONS OF THE FUNCTIONING OF THE LOAN

CAPITAL OF THE ENTERPRISE.

1.1. The essence and functions of the borrowed capital of the enterprise.

1.2. Classification of the elements of the borrowed capital of the enterprise.

CHAPTER 2. THE PROBLEM OF MANAGING THE LOAN CAPITAL OF THE ENTERPRISE.

2.1. A systematic approach to the management of borrowed capital at the enterprise.

2.2. Management of borrowed capital of the enterprise as an independent element of the capital of the enterprise.

2.3. Management of borrowed capital as a set of independent elements of the company's capital.

CHAPTER 3. FINANCIAL PLANNING OF LOAN CAPITAL

ENTERPRISES.

3.1. Goals and objectives of financial planning of borrowed capital.

3.2. Borrowed capital in the budgeting system.

Thesis: introduction in economics, on the topic "Management of borrowed capital of an enterprise"

Relevance of the topic. The development of market relations in Russia determined the independence of the enterprise in the process of making managerial decisions in all areas of financial and economic activity.

The enterprise independently carries out investment activities, forms the volume of production, determines the pricing policy, etc. To carry out financial and economic activities, the enterprise forms a certain structure of funding sources. As practice shows, borrowed capital plays a significant role in this structure. At the same time, it should be borne in mind that an enterprise in market conditions must maintain liquidity, solvency and work profitably.

The development of the world economy has led to the existing variety of sources, forms and conditions for attracting borrowed capital. The enterprise attracts borrowed capital through government agencies and private financial institutions, which are currently credit organizations, pension and investment funds, and insurance companies. Borrowed capital can be obtained from partner enterprises. Recently, new instruments for attracting borrowed capital have appeared in the financial market. In the conditions of modern Russia, for example, the corporate bond market is actively developing. The emergence of new instruments for attracting borrowed capital is accompanied by the formation of an appropriate legislative framework.

Under the current conditions, enterprises must carefully choose the instruments for attracting borrowed capital and their parameters, that is, learn how to manage borrowed capital to solve the tasks. Effective management of borrowed capital in the capital structure of an enterprise can provide additional income to its business turnover, increase the profitability of the production process itself, and increase the market value of the enterprise. Efficient debt management also stimulates investment activity and the fulfillment of social obligations.

The problem of managing borrowed capital equally affects the interests of large enterprises, medium and small enterprises.

The development of a competitive market environment, a variety of financial institutions, a plurality of borrowed capital instruments require an enterprise to solve an important problem: what instruments of borrowed capital to use; under what conditions to attract; what benefits can be obtained? Under these conditions, the topic of the dissertation research is particularly relevant.

Among domestic economists who have made a significant contribution to the development of the problem of the participation of borrowed capital in the system of financing an enterprise, it should be noted Abalkina L.I., Antonov N.G., Barda B., Blank I.A., Bukato V.I., Bunkina M. K., Kovaleva V.V., Mironova M.G., Molchanova A.V., Movsesyan A.G., Polyakova V.P., Rasskazova E.A., Sokolinskaya N.E., Usoskina V.M. ., Feldman A.B., Sheremeta A.D., Shirinskaya E.B. other.

The essence of borrowed capital at all levels of the economy (macro- and micro-level) with varying degrees of study has been widely reflected in domestic and foreign literature. However, the problem of borrowed capital from the standpoint of the financial management of a particular enterprise requires additional research, taking into account modern realities.

The relevance and insufficient development of problems related to the management of borrowed capital determined the choice of topic, goals and objectives of the dissertation research.

The purpose of the dissertation research is to develop theoretical and practical provisions for the management of borrowed capital in the capital structure to ensure profitability, competitiveness, solvency and financial stability of an enterprise in the context of the development of market relations.

