One of the specific features of finance is that financial relations are always associated with the formation of cash income and savings, which always acquire a specific form of financial resources. v Financial resources- these are funds of funds formed by the state, business entities and the population and are at their disposal. Financial resources characterize the financial state of the economy and at the same time is the source of its development, are formed at the expense of various types of monetary incomes, receipts and deductions, and are used for expanded reproduction, material incentives, satisfaction of social and other needs of society.
The financial resources of the state is an integral system of social relations associated with the formation, distribution and use of centralized and decentralized funds of funds in order to fulfill the tasks and functions of the state.
They come in two forms:
- centralized financial resources, which are formed at the state level in the course of its financial activities;
- decentralized financial resources, which are formed at the level of economic entities to ensure their economic activity and at the level of households to ensure adequate living conditions for household members and their reproduction.
Consequently, the financial resources that exist in the state are accumulated at three levels of the economic system. Funds of financial resources are accumulated primarily on micro level, that is, within households. In this case, the source of their formation can be both the financial resources of the public finance sphere and the financial resources of entrepreneurship. That is, financial resources at the micro level are accumulated as a result of the creation of GDP and as a result of their redistribution. At this level, financial resources take the form of savings and deposits in the banking system.
On the mesoscale financial resources are accumulated by business entities and is a direct consequence of the new distribution of the created GDP. Financial resources of business entities are in the form of funds and capital of business entities.
On the macro level financial resources of the state are the result of distribution, redistribution and centralization of GDP and take the form of budgetary and extra-budgetary funds of financial resources. Public finance consists, firstly, of public finance proper, secondly, regional finance, and thirdly, local finance. The basis of these types of public finance is the corresponding budgets - federal, regional, local, which are monetary funds for the formation and use of financial resources of certain levels of government structures management.
The main sources of the formation of monetary income of the state are: taxes (from income, goods and services, capital, land, property or other types of real estate); various fees (visa fees, fees for various permits and signatures, license fees, etc.); so-called non-tax sources (subsidies, loans through the issuance and placement of bonds, income from the lottery, income from state entrepreneurial activities, etc.).
According to the forms of origin, state financial resources are divided into accumulation resources (profit, deductions for social needs, depreciation deductions) and resources for secondary distribution and redistribution (direct and indirect taxes, income from foreign economic activity, an increase in long-term deposits, etc.). There is an inverse relationship between the distribution of financial resources of the state behind the sources of formation: the greater part of the resources in the state is formed as resources of accumulation, the smaller part of them is formed as a result of distribution and redistribution. However, this dependence is not direct: for example, when depreciation deductions only reflect a simple reproduction of the value of fixed assets, then the amount of accumulation resources in the state as a whole will be insignificant.
The main source of resources for distribution are taxes and profits. Profit directly depends on the amount of depreciation charges: the smaller the amount of depreciation charges, the greater the amount of profit and income tax.
The financial activity of any state is aimed at solving two main tasks: first, to collect funds provided by the state budget and distribute them according to social needs; secondly, to control the legality of the collection, distribution and use of public funds. The state carries out its financial activities with the help of appropriate methods, which are a set of techniques and methods by which the bodies authorized by the state on their behalf form, manage and use funds of funds.
Financial activity methods are divided into three groups:
1) methods of forming financial resources;
2) methods of distribution of financial resources;
3) methods of using financial resources. Methods for the formation of financial resources are:
- an obligatory method of mobilizing financial resources, is the leading method and consists in the compulsory and gratuitous withdrawal of part of the funds from their owners in favor of the state. The most common types of compulsory payments are taxes, as well as various government fees;
- a voluntary method of mobilizing financial resources, which consists mainly of dispositive methods of ensuring financial receipts and lending mechanisms. This method assumes the absence of an imperative (command) from the state when making payments and is implemented by conducting state lotteries, the issuance of bonds by the state, other securities, voluntary donations from individuals and legal entities, and the like.
Financial resource allocation methods:
- financing method, which means irrevocable, gratuitous, targeted, planned release of funds from the centralized fund, carried out on the basis of approved financial plans;
- lending method, which consists in the allocation of funds on the basis of intended purpose, payment, repayment and urgency.
