Wealth management in a nutshell. Capital Management

In the financial and economic activities of each enterprise, both equity and borrowed capital must be used.

The use of equity capital allows the enterprise to avoid disruptions in work, to carry out various investment projects in a timely manner, etc.

Debt capital is, within certain limits, a cheaper source of financing than equity capital. This is due to the fact that interest on loans and borrowings, as a rule, is significantly less than dividends on shares that form the company's own capital. However, this applies more to authorized capital. The same cannot be said for other elements of equity.

Equity includes:

statutory fund;
reserve and additional capital;
target financial funds;
retained earnings.

In practice, the company's own funds can be formed from internal and external sources. financial resources.

Internal sources own funds make up the bulk of equity capital. They include depreciation charges, which are important in enterprises with a high proportion of depreciated outside current assets and a depreciation policy involving accelerated and additional depreciation.

External sources formation of own funds include additional share or share capital, which is attracted by additional monetary contributions to the authorized capital or additional issue of shares.

Control own capital should be carried out on the basis of financial policy enterprises. It is usually carried out in three stages.

Analysis of the current potential of own financial resources: volume and dynamics in the previous period; correspondence of the growth rate of own capital to the growth rate of assets and sales volume; proportions of the ratio of external and internal sources of formation of own financial resources, their value; the state of the coefficient of autonomy and self-financing and their dynamics.
The result of this stage should be the development of reserves for increasing equity capital.
Determining the need for equity capital. Based on well-known formulas and initial information, calculations of the need for equity capital are made:
SKplan \u003d KUdck - Pr + A,
where SC plan - additional need for equity capital for the planning period;
Ku– total capital;
d ck- the share of equity capital in its total amount;
Pr - the amount of reinvested profit in the planned period;
A - depreciation fund at the end of the planning period.

All used values of indicators are, in fact, planned.

Evaluation of the cost of raising equity capital from various sources (internal and external). The financial policy of the enterprise should contain priorities in the financing of economic activities. At this stage, based on the adopted financial policy, a managerial decision is made regarding the choice of alternative sources for the formation of one's own financial resources.

Chapter 1. Theoretical foundations of enterprise equity management

1.1 The concept of equity capital and its structure

In the conditions of the formation and development of market relations, enterprises can and should independently generate their financial resources, the main sources of which are profit, funds received from the sale of securities, shares and other contributions of shareholders, legal entities and individuals, as well as loans and other income that do not contrary to the law.

Capital is a part of the financial resources involved in the turnover of the organization and generating income from this turnover.

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

Own capital consists of authorized, additional and reserve capital, retained earnings and targeted (special) funds (Fig. 1). Commercial organizations operating on the principles of a market economy, as a rule, own collective or corporate property.

Rice. one. Forms of functioning of the enterprise's own capital

The basis of the company's own capital is the authorized capital, fixed in its statutory constituent documents. It is a necessary condition for the formation and functioning of any legal entity.

The authorized capital is start-up capital necessary for the enterprise to carry out financial and economic activities in order to make a profit.

The authorized capital is the sum of the contributions of the founders of an economic entity to ensure its vital activity. The amount of the authorized capital corresponds to the amount fixed in the constituent documents and is unchanged. An increase or decrease in the authorized capital can be made in the prescribed manner (for example, by decision of the general meeting) only after the re-registration of the economic entity. As contributions to the authorized capital can be made: buildings, structures, equipment, other material values, securities, rights to use land, water and other natural resources, buildings, structures, equipment, other property rights (including intellectual property: know-how, the right to use inventions, etc.), funds in rubles and foreign currency. The cost of deposits is estimated in rubles by a joint decision of the participants of economic entities and is their share in authorized capital.

According to the Civil Code of the Russian Federation, the authorized capital may take the form of:

· share capital - in full partnership and limited partnership;

share or indivisible fund - in production cooperative(artels);

authorized capital - in joint-stock companies, limited companies and additional responsibility;

· statutory fund - in unitary state and municipal enterprises.

The authorized capital is formed during the initial investment of funds. Its value is announced during the registration of the enterprise, and any adjustments to the size of the authorized capital are allowed only in cases and in the manner prescribed by applicable law and founding documents.

Authorized capital functions:

forms the material base for the start of the organization's activities;

guarantees the interests of creditors;

determines the share of participation of each owner in the distribution of profits of the organization;

· the size of the authorized capital is an indicator of the effectiveness of the organization.

A change in the size of the authorized capital of an enterprise is always associated with the re-approval of its constituent documents by the general meeting of founders and their re-registration with the relevant state bodies.

The next element of equity capital - additional capital, is, in fact, an addition to the authorized capital and includes the amount before the valuation of fixed assets, objects capital construction and other tangible objects of the organization's property with a useful life of 12 months, carried out in the prescribed manner.

The additional capital can be used to increase the authorized capital, pay off the balance sheet loss for the reporting year, and also be distributed among the founders of the enterprise and for other purposes. At the same time, the procedure for using additional capital is determined by the owners, as a rule, in accordance with the constituent documents when considering the results of the reporting year.

Unlike authorized capital, additional capital is not subdivided into shares contributed by specific participants.

Regulatory documents prohibit its use for consumption purposes.

Additional capital accumulates cash flowing through the above channels. The main channel here is the results of the revaluation of fixed assets.

The sources of additional capital formation are:

increase in the value of property due to revaluation and capital investments;

· positive exchange differences resulting from the contribution of foreign currency to the authorized capital;

· Funds allocated from the budget and used to finance long-term investments;

· funds of the enterprise aimed at replenishment of current assets.

As a result of the revaluation of fixed assets, the amount of additional capital may change both upwards and downwards.

Additional capital can be replenished at the expense of funds directed to increase own current assets. This source of replenishment of additional capital is formed in the process of distribution by the participants of the undistributed net profit of the enterprise. At the same time, in accounting, the direction of retained earnings for replenishment of own working capital is reflected in the debit of account 84 "Retained earnings (uncovered loss)" in correspondence with account 83 "Additional capital".

A special place in the implementation of the guarantee of protection of creditors is occupied by reserve capital, the main task of which is to cover possible losses and reduce the risk of creditors in the event of a deterioration in the economic situation. The reserve capital is formed in accordance with the procedure established by law and has a strictly designated purpose. In a market economy, it acts as an insurance fund created to compensate for losses and protect the interests of third parties in case of insufficient profit from the enterprise before the authorized capital is reduced.

The reserve capital is intended to cover unforeseen losses (losses), as well as to pay income to investors when there is not enough profit for these purposes. The main source of formation of reserve capital is profit.

The formation of the company's own capital is subject to two main goals:

1. Formation at the expense of own capital of the required volume of non-current assets . The amount of the enterprise's own capital advanced into various types of its non-current assets (fixed assets; intangible assets; construction in progress; long-term financial investments, etc.) is characterized by the term own fixed capital.

2. Formation at the expense of own capital of a certain amount of current assets. The amount of own capital advanced in various types of its current assets (stocks of raw materials, materials and semi-finished products; finished products; current accounts receivable; monetary assets, etc.), is characterized by the term own working capital.

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

As part of the internal sources of the formation of its own financial resources, the main place belongs to the profit remaining at the disposal of the enterprise - it forms the predominant part of its own financial resources, provides an increase in own capital, and, accordingly, an increase in the market value of the enterprise. Depreciation charges also play a certain role in the composition of internal sources, especially at enterprises with a high cost of their own fixed assets and intangible assets; however, they do not increase the amount of the company's own capital, but are only a means of reinvesting it. Other internal sources do not play a significant role in the formation of the enterprise's own financial resources.

As part of the external sources of the formation of its own financial resources, the main place belongs to the attraction by the enterprise of additional share capital (through additional contributions from participants) or equity (through additional emission and sale of shares) capital. For individual enterprises, one of the external sources of formation of their own financial resources may be the gratuitous financial assistance provided to them (as a rule, such assistance is provided only to individual state-owned enterprises different levels). Other external sources of formation of own financial resources include tangible and intangible assets transferred to the enterprise free of charge and included in its balance sheet.

Own capital management involves managing the process of its formation, maintenance and effective use, that is, the management of already formed assets. This involves both the management of equity in general and the management of its structural elements.

The management of own capital should be preceded by a study of the effectiveness of its management in the previous period. The analysis is necessary to determine the reserves for the formation of own funds.

With the increase in the "age" of the company, the structure of its capital becomes more complicated, and the actions to manage this structure become more in demand, since they affect such key indicators the company's activities as financial stability and profitability, business value and investment attractiveness in the market.

In the process of managing the formation of their own financial resources, they are classified according to the sources of this formation. The composition of the main sources of formation of the enterprise's own financial resources is shown in Figure 1.2.

Rice. 1.2. Sources of formation of own capital of the enterprise

Depreciation charges also play a certain role in the composition of internal sources, especially at enterprises with a high cost of their own fixed assets and intangible assets; however, they do not increase the amount of the company's own capital, but are only a means of reinvesting it. Other internal sources do not play a significant role in the formation of the enterprise's own financial resources.

In the composition of external sources of formation of its own financial resources, the main place belongs to the attraction by the enterprise of additional share (through additional contributions to the authorized fund) or equity (through additional emission and sale of shares) capital. For individual enterprises, one of the external sources of generating their own financial resources may be the gratuitous financial assistance provided to them (as a rule, such assistance is provided only to individual state-owned enterprises of various levels). Other external sources include tangible and intangible assets transferred to the enterprise free of charge and included in its balance sheet.

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

The main tasks of equity capital management are:

Determining the appropriate amount of equity capital;

An increase, if required, in the amount of equity capital from retained earnings or an additional issue of shares;

Determining the rational structure of newly issued shares;

Definition and implementation of the dividend policy.

The development of a policy for the formation of the enterprise's own financial resources is carried out according to the following main stages.

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

At the first stage of the analysis, the total volume of the formation of own financial resources, the correspondence of the growth rate of own capital to the growth rate of assets and the volume of sales of the enterprise, the dynamics of the share of own resources in the total volume of formation of financial resources in the preplanning period are studied.

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

At the third stage of the analysis, the sufficiency of own financial resources formed at the enterprise in the preplanning period is assessed.

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

3. Estimation of the cost of raising equity capital from various sources. Such an assessment is carried out in the context of the main elements of equity capital formed from internal and external sources. The results of such an assessment serve as the basis for the development of management decisions regarding the choice of alternative sources for the formation of own financial resources that ensure the growth of the enterprise's own capital.

4. Ensuring the maximum volume of attraction of own financial resources from internal sources.

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

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

Providing a minimum total cost attraction of own financial resources;

Ensuring the preservation of the management of the enterprise by its original founders.

Management of the company's own capital also includes determining the optimal ratio between own and borrowed financial resources.

Financial leverage ("financial leverage") is a financial mechanism for managing the return on equity by optimizing the ratio of used own and borrowed funds.

The effect of financial leverage is an increment to the return on equity obtained through the use of a loan, despite the payment of the latter.

The effect of financial leverage arises from the discrepancy between economic profitability and the "price" of borrowed funds. The economic return on assets is the ratio of the value of the production effect (i.e. earnings before paying interest on loans and income tax) to the total value of the total capital of the enterprise (i.e. all assets or liabilities).

In other words, the company must initially develop such economic profitability that the funds are sufficient, at least to pay interest on the loan.