Research objectives. To achieve this goal, it was necessary to solve the following tasks that determined the logic and structure of the dissertation research:

Determine the essence, place and role of borrowed capital in the financial and economic activities of the enterprise;

Explore the elements of borrowed capital and develop their classification;

Investigate the problems of managing the borrowed capital of an enterprise;

Explore the process of attracting borrowed capital;

Propose measures to improve the management of borrowed capital of the enterprise;

The subject of the study is the economic relations that arise in the process of attracting borrowed capital by an enterprise.

The object of the study is the theoretical, organizational and legal aspects of the functioning of borrowed capital in the enterprise. The dissertation research was carried out on the basis of enterprises of the Russian Federation.

The theoretical and methodological basis of the study was the works of Russian and foreign economists in the field of finance theory, financial management and economic analysis. The dissertation used monographs and articles by leading economists on the theory and practice of managing the borrowed capital of an enterprise, financial planning and the problems of developing enterprise budgets, as well as the provisions of the Civil and Tax Codes, legislative and regulatory acts of the Russian Federation.

During the study, methods of theoretical analysis, a systematic approach, grouping, generalization, comparison, functional classification, graphic images, etc. were used.

The information base of the study was the legislative and regulatory acts of the Russian Federation, the state statistical reporting of the State Statistics Committee of the Russian Federation, reports and materials of the Ministry of Finance of the Russian Federation and the Ministry of Economic Development and Trade of the Russian Federation, data from Volgograd Motor Plant JSC, NPO Physics JSC and CJSC " Coltech International”, as well as data from special economic studies published in the press.

The scientific novelty of the study is determined by the fact that it carried out a comprehensive study of the management of borrowed capital of domestic enterprises and suggested ways for its further improvement. The most important results of the dissertation research are as follows: from the standpoint of financial management, the essential characteristics of the borrowed capital of an enterprise are supplemented: borrowed capital as an object of management and borrowed capital as a source of additional income; on the basis of a comprehensive study of the main characteristics of borrowed capital, the definition of the essence of the concept of "borrowed capital" from the point of view of the borrowing enterprise is given; the functions of borrowed capital were supplemented (providing function, intensification function), revealing its role and place in the business turnover of the borrowing enterprise; the author's system of classification signs of borrowed capital of the borrowing enterprise is proposed, ranked in three directions: by sources of attraction, by forms of attraction, by conditions of attraction; the features of the process of attracting borrowed capital are highlighted: borrowed capital as an element of creating a new business, communication and coordination of borrowed capital with the financial and management processes of the enterprise, determinability and controllability of the parameters of borrowed capital, the impact of borrowed capital on the financial results of the enterprise; a systematic approach to the management of an enterprise's borrowed capital is proposed, which includes two interrelated areas: management of borrowed capital as an independent element of the enterprise's capital, management of borrowed capital as a set of independent elements; the expediency of using a borrowing budget in financial planning at an enterprise, which focuses on the problem of attracting borrowed capital and allows optimizing its main parameters (volume, instrument, time, structure, cost), is substantiated.

The theoretical and practical significance of the work lies in the fact that this work develops the conceptual and methodological apparatus of the scientific direction related to the management of the borrowed capital of an enterprise. The dissertation research contains a number of practical recommendations, the implementation of which will improve the efficiency of the enterprise, improve their financial position and raise the quality level of the enterprise's borrowed capital management.

The proposals developed and substantiated by the dissertator can be used by enterprises on a nationwide scale.

The practical significance of the study is to develop conclusions and recommendations for improving the management of borrowed capital in the capital structure of an enterprise in modern conditions.

Approbation of work. The main provisions have been tested in the articles of the author. The most significant provisions and results of the study were reflected in 4 works published by the author with a total volume of 2.1 p.l.

The completed scientific developments are used in the educational process by the Department of Finance of the Saratov State Socio-Economic University when teaching academic disciplines for students studying in the specialty "Finance and Credit" specialization "Financial Management".

Applied developments are used in planning the need for borrowed capital at JSC "Trolza" (Engels).

Scope and structure of work. The dissertation consists of an introduction, three chapters, including seven paragraphs, a conclusion, a list of references and applications.