Funding methods are divided into subspecies depending on certain characteristics, for example, on the purpose of using funds, sources of their formation, organizational and legal regimes, object, subjects, and the like.
So, if financial resources are allocated from the state budget, then this budget financing; when allocating funds from departmental funds, for example, ministries' funds) financing takes on character departmental; the allocation of funds from trust funds is funding from trust funds.
Depending on the entity that receives the monetary resources, and the conditions for their receipt, there are:
- subsidy - assistance provided to enterprises, institutions and organizations to cover losses caused by reasons beyond their control. In the financial activities of the state, various types of subsidies are used. Budget subsidy - this is gratuitous, irrevocable assistance from the budget of the highest level to the budget of the lowest, which is not targeted and is provided in case of excess of expenses over income. In budgetary activities, it also applies leveling subsidy ^ that is, an interbudgetary transfer to equalize the revenue capacity of the budget that receives it;
- subvention - an interbudgetary transfer for use for a specific purpose in the manner determined by the body that made the decision to provide the subvention. From a legal point of view, a subvention is a targeted budget subsidy. Subvention is used as a method of budgetary regulation in order to balance the budgets of the lowest level and is provided with a clearly defined purpose as partial state financial assistance for programs and activities aimed at supporting the minimum social security guaranteed by the legislation of the population of regions where such a minimum is not provided by their own budget revenues independent of their reasons for economic development;
- subsidy - targeted financial assistance, which is provided by the state at the expense of the budget, as well as special funds, to legal entities and individuals, local government bodies, and other states. In budgetary activities, a subsidy is used to balance regional and local budgets, to strengthen their revenue base, and is always transferred irrevocably and free of charge from higher levels of the budget system to lower levels to finance specific events and institutions, that is, it has a targeted nature.
Methods of using financial resources:
- the method of establishing the target purpose of state funds of funds, which lies in the fact that the state, when forming the financial system, simultaneously determines the monetary funds and the directions of their use. So, having created the Pension Fund of Ukraine, the state determined its purpose, fixing the tasks and functions of this fund in the normative acts;
- a method for determining the procedure for the use of funds received from the relevant fund, lies in the fact that the funds received from the state fund always have their own purpose and can be spent only for the purposes for which they are allocated;
- the method of establishing the procedure for the distribution of profits of state economic entities, with the help of which the state determines the nature of the use of these revenues and, accordingly, provides the state funds with a targeted purpose;
- the method for setting financial standards and limits for the use of funds by the competent authorities, thanks to which the state sets the minimum and maximum boundaries, as well as the amount of allocation and spending of funds in a certain direction.
The use of methods for the formation, distribution and use of financial resources is determined by the content and nature of social relations, which are regulated by the state.
The concept of "resource" is usually interpreted as a stock, a source and as a means, which is referred to when necessary.
The financial resources of the state are the totality of all the funds that the state has, its enterprises (organizations), institutions as economic entities to cover their costs. The concept of "financial resources" in the RSFSR was introduced when drawing up the country's first five-year plan, which included a balance of financial resources, and when drawing up the GOELRO plan.
In theory and in practice, financial resources are divided into centralized funds (state budget, off-budget funds) and decentralized financial resources (corporate funds).
The need to determine the volume of financial resources is associated with the determination of the optimal structure of production, the balance of financial resources with capital and material costs. / 1.81-84s. /
Inaccuracies in determining the volume of financial resources reduce the possibility of the impact of finance on the results of production and reproduction of fixed assets. A decrease in financial resources in determining their volume leads to a structural imbalance, to a violation of the financing of investment programs.
The volume of state financial resources is determined, first of all, by the sources of their formation.
Financial resources are created in the process of distributing the aggregate social product and national income.
Part of the national income is formed and remains at the disposal of enterprises, i.e., decentralized resources are created at the macro level, which are used for production costs at enterprises. / 2.53s. /
One of the main sources of the formation of financial resources of the state is the cash income of organizations and enterprises of the production sector. First of all, these include profit, which is one of the forms of the value of the surplus product.
