“Long-term financial policy. Long-term financial policy

Introduction

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Financial policy is a fundamental element in the financial management system at both the macro and microeconomic levels. When organizing financial relations for the distribution, redistribution and use of gross domestic product and national income, the state determines the main goals and objectives facing society and, accordingly, the country's financial system, all its spheres and links.

Financial policy is the definition of goals and objectives, to the solution of which the process of formation, distribution and redistribution of gross domestic product is directed to provide financial resources for the continuous reproduction process and the solution of individual social, economic and political problems of society.

The main goal of financial policy is to create financial conditions for the socio-economic development of society, improve the level and quality of life of the population. Achieving this goal is possible only with the effectiveness of specific forms of distribution, redistribution and use of the available financial resources of society and the financial potential of the state.

The state, represented by the legislative (representative) and executive authorities, is the main subject of the ongoing financial policy. It develops a strategy for the main directions of financial development for the future, determines the tactics of action for the coming period, determines the means and ways to achieve strategic objectives... The subjects of financial policy are also local governments, organizations different forms property.

The objects of financial policy are monetary relations for the formation, distribution and use of funds of funds in all areas and links of the financial system.

Financial strategy is a long-term course of financial policy, designed for a long-term perspective and providing for the solution, as a rule, of large-scale problems.

Financial tactics - methods of solving financial problems in the most important areas of the financial strategy.

The strategy and tactics of financial policy are interrelated.

. Long-term financial policy of the company

1.1 Concepts and goals of the long-term policy of the enterprise

Financial policy of the enterprise- a set of measures for the purposeful formation, organization and use of finance to achieve the goals of the enterprise.

Financial policy- the most important component of the general policy of enterprise development, which also includes investment policy, innovation, production, personnel, marketing, etc. If we consider the term « politics » more broadly, it is "action to achieve a goal."

So, the achievement of any task facing the enterprise, to one degree or another, is necessarily associated with finances: costs, income, cash flows, and the implementation of any solution, first of all, requires financial support.

Thus, the financial policy is not limited to solving local, isolated issues, such as market analysis, development of a procedure for passing and negotiating contracts, organizing control over production processes, but is comprehensive in nature.

Long-term financial policy framework- a clear definition of a single concept for the development of the enterprise in the long term, the choice of the optimal mechanisms for achieving the set goals, as well as the development of effective control mechanisms.

The main purpose of creating an enterprise- ensuring the maximization of the welfare of the owners of the enterprise in the current period and in the future. This goal is expressed in ensuring the maximization of the market value of the enterprise, which is impossible without the effective use of financial resources and the construction of optimal financial relations both at the enterprise itself and with counterparties and the state.

For implementation main goal financial policy, it is necessary to find the optimal balance between the strategic directions:

1. maximizing profits;

2. ensuring financial stability.

The development of the first strategic direction allows owners to receive income on their invested capital, the second direction provides the company with stability and security and relates to risk control.

The development of a financial strategy involves certain stages:

· critical analysis of previous financial strategy;

· justification (adjustment) of strategic goals;

· determination of the duration of the financial strategy;

· concretization of strategic goals and periods of their implementation;

· distribution of responsibility for achieving strategic goals.

It is always a search for a balance that is optimal for this moment correlation of several directions of development and the choice of the most effective methods and mechanisms for their achievement.

The financial policy of an enterprise cannot be inviolable, determined once and for all. On the contrary, it must be flexible and adjust in response to changes in external and internal factors.

One of the main principles of financial policy is that it should be based not so much on the actual situation as on the forecast of its change. Only on the basis of foresight does financial policy become sustainable.

Long-term financial policy- the basis of the enterprise financial management process. Its main directions are determined by the founders, owners, shareholders of the enterprise. However, the implementation of a long-term financial policy is possible only through the organizational subsystem, which is a collection of individuals and services that prepare and directly implement financial decisions.

Companies implement long-term financial policies in different ways. It depends on the organizational and legal form of the business entity, the field of activity, as well as the scale of the enterprise.

The subjects of management in small businesses can be a manager and an accountant, since a small business does not imply a deep separation of management functions. Sometimes external experts and consultants are involved to adjust development directions.

In medium-sized enterprises, current financial activities can be carried out within other divisions (accounting, planning and economic department, etc.), while serious financial decisions (investment, financing, long-term and medium-term profit distribution) are made by the company's general management.

In large companies, it is possible to expand the organizational structure, staffing and quite clearly differentiate powers and responsibilities between:

· information bodies: legal, tax, accounting and other services;

· financial authorities: finance department, treasury department, securities management department, budgeting department, etc .;

· control bodies: internal audit, audit.

As a rule, the financial director is responsible for the formulation of financial problems, analysis of the expediency of choosing one or another way of solving them. However, if the decision made is significant for the enterprise, he is only an advisor to senior management personnel.

When developing and implementing a long-term financial policy, the company's management is forced to constantly make management decisions from a variety of alternative directions. Timely and accurate information is essential in choosing the best solution.

Information support of the financial policy of an enterprise can be divided into two large categories: formed from external sources and internal.

From external sources:

1.Indicators characterizing general economic development

country:

· growth rate of gross domestic product and national income;

· the amount of money issued in the period under review;

· monetary incomes of the population;

· deposits of the population in banks;

· inflation index;

· central bank discount rate.

This view informative indicators serves as the basis for analyzing and predicting the conditions of the external environment of the enterprise when making strategic decisions in financial activities. The formation of the system of indicators for this group is based on the published data of state statistics.

2.Indicators characterizing the conjuncture of the financial market:

· types of basic stock instruments (stocks, bonds, etc.) traded on the exchange and over-the-counter stock markets;

· quoted bid and ask prices of the main types of stock instruments;

· the lending rate of individual commercial banks.

The system of normative indicators of this group serves for making managerial decisions when forming a portfolio of long-term financial investments, when choosing options for placing free funds, etc. The formation of the system of indicators for this group is based on periodic publications of the Central Bank, commercial publications, as well as on official statistical publications.

3.Indicators characterizing the activities of counterparties and competitors.

The system of informative indicators of this group is necessary mainly for making operational management decisions on certain aspects of the formation and use of financial resources.

4.Regulatory indicators.

The system of these indicators is taken into account when preparing financial decisions related to the peculiarities of state regulation of the financial activities of enterprises. The sources for the formation of indicators of this group are regulatory legal acts adopted by various government bodies.

From internal sources,divided into two groups.

1.Primary information:

· accounting forms;

· operational financial and management accounting.

The system of informative indicators of this group is widely used by both external and internal users. It is applicable in financial analysis, planning, development of financial strategy and policy on the main aspects of financial activities, gives the most aggregated view of the results of the financial activities of the enterprise.

2.Information obtained from financial analysis:

· horizontal analysis (comparison of financial indicators with the previous period and for several previous periods);

· vertical analysis ( structural analysis assets, liabilities and cash flows);

· comparative analysis(with industry-average financial performance, indicators of competitors, reporting and planned indicators);

· analysis of financial ratios (financial stability, solvency, turnover, profitability);

· integral financial analysis, etc.

Thus, for the successful implementation of the long-term financial policy of the enterprise, the management must, firstly, have reliable information about the external environment and predict its possible changes; secondly, to have information about the current parameters of the internal financial situation; thirdly, systematically conduct an analysis that allows you to assess the results of economic activity of its individual aspects, both statically and dynamically.

1.2 Cost of major sources of capital

Often the term "capital" is used in relation to both sources

funds and assets. With this approach, characterizing the sources, they speak of "passive capital", and when characterizing assets, they speak of "active capital", dividing it into fixed capital (long-term assets, including construction in progress) and working capital (this includes all circulating assets).

Capital- these are the means that a business entity has to carry out its activities with the aim of making a profit.
The capital of the enterprise is formed both at the expense of its own (internal) and at the expense of borrowed (external) sources. The main source of funding is equity... It includes authorized capital, accumulated capital (reserve and added capital, accumulation fund, retained earnings) and other receipts (targeted financing, charitable donations, etc.).

Authorized capital- this is the amount of funds of the founders to ensure the statutory activities. On state enterprises- is the value of property assigned by the state to the enterprise on the basis of full economic management; at joint-stock enterprises - the par value of all types of shares; for limited liability companies - the sum of the owners' shares; for a leased enterprise - the amount of contributions from its employees.

The authorized capital is formed during the initial investment of funds. The founders' contributions to the authorized capital can be in the form of cash, property and intangible assets. The amount of the authorized capital is announced during the registration of the enterprise and when adjusting its value, re-registration of the constituent documents is required.

Added capitalas a source of funds of the enterprise is formed as a result of the revaluation of property or the sale of shares above their par value. Accumulation fundis created from the profit of the enterprise, depreciation and sale of part of the property.
The main source of replenishment of equity capitalis the profit of the enterprise, at the expense of which the accumulation, consumption and reserve funds are created. There may be the remainder of retained earnings, which, prior to its distribution, is used in the company's turnover, as well as the issue of additional shares. Special purpose funds and earmarked financing -these are gratuitously received values, as well as irrevocable and repayable budgetary allocations for the maintenance of social and cultural facilities and for the restoration of the solvency of enterprises that are on budget financing.