Thesis: conclusion on the topic "Finance, monetary circulation and credit", Volkov, Vladimir Avazbekovich

Conclusion

The market reforms of the last decades and, as a result, the increased independence of the enterprise in all areas of financial and economic activity have led to the freedom to choose the structure of financing for domestic enterprises. In accordance with this, the role of borrowed capital as a source of debt financing of an enterprise has grown significantly. Moreover, in market conditions this is especially true, since the preservation of liquidity, solvency and profitability of production are the fundamental principles of market management.

Trends in the development of the world economy have led to a variety of sources, forms and conditions for attracting borrowed capital. Today, enterprises attract borrowed capital from private financial institutions represented by credit institutions, pension and investment funds, insurance companies, as well as from partner enterprises and government agencies. There are also new instruments for attracting borrowed capital in the financial market. For example, in the conditions of modern Russia, the corporate bond market is actively developing.

Under the current conditions, enterprises must carefully choose the instruments for attracting borrowed capital and their parameters, that is, learn how to manage borrowed capital in order to solve the tasks. This, in turn, will provide additional income to the business turnover of the enterprise, increase the profitability of production, and increase the market value of the enterprise. Efficient management of borrowed capital stimulates investment activity and the fulfillment of social obligations of the enterprise.

The formation of a new competitive environment for enterprises, the formation and development of financial institutions, the multiplicity of borrowed capital instruments make the topic of dissertation research particularly relevant.

In the first chapter, borrowed capital is presented as a financial category that reflects economic relations mediated by a certain amount of funds transferred for temporary use by one business entity to another. In this capacity, borrowed capital is the unity of economic relations and their form (monetary, tangible or intangible). It should be stated that the essence of borrowed capital in the economic literature F has been studied quite fully and in detail. Traditionally, the following essential characteristics are distinguished: accumulated value; bearer of the risk factor and liquidity; object of time preference and market circulation; factor of production and investment resource.

However, the characteristics of borrowed capital must be supplemented from the point of view of the borrowing enterprise: borrowed capital as an object of management and its ability in this capacity to bring additional returns, that is, to act as its source.

Borrowed capital as an object of management is isolated, has a value expression, serves and maintains the continuity of the enterprise, and also affects its solvency, financial stability and financial result. Borrowed capital as an object of management has a complex internal structure and is formed in accordance with the objectives. The owners and/or management of an enterprise can make a decision regarding its presence or absence in the capital structure of the enterprise, as well as regarding its quantity (volume) and quality (the structure of elements by maturity, price, terms of receipt and payment of interest). G

Borrowed capital as a source of additional return. The additional return received by the enterprise depends both on the volume of the borrowed capital itself and its parameters (price, conditions), and on the efficiency of its use. Borrowed capital affects both the extensive and intensive development of the enterprise. Extensive development of the enterprise is achieved by attracting additional borrowed capital. As a result, assets, financial potential, scale of production, cash flow of the enterprise increase and, as a result, there is an additional return (income). Intensive development of the enterprise is achieved by increasing the share of borrowed capital in the capital structure of the enterprise. An increase in the level of financial leverage of an enterprise increases the risk of bankruptcy with a higher return on equity, which also contributes to the emergence of additional returns (income).

The dynamics of additional returns is controlled by the owners and/or management of the enterprise. The level of return on borrowed capital is the absolute value of its increment after a complete cycle from the moment it is applied to the moment it is returned to the creditor. The rate of return on borrowed capital of an enterprise is a relative value. These indicators help assess the feasibility of attracting borrowed capital and rank its instruments in terms of return / price ratio.

The essence of the providing function of borrowed capital is the ability to use it to form a target capital structure. In general, the operation of this function is explained, firstly, by the need to generate profits for the enterprise, which, if necessary, is provided by additional attraction of borrowed capital compared to the initial investment, and, secondly, by optimizing the passive part of the enterprise's balance sheet. Since the attraction of borrowed capital involves the cost of using it, the abundance of instruments that differ in value dictates the choice of the most optimal combination of them. This is especially significant when it is necessary to mobilize large amounts of additional resources for the implementation of strategic programs.