The following formula can be used to calculate the effect of financial leverage:

EGF \u003d (Rk - Rzk) x ZS / SK, (1)

where Рк is the return on total capital (the ratio of the amount of net profit and the price paid for borrowed funds and the amount of capital);

Rzk - return on borrowed capital (the ratio of the price paid for borrowed funds to the amount of borrowed funds);

ZK - borrowed capital (average value for the period);

SC - equity (average value for the period).

Thus, the effect of financial leverage determines the boundary of the economic feasibility of attracting borrowed funds.

A high positive value of the EGF indicator indicates that the company prefers to manage with its own funds, does not use investment opportunities enough, and does not pursue the goal of maximizing profits. In this situation, shareholders, having received modest dividends, can begin to sell shares, reducing the market value of the company.

At the end of the first part of the work, we will focus on the functions of managing the enterprise's own capital. The main functions of equity management include:

protective function. Equity capital allows you to maintain the solvency of the enterprise by creating a reserve of assets that allow the enterprise to function, despite the threat of losses. However, it is assumed that most of losses are covered not by capital, but by the current income of the enterprise.

Capital plays the role of a kind of protective "cushion" and allows the company to continue operating in the event of large unforeseen losses or expenses. To finance such costs, there are various reserve funds included in equity.

operational function. It is of secondary importance compared to the protective one. It includes the appropriation of own funds for the acquisition of land, buildings, equipment, as well as the creation financial reserve in case of unexpected losses. This source of financial resources is indispensable at the initial stages of the enterprise, when the founders carry out a number of priority expenses.

At the subsequent stages of development of the enterprise, the role of equity capital is no less important, part of these funds is invested in long-term assets, in the creation of various reserves. Although the main source of covering the costs of expanding operations is the accumulated profit, enterprises often resort to new issues of shares or long-term loans when carrying out structural measures - opening branches, mergers.

regulatory function. It is associated with the special interest of society in the successful functioning of enterprises.

These functions of equity show that equity is the basis of the commercial activity of any enterprise. It ensures its independence and guarantees its financial stability, being a source of smoothing the negative consequences of various risks that the enterprise bears.

Improving the efficiency of equity management is stimulated on the one hand by the desire to improve financial results the company's activities and the growth of the welfare of its owners, on the other hand, the company's dependence on the external economic environment, which evaluates its activities from the outside and forms a system of economic relationships with it.

Thesis on the topic:

"Management of the organization's own capital on the example of AvtoAlliance LLC"

The development of a market economy and the desire of enterprises to increase prosperity in conditions of complete economic independence contributes to an increasing focus on managing sources of financing for commercial activities, including such an important component as their own capital. The increasing importance of this component is directly evidenced by such facts as significant changes in approaches to accounting for equity capital and the strengthening of the role of this indicator in the analysis of the financial and economic activities of organizations in recent years.

Equity capital allows you to form assets that are free from the claims of persons who are not the owners of the organization, and in this regard, it is the basis of the financial stability and stable successful functioning of any commercial enterprise. Dynamics of the value

equity capital and its individual components, as well as the efficiency of its use, are the subject of close attention of the company's external counterparties, among which economic counterparties (suppliers, contractors, buyers, customers), creditors and potential investors stand out separately. Information about equity can be of decisive importance when making decisions by external counterparties on the beginning or continuation of cooperation with the company in question. At the same time, one of the most interested groups of people are potential investors who consider the company as a possible investment object, providing a return similar to the current return on equity of the investee company. Thus, the need to manage equity is dictated not only by internal prerequisites (the desire to improve the financial performance of the company in order to increase the welfare of its owners), but also by the dependence of the company on the external economic environment that evaluates its activities from the outside and forms a system of economic relationships with it.

Equity capital characterizes the total value of the enterprise's funds owned by it and used by it to form a certain part of the assets. This part of the asset, formed from the equity invested in them, represents the net assets of the enterprise. Own capital includes sources of financial resources that are different in their economic content, principles of formation and use: authorized, additional, reserve capital. In addition, the composition of equity capital, which can be operated by an economic entity without reservations when making transactions, includes retained earnings; funds special purpose and other reserves. Also, own funds include gratuitous receipts and government subsidies.

The topic of rational management of the enterprise's own capital is especially relevant today, since in our country there is an unstable economic situation, a sharp increase in competition in almost all sectors of the economy, often a lack of professional knowledge among some of the managers of enterprises and other negative factors lead to the bankruptcy of organizations with all the ensuing consequences. Therefore, for our country, the presence of own capital is the first condition for the reliability of the enterprise.

The purpose of the thesis is a detailed consideration of such a concept as the equity capital of an enterprise and its management.

To achieve this goal, the following tasks must be completed:

Determine the essence and main characteristics of the concept of "own capital" and "management of own capital";

Determine the main sources of equity capital formation;

Identify the tasks and functions of equity management;

Consider existing methods for assessing equity;

Evaluate methods of managing equity;

Identify quantitative characteristics of the assessment of own funds;

Consider profit distribution policy;

To achieve the objectives, the work is divided into three interrelated parts, the first chapter is purely practical in nature and contains the answer to the first three questions. In the second chapter on practical example an attempt was made to apply existing methods for assessing equity capital. The third chapter contains the answer to two final questions.

As a subject of research, the company's own capital, its structure and dynamics are chosen.

The enterprise "AvtoAlliance" LLC was chosen as the object of study. The firm is faced with the challenge of entering the market car tires and disks of St. Petersburg.

Various aspects of managing the formation of equity capital and the efficiency of its use are given much attention in the works of domestic and foreign economists.

In foreign literature, the most complete coverage of certain aspects of the problem under study was received in the works of H. Anderson, L.A. Bernstein, R. Brailey, Y. Brigham, M.F. Van Breda, L. Gapensky, D. Garner, A. Damodaran, B. Colas, D. Caldwell, R. Conway, Cheng F. Lee, S. Myers, M. Miller, F. Modigliani, B. Needles, R. Owen, J. Richard, C. Walsh, D.I. Finnerty, E. Helfert, E.S. Hendriksen, J. R. Hicks.

Of greatest interest among the works of domestic authors are the works of V.S. Belova, N.I. Berzon, I.A. Blanca, V.V. Bocharova, O.V. Efimova, A.P. Kovaleva, V.V. Kovaleva, M.N. Kreinina, V.E. Leontiev, Ya. Mirkina, V.D. Novodvorsky, V.V. Paliya, V.F. Paliya, M.L. Pyatova, G.V. Savitskaya, R.S. Saifulina, N.N. Selezneva, A.D. Sheremeta, E.I. Shokhin.

When making calculations, we used the methods of leading Russian economists, such as G.V. Savitskaya, M.S. Abryutina, N.P. Lyubushin, O.V. Efimova and T.B. Berdnikov.

Without belittling the importance of the theoretical and practical developments of the above scientists, it should be noted that at present, research devoted to a systematic consideration of the problem of equity capital management is still not enough. At the same time, it is obvious that the rapidly changing Russian economic conditions contribute to the formation of a rich empirical base for continuing research in this direction. All this served as additional factors determining the author's choice of the topic of this graduation project.

In the process of working on the thesis, such general scientific research methods as comparison, analysis and synthesis, induction and deduction, generalization and formalization were used.

From among the special methods and techniques: techniques of mathematics, economic statistics, analysis of the financial and economic activities of enterprises, methods of reading and analyzing financial statements, the method of averages, factor analysis, the development of a system of indicators and the construction of analytical tables.

1.1 Own capital of the enterprise: definition and essential characteristics

Capital is the means that a business entity has to carry out its activities in order to make a profit.

Capital is one of the fundamental economic categories, the essence of which scientific thought has been elucidating for a number of centuries.

The term "capital" is of Latin origin and means main, chief. The problems of its economic essence were dealt with by K. Marx, D. Ricardo, A. Smith, J. Keynes, D.B. Clark, Miller, Modigliani and Other Talented Scientists.

In the initial works of economists, capital was considered as the main wealth, the main property. With the development of economic thought, this initial abstract and generalized concept of capital was filled with concrete content, corresponding to the dominant paradigm of economic analysis of the development of society.

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

Based on the study of the genesis of the theories of capital, “capital” can be defined as a valuable public wealth that is in constant motion and capable of generating income for its owners, which is the bearer of risk and liquidity factors and acts as an object of economic management.

Depending on the sources of education and the intended purpose, the property of the organization is divided into own (own capital) and borrowed (borrowed capital created at the expense of obligations) (see Appendix 1.).

The value of the property invested (invested) by the owner in the enterprise forms the own capital of this enterprise. In order to turn his property (or part of it) into capital (capitalize it), the owner of this property must at least meet the following conditions:

Capitalized property must be separated from other personal property of the owner for a long time (perhaps forever). The owner loses the opportunity to use the physical or other properties of the capitalized property for direct personal consumption;

From the moment of capitalization, the right to use and dispose of the invested property must be transferred to another economic entity - an enterprise. Capitalized property becomes the assets of the enterprise, which undertakes to use them in such a way that the value of these assets increases as much as possible.

The incentive that encourages the owner to voluntarily give up part of his legal rights to the property belonging to him is the right granted to him in return to receive the amount of the increase in the equity capital of the enterprise.

Equity capital is understood as the total economic relations, allowing to include in the economic circulation financial resources belonging either to the owners or to the economic entity itself.

Own capital is a part of the economic values formed by the enterprise from the beginning of its economic activity, free from the claims of third parties who are not the owners of the company, and used by the company to generate income

The value of assets is always equal to the value of the capital invested in them. The main purpose of the assets of the enterprise is to bring him income. An enterprise can combine its assets in any way not prohibited by law in order to maximize this result. In financial management, the possibility of an accidental acquisition of any assets by an enterprise is excluded. Any purchase must have a preliminary financial justification, the main criterion of which is the maximization of income. If it turns out that the acquired asset is not able to provide the company with the expected income, then it must be sold, and the released money is invested in another, more profitable asset. Operations with assets that do not lead to a change in the value of assets (assets are sold at the same price at which they were purchased) leave the value of the company's equity capital unchanged.

Own is calculated as the difference between the total assets of the enterprise and its liabilities (liabilities) and is the sum of the excess of the fair market value of the property over the outstanding debt.

In order to turn their property into capital, the owners of this property must at least meet the following conditions:

Capitalized property must be separated from other personal property of the owners for a long time. In this case, the owner loses the opportunity to use the physical or other properties of the capitalized property for direct personal consumption;

From the moment of capitalization, the right to use and dispose of the invested property must be transferred to the enterprise as a business entity. Capitalized property is the assets of an enterprise that undertakes to use them in such a way that the value of these assets increases as much as possible.

Considering economic essence capital of the enterprise as an object of management, the following characteristics should be noted first of all:

The capital of the enterprise in its material form is the main factors of production;

Capital also exists in the form of financial (monetary) resources of the enterprise that generate income;

Capital is the main source of the formation of the welfare of its owners;

The capital of an enterprise is the main measure of its market value;

The dynamics of the capital of an enterprise is the most important barometer of the level of efficiency of its economic activity.

Equity capital, in comparison with borrowed capital, is characterized by the following positive features:

1. Ease of attraction, since decisions related to increasing equity capital (especially through internal sources of its formation) are made by the owners and managers of the enterprise without the need to obtain the consent of other business entities.

2. Higher ability to generate profits in all areas of activity, tk. when using it, the payment of loan interest in all its forms is not required.

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

However, it has the following disadvantages:

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

2. High cost compared to alternative borrowed sources of capital formation.

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

Thus, an enterprise that uses only its own capital has the highest financial stability (its autonomy coefficient is equal to one), but limits the pace of its development (because it cannot ensure the formation of the necessary additional volume of assets during periods of favorable market conditions) and does not use financial growth opportunities. return on invested capital.