Borrowed capital- these are loans from banks and financial companies, loans, accounts payable, leasing, commercial paper, etc. It is subdivided into long-term (more than a year) and short-term (up to a year).
Any organization finances its activities, including investment, from various sources. As a payment for the use of the financial resources advanced for the activities of the organization, it pays interest, dividends, remuneration, etc. incurs some reasonable costs of maintaining its economic potential. As a result, each source of funds has its own value as the sum of the costs of providing this source. In the process of evaluating the cost of capital, the cost of individual elements of equity and debt capital is firstly assessed, then the weighted average cost of capital is determined.

Determination of the cost of the organization's capital is carried out in several stages:

1. identification of the main components that are sources of formation of the organization's capital is carried out;

2. the price of each source is calculated separately;

3. the weighted average price of capital is determined based on the share of each component in the total amount of invested capital;

4. measures are being developed to optimize the capital structure and form its target structure.

An important point when determining the cost of capital of the organization

is the choice of the base on which all calculations should be carried out: before tax or after tax. Since the goal of managing an organization is to maximize net profit, the analysis takes into account the effect of taxes.

It is equally important to determine what price of the source of funds should be taken into account: historical (at the time of attracting the source) or new

(marginal, characterizing the marginal costs of attracting funding sources). Marginal costs provide a realistic estimate of the long-term costs of an organization needed to draw up its investment budget.

The cost of capital depends on its source (owner) and is determined by the capital market, i.e. supply and demand (if demand exceeds supply, then the price is set for more high level). The cost of capital also depends on the amount of capital raised.

The main factors influencing the cost of capital of the organization are:

· the general state of the financial environment, including financial markets;

· conjuncture of the commodity market;

· the average lending rate prevailing in the market;

· availability of various sources of funding for organizations; the profitability of the organization's operating activities;

· operating leverage level;

· the level of concentration of equity capital;

· the ratio of the volumes of operating and investment activities; the degree of risk of the operations being carried out;

· industry-specific features of the organization's activities, including the duration of the operating cycle, etc.

The level of the cost of capital varies significantly for its individual elements (components). The element of capital in the process of assessing its value is understood as each of its varieties according to individual sources of formation (attraction).

These elements are capital, attracted by: 1. reinvestment of the profit received by the organization (retained earnings);

2. issue of preferred shares;

3. issue of common shares;

4 . obtaining a bank loan;

5. issue of bonds;

6. financial leasing, etc.

For a comparable assessment, the value of each element of capital is expressed by the annual interest rate. The level of value of each element of capital is not constant and fluctuates significantly over time under the influence of various factors.

Analysis of the structure of the balance sheet liability, which characterizes the sources of funds, shows that their main types are:

· own sources (authorized capital, funds of own funds, retained earnings);

· borrowed funds (bank loans (long-term and short-term), bond loans);

· temporary borrowed funds (accounts payable).

Short-term accounts payable for goods (works, services), by wages and the payment of taxes is not involved in the calculation, since the organization does not pay interest for it and it is a consequence of current operations during the year, while the calculation of the cost of capital is carried out for a year to make long-term decisions.

Short-term bank loans, as a rule, are temporarily attracted to finance the current needs of production in working capital, so they are also not taken into account when calculating the cost of capital.

Thus, to determine the cost of capital, the most important are the following sources: borrowed funds, which include long-term loans and bond loans; own funds which include common and preferred shares and retained earnings.

Depending on the duration of existence in this particular form, the assets of the organization, as well as the sources of funds, are divided into short-term (current) and long-term. As a rule, it is assumed that current assets are financed by short-term funds durable, from long-term sources of funds; this optimizes the total cost of raising funds.

The borrowed capital is estimated according to the following elements:

· the cost of a financial loan (bank and leasing);

· the cost of capital raised by issuing bonds;

· the cost of a commodity (commercial) loan (in the form of a short-term and long-term deferred payment);

· the cost of current settlement obligations.

The main elements of borrowed capital are bank loans and bonds issued by the organization. In some cases, when a significant amount of funds is needed at one time for investment (purchase of new equipment), they use financial leasing and commercial (commodity) credit (forfeting), loans from other organizations.

The cost of borrowed capital depends on many factors: the type of interest rates used (fixed, floating); the developed scheme of interest accrual and long-term debt repayment; the need to form a fund for debt repayment, etc.

1.3 Dividend policy of the enterprise: concept, specifics and factors of influence

Along with the solution of investment problems associated with an increase in the organization's assets and the determination of the sources of their coverage, the process of forming the owner's share in the received profit in accordance with his contribution is of great importance in profit management, or dividend policy.

Its purpose is to determine the optimal ratio between the consumed and capitalized parts of the profit. In the future, this will ensure the strategic development of the organization, maximize its market value and determine specific measures aimed at increasing the market value of shares.

Dividends- cash payments that a shareholder receives as a result of distribution of the corporation's net profit in proportion to the number of shares. The broader concept of dividend is used for any direct payment by a corporation to its shareholders.

The company's dividend policy includes making decisions on the following issues:

1. Should the company pay all or part of its net profit to shareholders in the current year, or invest it for future growth? This means choosing the ratio in the net profit of the part that goes to the payment of dividends and the part that is reinvested in the assets of the corporation.

2. Under what conditions should the value of the dividend yield be changed? Should one dividend policy be adhered to in the long run, or can it be changed frequently?

3. In what form should the earned net profit be paid to shareholders (in cash in proportion to the shares held, in the form of additional shares or through the buyback of shares)?

4. What should be the frequency of payments and their absolute value?

5. How to build a dividend payment policy on incompletely paid shares (in proportion to the paid part or in full)?

· legal restrictions. The purpose of such restrictions is to protect the rights of creditors. In order to limit the company's ability to “eat up” its capital, the legislation of most countries clearly indicates the sources of dividend policy payments, and it is also prohibited to pay dividends in cash if the company is insolvent;

· restrictions due to insufficient liquidity. Dividends can be paid in cash if the company has cash in the current account or cash equivalents in an amount sufficient to pay;

· restrictions due to the expansion of production. Enterprises at the stage of intensive development are in dire need of funding sources for their activities. In such a situation, it is advisable to limit the payment of dividends, and to reinvest the profit in production;

· restrictions due to the interests of shareholders. The total income of shareholders consists of the amount of dividends received and the increase in the market value of shares. By defining optimal size dividend, it is necessary to assess how the amount of dividends will affect the price of the enterprise as a whole;

In accordance with the Tax Code of the Russian Federation, Part I, Art. 43 dividend is any income received by a shareholder (participant) from an organization in the distribution of profit remaining after taxation (including in the form of interest on preferred shares) on shares (shares) owned by a shareholder (participant).

Decisions on dividend payments of Russian organizations affect both ordinary and preferred shares.

If the level of dividends on ordinary shares depends on the financial performance of the organization and is determined general meeting shareholders (on the recommendation of the board of directors), then payments on preferred shares refer to mandatory fixed payments established in monetary units or as a percentage of the dividend to the par value of the preferred share.

In practice, the following main methods of forming a dividend policy are distinguished:

·conservative;

· compromise, or moderate;

·aggressive.

Each of these methods allows you to develop your own type of dividend policy:

Table 1. Types of dividend policy

Defining approach to the formation of dividend policyVariants of used types of dividend policy Conservative approach 1. Residual dividend payout policy 2 .Stable dividend payout policy Moderate (compromise) approach3 .Minimum stable dividend rate policy with premiums in certain periods Aggressive approach4 .Stable dividend payout policy 5 .Policy of constant increase in the size of dividends

Residual dividend policy paymentsassumes that the fund for the payment of dividends is formed after the need for the formation of its own financial resources, ensuring the full implementation of the investment opportunities of the company, is satisfied at the expense of the profit.

It is most expedient to implement this policy when the internal rate of return on projects being implemented is higher than the weighted average cost of capital or the level of financial profitability.

In this case, the use of profit ensures a high rate of capital growth, the further development of the organization and the growth of its financial stability. However, a potentially low level of dividend payments could adversely affect the formation of the level of market prices for shares.

Stable dividend payout policy involves the payment of their amount unchanged over a long period (at high inflation rates, the amount of dividend payments is adjusted for the inflation index).

The advantage of such a policy is its reliability and the invariability of the size of the current shareholder income per share, which leads to stable quotations of these shares on the market. The disadvantage of this policy is the weak link with the financial performance of the organization.

The policy of the minimum stable amount of dividends with a premium in certain periods has: The advantage is that it provides stable guaranteed dividend payments in the minimum specified amount with a high connection with the financial results of the organization. This relationship allows you to increase the amount of dividends during periods of favorable economic conditions, without reducing the level of investment activity.

The main drawback of this policy is that with the prolonged payment of the minimum amount of dividends, the investment attractiveness of the organization's shares decreases and, accordingly, their market value decreases.