The function of intensification is manifested in the ability of borrowed capital - a powerful factor in the concentration of capital - to expand the scope of individual investment opportunities of the enterprise. With the help of borrowed capital, the scale of existing production is maintained and the growth of future production is ensured.

The function of intensifying the borrowed capital of an enterprise involves improving the qualitative characteristics of the resources used. In other words, the activation of the process of attracting borrowed capital accelerates the process of growth in the value of the enterprise, increases its monetary, material and intangible reserves by increasing the return on equity. And the emerging "tax shield" provides additional benefits.

The study of the essential characteristics and functions made it possible to clarify the essence of the concept of "loan capital" of the enterprise.

Borrowed capital is a part of the capital of an enterprise that functions in the economic system on the basis of market principles and is the object of management. The volume and composition of borrowed capital are regulated by the owners and / or management of the enterprise in accordance with its goals, according to the criteria of time, risk and liquidity. Borrowed capital expands the production and investment potential of the enterprise, but at the same time limits the financial independence of the enterprise from other economic entities.

The expediency for enterprises to attract borrowed capital, on the one hand, and the variety of its forms, on the other, necessitated the classification of its elements for effective management of it at the enterprise. In this study, the classification features are grouped into three areas for attracting borrowed capital: sources of attraction; forms of attraction; attraction conditions.

Classification by source reveals the properties of the source of borrowed capital: its localization, nationality and characteristics of creditors (number and seniority).

Classification according to the form of attraction reveals the degree of availability, risk, organization and liquidity of the borrowed capital.

Here are the following clarifications. A group of borrowed capital has been singled out in terms of the level of riskiness (creditworthiness) of the borrowing enterprise, since the properties of borrowed capital (volume, price, maturity and security) are largely determined by the investment qualities of the borrowing enterprise itself. The group of borrowed capital, in terms of its degree of liquidity, includes absolutely liquid, limitedly liquid and illiquid borrowed capital, since in the event of a critical situation (bankruptcy), the question arises of the possible sale or assignment of the obligations of the borrowing enterprise.

Classification by conditions reveals the conditions for attracting borrowed capital, provided for by the relevant agreement. For example, purpose, subject, instrument, term, security, types and frequency of payments.

The proposed classification of borrowed capital in these areas allows you to optimize the composition of sources, as well as the forms and conditions of attraction.

The second chapter reflects the rationale for a systematic approach to managing the borrowed capital of an enterprise, implemented on the basis of the theory of capital structure and reveals the characteristic features of the process of attracting borrowed capital into the business turnover of an enterprise, divided into four blocks.

The systematic approach lies in the presence of interconnected elements that make up an integral structure and influence each other through their inherent functions. A systematic approach to managing the borrowed capital of an enterprise makes it possible to identify elements (instruments for attracting borrowed capital) characterized by a set of parameters (volume, maturity, price, terms of interest payments, etc.) that form a certain structure of borrowed capital. Moreover, in a systematic approach to the management of borrowed capital, its elements are necessarily consistent with the goals and objectives of the enterprise (for example, the elements of the enterprise's borrowed capital are consistent with the assets being invested).

The interaction of elements occurs within the enterprise's loan capital management system and with elements of the external environment. An example of internal and external interaction of elements is the restructuring of an existing debt of an enterprise.

The systems approach algorithm includes two related directions: a. management of borrowed capital as an independent element; b. management of borrowed capital as an aggregate having a complex structure and many independent elements.

The selection of two directions is caused by the need for a logical disclosure of the problems of managing the borrowed capital of an enterprise.

Direction I involves consideration of several aspects. The company is interested in the total amount of borrowed capital, the ratio of equity and debt capital, return on equity and the level of tax protection. The volume of funding sources is determined by the needs of the enterprise; the ratio of own and borrowed capital - the propensity of the owners and / or management of the enterprise to take risks; return on equity - the level of financial leverage; the level of tax protection - by the current legislation and regulations, as well as the amount of borrowed capital.