1.2 The structure of the company's own capital

Own capital, of course, has a complex structure. Its composition depends on the organizational and legal form of the economic entity.

Own capital consists of authorized, additional and reserve capital, retained earnings and target (special) funds (Fig. 1.2.). Commercial organizations operating on the principles of a market economy, as a rule, own collective or corporate property. The owners are legal entities and individuals, a group of depositors-shareholders or a corporation of shareholders. The authorized capital, which has developed as part of the share capital, most fully reflects all aspects of the organizational and legal foundations for the formation of the authorized capital.

Rice. 1.1. The structure of the company's own capital

The authorized capital characterizes the initial amount of the enterprise's own capital invested in the formation of its assets to start economic activity. Its size is determined by the constituent documents and the charter of the enterprise. For the enterprise of certain fields of activity and organizational - legal forms(joint stock company, limited liability company) the minimum amount of the authorized capital is regulated by law.

The authorized capital is the starting capital necessary for the enterprise to carry out financial and economic activities in order to make a profit. Contributions to the authorized capital are divided into contributions in cash and contributions in property transferred by the participant to pay off their obligations under the contribution.

The legal basis of the authorized capital determines its size and composition; the terms and procedure for making contributions to the authorized capital by participants; assessment of deposits during their contribution and withdrawal; the procedure for changing the shares of participants; responsibility of participants for violation of obligations to make contributions.

The formation of the authorized capital is connected with the goals of creating the organization and its organizational and legal form. The procedure for the formation of the authorized capital of organizations of various organizational and legal forms is currently quite strictly regulated by the laws of the Russian Federation. In addition, a number of by-laws regulate the accounting treatment of this process.

According to the Civil Code of the Russian Federation, the authorized capital, depending on the organizational and legal form of the enterprise, can act as:

Contributed capital - in general partnership and limited partnership;

Share or indivisible fund - in a production cooperative (artel);

Authorized capital - in joint-stock companies, limited and additional liability companies;

Authorized fund - in unitary state and municipal enterprises.

The authorized capital is the property basis of the organization's activities, it determines the share of each participant in the management of the enterprise and guarantees the interests of its creditors.

The authorized capital differs from other structural parts of the enterprise's own capital in that it must be distributed among its participants (founders). Therefore, the decision of the general meeting of founders on its changes must be accompanied by an indication of the procedure for their distribution among the participants.

The authorized capital is one of the most important indicators that allows you to get an idea of the size and financial condition of economic entities. This is one of the most stable elements of the organization's own capital, since a change in its value is allowed in a strictly defined manner established by law.

The authorized capital can be characterized as the amount of contributions fixed in the constituent documents of a commercial organization, initially invested by the owner in the property of the enterprise to ensure its statutory activities. At the same time, it should be noted that there is some conventionality in the use of the term “originally”. The authorized capital of a business entity must be fully paid up within one year from the date of state registration, business partnerships they themselves determine this period in their constituent documents, and the authorized fund of unitary enterprises must be fully paid by the time of registration. Moreover, the authorized capital can be increased during the operation of the enterprise, and at the same time it no longer acts as an initial source, but as a source of attracting additional resources.

Directions for the use of the authorized capital are not legally defined. The only requirement is that the authorized capital be provided with the property of the organization.

In the process of economic activity, the company may receive new property or increase the accounting value of the existing one, i.e. assets increase. In order to take into account the sources of such property or the increase in its value, the concept of additional capital has been introduced in accounting.

Additional capital is share premium generated in open joint-stock companies and representing the amount of the excess of the sale price of shares over the nominal value during an open subscription. The share premium that arose during the formation of the authorized capital of joint-stock companies is considered only as additional capital and is not allowed to be directed to consumption needs.

In other words, additional capital is a source of funds for the enterprise, formed as a result of the revaluation of property or the sale of shares above par value.

According to its financial origin, additional capital has the following sources of formation:

share premium;

The amount of revaluation of non-current assets;

Exchange differences associated with the formation of authorized capital;

Amounts of retained earnings directed as sources of coverage of capital investments;

Property received free of charge (except for property related to the social sphere, which is reflected in retained earnings);

Funds allocated from the budget used to finance long-term investments.

Additional capital can be formed not only for the reasons listed above. What to include in the composition of additional capital and how to use it is decided by the owners of the enterprise, who develop the relevant provisions. These provisions must be approved by the minutes of the general meeting of founders, after which they are fixed by an order on accounting policies.

Thus, additional capital is share premium received by the issuing joint-stock company from the sale of its shares in excess of their nominal value. Share premium is a certain valuation of property (for example, cash) received by the organization additionally, which, in fact, is an increase in the organization's property.

Additional capital can be replenished at the expense of funds allocated for replenishment of own working capital, this source is formed in the process of distribution by participants of the undistributed profit of the enterprise.

Appropriations received from the budget of any level, which are spent by the enterprise to finance long-term investments, join the additional capital.

The organization's income attributable to additional capital increases the organization's own capital, but does not affect the financial result of the organization's activities in the reporting period. For example, an organization can receive, free of charge, the ownership of expensive production room, as a result, its property and capital will have a significant increase, however, the financial result of the organization's activities in the reporting period may be a loss. The presence of income not included in the financial result of activity is taken into account in tax accounting: when calculating taxable profit, income attributable to additional capital is added to taxable income.

The next component of equity capital is reserve capital, which is the insurance capital of the enterprise, intended to cover total balance sheet losses in the absence of other possibilities for their compensation, as well as to pay income to investors and creditors if there is not enough profit for these purposes. The funds of the reserve capital act as a guarantee of the uninterrupted operation of the enterprise and the observance of the interests of third parties. The presence of such a financial source gives the latter confidence in the repayment of the company's obligations.

The formation of reserve capital can be mandatory and voluntary. In the first case, it is created in accordance with the legislation of Russia, and in the second - in accordance with the procedure established in the constituent documents of the enterprise, or with its accounting policy. Currently, the creation of reserve capital is mandatory only for joint-stock companies and enterprises with foreign investment. If the organization has branches and representative offices registered as taxpayers, then they can also form reserve funds. If the constituent documents do not provide for the creation of a reserve fund, then the enterprise does not have the right to create it.

The amount of annual deductions is provided for by the charter of the company, but cannot be less than 5% of net profit until the amount established by the charter of the company is reached.

As part of the property of the organization, the reserve capital created in accordance with the legislation, and the reserve capital created in accordance with the constituent documents, are accounted for separately.

Information about the amount of reserve capital in the balance sheet of an enterprise is of extreme importance for external users of financial statements, who consider reserve capital as a margin of financial strength for an enterprise. An insufficient value of the required reserve capital indicates either a lack of profit or the use of reserve capital to cover losses.

The resources of the reserve fund are intended to cover the balance sheet loss for the reporting year, to redeem bonds and buy back shares of the joint-stock company in the absence of other funds. The reserve fund is also created by enterprises in case of termination of their activities to cover accounts payable. You can't use the "reserve" money for any other purpose.

A significant part of the company's own capital is accumulated in special purpose funds. These funds are reserved and used to create sources of financing for the creation of new industrial property and social infrastructure, as well as for the needs of social development (except for capital investments).

Special (target) financial funds are a very peculiar and promising form of the enterprise's own capital. These include purposefully formed funds of own financial resources for the purpose of their subsequent targeted spending.

The main source of the formation of special purpose funds are the part of the profit remaining at the disposal of the enterprise. From the position of financial control, of paramount importance is a clear delineation of funds directed by the enterprise to industrial development and consumption needs. The need for such control is associated with tax incentives, which provide for a reduction in taxable profit by that part of it that is aimed at financing capital investments.

The implementation of the organization's policy aimed at accumulating its net profit to finance targeted activities is carried out through the formation of special purpose funds. The organization determines the number of funds, their name and use independently.

Special-purpose funds are formed according to the norms established by the owners, as well as at the expense of gratuitous contributions from the founders and other enterprises. They are usually subdivided into an accumulation fund, a fund social sphere and consumption fund.

The funds of the accumulation funds are directed to the production development of the organization and other similar purposes, in particular to:

Financing the costs of technical re-equipment, reconstruction and expansion of existing production and construction of new facilities;

Carrying out research work, purchasing equipment, instruments;

Expenses associated with the issuance and distribution of shares, bonds and other securities;

Contributions to creation investment funds, joint ventures, joint-stock companies and associations;

Write-off of costs that, according to the current provisions, are not included in the cost of products (works, services), but are made directly at the expense of profit remaining at the disposal of enterprises;

To finance environmental protection measures, etc.

If an enterprise uses funds for capital investments, then the accumulation fund itself does not decrease, since the financial resources are converted into the property of the organization. If the enterprise uses the funds of the fund to cover the losses of the reporting year, to distribute profits between the founders, as well as to write off costs that are not included in the initial cost of fixed assets put into operation, then the value of the accumulation fund decreases.

The funds of the consumption fund, in contrast to the accumulation fund, are directed to social development and material incentives for personnel, as well as other activities and works that do not lead to the formation of new property of the organization. Special funds are used according to the estimate, which is discussed and approved by the owners of the organization (shareholders). They are informed about the execution of the estimate in a timely manner.

The consumption fund is intended to provide social protection for personnel: subsidies for food, the purchase of travel tickets, vouchers to sanatoriums, children's institutions, housing construction, as well as material incentives for employees (one-time bonuses, gifts, material assistance), etc.

The Social Sphere Fund represents the reserved (directed) amounts as financial support for the development of the social sphere. The social sphere fund covers capital investments not in production as an accumulation fund, but in social services businesses such as construction kindergarten. The funds of the fund are used to finance expenses related to the maintenance of housing and communal services, healthcare, culture, sports, children's institutions, houses and recreation centers, accounted for on the balance sheet of the organization.

The procedure for the formation and use of the funds of these funds is regulated by the charter and other constituent and internal documents enterprises.

Actually, with the exception of depreciation, the only major source of financing for the activities of the enterprise is retained earnings. Her enterprise can always direct to its own needs or the creation of special funds. A distinctive feature of newly created enterprises is the difficulty in forecasting profits due to the demand for goods and services that has not yet arisen. Retained earnings characterizes the part of the company's profit received in the previous period and not used for consumption by the owners (shareholders, shareholders) and staff.

Retained earnings are calculated as the difference between the financial result for the reporting period revealed on the basis of accounting for all operations of the organization and the assessment of balance sheet items and the amount of taxes and other similar obligatory payments payable in accordance with the legislation of the Russian Federation from profit after tax, including sanctions for violations (including settlements with state off-budget funds).

This part of the profit is intended for capitalization, that is, for reinvestment in the development of production. According to its economic content, it is one of the forms of the reserve of the enterprise's own financial resources, which ensure its production development in the coming period.

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

Organizations have the right to create reserves for doubtful debts. Doubtful debt is the accounts receivable of the organization, which is not repaid within the period established by the contracts, and is not secured by appropriate guarantees. The source of the formation of this reserve is the results of the financial activities of the organization, i.e. profit before tax.

The reserve for doubtful debts is created on the basis of the results of an inventory of receivables carried out at the end of the reporting year. The amount of the reserve is determined separately for each doubtful debt, depending on the financial condition (solvency) of the debtor and the assessment of the probability of repaying the debt in full or in part. If by the end of the year following the year in which the reserve for doubtful debts was created, this reserve is not used in any part, then the unused amounts are added to the profit of the corresponding year.