Stable dividend rate policy paymentsprovides for the establishment of a Long-term rate of such payments in relation to the amount of net profit. The advantage of this policy is the simplicity of its development, and a close relationship with the size of the generated profit.

The main drawback is the instability of the size of dividend payments per share, determined by the instability of the amount of generated profit. This causes fluctuations in the market value of shares in certain periods and prevents the organization from maximizing the market value of the organization.

Policy of constant increase in the size of dividends provides for a stable increase in the level of dividend payments per share. The increase in dividends occurs, as a rule, in a fixed percentage of the increase to their size in the previous period.

The advantage of such a policy is to ensure a high market value of the firm's shares and the formation of a positive image of it among potential investors. The disadvantage is the lack of flexibility in the implementation of this policy and the constant increase in financial tensions.

The practice of forming a company's dividend policy consists of a number of stages:

First step - assessment of the main factors that determine the formation of the dividend policy. Moreover, all factors are usually divided into four groups.

.Factors characterizing the investment opportunities of the organization:

· stage life cycle firms;

· the need to expand the investment programs of the firm;

· the degree of readiness of highly efficient investment projects for implementation.

.Factors characterizing the possibility of forming financial resources from alternative sources:

· sufficiency of equity capital reserves, the amount of retained earnings of previous years;

· the cost of attracting additional

· share capital;

· the cost of attracting additional borrowed capital;

· availability of loans in the financial market;

.Factors related to objective limitations:

· the level of taxation of dividends;

· the level of taxation of property of organizations;

· the achieved effect of financial leverage;

· the actual size of the profit and the level of return on equity.

Other factors:

· the conjunctural cycle of the commodity market in which the company is a participant;

· the level of dividend payments by competing companies;

· urgency of payments on previously received loans;

· the possibility of losing control over the management of the company;

Second phase - choosing the type of policy that would be consistent with the firm's strategy;

Stage three - determination of the profit distribution mechanism corresponding to the firm's strategy.

The organization's dividend policy takes into account the entire range of interests: obtaining additional resources for investment through the issue of shares, ensuring sufficient dividends for their holders, optimizing the “profit - investment - dividend” ratio, taking into account the actual conditions of the organization's development.

In dividend policy, the interests of the firm as a whole and the interests of the shareholders are intertwined. The effective combination of these interests is one of the important tasks of the firm's financial strategy.

2. Financial planning methods and models

Financial planning- a subsystem of intrafirm planning. Financial planning objects:

1. financial resources are monetary incomes and receipts at the disposal of a commercial organization and intended for the implementation of costs for expanded reproduction, economic incentives, fulfillment of obligations to the state, financing of other expenses;

2. financial relations - monetary relations arising in the process of expanded reproduction;

3. cost proportions - proportions that are formed in the distribution of financial resources. These proportions must be economically justified, since they affect the efficiency of a commercial organization;

4. financial plan of an enterprise - a document reflecting the volume of receipts and expenditures of funds, fixing the balance of income and directions of expenses of the enterprise, including payments to the budget for the planned period.

Goalsfinancial planning of a commercial organization depends on the selected criteria for making financial decisions, which include maximizing sales; profit maximization; maximizing the ownership of the owners of the company, etc.

Main goalsfinancial planning - providing financial resources for the production, investment, financial activities of the enterprise; determination of ways of effective capital investment, assessment of the degree of its rational use; identification of on-farm reserves for increasing profits; establishment of rational financial relations with the budget, banks, counterparties; observance of the interests of investors; control over the financial condition of the enterprise.

The importance of financial planning lies in the fact that it embodies the developed strategic goals in the form of specific financial indicators; provides financial resources for the economic proportions of development laid down in the production plan; provides an opportunity to determine the viability (efficiency) of an enterprise project in a competitive environment; serves as a basis for assessing investment attractiveness for investors.

Financial planning at the enterprise includes three main subsystems: long-term financial planning, current financial planning, and operational financial planning.

Strategic financial planning determines the most important indicators, proportions and rates of expanded reproduction, is main form realization of the goals of the enterprise. Covers a period of 3-5 years. The period from 1 to 3 years is conditional, since it depends on economic stability and the ability to predict the volume of financial resources and the directions of their use. Within the framework of strategic planning, long-term development guidelines and goals of the enterprise are determined, a long-term course of action to achieve the goal and allocate resources. The search for alternative options is carried out, the choice of the best is carried out, and on its basis the strategy of the enterprise is built.

Long-term financial planning is “implementation” planning. Covers a period of 1-2 years. Based on the developed financial strategy and financial policy for certain aspects of financial activities. This type of financial planning consists in the development of specific types of current financial plans that make it possible for the enterprise to determine all sources of financing for its development for the coming period, to form the structure of its income and costs, to ensure its constant solvency, and also to determine the structure of its assets and capital of the enterprise at the end planned period.

The result of the current financial planning is the development of three main documents: a cash flow plan; profit and loss statement plan; balance sheet plan.

The main purpose of constructing these documents is to assess the financial position of the enterprise at the end of the planning period. The current financial plan is drawn up for a period of 1 year. This is due to the fact that for 1 year the seasonal fluctuations of the market conditions are basically leveled out. The annual financial plan is broken down on a quarterly or monthly basis, since during the year the need for funds may change and in some quarter (month) there may be a lack of financial resources.

Short-term (operational) financial planning complements the long-term, it is necessary in order to control the receipt of actual proceeds to the current account and the expenditure of cash financial resources. Financial planning includes drawing up and executing a payment calendar, a cash plan and calculating the need for a short-term loan.

Conclusion

Long-term financial policy should be aimed at implementing structural changes, accelerating scientific and technological progress, reorienting social production to meet social needs and improve the living standards of the population.

In general, it seems promising to implement budget expenditures on the basis of optimizing their volume and structure to the extent of increasing incomes on the basis of an increase in the efficiency of material production, the basis for which is created by new economic levers of management, development and strengthening of full cost accounting and self-financing in all sectors of the economy.

One of the main principles of long-term financial policy is that it should be based not so much on the actual situation as on the forecast of its change. Only on the basis of foresight does financial policy become sustainable. This aspect in modern conditions the financial crisis is the most urgent.

List of used literature

1.Enterprise Finance: Textbook. manual for universities / ed. Kolchina. - M .: UNITI, 2010 - 447 p.

.Fundamentals of Financial Management. P 1: Textbook. manual / Kaliningr. Univ. - Kaliningrad, 2008 - 120 p.

.Krasnova S.V. The financial mechanism for regulating the cash flows of an enterprise within the framework of FIG / S.V. Krasnova / Finance. - 2003. - No. 1. - with. 73-74.

.Molyakov D.S., Shokhin E.I. Theory of enterprise finance: Textbook. allowance. - M .: Finance and statistics, 2012 .-- 112 p.

.Finance and credit: Textbook for universities / A.M. Kovaleva, N.P. Barannikov; Ed. A.M. Kovaleva. - M .: Finance and statistics, 2009 .-- 512 p.

6.Finance, money, credit: Textbook for universities / S.I. Dolgov, S.A. Bartenev and others; Ed. O.V. Sokolova. - M .: Jurist, 2007 .-- 783 p.

7.Basovsky L.E. Financial management: Textbook - M. INFRA - M, 2010 .-- 240 p.

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Any state uses finances to carry out its functions and achieve certain state socio-economic tasks. Financial policy plays an important role in the implementation of the set goals. Through financial policy, which is an integral part of the economic policy of the state, the impact of finance on the economic and social development society.

Thus, financial policy is a special sphere of the state's activity, aimed at mobilizing financial resources, their rational distribution and effective use for the state to carry out its functions.

The state is the main subject of the pursued financial policy. It develops a strategy for the main directions of financial development for the future, determines the tactics of actions for the coming period, determines the means and ways to achieve strategic objectives.

Financial strategy is a long-term course of financial policy, designed for a long-term perspective and providing for the solution, as a rule, of large-scale problems.

Financial policy is a method of solving financial problems in the most important areas of financial strategy. The strategy and tactics of financial policy are interrelated.

Enterprises, being economic entities, have their own financial resources and have the right to determine their financial policy.

The financial policy of an enterprise is a set of methods for managing the financial resources of an enterprise aimed at the formation, rational and efficient use of financial resources.

Enterprises must in fact become truly financially stable, efficiently operating economic structures in accordance with the laws of the market.

The purpose of developing the financial policy of the enterprise is to build an effective financial management system aimed at achieving the strategic and tactical goals of the enterprise.

The strategic objectives in the development of financial policy at the enterprise are:

1. optimization of the capital structure and ensuring the financial stability of the enterprise;

2. profit maximization;

3. achieving transparency (not secrecy) of the financial and economic activities of the enterprise;

4. ensuring the investment attractiveness of the enterprise;

5.the use of market mechanisms by the enterprise for attracting financial resources (commercial loans, budget loans on a repayable basis, issue valuable papers and etc.)