Within the framework of the first direction, owners and/or management are only interested in the required and permissible amount of borrowed capital, since an assumption is initially made about its homogeneity. In this direction, a number of analytical measures are being implemented:

1. determination of the required and allowable amount of borrowed capital under the given conditions as a homogeneous integral complex of its characteristics: term and price;

2. analysis of the current level of the effect of financial leverage and factors influencing it;

3. analysis of the impact of the existing and potential tax shield.

The second direction is due to a shift in emphasis from general issues towards managing the structure of borrowed capital - the ratio of its elements (for example, long-term and short-term borrowed capital).

Debt management within one element involves various financing options from the same source. Moreover, the structural elements of borrowed capital (for example, long-term and short-term borrowed capital) may differ in the source, form and conditions of its attraction. This diversity, combined with the capabilities of an individual enterprise-borrower and the financial market conditions, affects the structure and volume of its borrowed capital.

The second direction of debt capital management involves:

1. analysis of the structure of borrowed capital by its elements;

2. the possibility of managing the borrowed capital of an enterprise within one of its elements;

3. determination of the final price of the borrowed capital of the enterprise is carried out by the method of weighted average by the weights and prices of the elements.

In addition, in order to improve the quality of debt capital management, it is necessary to consider the process of attracting it to the capital structure of an enterprise, which, according to the author, is characterized by a set of specific features. Understanding the process of attracting borrowed capital reveals the mechanism of getting borrowed capital into the financing structure of a domestic enterprise at the present stage.

The third chapter is devoted to the financial planning of the borrowed capital of the enterprise. The information necessary for the effective management of borrowed capital is "dispersed" in the planned financial statements, as well as financial budgets. Planned financial statements and budgets from various angles describe the process of managing the borrowed capital of an enterprise through their inherent financial indicators.

In this regard, a planning document is needed that focuses on the problem of attracting borrowed capital, forming its structure, choosing the most profitable instruments for the enterprise in terms of volume, urgency, price, conditions for paying income, etc. The author of the dissertation research proposes a borrowing budget.

The main planned parameters of the borrowing budget are: specific instrument; the required amount of borrowed capital in absolute and relative terms; possible amount of borrowed capital in absolute and relative terms; price; shortage of coverage of the required amount due to the possible amount of borrowed capital in absolute and relative terms; final volumes of short-term, long-term and total borrowed capital.

Borrowed capital in the borrowing budget is represented by enlarged groups of instruments (for example, bank loans, bills of exchange, bonds, etc.) of its attraction and a set of structural elements (for example, currency and ruble bank loans, interest-bearing and discount bonds, bills of exchange, etc.). ) within one instrument.

The amount of planned attraction of land capital through a specific instrument, expressed in relative units, reflects the share of this instrument in the total amount of borrowed capital of the enterprise, which makes it possible to plan the structure of borrowed capital.

The final line of the borrowing budget indicates the price of all borrowed capital, weighted by the volume and prices of the instruments used to attract it into the business turnover of the enterprise.

The borrowing budget, as a financial plan for managing the borrowed capital of an enterprise, can serve as an information basis for the formation of planned forms of financial reporting and budgets. It is interconnected with credit and tax budgets. On the basis of the borrowing budget data, the owners and / or management of the enterprise can make changes to the balance sheet for items related to borrowed capital. You can make several budget options and determine how each of them affects the final indicators in the reporting.

Thus, the possession by the owners and / or management of the enterprise of such detailed information characterizing the borrowed capital of the enterprise from various angles can significantly increase the efficiency of managing the borrowed capital of the enterprise within the framework of a systematic approach. The use of the borrowing budget in electronic form allows you to automate the analysis of the impact of the enterprise's borrowed capital on the profitability of its activities and / or market value. Automating the formation of the borrowing budget allows you to use all its positive qualities as efficiently as possible.

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