Thus, the value of equity capital is one of the most important indicators of the financial stability and sustainability of any enterprise. First of all, it is the level of equity capital that is the criterion for assessing the investment attractiveness of an enterprise. In this regard, the problem of own capital management becomes fundamental in the activity of any business entity, which consists in striving to maximize its level.

1.3 Tasks and functions of the organization's own capital management

The problem of the formation of equity capital cannot be limited to the direct choice and use of a certain method or instrument of financing and should be considered in the context of managing the structure of total capital. With the increase in the "age" of the company, the structure of its capital becomes more complicated, and the actions to manage this structure become more in demand, since they affect such important indicators of the company's activities as financial stability and profitability, business value and investment attractiveness in the market.

Rice. 1.2. Sources of formation of own capital of the enterprise

As part of the internal sources of the formation of its own financial resources, the main place belongs to the profit remaining at the disposal of the enterprise, it forms the predominant part of its own financial resources, provides an increase in own capital, and, accordingly, an increase in the market value of the enterprise. Depreciation charges also play a certain role in the composition of internal sources, especially at enterprises with a high cost of their own fixed assets and intangible assets; however, they do not increase the amount of the company's own capital, but are only a means of reinvesting it. Other internal sources do not play a significant role in the formation of the enterprise's own financial resources.

The main tasks of equity capital management are:

Determining the appropriate amount of equity capital;

An increase, if required, in the amount of equity capital from retained earnings or an additional issue of shares;

Determining the rational structure of newly issued shares;

Definition and implementation of the dividend policy.

The development of a policy for the formation of the enterprise's own financial resources is carried out according to the following main stages.

At the third stage of the analysis, the sufficiency of own financial resources formed at the enterprise in the preplanning period is assessed.

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

4. Ensuring the maximum volume of attraction of own financial resources from internal sources.

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

Ensuring the minimum total cost of attracting own financial resources;

Ensuring the preservation of the management of the enterprise by its original founders.

Management of the company's own capital also includes determining the optimal ratio between own and borrowed financial resources.

Financial leverage ("financial leverage") is a financial mechanism for managing the return on equity by optimizing the ratio of used own and borrowed funds.

The effect of financial leverage is an increment to the return on equity obtained through the use of a loan, despite the payment of the latter.

In other words, the company must initially develop such economic profitability that the funds are sufficient, at least to pay interest on the loan.

The following formula can be used to calculate the effect of financial leverage:

EGF \u003d (Rk - Rzk) x ZS / SK, (1)

where Рк is the return on total capital (the ratio of the amount of net profit and the price paid for borrowed funds and the amount of capital);

Rzk - return on borrowed capital (the ratio of the price paid for borrowed funds to the amount of borrowed funds);

ZK - borrowed capital (average value for the period);

SC - equity (average value for the period).

Thus, the effect of financial leverage determines the boundary of the economic feasibility of attracting borrowed funds.

And at the end of the first part term paper Let's dwell on the functions of managing the company's own capital.

The main functions of equity management include:

Protective function. Own capital allows you to maintain the solvency of the enterprise by creating a reserve of assets that allow the enterprise to function, despite the threat of losses. At the same time, however, it is assumed that most of the losses are covered not by capital, but by the current income of the enterprise. Capital plays the role of a kind of protective "cushion" and allows the company to continue operating in the event of large unforeseen losses or expenses. To finance such costs, there are various reserve funds included in equity.

operational function. It is of secondary importance compared to the protective one. It includes the allocation of own funds for the purchase of land, buildings, equipment, as well as the creation of a financial reserve in case of unforeseen losses. This source of financial resources is indispensable at the initial stages of the enterprise, when the founders carry out a number of priority expenses. At the subsequent stages of development of the enterprise, the role of equity capital is no less important, part of these funds is invested in long-term assets, in the creation of various reserves. Although the main source of covering the costs of expanding operations is the accumulated profit, enterprises often resort to new share issues or long-term loans when carrying out structural measures - opening branches, mergers.

regulatory function. It is associated with the special interest of society in the successful functioning of enterprises.

2. Analysis of the management of equity capital of AvtoAlliance LLC

2.1 Organizational and economic characteristics of AvtoAlliance LLC

The object of study of this graduation project is the limited liability company "AvtoAlliance"

AvtoAlliance Limited Liability Company (hereinafter referred to as AvtoAlliance LLC) is a private commercial enterprise and operates in accordance with the Charter of the enterprise, the Constitution of the Russian Federation, the Federal Law "On Limited Liability Companies" and the current legislation of the Russian Federation.

AvtoAlliance LLC is an independent legal entity, registered with the Interdistrict Federal Tax Service Inspectorate of the Russian Federation No. 3 for the Leningrad Region under registration number 1023404961062 in the Unified State Register of Legal Entities on October 29, 2002.

AvtoAlliance LLC has an independent balance sheet, settlement and other accounts. The Company has a round seal containing its full corporate name in Russian and an indication of its location. The Company has the right to have stamps and letterheads with its company name, its own emblem, as well as a trademark registered in the prescribed manner and other means of individualization.

Located at the address: 197198, Russia, St. Petersburg, Obukhovskoy Oborony Ave., 17.

The founders of AvtoAlliance LLC are citizens of the Russian Federation acting on their own behalf:

Relations between the founders are regulated by the Constituent Agreement on the establishment and operation of the AvtoAlliance Limited Liability Company dated October 30, 2002.

The authorized capital of AvtoAlliance LLC at the time of establishment is formed by funds contributed by the participants, and at the time of establishment is 100,000 (one hundred thousand) rubles, which is 100 shares of 1,000 rubles each.

The supreme management body of the Company is the meeting of shareholders, convened at least once a year.

Extraordinary meetings of shareholders are convened at the initiative of the General Director, or at the written request of shareholders owning at least 10% of ordinary shares.

The exclusive competence of the meeting of shareholders includes the following issues, the decision on which is made if the owners of more than 50% of the ordinary shares present at the meeting voted for it:

1. Introduction of amendments and additions to the Charter.

2. Change in the authorized capital.

3. Approval of the balance sheet, profit and loss account, the annual report of the board, as well as the auditor.

4. Approval of the amount of dividend paid per ordinary share.

5. Appointment of members Audit Commission and independent external auditors, as well as defining scope and remuneration.

6. Making decisions on the creation and termination of the activities of branches, representative offices, departments of the Company in accordance with the current legislation.

7. Making a decision about education subsidiaries and participation of the Company in other enterprises, associations.

8. Making decisions on the sale, lease, exchange or other disposal of the Company's property, which is more than 10% of its assets.

9. Making decisions on merging, accession, transformation of the Company into an enterprise of a different organizational and legal form.

10. Decision-making on liquidation of the Company, creation of a liquidation commission and approval of its report.

11. Approval of transactions and other actions entailing the emergence of obligations in relation to the Company that exceed the powers granted to the Board of Directors.

12. Election of the General Director, members of the Board of Directors.

The main task of the members of the board of directors and members of the board is to develop a policy in order to increase the profitability of the company.

The duties of the General Director of the Company are assigned to the head of the enterprise until the first meeting of shareholders.

The Chairman of the Board of Directors ex officio is the General Director.

Members of the board of directors and members of the management board shall be liable to the company for damage caused to it as a result of their failure to perform or negligent performance of their functions.

The Board of Directors has the following powers:

Approve the regulation on the Management Board of the Joint Stock Company represented by the General Director;

Accept regulations governing relations within the Company;

Adopt the rules and regulations for the meetings of the Council;

Approve the conclusion or termination of any transactions in which one of the parties is the Joint Stock Company, and the other party is any shareholder owning a block of shares constituting at least 50% of the authorized capital, a member of the Board of Directors, a member of the Management Board or an officer of the Company;

In agreement with CEO appoint, dismiss officials of the Management Board of the Company;

Determine the presentation of all accounts, reports, statements, profit and loss systems, including rules relating to depreciation;

The main task of the enterprise, reflected in the Charter, is to create the necessary conditions to meet the needs of enterprises and the population in obtaining quality services when purchasing tires, wheels, components for cars and related products.

The company is faced with the task of entering the market of car tires and disks in St. Petersburg. In the segment of car owners in the first year, take 2% of the market. This segment is distinguished by high levels of income of buyers, therefore, according to the company's management, the main emphasis in the sale of products should be placed on quality and a long service life.

The technological process in AvtoAlliance LLC is a set of interrelated and sequential operations that ensure that goods are brought to end users with high quality lowest cost labor and high level trade service. An operation is a part technological process performed by employees using a combination of methods and techniques.

Technological operations of AvtoAlliance LLC include unloading, transportation of goods, their acceptance in terms of quantity and quality, storage, preparation for sale, sale.

All technological operations firms can be conditionally divided into main and auxiliary.

The main operations include operations related to the sale of goods and operations related to customer service.

Ancillary operations include acceptance of goods by quantity and quality, unpacking, delivery to storerooms, storage, preparation for sale, delivery to retail outlets, placement and display of goods to retail outlets.

The range of goods offered by AvtoAlliance LLC consists of the main product, these are 210 types of tires and 250 types of discs, as well as related products, these are oils, car washing brushes, batteries, flushing fluids, bolts, nuts, plugs, nipples , locks, centering rings, air, oil, fuel filters, cleaners for flushing the radiator, engine and much more.

At the moment, the number of employees of AvtoAlliance LLC is 34 people. The composition and structure of employees of AutoAlliance LLC is presented in Table 2.1.

Table 2.1. Composition and structure of employees of AvtoAlliance LLC in dynamics from 2003 to 2005

As shown in Table 2.1. From 2003 to 2005, the number of personnel of AvtoAlliance LLC increased significantly, more than 2 times compared to 2004, mainly due to the growth of sales personnel. This fact is connected with the expansion of the company's activities.

The organizational structure of AvtoAlliance LLC is built on a linear-functional principle and is shown in Figure 2.1.

Rice. 2.1. Organizational management structure of AvtoAlliance LLC

The management of the enterprise is carried out on the basis of a centralized management uniting all employees. The direct management of the enterprise is carried out by the Director, appointed and dismissed from his post by the Board of Founders in accordance with the current legislation.

The meeting of founders establishes the management structure, staffing, distribution official duties, dimensions wages, as well as the size of allowances and additional payments to official salaries and the procedure for bonuses.

Let us dwell in more detail on the characteristics of the financial and economic activities of the enterprise in question.

New ideas and a modern approach to business, combined with the professionalism and experience of the company's production staff in the field of parts and components for cars, allowed AvtoAlliance LLC to win the trust of partners in a short period of time.

Key performance indicators of AvytoAlliance LLC for 2003-2005 are presented in Table 2.2.

Table 2.2. Key performance indicators of AvtoAlliance LLC for 2003 - 2005

Indicators	Year			Change (+;-)		Rate of change, %
Indicators	2003	2004	2005	2004 . to 2003 .	2005 . 2004 .	2004 . 2003 .	2005 . 2004 .
Proceeds from the sale of products, thousand rubles.	55557	165925	407112	+110368	+241187	298,66	245,36
Cost of products sold, thousand rubles	49046	152372	367656	+103326	+215284	310,67	241,29
Profit from sales, thousand rubles	6511	13553	39456	+7022	+25903	208,15	291,12

From table 2.2. it follows that the proceeds from the sale of goods, products, works, services in 2004 compared to 2003 increased by 110,368 thousand rubles. or 198.66%. In 2005, the growth of proceeds from sales amounted to 241,187 thousand rubles compared to 2004. or 145.36%.