Tactical financial objectives are specific to each enterprise. They arise from strategic objectives, tax policy, opportunities to use the company's profits for the development of production, etc.

The main directions of the development of the financial policy of the enterprise:

1. analysis of the financial and economic condition of the enterprise;

2. development of accounting and tax policies;

3. development of the credit policy of the enterprise;

4. management of working capital, accounts payable and receivable;

5. choice of depreciation, dividend policy.

The information base for carrying out in-depth financial analysis is the data of the financial and accounting statements of the enterprise (balance sheet form No. 1; profit and loss statement form No. 2; capital flow statement form No. 3, cash flow statement form No. 4 , supplement to the balance sheet form No. 5) / 12, 5, 6, 9, 10 /.

The functional diagram of the relationship for the financial and economic analysis of the enterprise is shown in Figure 1/11 /.

Rice.

As an example of the implementation of the choice of directions of financial policy based on the results of the financial and economic analysis, the decision to restructure the property complex as a result of the analysis of the profitability of fixed assets can be used. If the profitability of fixed assets is low, the value of fixed assets in the structure of the property is high, a decision should be made on the liquidation or sale (transfer), conservation of fixed assets, the feasibility of revaluating fixed assets taking into account their market value, changing the mechanism for calculating depreciation, etc.

The development and implementation of accounting policies are associated with the practical implementation of accounting at an enterprise; the economic efficiency of enterprises' activities largely depends on its correct understanding and formation. The development of an accounting policy as a system of accounting methods and techniques is mandatory for all enterprises in accordance with the regulation on accounting"Accounting policy of the enterprise" (PBU 1/98), approved by order of the Ministry of Finance of the Russian Federation of December 30, 1999 No. 107-M. In this regard, it is advisable, on the basis of the analysis of the financial and economic situation, to calculate the options for certain provisions of the accounting policy, since the number and amount of taxes transferred to the budget directly depends on the decisions made in this part. extrabudgetary funds, balance structure, the value of a number of key financial and economic indicators / 1, 3, 7, 8, 11, 12 /.

When determining the accounting policy, the enterprise has a choice, which mainly concerns methods of writing off raw materials for production, options for writing off low-value and quickly wearing out items, methods for assessing work in progress, the possibility of using accelerated depreciation options for the formation of repair and insurance funds, etc.

In order to develop the credit policy of the enterprise, it is recommended to analyze the structure of the balance sheet liability and the level of the ratio of own and borrowed funds. On the basis of these data, the enterprise decides on the sufficiency of its own circulating assets or their lack. In the latter case, a decision is made to attract borrowed funds, the effectiveness of various options is calculated. In some cases, it is advisable for an enterprise to take loans if its own funds are sufficient, since the return on equity increases as a result of the fact that the effect of investing funds can be significantly higher than the interest rate.

When deciding on attracting borrowed funds, it is advisable for an enterprise to draw up a plan for their return, calculate the interest rate for the loan period and determine the amount of interest under this loan agreement, as well as the sources of their payment, taking into account the procedure and condition of profit taxation. You should also take into account the procedure for taxation of exchange rate differences in the event that the loan is taken in foreign currency.

It may be advantageous for an enterprise to take a bill of exchange loan, while the interest rates on the bill and the loan should be compared.

2.Choose the right credit institution (taking into account the availability of a license, the size of the interest rate, methods of its calculation - compound interest or simple interest, maturity dates, form of issue, reputation in the securities market, conditions for extending loans, etc.);

3. draw up a plan for repayment of borrowed funds and the calculation of the interest amount, taking into account the peculiarities of taxation of profits / 1, 5, 8, 9, 10 /.

Formation of tax policy is an important method of implementing a financial strategy. An enterprise has the ability to influence tax legislation only indirectly: through lobbying mechanisms or through a judicial procedure. Consequently, tax policy is an activity on the development and implementation of management decisions related to the calculation and payment of taxes and fees, i.e. the choice of a system of methods of conducting monetary relations between the enterprise and other market counterparties, which minimizes the amount of all types of taxes in compliance with tax legislation and ensures, accordingly, the maximization of profits while minimizing costs.

The main criterion for choosing a tax policy option is the optimal planned amount of tax payments. Achieving tax optimization is possible through the implementation of the following areas. The first direction is based on the use of spaces current legislation, instructions and clarifications on tax issues. The second direction of tax optimization is the correct organization of business transactions. An important area of tax optimization is the choice of a more profitable from a tax point of view of the location of the organization, its governing bodies, main production and commercial units, the choice of the legal form of the organization, its structure, taking into account the specifics of the activity. A large number of tax benefits provided by law makes it relevant and such a way as the effective use of tax benefits in assessing taxable income and calculating tax liabilities.

The choice of one or another option for tax optimization should be based on careful calculations of options for direct and indirect taxes, sales taxes based on the results of activities in relation to a particular transaction, depending on the various legal forms of its implementation.

The dividend policy must fully comply with the general economic development strategy of the enterprise and correlate with the growth potential of the enterprise, which is an important factor in attracting new shareholders. The dividend policy should be based on the needs of the enterprise. Therefore, each company must choose a subjective policy, based primarily on its own characteristics. In practice, there are two fundamental interrelated tasks that are solved in the process of choosing the optimal dividend policy and consist in ensuring the maximization of the aggregate wealth of shareholders. These tasks are fundamental when considering all the main elements of the dividend policy: sources of dividends, the procedure for their payment, types of dividend payments and others. One of the goals of the dividend policy is to find sources of financing for the development of the enterprise. In the first case, it is based on the use of own sources of financing, and in the second - on an increase in share premium received from the sale of shares above par. However, there is no single algorithm for developing a dividend policy. It is determined by many factors, including those that are difficult to formalize, for example, psychological. Therefore, each company must choose its own subjective policy, proceeding, first of all, from its inherent characteristics.

Depreciation is an economic mechanism for gradually transferring the value of fixed assets to a finished product and accumulating a cash fund to replace worn-out copies. Cash reimbursing the costs of the acquisition and creation of fixed assets and allocated to replace worn-out copies with new ones can be obtained only from the proceeds from the goods and services sold. Therefore, the cost of goods entering circulation includes and partial repayment the cost of operating fixed assets.

Objects for depreciation are fixed assets that are in the organization on the basis of ownership rights, economic management, operational management, as well as transferred under a lease agreement.

Depreciation and net profit are the sources of investment funds generated by the economic activities of the enterprise itself. In the context of a significant decrease in business profitability and long-term lending opportunities, amortization is becoming almost the main source of investment.

So, depreciation is an important internal source of investment in an enterprise. The main factor influencing the attractiveness of one or another source of investment (the method of calculating depreciation in this case) is the time factor, which, as you know, has a price.

When developing a depreciation policy, an analysis of cash flows from depreciation is carried out different methods, the dynamics of the commissioning and disposal of fixed assets, taxation, and various options for the state of the enterprise are modeled depending on the application of certain measures.

Thus, the optimal depreciation should be determined on the basis of an integrated approach based on the specific economic conditions of a particular enterprise (both current and projected).

So, we can conclude: with the help of methods of depreciation of fixed assets permitted by law, an enterprise can achieve its economic goals. Such as, for example, an increase in the depreciation fund, an early write-off of obsolete equipment, a reduction in taxation and the renewal of fixed assets.

One of the most important tools for improving the efficiency of working capital management is the optimization of inventory management. To do this, it is necessary to draw up procurement plans in such a way as to ensure deliveries for customer orders on time with the minimum required amount of safety stocks.

An important tool for increasing the efficiency of using working capital is operational control status of receivables. Here you need to find a middle ground between sales volumes, profitability and liquidity. For example, with one-time clients or large debtors, it makes sense to control mutual settlements for each settlement document (taking into account the amount of mandatory prepayment, the permissible number of days of debt, etc.). Regular buyers who are not heavily indebted may be subject to less stringent controls.

In order to effectively manage the company's debts, it is necessary, first of all, to determine their optimal structure for a specific enterprise and in a specific situation: draw up a budget of accounts payable, develop a system of indicators (coefficients) characterizing both quantitative and qualitative assessment of the state and development relations with the company's creditors and take certain values of such indicators as planned. The second step in the process of optimizing accounts payable should be an analysis of the compliance of actual indicators with their framework level, as well as an analysis of the reasons for the deviations that have arisen. At the third stage, depending on the identified inconsistencies and the reasons for their occurrence, a set of practical measures should be developed and implemented to bring the debt structure in line with the planned (optimal) parameters / 1, 6, 7, 9, 10 /.

Introduction

capital financial planning dividend

The state, represented by the legislative (representative) and executive authorities, is the main subject of the ongoing financial policy. It develops a strategy for the main directions of financial development for the future, determines the tactics of actions for the coming period, determines the means and ways to achieve strategic objectives. The subjects of financial policy are also local government bodies, organizations of various forms of ownership.

The objects of financial policy are monetary relations for the formation, distribution and use of funds of funds in all areas and links of the financial system.