Graphically, the dynamics of the main performance indicators of AvtoAlliance LLC for 2003-2005. presented in Annex 6.

Thus, in general, for the period 2003-2005. there is an upward trend in key performance indicators.

Based on the data in table 2.2. you can calculate the return on sales. Return on sales is calculated by the formula: Rp = PP / BP x100, where (2)

PP - profit from sales;

BP is the company's revenue.

The profitability of sales shows how much profit is received per 1 ruble of the company's revenue.

Calculate the return on sales for AvtoAlliance LLC:

Rp2003 \u003d (6,511 thousand rubles / 55,557 thousand rubles) * 100% \u003d 11.72%

Rp2004 \u003d (13,553 thousand rubles / 165,925 thousand rubles) * 100% \u003d 8.17%

Rp2005 \u003d (39,456 thousand rubles / 407,112 thousand rubles) * 100% \u003d 9.69%

To analyze the performance indicators of the use of labor resources of AvtoAlliance LLC for 2003-2005. compile table 2.3.

Table 2.3. The main indicators of the efficiency of the use of labor resources of AvtoAlliance LLC for 2003 - 2005.

Indicators	Year			Change (+;-)		Rate of change,%
Indicators	2003	2004	2005	2004 . to 2003 .	2005 . to 2004 .	2004 . to 2003 .	2005 . to 2004 .
Proceeds from the sale of goods, products, works, services, thousand rubles.	55557	165925	407112	+110368	+241187	298,66	245,36
Number of employees, pers.	11	21	48	+10	+27	190,91	228,57
Wage fund, thousand rubles	54,67	122,22	381,12	+67,55	+258,90	223,56	311,83
Average monthly salary, thousand rubles	4,97	5,82	7,94	+0,85	+2,12	117,10	136,43
Labor productivity, thousand rubles/person	5050,64	7901,19	8481,50	+2850,55	+580,31	156,44	107,34

Labor productivity in 2003 amounted to 5050.64 thousand rubles/person, in 2004 - 7901.19 thousand rubles/person, in 2005 - 8481.50 thousand rubles/person. In 2004, compared to 2003, this indicator increased by 2,850.55 thousand rubles per person. or by 56.44%. In 2005, compared to 2004, the growth rate was 580.31 thousand rubles per person. or 7.34%. The management of the enterprise should pay attention to the existing negative dynamics of the growth rate of labor productivity.

At the same time, the average salary of an employee per month was 4.97 thousand rubles in 2003, 5.82 thousand rubles in 2004, and 7.94 thousand rubles in 2005. The average monthly wage also shows an upward trend: in 2004, compared with 2003, there is an increase in the average monthly wage by 850 rubles. by 17.10%, in 2005 compared to 2004 - by 2120 rubles, or 36.43%. The growth rate of labor productivity in 2005 is significantly lower than the growth rate of wages, which indicates the predominance of the extensive type of development.

Fixed assets are part of the production assets, which is materially embodied in the means of labor, retains its value for a long time. natural form, transfers the cost to products in parts and is reimbursed only after several production cycles.

To characterize the efficiency of the use of fixed assets of the enterprise, we will compile table 2.4.

Table 2.4. Efficiency indicators for the use of fixed assets of AvtoAlliance LLC for 2003 - 2005

Indicators	Year			Change (+;-)		Rate of change, %
Indicators	2003	2004	2005	2004 . 2003 .	2005 . 2004 .	2004 . 2003 .	2005 . 2004 .
Proceeds from the sale of products, works, services, thousand rubles.	55557	165925	407112	+110368	+241187	298,66	245,36
Profit from sales, thousand rubles	6511	13553	39456	+7022	+25903	208,15	291,12
Number of employees, pers.	11	21	48	+10	+27	190,91	228,57
Average annual cost of fixed assets, thousand rubles	8343	12342	26683	+3999	+14341	147,93	216,20
Capital productivity, rub.	6,66	13,44	15,26	+6,78	+1,82	201,80	113,54
Capital intensity, rub.	0,15	0,07	0,06	-0,08	-0,01	46,67	85,71
Capital-labor ratio, thousand rubles/person	758,45	587,71	555,90	-170,74	-31,81	77,49	94,59
Capital profitability,%.	78,04	109,81	147,87	+31,77	+38,06	140,71	134,66

Return on assets is an indicator of output per 1 ruble of the value of fixed assets. This indicator characterizes the efficiency of the use of fixed assets of the enterprise. In 2003, there were 6.66 rubles per 1 ruble of the cost of fixed assets of an enterprise. services and products, in 2004 - 13.44 rubles, in 2005 - 15.26 rubles. Thus, there is an increase in capital productivity by 6.78 rubles. or 101.80% in 2004 compared to 2003, by 1.82 rubles. or 13.54% in 2005 compared to the 2004 level.

The efficiency of the use of fixed assets of an enterprise can also be characterized by an indicator of capital intensity. Capital intensity is an indicator of return on capital productivity. In 2003, the ruble of proceeds from the sale of goods, products, works and services accounted for 0.15 rubles. the cost of fixed assets, in 2004 - 0.07 rubles, in 2005 - 0.06 rubles. Reducing capital intensity (increasing capital productivity) means increasing the efficiency of using fixed assets.

The capital-labor ratio characterizes the security of the enterprise with fixed assets and is calculated by dividing the average annual cost of fixed assets by the number of employees. From the analysis of the indicator, it follows that the provision of the enterprise with fixed assets is decreasing, as evidenced by the decrease in the capital-labor ratio from 758.45 thousand rubles / person. to 587.71 thousand rubles per person, that is, by 22.51% in 2004 compared to 2003. In 2005, the decrease in the indicator amounted to 31.81 thousand rubles per person. (5.41%) compared to the 2004 level.

Return on fixed capital is calculated by dividing the profit from sales by the average annual cost of fixed assets. This indicator increases from 78.04% to 109.81% in 2004 compared to 2003 and in 2005 to 147.87%.

Thus, we can conclude that the use of fixed assets at AvtoAlliance LLC is quite effective.

Along with the fixed assets for the work of the enterprise, the availability of the optimal amount of working capital is of great importance. Working capital is a set of funds advanced to create working capital assets and circulation funds that ensure a continuous circulation of cash. To characterize the efficiency of the use of working capital of the enterprise, we will compile table 2.5.

Table 2.5. Indicators of the effectiveness of the use of working capital of AvtoAlliance LLC for 2003 - 2005

Indicators	Year			Change (+;-)		Rate of change,%
Indicators	2003	2004	2005	2004 . 2003 .	2005 . 2004 .	2004 . 2003 .	2005 . 2004 .
Proceeds from the sale of goods, products, works, services, thousand rubles.	55557	165925	407112	+110368	+241187	298,66	245,36
Profit from sales, thousand rubles	6511	13553	39456	+7022	+25903	208,15	291,12
The average annual cost of working capital, thousand rubles.	146196	208991	440988	+62795	+231997	145,95	211,01
Working capital turnover:
- in the number of revolutions	0,38	0,79	0,92	+0,41	+0,13	207,89	116,46
- in days of turnover	947	456	391	-491	-65	48,15	85,75
Return on working capital,%	4,45	6,48	8,95	+2,03	+2,47	145,62	138,12

The average annual cost of working capital is determined by the simple arithmetic mean formula based on the balance sheet data. The average annual cost of working capital increases during the analyzed period from 146,196 thousand rubles. up to 208,991 thousand rubles. (by 45.95%) in 2004 compared to 2003. In 2005, the average annual cost of working capital amounted to 440,988 thousand rubles, which is 111.01% more than in 2004.

The turnover ratio is determined by dividing the sales volume by the average balance of working capital in the enterprise. The duration of one turnover in days is found by dividing the number of days in the period by the turnover ratio. Working capital turnover is rather low during 2003-2005. In 2003, one turnover was completed in 947 days (turnover ratio - 0.38), in 2004 the turnover of working capital accelerated to 0.79 turnovers per year (turnover duration - 456 days), in 2005 one turnover was completed in 391 days ( turnover ratio - 0.92).

The upward trend for 2003-2005. reveals the indicator of profitability of working capital. In 2003, for every ruble of working capital, 4.45 rubles were received. net profit, in 2004 compared to 2003 profitability increased by 12.03 points and amounted to 6.48%, in 2005 the profitability of working capital increased to 8.95%.

Thus, the activity of LLC "AvtoAlliance" for the period 2003 - 2005. characterized by an increase in sales proceeds, balance sheet profit, an increase in capital productivity, a decrease in the turnover period of the company's working capital, and an increase in labor productivity. At the same time, over the analyzed period, the growth rate of wages outstrips the growth rate of labor productivity. Therefore, despite the positive trend in the change of individual indicators characterizing the organizational and economic activity, it is impossible to draw an unambiguous conclusion about the increase or decrease in the efficiency of the enterprise.

2.2 Analysis of the equity structure of AvtoAlliance LLC

In the process of analyzing the capital structure, special attention should be paid to the analysis of indicators characterizing the market stability of the enterprise. They give an idea of the degree of dependence of the enterprise on its creditors and lenders. To analyze the indicators of the structure of liabilities, an analytical table 2.6 is compiled.

Table 2.6. Liabilities structure of AvtoAlliance LLC in 2005

According to table 2.6. It can be seen that the company has improved its financial stability. The share of equity capital increased by 0.75 percentage points by the end of the year (from 53.79% to 54.54%). At the same time, the share of borrowed capital decreased by the same amount. The financial leverage has also decreased, thereby increasing the attractiveness of the enterprise for creditors.

The sources of the formation of own funds of the LLC "AvtoAlliance" enterprise are: authorized capital, reserve capital, additional capital and retained earnings.

The dynamics of sources of own funds of the enterprise is presented in table 2.7.

Table 2.7. Dynamics of the sources of formation of own funds of AvtoAlliance LLC for the period from 2003 to 2005

Table 2.7 data. show that in recent years there has been an increase in the sources of formation of own funds due to an increase in the authorized capital (+50%) and additional capital (+25%).

Graphically, the equity capital structure of AvtoAlliance LLC in 2004 and 2005 is presented in Appendix 7.

Table 2.7 data. and Appendices 6 indicate that the reserve capital has the largest share in the equity capital structure of AvtoAlliance LLC in 2004 - more than half of the total equity capital - 52% falls on the reserve capital. The second place in terms of share is occupied by additional capital - 33%. 12% in the structure of equity capital in 2004 is occupied by the authorized capital and only 3% - retained earnings.

Table 2.7 data. and Appendix 6 also indicate that the reserve capital has the largest share in the equity structure of AvtoAlliance LLC in 2005 - 48%. In second place in terms of share is additional capital - 34%. 15% in the structure of equity capital in 2005 is occupied by the authorized capital and only 3% - retained earnings.

Compared to 2004, the following changes took place in the equity structure of AvtoAlliance LLC:

The share of reserve capital decreased by 4%;

The share of additional capital increased by 2%;

The share of authorized capital increased by 2%;

The share of retained earnings remained unchanged at 3%.

According to the ratio of the components of own funds, one can in the most general form draw conclusions regarding the effectiveness of the production and commercial activities of the enterprise. If the last two components, namely, funds and reserves and retained earnings, grow at a higher rate than the first - the authorized capital, then the enterprise is developing steadily.