Financial strategy is a long-term course of financial policy, designed for a long-term perspective and providing for the solution, as a rule, of large-scale problems.

Financial tactics - methods of solving financial problems in the most important areas of the financial strategy.

The strategy and tactics of financial policy are interrelated.

. Long-term financial policy of the company

1.1 Concepts and goals of the long-term policy of the enterprise

Financial policy of the enterprise- a set of measures for the purposeful formation, organization and use of finance to achieve the goals of the enterprise.

To implement the main goal of financial policy, it is necessary to find the optimal balance between the strategic directions:

1. maximizing profits;

2. ensuring financial stability.

The development of a financial strategy involves certain stages:

· critical analysis of previous financial strategy;

· justification (adjustment) of strategic goals;

· determination of the duration of the financial strategy;

· concretization of strategic goals and periods of their implementation;

· distribution of responsibility for achieving strategic goals.

It is always a search for a balance, the optimal ratio of several directions of development at the moment and the choice of the most effective methods and mechanisms for their achievement.

The financial policy of an enterprise cannot be inviolable, determined once and for all. On the contrary, it must be flexible and adjust in response to changes in external and internal factors.

In large companies, it is possible to expand the organizational structure, staffing and quite clearly differentiate powers and responsibilities between:

· information bodies: legal, tax, accounting and other services;

· financial authorities: finance department, treasury department, securities management department, budgeting department, etc .;

· control bodies: internal audit, audit.

Information support of the financial policy of an enterprise can be divided into two large categories: formed from external sources and internal.

From external sources:

1.Indicators characterizing general economic development

country:

· growth rate of gross domestic product and national income;

· the amount of money issued in the period under review;

· monetary incomes of the population;

· deposits of the population in banks;

· inflation index;

· central bank discount rate.

2.Indicators characterizing the conjuncture of the financial market:

· types of basic stock instruments (stocks, bonds, etc.) traded on the exchange and over-the-counter stock markets;

· quoted bid and ask prices of the main types of stock instruments;

· the lending rate of individual commercial banks.

3.Indicators characterizing the activities of counterparties and competitors.

The system of informative indicators of this group is necessary mainly for making operational management decisions on certain aspects of the formation and use of financial resources.

4.Regulatory indicators.

From internal sources,divided into two groups.

1.Primary information:

· accounting forms;

· operational financial and management accounting.

2.Information obtained from financial analysis:

· horizontal analysis (comparison of financial indicators with the previous period and for several previous periods);

· vertical analysis (structural analysis of assets, liabilities and cash flows);

· comparative analysis (with average industry financial indicators, indicators of competitors, reporting and planned indicators);

· integral financial analysis, etc.

1.2 Cost of major sources of capital

Often the term "capital" is used in relation to both sources

Capital- these are the means that a business entity has to carry out its activities with the aim of making a profit.
The capital of the enterprise is formed both at the expense of its own (internal) and at the expense of borrowed (external) sources.
The main source of funding is equity... It includes authorized capital, accumulated capital (reserve and added capital, accumulation fund, retained earnings) and other receipts (targeted financing, charitable donations, etc.).

Authorized capital- this is the amount of funds of the founders to ensure the statutory activities. In state-owned enterprises, this is the value of property assigned by the state to the enterprise on the basis of full economic management; at joint-stock enterprises - the par value of all types of shares; for limited liability companies - the sum of the owners' shares; for a leased enterprise - the amount of contributions from its employees.

Added capitalas a source of funds of the enterprise is formed as a result of the revaluation of property or the sale of shares above their par value. Accumulation fundis created from the profit of the enterprise, depreciation and sale of part of the property.
The main source of replenishment of equity capitalis the profit of the enterprise, at the expense of which the accumulation, consumption and reserve funds are created. There may be the remainder of retained earnings, which, prior to its distribution, is used in the company's turnover, as well as the issue of additional shares.
Special purpose funds and earmarked financing -these are gratuitously received values, as well as irrevocable and repayable budgetary allocations for the maintenance of social and cultural facilities and for the restoration of the solvency of enterprises that are on budget financing.

Borrowed capital- these are loans from banks and financial companies, loans, accounts payable, leasing, commercial paper, etc. It is subdivided into long-term (more than a year) and short-term (up to a year).
Any organization finances its activities, including investment, from various sources. As a payment for the use of the financial resources advanced for the activities of the organization, it pays interest, dividends, remuneration, etc. incurs some reasonable costs of maintaining its economic potential. As a result, each source of funds has its own value as the sum of the costs of providing this source.
In the process of evaluating the cost of capital, the cost of individual elements of equity and debt capital is firstly assessed, then the weighted average cost of capital is determined.

Determination of the cost of the organization's capital is carried out in several stages:

1. identification of the main components that are sources of formation of the organization's capital is carried out;

2. the price of each source is calculated separately;

3. the weighted average price of capital is determined based on the share of each component in the total amount of invested capital;

4. measures are being developed to optimize the capital structure and form its target structure.

An important point in determining the cost of capital of the organization

It is equally important to determine what price of the source of funds should be taken into account: historical (at the time of attracting the source) or new

The cost of capital depends on its source (owner) and is determined by the capital market, i.e. supply and demand (if demand exceeds supply, then the price is set at a higher level). The cost of capital also depends on the amount of capital raised.

The main factors influencing the cost of capital of the organization are:

· the general state of the financial environment, including financial markets;

· conjuncture of the commodity market;

· the average lending rate prevailing in the market;

· availability of various sources of funding for organizations; the profitability of the organization's operating activities;

· operating leverage level;

· the level of concentration of equity capital;

· the ratio of the volumes of operating and investment activities; the degree of risk of the operations being carried out;

· industry-specific features of the organization's activities, including the duration of the operating cycle, etc.

These elements are capital, attracted by: 1. reinvestment of the profit received by the organization (retained earnings);

2. issue of preferred shares;

3. issue of common shares;

4 . obtaining a bank loan;

5. issue of bonds;

6. financial leasing, etc.

Analysis of the structure of the balance sheet liability, which characterizes the sources of funds, shows that their main types are:

· own sources (authorized capital, funds of own funds, retained earnings);

· borrowed funds (bank loans (long-term and short-term), bond loans);

· temporary borrowed funds (accounts payable).

Short-term payables for goods (work, services), wages and taxes are not included in the calculation, since the organization does not pay interest for it and it is a consequence of current operations during the year, while the calculation of the cost of capital is carried out for a year for making long-term decisions.

Thus, to determine the cost of capital, the most important are the following sources: borrowed funds, which include long-term loans and bond loans; own funds, which include common and preferred shares and retained earnings.

Depending on the duration of existence in this particular form, the assets of the organization, as well as the sources of funds, are divided into short-term (current) and long-term. As a rule, it is assumed that current assets are financed from short-term, durable funds, from long-term sources of funds; this optimizes the total cost of raising funds.

The borrowed capital is estimated according to the following elements:

· the cost of a financial loan (bank and leasing);

· the cost of capital raised by issuing bonds;

· the cost of a commodity (commercial) loan (in the form of a short-term and long-term deferred payment);

· the cost of current settlement obligations.

1.3 Dividend policy of the enterprise: concept, specifics and factors of influence

The company's dividend policy includes making decisions on the following issues:

2. Under what conditions should the value of the dividend yield be changed? Should one dividend policy be adhered to in the long run, or can it be changed frequently?

3. In what form should the earned net profit be paid to shareholders (in cash in proportion to the shares held, in the form of additional shares or through the buyback of shares)?

4. What should be the frequency of payments and their absolute value?

5. How to build a dividend payment policy on incompletely paid shares (in proportion to the paid part or in full)?

· restrictions due to insufficient liquidity. Dividends can be paid in cash if the company has cash in the current account or cash equivalents in an amount sufficient to pay;

· restrictions due to the interests of shareholders. The total income of shareholders consists of the amount of dividends received and the increase in the market value of shares. When determining the optimal size of the dividend, it is necessary to assess how the amount of dividends will affect the price of the enterprise as a whole;

Decisions on dividend payments of Russian organizations affect both ordinary and preferred shares.

If the level of dividends on ordinary shares depends on the financial results of the organization and is determined by the general meeting of shareholders (on the recommendation of the board of directors), then payments on preferred shares refer to mandatory fixed payments established in monetary units or as a percentage of dividends to the par value of the preferred share.

· conservative;

· compromise, or moderate;

· aggressive.

Each of these methods allows you to develop your own type of dividend policy:

Table 1. Types of dividend policy

Stable dividend payout policy involves the payment of their amount unchanged over a long period (at high inflation rates, the amount of dividend payments is adjusted for the inflation index).

The practice of forming a company's dividend policy consists of a number of stages:

First step - assessment of the main factors that determine the formation of the dividend policy. Moreover, all factors are usually divided into four groups.

.Factors characterizing the investment opportunities of the organization:

· stage of the life cycle of the company;

· the need to expand the investment programs of the firm;

· the degree of readiness of highly efficient investment projects for implementation.

.Factors characterizing the possibility of generating financial resources from alternative sources:

· sufficiency of equity capital reserves, the amount of retained earnings of previous years;

· the cost of attracting additional

· share capital;

· the cost of attracting additional borrowed capital;

· availability of loans in the financial market;

· credit rating of the firm.

.Factors related to objective limitations:

· the level of taxation of dividends;

· the level of taxation of property of organizations;

· the achieved effect of financial leverage;

· the actual size of the profit and the level of return on equity.

.Other factors:

· the conjunctural cycle of the commodity market in which the company is a participant;

· the level of dividend payments by competing companies;

· urgency of payments on previously received loans;

· the possibility of losing control over the management of the company;

Second phase - choosing the type of policy that would be consistent with the firm's strategy;

Stage three - determination of the profit distribution mechanism corresponding to the firm's strategy.

2. Financial planning methods and models

Financial planning- a subsystem of intrafirm planning. Financial planning objects:

2. financial relations - monetary relations arising in the process of expanded reproduction;

Financial planning at the enterprise includes three main subsystems: long-term financial planning, current financial planning, and operational financial planning.

Strategic financial planning determines the most important indicators, proportions and rates of expanded reproduction, is the main form of achieving the goals of the enterprise. Covers a period of 3-5 years. The period from 1 to 3 years is conditional, since it depends on economic stability and the ability to predict the volume of financial resources and the directions of their use. Within the framework of strategic planning, long-term development guidelines and goals of the enterprise are determined, a long-term course of action to achieve the goal and allocate resources. The search for alternative options is carried out, the choice of the best is carried out, and on its basis the strategy of the enterprise is built.

The result of the current financial planning is the development of three main documents: a cash flow plan; profit and loss statement plan; balance sheet plan.

Conclusion

One of the main principles of long-term financial policy is that it should be based not so much on the actual situation as on the forecast of its change. Only on the basis of foresight does financial policy become sustainable. This aspect in the modern conditions of the financial crisis is the most relevant.

List of used literature

1.Enterprise Finance: Textbook. manual for universities / ed. Kolchina. - M .: UNITI, 2010 - 447 p.

.Fundamentals of Financial Management. P 1: Textbook. manual / Kaliningr. Univ. - Kaliningrad, 2008 - 120 p.

Wealth management policy. Capital is one of the factors of production along with natural and labor resources. Capital - the total value of funds in cash, material and intangible forms, invested in the formation of its assets. In modern scientific economic literature, capital is classified according to the characteristics: By belonging to the enterprise - equity, borrowed capital; By purposes of use - productive capital, loan capital, speculative capital; By investment objects - fixed and circulating capital; According to the form of being in the process of circulation - capital in monetary form, capital in production form, capital in intangible form; By forms of ownership - private capital, state capital; By organizational and legal forms of activity - share capital; share capital; individual capital; Capital in the process of use carries out a circuit. Each turnover consists of stages: At the first stage, cash capital is invested in operating assets, transforming into a productive form. On the second, the productive capital is transformed into a commodity form. On the third - commodity capital, with the sale of products, turns into a monetary form. The average duration of the turnover of the capital of an enterprise is characterized by the period of its turnover in days, as well as the number of turns. Funding sources classification is varied and can be produced according to the following features. - In terms of property relations, they distinguish their own and borrowed sources of financing. - According to the type of property, state resources are allocated, funds of legal and individuals and foreign sources. - According to the temporal characteristics, funding sources can be divided into short-term and long-term. Organizational forms of financing : - Self-financing (retained earnings, depreciation charges, reserve capital, additional capital, etc.). - Equity or equity financing (participation in the authorized capital, purchase of shares, etc.). - Debt financing (bank loans, placement of bonds, leasing, etc.). - Budget financing (loans on a repayable basis from the federal, regional and local budgets, appropriations from the budgets of all levels on a gratuitous basis, targeted federal investment programs, government borrowing, etc.). - Special forms of financing (project financing, venture financing, financing by attracting foreign capital). Attraction of one or another source of financing is associated with certain costs for an enterprise: shareholders need to pay dividends, banks need to pay interest on loans provided by them, etc. The total amount of funds that must be paid for the use of a certain amount of financial resources, expressed as a percentage of this amount, is called the price of capital. The price of capital is not limited only to the calculation of interest that must be paid to the owners of financial resources, but also characterizes the rate of return on invested capital that an enterprise must provide in order not to reduce its market value. It is necessary to distinguish between two concepts - "the price of the capital of a given enterprise" and "the price of the enterprise as a whole as a subject in the capital market." The first concept is quantitatively expressed in the relative annual costs of the enterprise for servicing its debts to owners and investors. The second - can be characterized by various indicators, in particular, the amount of equity capital. Both of these concepts are quantitatively related. The capital price of an enterprise is formed under the influence of many factors, the main ones are: 1. the general state of the financial environment, including financial markets; 2. conjuncture of the commodity market; 3. the average lending rate prevailing in the financial market; 4. availability of various sources of financing for specific enterprises; 5. profitability of the company's operating activities; 6.level of operating leverage; 7.level of concentration of equity capital; 8. the ratio of the volumes of operating and investment activities; 9.the degree of risk of the operations performed; 10. industry-specific features of the enterprise, including the duration of production and operating cycles, etc. One of the important tasks in the process of developing a long-term financing strategy is to maximize the return on equity for a given level of financial risk. Equally important for solving this problem is the use of the effect of financial leverage. Financial leverage characterizes the influence of the use of borrowed funds on the change in the return on equity ratio. As a result of the effect of financial leverage, it is possible to obtain an increase in the return on equity through the use of borrowed funds despite the payment of borrowed funds (on the other hand, if the price of borrowed capital is higher than the economic profitability of the company's assets, then the effect of financial leverage leads to a decrease in the return on equity, i.e. .e. acts to the detriment of the enterprise). To assess the action of financial leverage, the EFL indicator (the effect of financial leverage) is used. EFL = (1- C np) x (ER - SRSP) x (ZK / SK), where C np is the income tax rate in unit shares; ER - economic profitability of assets; SRSP - the average amount of financial costs for servicing borrowed funds (the cost of the company's borrowed capital, in%); ЗК - the amount of borrowed capital (without accounts payable); SK is the amount of the company's equity capital.

2.1. The concept of long-term financial policy of the enterprise, its importance in the development of the enterprise

In a market economy, fierce competition, the importance and relevance of long-term financial policy... It is obvious that the well-being of the enterprise depends fundamentally on the proper organization of financial policy. The main problem of most domestic enterprises is the inability of management to manage the enterprise in accordance with modern economic realities. Of course, Russian enterprises have extensive experience in the development of financial policy, forecasting and planning work, assessing the economic efficiency of projects, which should not be ignored. However, the use in modern conditions of theories that have lost their economic relevance inevitably leads to a crisis in the management of many domestic enterprises. Business conditions have changed, so it is necessary to form a long-term financial policy, taking into account not only Russian practice but also the achievements of the world economy.

With the development of market relations in our country, increasing the efficiency of the financial policy pursued at enterprises is gaining all greater importance... It is for this reason that "Long-term financial policy" as an independent training course is included in the curricula of universities in accordance with the new State educational standard.

The interrelation of the directions of development of the enterprise, as well as the construction of a mechanism for achieving these goals with the help of financial resources, are implemented through financial policy.

Financial policy of the enterprise- a set of measures for the purposeful formation, organization and use of finance to achieve the goals of the enterprise.

Financial policy is the most important component of the general policy of enterprise development, which also includes investment policy, innovation, production, personnel, marketing, etc. If we consider the term "politics" more broadly, it is "action to achieve a goal." So, the achievement of any task facing the enterprise, to one degree or another, is necessarily associated with finances: costs, income, cash flows, and the implementation of any solution, first of all, requires financial support. Thus, the financial policy is not limited to solving local, isolated issues, such as market analysis, development of a procedure for passing and negotiating contracts, organizing control over production processes, but is comprehensive in nature.

Currently, in many enterprises, financial resources are spent on the coordination of conflicting tasks and solutions at different levels of management, so it is difficult to move on to the next stage - the choice of optimal mechanisms that allow in the shortest possible time and with least cost achieve your goals.

Long-term financial policy framework- a clear definition of a unified concept for the development of the enterprise in the long term, the choice from the whole variety of mechanisms to achieve the set goals, optimal, as well as the development of effective control mechanisms.

Long-term financial policy provides answers to next questions.

How to optimally combine the strategic goals of the financial development of the enterprise?
How to achieve the set goals in specific financial and economic conditions?
What mechanisms are best suited to achieve your goals?
Is it worth changing the financial structure of an enterprise using financial instruments?
How and by what criteria can you control the achievement of the set goals?

2.2.

Goals, objectives and directions for the formation of a long-term financial policy

To implement the main goal of financial policy, it is necessary to find the optimal balance between strategic directions:

1) maximizing profits;

2) ensuring financial stability.