In general, the need for equity is due to the requirements of self-financing, since equity is the basis of the independence and independence of the enterprise. Its peculiarity lies in the fact that it is invested on a long-term basis and is subject to the greatest risk. The larger the share of equity, the higher the threshold that protects creditors from losses. However, equity financing is not always beneficial for the enterprise. This applies to seasonal industries and those periods of activity when the prices for financial resources are low and there is an opportunity to invest money more profitably.

2.3 Calculation of the equity price of AvtoAlliance LLC

The price of capital is the total amount of funds that must be paid for attracting and using a certain amount of financial resources, expressed as a percentage of this volume. In the theory of finance and financial practice, it is still problematic to determine the price of equity capital of enterprises. Different experts offer different ways to calculate the value of this indicator. Each of them in its own way takes into account the variety of factors that in one way or another affect its size, and justifies its own approaches to solving this problem.

Traditionally, the price of equity is defined as the ratio of the amount of net profit paid to shareholders to the amount of equity in the reporting period:

Csk= (NRPAXx100)/CKqt (3)

PE ak - the amount of net profit paid to shareholders (dividends);

SKav - the average value of equity in the reporting period

It is quite obvious that all the proposed formulas are of limited use, since in the absence of dividends (as, indeed, in the case of their insignificant value), their numerator will be equal to zero. And, if the company does not have shares or has, but does not pay dividends on them, or there is no demand for its shares (namely, this situation can be observed in most Russian enterprises), then these formulas become inapplicable for estimating his own capital, otherwise it will be necessary to recognize the price of their own capital as non-existent, which, of course, if it is a conclusion, then the conclusion is absurd. Lack of dividends, stock quotes on the stock exchange, etc. cannot and do not cancel the price of capital, they can lower it, but not reduce it to zero.

Practical activity in the field of business valuation shows that the attractiveness of investing in the capital of a particular business entity is usually determined by the amount of transaction costs per unit of equity capital, and dividends are only an insignificant cost item in their total amount. The calculation of the transaction costs of an enterprise makes it possible to determine the cost of the process of creating normal conditions for the functioning of the main production, which, in turn, provide the main income and the required return to the investor. At the same time, transaction costs exclude the costs associated with attracting borrowed sources of financing, which include credits, loans, issuance of bonds, payment of leasing and factoring operations, tax credit, fines and penalties for overdue accounts payable. If we transform transaction costs in this way and designate them as TIsk, we can get a new formula for calculating the cost of an enterprise's equity capital:

C sk \u003d TISK / sk, where (4)

where Csk - the price of equity in the reporting period;

SKav - the average value of equity in the reporting period;

TI sk - transaction costs of the company's own capital.

Table 2.8. Calculation of the equity capital of AvtoAlliance LLC in 2003–2005

№	Indicators	2003 .	2004 .	2005 .
Assets accepted for calculation:
1	Intangible assets	0	0	0
2	fixed assets	12000,00	16680,00	25680,00
3	Construction in progress	0	0	0
4	Long-term financial investments	0	0	0
5	Other noncurrent assets	0	0	0
6	Stocks	32000,00	47720,00	61000,00
7	Receivables	36880,00	39980,00	37030,00
8	Short-term financial investments	8000,00	20000,00	30000,00
9	Cash	14000,00	26920,00	22850,00
10	Other current assets	0	0	0
11	Assets, total	106720,00	157440,00	188860,00
Obligations accepted for calculation:
12	Special-purpose financing	0	0	0
13	Borrowed funds	20000,00	28000,00	35000,00
14	Accounts payable	47660,00	44750,00	50860,00
15	Dividend calculations	0	0	0
16	Reserves for future expenses and payments	0	0	0
17	Other current liabilities	0	0	0
18	Liabilities, total	67660,00	72750,00	85860,00
19	Equity (line 11 - line 18)	39060,00	84690,00	103000,00

Let's calculate the price of equity of AvtoAlliance LLC.

For this, we calculate average value own capital in the reporting period.

So, for the calculation, we need the following data on the amount of equity at the beginning of the period, at the beginning of the 2nd, 3rd and 4th quarters of the reporting period and at the end of the reporting period.

C kn = 84,690.00 thousand rubles

C k2 = 89,523.00 thousand rubles

C k3 = 94,998.00 thousand rubles

C k4 = 100,894.00 thousand rubles

С kk = 103,000.00 thousand rubles

Substitute the data into the calculation formula and get SKav = (½ * 84,690 thousand rubles + 89,523 thousand rubles + 94,998 thousand rubles + 100,894 thousand rubles + ½ * 103,000 thousand rubles) / 4 = (42 345 + 89 523 + 94 998 + 100 894 + 51 500) / 4 =

RUB 94,815 thousand

Let's calculate TI ck - transaction costs of the company's own capital in the reporting period.

Table 2.9. Transaction costs of equity

Type of transaction costs	Expenditure	Amount in 2005
Costs of searching, processing and storing information	Purchase of periodicals Payment for the services of sales agents Travel expenses	3 475,63
The cost of negotiating	Expenses for the conclusion and execution of contracts (representation expenses) Travel expenses	1 865,05
Cost of specification and protection of property rights	Licensing costs Litigation and Arbitration Costs	158,96
Measurement costs	Sample making Warranty repair costs Formation of the company's image	1 651,20
Costs of Opportunistic Behavior	Costs for the organization of control (content of AMS)	504,23
The costs of politicization	Dividends Expenses for holding meetings of shareholders	736,00
Influence costs	Contributions to public organizations	7 378,00
Total TIsk	15 769,07

Calculate the cost of equity in 2005:

Csk \u003d TIsk / SKsr \u003d 15,769.07 thousand rubles. / RUB 94,815 thousand = 0.17

2.4 Valuation of the equity capital of AvtoAlliance LLC

Conditions for the formation of high final results of the enterprise in to a large extent depend on the optimality of the capital structure from the standpoint of its effective functioning. The capital structure is the ratio of own and borrowed funds used by the enterprise in the course of its business activities. This is a combination of debt and equity, which must always be balanced against the assets of the enterprise. Often the capital structure is defined in a narrower sense, as the proportion in which an enterprise uses its own and long-term borrowed sources.

The capital structure is of great importance in the life of every enterprise. Meanwhile, there is still no convincing scientific substantiation of the practical significance of the capital structure.

One of the main principles of the formation of the capital of the enterprise is also to ensure the minimization of costs for the formation of capital from various sources. Such minimization is carried out in the process of managing the cost of capital.

To determine the effectiveness of attracting borrowed funds to an enterprise in the world practice of financial management, the effect of financial leverage is used.

The level of financial leverage effect can be calculated using the following formula:

where ER is the economic profitability of the enterprise,

SRSP - average calculated interest rate,

AP - borrowed funds,

SS - own funds.

This formula opens up financial manager wide opportunities for determining a safe amount of borrowed funds, calculating acceptable lending conditions, easing the tax burden for an enterprise, determining the feasibility of acquiring company shares with certain values of the differential, leverage and EGF level as a whole.

Let's try to apply this formula and calculate the effect of the financial leverage of Auto Alliance LLC as of January 1, 2005.

First, we calculate the economic profitability of the enterprise:

To determine the amount of interest, you can use the formula given in the textbook Efimova "Financial Analysis". The amount of interest is determined by the following formula:

(7)

where Ki is the amount of the received i-th loan;

Ci is the interest rate of the i-th loan;

Ti is the term for granting the i-th loan, days;

n is the number of loans received in the reporting period.

P \u003d (20,000 * 18% * 360 days) / 360 * 100 \u003d 36 thousand rubles.

You can also use the decoding of the article "Other costs" as part of the costs of the enterprise, which indicates the amount of interest on the loan, attributed to the cost.

Thus, as of January 1, 2005, the amount of interest on loans charged to cost amounted to 36,000 rubles.

We find the economic profitability of the enterprise:

During the year, the company used ruble loans (interest rate 18%).

Thus, the effect of financial leverage will be:

Attracting borrowed funds in such a situation is unprofitable, which is typical not only for the enterprise in question, but also for most enterprises in the Russian Federation. Therefore, the enterprise should limit the attraction of borrowed funds at such a low economic profitability and high interest rates. Alternative sources of capital raising should be sought.

Of course, without an inflow of capital from the outside, the enterprise will not be able to fully operate, and therefore it is forced to constantly take loans. The age-old question arises: what to do? The way out of this situation seems quite simple and banal - it is necessary to replace borrowed capital with your own. It is necessary to reorganize the enterprise with the attraction of investments. This may be privatization through corporatization with the participation of capital, both located in the Russian Federation and coming from abroad. Changing the form of ownership and issuing shares will allow the company to attract capital from outside, without resorting to expensive bank loans. At the same time, the structure of capital in the liabilities side of the balance sheet will change significantly: the share of own funds will increase while the share of borrowed funds will decrease. If we consider the balance sheet asset, then the share of own working capital will increase there, which in turn will allow the company to purchase new equipment, technologies, raw materials and materials for more efficient operation. Thus, as a result of corporatization, the enterprise will be given a certain "push" in its development.

3. The distribution of profits and the efficiency of the enterprise

3.1 Profit distribution policy of AvtoAlliance LLC

The distribution of profits is an important economic process that provides coverage for the needs of managers and the formation of state revenues.

The mechanism for distributing profits must be constructed in such a way as to contribute in every possible way to increasing the efficiency of production and to stimulate the development of new forms of management.

Profit distribution analysis is carried out in the following order:

1. an assessment is made of changes in the amount of funds for each direction of profit use in comparison with the reporting and base period;

2. a factor analysis of the formation of funds is carried out;

3. Evaluation of the effectiveness of the use of accumulation and consumption funds is given in accordance with the indicators of the effectiveness of the economic potential.

Consider, using the example of AvtoAlliance LLC, an analysis of the distribution and use of profits.

A reserve fund has been formed at AvtoAlliance LLC. The dynamics of funds received by the reserve fund for the analyzed period is as follows (see Appendix 8):

The main factors determining the amount of deductions to accumulation and consumption funds may be the change in the amount of net profit and the coefficient of deductions of profits to the corresponding funds.

Table 3.1 data. reflect the process of formation of taxable and net profit and its distribution to the funds of the enterprise.

When comparing the actual data of 2005 with the plan, net profit increased by 2,080 thousand rubles, this is due to the growth in revenue and lower costs per unit of output.

The sum of deductions of profit to the funds of the enterprise is equal to the product of two factors of net profit and the coefficient of deductions of profit. So, to calculate their influence, one of the deterministic methods can be used. factor analysis.

Table 3.1. Use of profit in 2005, thousand rubles

Indicator		Plan	Fact	Absolute deviation
1. Profit from the sale of products		19 000	21 080	+ 2 080
2. Profit from other activities		-	-	-
3. Balance sheet profit		19 000	21 080	+ 2 080
4. non-operating expenses		150	200	+ 50
5. Taxable income		18 850	20 880	+ 2 030
6. Income tax at the current rate		4 524	5 011	+ 487
7. Profit remaining at the disposal of the enterprise		14 326	15 869	+ 1 543
8. Net profit		14 326	15 869	+ 1 543
9. Distribution of net profit:
to the accumulation fund		6 463	7 241	+ 778
to the consumption fund		2 292	2 600	+ 308
FMP		1 862	2 028	+ 166
FSR		1 003	1 000	- 3
Share in net profit,%:
accumulation fund		45	45,63	+ 0,63
consumption fund	16		16,38	+ 0,38
FMP	13		12,78	- 0,22
FSR	7		6,30	- 0,70

When comparing the actual data of 2005 with the plan, net profit increased by 1,543 thousand rubles, this is due to an increase in revenue and a decrease in costs per unit of output.