Development first strategic direction allows owners to receive income on their invested capital, second direction provides the enterprise with stability and security and refers to risk control.

Development of financial strategy implies certain stages:

1) a critical analysis of the previous financial strategy;

2) justification (adjustment) of strategic goals;

3) determination of the duration of the financial strategy;

4) concretization of strategic goals and periods of their implementation;

5) distribution of responsibility for achieving strategic goals.

Sometimes non-economic components are also included in the strategic goals of an enterprise, such as motivation of power, prestige, security of owners, and management. In addition, one should not neglect the fact that large companies are subject to pressure from the state and are forced to take on social, environmental and other goals that often run counter to their internal goals and, especially, the goals of the owners themselves.

Financial tactics- these are operational actions aimed at achieving a particular stage of the financial strategy in the current period.

Thus, unlike financial strategy, financial tactics are associated with the implementation of local tasks of enterprise management.

To maximize profits, you need first strategic direction:

increase sales;
effectively manage the process of generating profitability;
uninterruptedly provide production with financial resources;
control costs;
minimize the period of the production cycle;
optimize the amount of reserves, etc.

Second strategic direction implies:

minimization of financial risks;
synchronization of cash flows;
thorough analysis of counterparties;
sufficient amounts of funds;
financial monitoring, etc.

To some extent, these two strategic directions contradict each other. The pursuit of profit is usually associated with increased risk, and the abandonment of borrowed capital, holding significant cash balances and other measures to ensure financial stability reduce the profitability of production. Thus, it is impossible to maximize both safety and profit at the same time.

It is necessary to rank strategic objectives, for example, by setting weights. When optimizing the capital structure, managing current assets or any type of cash flow, it is important to choose the right development priorities, since both the degree of financial stability of the enterprise and the level of production profit depend on this.

The priority of strategic goals periodically changes both in one enterprise and from enterprise to enterprise. Many factors influence the priority of a particular strategic goal, which together can be subdivided into two categories: internal and external.

The main internal factors:

1) the scale of the enterprise;

2) the stage of development of the enterprise itself;

3) the subjective factor of the management of the enterprise, the owners.

Enterprise scale plays an important role. In small and medium-sized enterprises, autonomy (independence) usually takes the dominant place. In large enterprises, the profit rate prevails in the strategic direction, and the greatest attention is paid to economic growth.

Enterprise development stage significantly affects the ranking of its strategic goals. Concept "Cycle of life" allows you to determine the problems that arise for the enterprise throughout the entire period of its development, and to clarify the various combinations of financial tasks that successfully guide its activities.

V childhood period when the turnover of the enterprise is small, the enterprise mainly faces problems of survival that arise in the financial sector in the form of difficulties with money; he needs to find funds not only directly to cover economic costs, but also for the necessary investments for his future development. Financial sustainability plays the most important role here.

V period of adolescence the growth of sales volumes, the first profits allow the enterprise to solve its problems with money, and its leaders can gradually shift the goals from financial stability to economic growth.

V maturity period when the company has already occupied its niche in the market and the ability to self-finance is quite significant, the company tries to make the most of all the opportunities that its volume, as well as technical and commercial potential, gives it.

V old age when the growth of turnover slows down, the vector of strategic development of the enterprise again shifts towards financial stability.

In addition, the vector of the company's strategic development also depends on subjective factor... As a rule, the main goals are formed by the owners of the enterprise. In large enterprises, when there are many owners, for example, a large joint stock company, the main strategic directions can be formed by the board of directors or the general director, but in the interests of the owners. Indeed, although shareholders do not directly make business decisions, especially on a daily basis, they remain loyal to the enterprise as long as their interests are satisfied.

External factors also have an impact on the priority of a particular strategic goal of the enterprise. In particular, the state of the financial market, tax, customs, budgetary and monetary policies of the state, legislative framework affects the main parameters of the functioning of the enterprise.

Thus, long-term financial policy- it is always a search for a balance, the optimal ratio of several directions of development at the moment and the choice of the most effective methods and mechanisms for their achievement.

The financial policy of an enterprise cannot be inviolable, determined once and for all. On the contrary, it must be flexible and adjust in response to changes in external and internal factors.

One of the main principles of financial policy- it should be built not so much from the actual situation as from the forecast of its change. Only on the basis of foresight does financial policy become sustainable.

2.3. Subjects and objects of long-term financial policy of the enterprise

Subjects of management in small enterprises, a manager and an accountant can act, since a small business does not imply a deep separation of management functions. Sometimes external experts and consultants are involved to adjust development directions.

In large companies, it is possible to expand the organizational structure, staffing and quite clearly differentiate powers and responsibilities between:

information bodies: legal, tax, accounting and other services;
financial authorities: finance department, treasury department, securities management department, budgeting department, etc .;
control bodies: internal audit, audit.

In large enterprises, the structure for developing and implementing financial policy can be centralized or decentralized. However, even in a decentralized structure, financial activity remains tough in the strategic directions of development.

The main management objects have the following directions.

Capital Management:
- determination of the total capital requirement;
- optimization of the capital structure;
- minimization of the cost of capital;
- ensuring the efficient use of capital.
Dividend policy: determining the optimal proportions between the current consumption of profit and its capitalization.
Asset Management:
- determining the need for assets;
- optimization of the composition of assets from the standpoint of their effective use;
- ensuring the liquidity of assets;
- acceleration of the asset turnover cycle;
- selection of effective forms and sources of asset financing.

2.4. Organization of information support for long-term financial policy

Information support of the financial policy of the enterprise can be divided into two major categories: formed from external sources and internal.

The system of indicators of information support of the financial policy of the enterprise, formed from external sources:

Indicators characterizing general economic development

country:

growth rate of gross domestic product and national income;
the amount of money issued in the period under review;
monetary incomes of the population;
deposits of the population in banks;
inflation index;
central bank discount rate.

This type of informative indicators serves as the basis for analyzing and predicting the conditions of the external environment of the enterprise when making strategic decisions in financial activities (strategy for the development of its assets and capital, investment activities, formation of a system of target development directions). The formation of the system of indicators for this group is based on the published data of state statistics.

Indicators characterizing the conjuncture of the financial market:
- types of basic stock instruments (stocks, bonds, etc.) traded on the exchange and over-the-counter stock markets;
- quoted bid and ask prices of the main types of stock instruments;
- the lending rate of individual commercial banks, differentiated by the terms of the financial loan;
- deposit rate of individual commercial banks, differentiated by demand and time deposits;
- the official rate of individual currencies.

Indicators characterizing the activities of counterparties and competitors.

The system of informative indicators of this group is necessary mainly for making operational management decisions on certain aspects of the formation and use of financial resources.

Regulatory indicators.

The system of indicators of information support for financial management, formed from internal sources divided by two groups.

Primary information:
- accounting forms;
- operational financial and management accounting.

Information obtained from financial analysis:
- horizontal analysis (comparison of financial indicators with the previous period and for several previous periods);
- vertical analysis (structural analysis of assets, liabilities and cash flows);
- comparative analysis (with average industry financial indicators, indicators of competitors, reporting and planned indicators);
- analysis of financial ratios (financial stability, solvency, turnover, profitability);
- integral financial analysis, etc.

Thus, for the successful implementation of the long-term financial policy of the enterprise, the management needs At first, have reliable information about the external environment and predict its possible changes; Secondly, have information about the current parameters of the internal financial situation; third, systematically carry out an analysis that allows you to assess the results of economic activity of its individual aspects both in statics and in dynamics.

In addition, the company must pursue an open information policy, especially with potential investors, creditors, authorities. Long-term financial policy, which is not supported by regular, reliable information exchange with investors, negatively affects the market value of the enterprise.

3. Methods of forming a long-term financial policy of the enterprise

Abstracts

3.1. Equivalence of different types of interest rates

Let's continue a detailed study of methods for determining interest-bearing money, which is the essence of most financial calculations.

Equivalent interest rates- these are interest rates different kind, the application of which under the same initial conditions gives the same results.

Previous designations:

i- simple annual interest rate;

d- simple annual discount rate;

i c - compound annual interest rate;

d c - compound annual discount rate.

Equating in pairs the formulas for determining the accrued amount, it is possible to obtain ratios expressing the relationship between any two different interest rates.

Equating ratios , we get:

; (3.1)

Example 3.1

The maturity of the debt obligation is six months, the discount rate is 18%. What is the profitability of this operation, measured as a simple lending rate?

Solution.

We use the formula for a simple annual interest rate (3.1):

Example 3.2

The loan was issued for six months at a simple interest rate of 19.8% per annum. What is the profitability of this transaction, acceptable in the form of a simple discount rate?

Solution.

We use the formula for a simple discount rate (3.2):

From the formulas, we can obtain the equivalent rates of a simple and complex annual lending rate:

; (3.3)

. (3.4)

Example 3.3

The initial amount is 300,000 rubles. invested for 2 years using a compound annual interest rate of 16%. Determine the equivalent simple annual interest rate.

Solution.

We use formula (3.3):

Example 3.4

The amount is 300,000 rubles. invested for 2 years using a simple annual interest rate of 17.28%. Determine the equivalent compound lending rate.

Solution.

We use formula (3.4):

The calculation results in examples 3.3 and 3.4 confirm the correctness of using the formulas.

For various cases of compound interest, we obtain the equivalence equation by equating the formulas :

; (3.5)

. (3.6)

The resulting compound annual lending rate ( i c ), equivalent to the nominal interest rate, is called effective compound rate.

3.2. Accounting for inflationary depreciation of money in financial decision making

Let be S α - the amount, the purchasing power of which, taking into account inflation, is equal to the purchasing power of the amount in the absence of inflation. Across ΔS let us mark the difference between these amounts.

Attitude Δ S / S, expressed as a percentage, is called inflation rate.

The calculations use the relative value of the inflation rate - inflation rate (α).

Then to determine S α we get the following expression:

S α = S +Δ S = S + Sα = S (1 +α ) . (3.8)

The quantity (1 + α ), showing how many times S α more S(i.e., how many times the prices have increased on average), are called inflation index (I and ).

I and = 1 + α. (3.9)

The dynamics of the inflation index over several years reflects the changes taking place in inflationary processes. It is clear that an increase in the inflation index for a certain period in comparison with the previous same period indicates an acceleration of inflation, a decrease - a decrease in its rates.

Let α be the annual inflation rate. This means that in a year the sum S α // will be (1 + α) times greater than the sum S α /. After one more year, the sum S α // will be more than the sum S α / by (1 + α) times, that is, more than the sum S by (1 + α) 2 times. In n years the sum S α // will grow in relation to the sum S α / by (1 + α) n times. Hence, it can be seen that the inflationary growth of the sum S at the annual inflation rate α is the same as the increase in the sum S at the complex annual interest rate α.

Of course, the same reasoning applies if any other time interval (quarter, month, day, etc.) is taken instead of the year.

It is very important to remember this analogy with compound interest, since one of the most common errors associated with calculating the inflation rate for a certain period is related precisely to the failure to take into account this circumstance.

Example 3.5a

Prices rise by 3% every quarter. The bank attracts clients to invest at 13% per annum. It is required to determine whether such a return on the contribution will cover the losses from inflation.

Solution.

Let's define the inflation index according to the formula (3.10):

Determine the inflation rate using formula I and = 1 + α,where:

α = I and - 1 = 1,1225 - 1 = 0,1225 = 12,25%.

Answer.

The inflation rate is lower than the annual interest rate offered by the bank. The income from the deposit will cover the losses from inflation.

Example 3.5

If prices grow by 2% every month, then, without hesitation, they take 2% 12 = 24% for the annual inflation rate. Such calculations are often used by banks and financial companies, attracting clients to invest, for example, at 25% per annum. Meanwhile, if the inflation rate is 2% per month, this means that prices rise by (1 + 0.02) = 1.02 times per month, and by 1.02 times per year. 12 = 1.268 times. This means that the annual inflation rate is 1.268 - 1 = 0.268, i.e. the annual inflation rate reaches 26.8%. After such a calculation, the interest rate of 25% per annum loses its investment attractiveness and can only be considered in terms of minimizing losses from inflation.

If, in the normal case, the original amount R at a given interest rate turns into an amount over a certain period S, then under inflation it should turn into the sum S α, which requires a different interest rate.

Let's call it interest rate adjusted for inflation.

Let be:

i α - lending rate, taking into account inflation;

d α - discount rate that takes into account inflation.

Let's set the annual inflation rate α and the simple annual interest rate i... Then for the accrued amount S, which turns under inflation into the amount S α we get the formula:

For this amount, you can write down one more ratio:

Let us now consider various cases of calculating interest, taking into account inflation. At the same time, it is always convenient to use the inflation index value for the entire period under consideration.

For simple interest rates:

. (3.13)

At the same time, equality must hold:

. (3.14)

Let's compose the equation of equivalence:

from which we get:

. (3.15)

Example 3.6

When issuing a loan in the amount of 40 million rubles. the real profitability of the operation must be ensured, determined by a simple interest rate of 14% per annum. The loan is issued for six months, the inflation index will be 1.06. Calculate the value of the interest rate, offsetting losses from inflation, and the accrued amount.

Solution.

According to the condition of the problem: Р = 40 million rubles, n = 0.5 years, I = 0.14, I and = 1,06.

Using the formula (3.15), we determine the interest rate that compensates for losses from inflation:

Using the formula (3.11), we determine the accrued amount:

The accrued amount can also be determined by the formula (3.12):

The results of determining the accrued amount are the same.

For the case of compound interest, to compose the equivalence equation, we use the formulas:

Hence:

. (3.16)

Example 3.7

Initial capital in the amount of 20,000 rubles. issued for 3 years, interest is charged at the end of each year at a rate of 8% per annum. Determine the accrued amount adjusted for inflation if the expected annual inflation rate is 12%.

Solution.

According to the condition of the problem, P = 20,000 rubles; n = 3 years; i c = 0.08; α = 0,12.

To determine the inflation index, we will use the formula (3.11):

Using the formula (3.12), we determine the accrued amount:

3.3. Dividends and interest on securities. Profitability of operations with securities

Investments of money capital in various types of securities (equity participation in enterprises, loans to other enterprises against bills of exchange or other debt obligations) is an essential element of a developing market economy. Target financial investments- receiving income and / or preserving capital from impairment in the context of inflation. Therefore, it is necessary to be able to correctly assess the real income on various securities. Consider first the types of currently existing valuable papers, and determine the difference in the accrual of interest and the possibilities of earning income on them.

Calculation of income by different types securities are made on the basis of the formulas obtained in the previous paragraphs. Here are some examples.

Example 3.8

A certificate of deposit with a face value of 200,000 rubles. issued on May 14 with maturity on December 8 at 18% per annum. Determine the amount of income when calculating exact and ordinary interest and the amount of debt repayment.

Solution.

We find first the exact (17 days of May + 30 days of June + 31 days of July + 31 days of August + 30 days of September + 31 days of October + 30 days of November + 8 days of December = 208 days) and approximate (17 days of May + 30 6 + 8 days of December = 205 days) the number of days of the loan.

Forexact percentages from formulas we get:

I = 0.18 200000 208/365 = 20 515 rubles.

Using the formula S = P + I, we calculate the amount of repayment of the obligation:

S = 200000 + 20515 = 220515 rub.

For the occasionordinary interest several calculation methods are possible:

1) q = 208, K = 360.Then:

I = 0.18 200000 208/360 = 20800 rubles;

S = 200000 + 20800 = 220800 rub.

2) q = 205, K = 365. Then:

I = 0.18 200000 205/365 = 20 219 rubles;

S = 200,000 + 20,219 = 220,219 rubles.

3) q = 205, K = 360.Then:

I = 0.18 200000 205/360 = 20500 rubles;

S = 200000 + 20500 = 220500 rub.

Example 3.9

The payment obligation was issued for three months at 25% per annum with a maturity of 20 million rubles. Determine the income of the owner of this payment obligation.

Solution.

First, using the discounting formula, we determine the present value of the payment obligation:

Owner I's income will be:

I = 20.0 - 18.824 = 1.176 million rubles.

When buying (accounting) bills and others monetary obligations before the due date are used discount rates... Then the income accrued at the discount rate ( discount) becomes the income of the person who bought the bill when the due date is due. The owner of the bill receives the amount indicated in it, minus the discount, but ahead of schedule.

Example 3.10

The promissory note was issued in the amount of 10,000,000 rubles. with a due date of July 21. The owner of the bill registered it at the bank on July 5 at a discount rate of 20%. Determine the bank's income and the amount received on the bill (K = 365).

Solution.

The period from the posting date to the maturity date is 21 - 5 = 16 days.

According to the formula D = d S n we get the bank's income:

D = 0.2 10 000 000 16/365 = 87 671 rubles.

Accordingly, according to the formula P = S - D, the amount received on the bill:

P = 10,000,000 - 87,671 = 9,912,329 rubles.

During operations with bonds the source of income is fixed interest (in the case coupon bonds), as well as the difference between the price at which the bond is purchased and the price at which it is purchased. The redemption price of a bond is usually the same as its face value.

There are bonds without interest payments ( discount bonds), investment of funds in which will be profitable only when they are purchased at a discount from the face value, i.e. at a discount.

Let us introduce the notation:

N- the par value of the bond;

P 0 - bond purchase price;

I 0 - bond yield;

n- the period for which the interest is calculated;

i- interest rate;

i c - effective compound interest rate.

When calculating income, use the concept bond rate (P k ):

Then:

(3.18)

Substituting expression (3.17) into this formula, we get:

. (3.19)

Example 3.11

A bond with a face value of 10,000 rubles, issued for five years, was purchased at the rate of 120. Calculate the yield on the bond, if compound interest is charged on it annually at the rate of 18%.

Solution.

The calculation of the bond yield is made according to the formula (3.19):