The distribution of the estimated net profit to funds in the FSR decreased by 3 thousand rubles.

The sum of deductions of profit to the funds of the enterprise is equal to the product of two factors of net profit and the coefficient of deductions of profit. This means that one of the methods of deterministic factor analysis can be used to calculate their influence (see Table 3.2.).

Table 3.2. Calculation of the influence of factors on the amount of deductions to the enterprise funds

Analyzing the data in Table 3.2., we can talk about an increase in the distributed net profit to the funds. Comparing 2005 with 2003, the amount of deductions to the funds increased by 8,219 thousand rubles. This is due to the growth in net profit.

Then it is necessary to calculate the influence of the factors of changes in net profit on the amount of deductions to the funds of the enterprise. To do this, we multiply the increase in net profit due to each factor by the planned coefficient of deductions to the corresponding fund (see Table 3.3.).

Table 3.3. Calculation of the influence of factors on the amount of deductions to the funds of the enterprise

Table 3.3 data. show the reasons for the increase in the amount of deductions to the enterprise fund, which allows us to draw certain conclusions and develop measures aimed at increasing the amount of profit. In our case, the increase in deductions to the funds of the enterprise is caused by an increase in sales, an increase in selling prices. Negative impact was exerted by such factors as cost increase, decrease in the structure of sold products.

Analyzing the distribution of net profit in special purpose funds, it is necessary to know the factors in the formation of these funds.

The main factors are:

1) net profit,

2) coefficient of deductions of profit,

3) retained earnings.

The change in allocations to special purpose funds in 2005 due to changes in net profit can be calculated using the formula:

ΔF n (P) \u003d ΔP h ∙ K 0, (8)

ΔF n (P) = + 6,419 thousand rubles. * 44.79% = 2,875.07 thousand rubles - accumulation fund

ΔF p (P) = + 6,419 thousand rubles. * 12.43% = 797.88 thousand rubles. - consumption fund

ΔF s (P) = + 6,419 thousand rubles. * 14.32% = 919.20 thousand rubles. - social fund spheres

ΔF n (P) - increment of the accumulation fund (consumption) due to changes in net profit;

ΔП h - increment of the amount of net profit;

K 0 is the coefficient of deductions from net profit to the corresponding fund.

To do this, we multiply the increase in net profit due to each factor by the base (2004) coefficient of contributions to the corresponding fund.

The amount of deductions to funds is also influenced by changes in the deduction ratio from net profit. The level of its influence is calculated by the formula:

ΔF n (K) \u003d (K 1 - K 0) P h 1, where (9)

ΔF n (K) - increment of the consumption fund (accumulation) from the change in the coefficient of deductions;

K 1 , K 0 - actual and basic coefficients of deductions to consumption funds (accumulation);

P h 1 - net profit for the reporting period.

ΔF n (K) \u003d (0.16-0.12) * 15,869 thousand rubles. = 634.76 thousand rubles. - consumption fund

ΔF n (K) \u003d (0.46-0.45) * 15,869 thousand rubles. = 158.69 thousand rubles. - accumulation fund

ΔF n (K) \u003d (0.19-0.14) * 15,869 thousand rubles. = 793.45 thousand rubles. - social fund spheres

The calculation of the influence of factors (the sum of net profit and the contribution rate) on the amount of contributions to the enterprise's funds is presented in Table 3.4.

Table 3.4. Calculation of the influence of factors (the amount of net profit and the contribution rate) on the amount of deductions to the enterprise's funds

Of those given in Table 3.4. calculations, it follows that changes in deductions to the accumulation fund increased due to the influence of net profit by 2,875 thousand rubles. and due to the coefficient - by 159 thousand rubles.

Changes in contributions to the consumption fund increased due to the impact of net profit by 798 thousand rubles. and due to the coefficient of 635 thousand rubles.

Changes in contributions to the social sphere fund increased due to the impact of net profit by 919 thousand rubles. and due to the coefficient for 794 thousand rubles.

The ratio of the use of profits for accumulation and consumption has an impact on the financial position of the enterprise. Insufficiency of funds allocated for accumulation hinders the growth of turnover, leads to an increase in the need for borrowed funds.

An analysis of the use of profits reveals how efficiently funds were allocated for accumulation and consumption.

The upper limit of the potential development of the enterprise is determined by the return on equity, which shows the effectiveness of the use of equity capital.

The profitability of own funds can be represented as the ratio of the amount of funds allocated for accumulation and consumption to the amount of own funds.

R c c \u003d (Net profit / Equity capital) * 100%. (ten)

The calculation of the dynamics of return on equity is presented in Table 3.5.

Table 3.5. Calculation of the dynamics of return on equity

From table 3.5. it can be seen that the return on equity increased by 6.21% compared to last year

The return on equity shows the effectiveness of the use of equity, indicates the amount of profit received from each ruble invested in enterprises by the owners.

In order to achieve high turnover growth rates, it is necessary to increase the opportunities for increasing the profitability of own funds.

The ratio of the accumulation fund to the amount of equity determines the internal growth rate, i.e. the rate of increase in assets.

R cc = F n / SK, (11)

where F n - accumulation fund, SC - equity

The dynamics of the growth rate of assets is presented in Table 3.6.

Table 3.6. Calculation of the dynamics of the rate of increase in assets

The calculation made in Table 3.6. shows that the internal growth rate, that is, the rate of increase in assets, increased compared to 2004 by 0.03.

The ratio of the consumption fund to the size of own capital is the level of consumption.

R cc = F p / SK, (12)

Where F p - consumption fund, SC - equity.

The calculation of the consumption level dynamics is presented in Table 3.7.

Table 3.7. Calculation of consumption level dynamics

Table 3.7 data. indicate an increase in the level of consumption by 0.02 points in 2005 compared to 2004.

Conclusion: Domestic growth rates are increasing, albeit slightly, which means that the profit distribution policy has been chosen correctly.

3.2 Calculation of the effectiveness of the functioning of AvtoAlliance LLC

We will evaluate the financial position of AvtoAlliance LLC for the analyzed period.

Let's proceed to the analysis of the liquidity of the enterprise. Analysis of the liquidity of the balance sheet consists in comparing the funds of the asset, grouped by the degree of their liquidity and arranged in descending order of liquidity, with the liabilities of the liability, grouped by their maturity and arranged in ascending order of maturity.

Depending on the degree of liquidity, the assets of the enterprise are divided into the following groups:

A-1 - The most liquid assets - these include all items of the company's cash and short-term financial investments. A-1 = page 250 + page 260

A-2 - Marketable assets - receivables and other assets (-) immobilization A-2 = p. 240

A–3 - Slowly realizable assets - stocks and costs (+) settlements with the founders (+) long-term financial investments (-) VAT (-) c.. 31

A-3 = page 210 + page 220 + page 230 + page 270

A-4 - Difficult to sell assets - items of section 1 of the asset, with the exception of items in this section, included in the previous group. A-4 = p. 190

Liabilities of the balance are grouped according to the degree of urgency of their payment:

P-1 - The most urgent liabilities - accounts payable and loans outstanding on time P-1 = line 620

P-2 - Short-term liabilities - short-term loans and borrowings

P-2 = p. 610 + p. 670

P-3 - Long-term liabilities - long-term loans P-3 = line 590 + line 630 + line 640 + line 650 + line 660

P-4 - Permanent liabilities - 1 section "Sources of own funds" of the balance sheet liabilities (+) lines 640, 650, 660 (-) account. 31 (-) sc. 19 (-) immobilization.

P-4 \u003d p. 490 - p. 390

The balance is considered absolutely liquid if the following ratios take place:

Liquidity analysis is presented in Table 3.8.

Table 3.8. Liquidity analysis for 2005, thousand rubles

ASSETS	For the beginning of the year	At the end of the year		LIABILITY	For the beginning of the year	At the end of the year
1. The most liquid assets	46 920	52 850	+ 5 930	1. Most urgent obligations	44 750	50 860	+ 6 110
2. Marketable assets	10 540	12 450	+ 1 910	2. Short-term liabilities	0	0	0
3. Slow selling assets	83 300	97 880	+ 14 580	3. Long-term liabilities	28 000	35 000	+ 7 000
4. Hard-to-sell assets	16 680	25 680	+ 9 000	4. Permanent liabilities	84 690	103 000	+ 18 310
BALANCE	157 440	188 860	+ 31 420	BALANCE	157 440	188 860	+ 31 420

In our case, analyzing the indicators of 2005 (see Table 3.8.), we obtain the following ratios:

A-1 > P-1 since 52,850 thousand rubles. > RUB 50,860 thousand

A-2 > P-2 since 12,450 thousand rubles. > 0

A-3 > P-3 since 97,880 thousand rubles. > 35,000 thousand rubles

A-4< П-4 так как 25 680 тыс. руб. < 103 000 тыс. руб.

This testifies to the absolute liquidity of the balance sheet of AvtoAlliance LLC in 2005.

Table 3.8 data. allow the following conclusions to be drawn:

The largest share falls on slow-moving assets, and the smallest - on fast-moving ones. In terms of liabilities, the largest share falls on permanent liabilities.

We will analyze the solvency of the enterprise by calculating the following indicators:

1. General indicator of liquidity. Normative value L o > or = 1.

L o2005 \u003d (A1 + 0.5 A2 + 0.3 A3) / (P1 + 0.5 P2 + 0.3 P3) \u003d (52 850 + 0.5 * 12 450 + 0.3 * 97 880) / (50,860 + 0.5 * 0 + 0.3 * 35,000) = 88,439 / 61,360 = 1.44

L o2004 \u003d (A1 + 0.5 A2 + 0.3 A3) / (P1 + 0.5 P2 + 0.3 P3) \u003d (46 920 + 0.5 * 10 540 + 0.3 * 83 300) / (44,750 + 0.5 * 0 + 0.3 * 28,000) = 77,180 / 53,150 = 1.45

Calculations show that the overall liquidity ratio corresponds to normative value. This once again confirms the thesis about sufficient liquidity of the enterprise's balance sheet. It should also be noted that there is a trend towards a decrease in the overall liquidity ratio, so in comparison with 2004 in 2005 it decreased by 0.01 points.

2. Absolute liquidity ratio - shows what part of short-term debt obligations can be repaid immediately at the expense of highly liquid assets.

The normative value of the coefficient is considered to be within 0.2 -0.3.

K la2004 \u003d A1 / (P1 + P2) \u003d 46,920 / (44,750 + 0) \u003d 46,920 / 44,750 \u003d 1.05

K la2005 \u003d A1 / (P1 + P2) \u003d 52,850 / (50,860 + 0) \u003d 52,850 / 50,860 \u003d 1.04

As you can see, the absolute liquidity ratio in 2005 corresponds to the normative value. But again there is a negative growth trend compared to the previous year.

3. Interim critical liquidity ratio - shows whether the company will be able to pay off its short-term debt obligations on time.

K pl \u003d (A1 + A2) / (P1 + P2)

K pl2004 \u003d (46 920 + 10 540) / (44 750 + 0) \u003d 1.2840

K pl2005 \u003d (52 850 + 12 450) / (50 860 + 0) \u003d 1.2839

Sufficient criterion indicators according to the standards are in the range from 0.70 to 1 and above. In our case, this figure is higher. The negative point is the decrease, albeit insignificant, of the intermediate liquidity ratio compared to the previous year.

4. The current liquidity ratio is practically the calculation of the entire amount of current assets per ruble of short-term debt. This indicator is adopted as the official criterion for the insolvency of an enterprise (organization). Its advantage over other indicators of solvency is that it is generalizing, taking into account the entire value of current assets.

K lt \u003d (A1 + A2 + A3) / (P1 + P2)

Klt2004 \u003d (A1 + A2 + A3) / (P1 + P2) \u003d (46,920 + 10,540 + 83,300) / (44,750 + 0) \u003d 140,760 / 44,750 \u003d 3.15

K lt2005 \u003d (A1 + A2 + A3) / (P1 + P2) \u003d (52 850 + 12 450 + 97 880) / (50 860 + 0) \u003d 163 180 / 50 860 \u003d 3.21

The required value is 1, but the optimal standard value is at least 2. The current liquidity ratio of Megastroy LLC corresponds to the normative value for the industry in question. A positive aspect is contained in the increase in the current liquidity ratio in 2005 compared to 2004 by 0.06 points.

The basis for recognizing the balance sheet structure as unsatisfactory, and the enterprise as insolvent is the fulfillment of one of the following conditions:

The current liquidity ratio is less than 2.

Equity ratio at the end of the reporting period is less than 0.1.

In our case, there is no such situation, which means that the enterprise in question can be recognized as solvent and liquid, which indicates the effectiveness of its functioning.

Conclusion

Improving the efficiency of equity management is stimulated, on the one hand, by the desire to improve the financial performance of the company and increase the welfare of its owners, on the other hand, by the company's dependence on the external economic environment that evaluates its activities from the outside and forms a system of economic relationships with it.

If you directly answer the question "What is the role of equity capital in the formation of the capital of the enterprise?" - it can be concluded that: own financial resources for each enterprise, albeit invested and in a free state, are that vital part, without which neither work nor the further existence of the enterprise is possible. Not in vain, among the classification of total capital, it is the division into equity and borrowed capital that comes first.

The available own funds allow the enterprise to use them both at its own discretion and in some cases in accordance with the legislatively established directions. It all depends on the source of such financing from equity elements.

A critical review of the literature made it possible to analyze the structure of equity capital, calculate the price and cost of equity capital of the enterprise under study, trace the dynamics of the composition and structure of equity capital, and it also made it possible to identify the impact of changes various factors to change the profit and profitability of the enterprise, evaluate the effectiveness of the enterprise.

As an object of study, an enterprise was chosen that carries out wholesale and retail sales of tires, disks, components for cars and related products.

An analysis of the main economic indicators of the enterprise indicates a positive trend in the change in the main indicators of the enterprise's activity in dynamics from 2003 to 2005. proceeds from the sale of goods, products, works, services in 2004 compared to 2003 increased by 110,368 thousand rubles. or 198.66%. In 2005, the growth of proceeds from sales amounted to 241,187 thousand rubles compared to 2004. or 145.36%.

The cost of sold goods, products, works, services of AvtoAlliance LLC in 2003 amounted to 49,046 thousand rubles, in 2004 - 152,372 thousand rubles, in 2005 - 367,656 thousand rubles, that is, there is increase in cost by 103,326 thousand rubles. or 210.67% in 2004 compared to 2003, by 215,284 thousand rubles. or 141.29% in 2005 compared to 2004.

The dynamics of revenue and cost indicators did not fail to affect the dynamics of the profit indicator. Thus, in 2004, the profit from the sale of AvtoAlliance LLC increased by 7,022 thousand rubles compared to 2003. or by 108.15%, and in 2005 it increased in comparison with 2004 by 25,903 thousand rubles. or by 191.12%.

As the calculations show, the profitability of sales of AvtoAlliance LLC reached its highest value in 2003 - 11.72%. In 2004, the return on sales decreased by 3.55%. This is due to the short period of existence of the company on the market and the still unoptimized structure of suppliers.

In 2005, as compared to 2004, the sales profitability of AvtoAlliance LLC increased by 1.52%.

In general, the activities of LLC "AvtoAlliance" for the period 2003 - 2005. characterized by an increase in sales proceeds, balance sheet profit, an increase in capital productivity, a decrease in the turnover period of the company's working capital, and an increase in labor productivity. At the same time, over the analyzed period, the growth rate of wages outstrips the growth rate of labor productivity. Therefore, despite the positive trend in the change of individual indicators characterizing the organizational and economic activity, it is impossible to draw an unambiguous conclusion about the increase or decrease in the efficiency of the enterprise.

Analysis of indicators of the structure of liabilities shows that the company has increased its financial stability. The share of equity capital increased by 0.75 percentage points by the end of the year (from 53.79% to 54.54%). At the same time, the share of borrowed capital decreased by the same amount. The financial leverage has also decreased, thereby increasing the attractiveness of the enterprise for creditors.

An analysis of the data of the enterprise shows that in recent years there has been an increase in the sources of formation of own funds due to an increase in the authorized capital (+50%) and additional capital (+25%).

The analysis of the equity capital structure of AvtoAlliance LLC shows that the reserve capital has the largest share in the equity capital structure of AutoAlliance LLC – about half of the total equity capital. In second place in terms of share is additional capital. 12%-15% in the structure of equity capital in 2004 is occupied by the authorized capital and only 3% - retained earnings.

In our case, there is a situation in which the growth rate of the authorized capital, the same as the growth rate of additional capital, is higher than the growth rate of retained earnings and reserve capital. What makes you think about the optimality of the structure of equity capital operating at the enterprise.

In 2005, the cost of equity capital of AvtoAlliance LLC was 0.17, which is 0.03 points higher than in the previous period.

In our case, there is a negative effect of financial leverage, as a result of which there is a “eating away” of equity capital. The enterprise should urgently increase its economic profitability, otherwise the consequences may be devastating for it.

The share of net profit in the company's revenue has a steady positive trend. In 2005, the rate of growth of this indicator is 33% higher than in the previous year, but somewhat lower than the rate of growth in the dynamics of profit from sales in the company's proceeds of the same year. The latter fact can be explained by a slight increase in the level of non-operating expenses.

The results of calculations show that the profit target in 2005 was exceeded mainly due to an increase in sales by 2,080 thousand rubles and an increase in average selling prices by 1,000 thousand rubles.

The change in the structure of marketable products contributed to a decrease in the amount of profit by 480 thousand rubles. In connection with the increase in the cost of production, the amount of profit decreased by 520 thousand rubles.

Analyzing the distribution of profits over three years, we can talk about an increase in the distribution of net profit to the funds. Comparing 2005 with 2003, the amount of deductions to the funds increased by 8,219 thousand rubles. This is due to the growth in net profit.

Return on equity increased by 6.21% compared to last year. Internal growth rates, i.e. the rate of increase in assets increased compared to 2004 by 0.03. Internal growth rates are increasing, albeit slightly, which means that the profit distribution policy at AvtoAlliance LLC has been chosen correctly.

The evaluation of the effectiveness of the activities of LLC "AvtoAlliance" made it possible to draw the following conclusions:

1. The balance sheet of the enterprise under study is absolutely liquid.

2. The overall liquidity ratio in 2005 is 1.44, which is in line with the standards.

3. The absolute liquidity ratio in 2005 is 1.04, which also corresponds to the normative values of this ratio.

4. The intermediate ratio of critical liquidity is 1.28.

5. The current liquidity ratio of AvtoAlliance LLC corresponds to the normative value for the industry in question. A positive aspect is contained in the increase in the current liquidity ratio in 2005 compared to 2004 by 0.06 points.

If we talk about the effectiveness of the equity management system at the enterprise under study, then in general, equity management at this enterprise can be considered effective, given the short period of the company's existence on the market. But the management of the enterprise needs to take a critical approach to assessing the optimality of the existing structure of equity capital and to the problem of increasing the economic profitability of the enterprise.

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7. Using the Baumol and Miller-Or models in the management of the enterprise's monetary assets

8. The main financial blocks of the system for managing the efficiency of cash flow in an organization (enterprise).

10. Management of short-term accounts payable

12. Content and strategic goals of long-term financial policy

14. The content of the main models and their use in the process of predicting bankruptcy

Factors that determine the dividend policy

16. Tasks of risk management to counteract the threat of financial insolvency of the enterprise

17. Grouping of assets and liabilities in determining the liquidity of the company

18. Key indicators of the financial stability of the organization

19. Centers of financial responsibility and financial accounting, their goals and objectives

Comparative analysis of management and financial accounting

Concept, subject, objects of research and method of management accounting

20. The total return of shareholders in the light of the dividend policy. Main forms of dividend payment

22. Criteria and basic methods for quantitative assessment of entrepreneurial risks

23. The main manifestations of financial risks and their analysis. Financial risk management

24. Development of strategic directions of investment activity

25. Equity management

26. Inventory management.

TMP control by ABC method

28. Management of the financing of the current activities of the organization

1. Business loan

2. Bank loan

3. Budget lending

4. Issue of financial bills

5. Tolling

29. Indicators of market activity of the joint-stock company.

30. Financial risk of bankruptcy as the main manifestation of financial risks

31. Production sharing in accordance with the law "on agreements, on production sharing."

Investor profit 30-70%

33. Principles and main stages of development of the investment strategy of the enterprise

34. The system of indicators characterizing the fin. Activities of the organization.

35. The system of indicators of profitability in the analysis of the economic activity of the organization

36. The concept and role of investment strategy in the effective management of the enterprise

37. Methods for analyzing the effectiveness of investment projects under risk. Method for adjusting the discount rate.

38. The concept of an investment project. Methods for evaluating the effectiveness of investment projects

41. The concept of an investment portfolio. Portfolio return and risk

42. Business plan of the investment project: the purpose of its development and purpose, sections of the business plan and their content.

43.Requirements for investment projects and phases of their development.

25. Equity management

Funds belonging to an economic entity, advanced by it in the creation of net assets of the enterprise, constitute equity capital. The amount of equity capital is also one of the main indicators of the efficiency and economic potential of the enterprise. Own funds are distributed between own non-current and own current assets. Usually the total amount of own funds exceeds the value of non-current assets. Equity includes equity, investments and retained earnings. Equity capital is calculated as the sum of authorized, additional, reserve capital and monetary funds belonging to the company. The formation of equity capital begins at the time of the establishment of the enterprise. In the future, the increase in equity capital is carried out at the expense of internal and external, own and borrowed, sources of funds. The main source is the profit of the enterprise, and in its composition - the accumulation fund of the enterprise. In addition to profit, the source of replenishment of own funds is the issue of shares, the increase in the stability of liabilities, borrowed funds, accounts payable, etc. Own capital management should be preceded by a study of the effectiveness of its management in the previous period. The analysis is necessary to determine the reserves for the formation of own funds. Own capital management involves managing the process of its formation, maintenance and effective use, i.e. management of already formed assets. This involves both the management of equity in general and the management of its structural elements.

Rice. 1.3. - The composition of the main sources of formation of the enterprise's own financial resources

The main objectives of equity capital management are:

Determining the appropriate amount of equity capital;

An increase, if required, in the amount of equity capital from retained earnings or an additional issue of shares;

Determining the rational structure of newly issued shares;

Definition and implementation of the dividend policy.

The development of a policy for the formation of the enterprise's own financial resources is carried out according to the following main stages.

At the first stage of analysis the total volume of the formation of own financial resources, the correspondence of the growth rate of own capital to the growth rate of assets and the volume of sales of the enterprise, the dynamics of the share of own resources in the total volume of formation of financial resources in the preplanning period are studied.

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

At the third stage of the analysis the sufficiency of own financial resources formed at the enterprise in the preplanning period is assessed.