The volume of financial resources, as a rule, is greater than the national income, because in addition to the value of the surplus product and part of the required product, financial resources include depreciation deductions.
The second important source of the formation of financial resources are depreciation deductions formed from part of the cost of fixed assets.
Centralized financial resources are the result of the redistribution of net income through tax and non-tax payments and deductions.
In addition to these, important sources for the formation of centralized funds of financial resources are deductions from enterprises to centralized funds of state social insurance, property and personal insurance, to various extra-budgetary funds.
In addition, centralized financial resources are formed from a part of the national wealth involved in economic circulation (from the sale of the country's gold reserves, the sale of energy resources, receipts from foreign economic activity, etc.), as well as from funds received from the sale of government securities (bonds , placement of loans, etc.). /3,43,45s ./
Decentralized finance is money (income and savings) of business entities. They are used for the production and sale of goods and services, as well as the reproduction of capital and labor. They form the basis of the financial system. Since the majority of financial resources are concentrated in enterprises, the stability of the financial system depends on the stability of their financial position.
The finances of enterprises are a set of economic monetary relations associated with the formation of primary income and savings, their distribution and use. The finances of enterprises perform two functions: 1) the formation and use of monetary income and funds; 2) control.
The organization of decentralized finance is significantly influenced by industry characteristics and features of the organizational and legal form of an enterprise.
By industry, the finance of enterprises can be subdivided into finance: industry, agriculture, transport, communications, trade, construction, road facilities.
Based on the organizational and legal forms, decentralized finance is divided into the finance of commercial and non-commercial enterprises. They function as business partnerships, companies, including joint stock companies. The purpose of non-profit organizations and their main activities are not limited to making a profit and distributing it among the participants. / 4,37 /
Centralized finances are the finances of the state and are used to regulate the national economy as a whole. With their help, the funds of business entities and citizens are accumulated in the budgetary and extra-budgetary funds of the state in order to meet public needs.
The state of centralized finance is one of the main indicators of the stability of the economy and the perfection of the social system. The budget provides funding for the most important investment programs, ecology, defense, etc.
Centralized finance focuses on the following basic principles:
- - the unity of the legislative and regulatory framework;
- - openness and transparency;
- - delineation of powers and subjects of jurisdiction;
- - target orientation;
- - a scientific approach to the implementation of the intended goals;
- - efficiency and rationality;
- - manageability of financial flows on a centralized basis. / 5.83s. /
The achievement of goals is set by the development strategy. The financial strategy determines the possibility of a balanced management of the valuation of material and technical means and monetary resources, which are at the disposal of the state and municipal sectors of the economy.
The conditions for the formation of financial resources are laid down at the production stage in the proportions of various elements of the value of the created product, which are adjusted through prices and are distributed among the participants in the production process. Their income is then redistributed by the state through the tax system and transfers to the population, as well as through the financial market.
The sources of the formation of financial resources are divided into:
- 1) sources that operate at the macro level (state level);
- 2) sources that operate at the micro level (enterprise level).
The first and main source of the formation of centralized financial resources (centralized funds) at the national level (macrolevel) is the national income. On the basis of the distribution and redistribution of national income, centralized funds are created.
Part of the national income is formed and remains at the disposal of enterprises, i.e., decentralized resources are created at the micro level, which are used for production costs in enterprises.
There is only one internal source of funds used in the state - the country's economy and its result. / 25 /
State financial resources are formed mainly through: levying taxes and fees; proceeds from the use, as well as the sale of state property; funds from the sale of the country's gold reserves; issue and sale of government bonds and other securities; profits from state entrepreneurial activities; receiving funds through external and internal borrowing; use of reserve and insurance funds, voluntary contributions from legal entities and individuals. / 26 /
The existence of tax revenues of the state is due to the fulfillment of its power functions by the state, and the existence of production income is due to the fulfillment of its entrepreneurial function by the state. Non-productive incomes of the state include taxes, government loans and the issue of paper money. / 6,121,125c. /
The most important areas of spending financial resources: government investments; the maintenance of the state apparatus; payment of government orders; financing of budgetary organizations and institutions; expenses for social needs, for servicing internal and external debts, government grants, subsidies, subventions; contributions to world organizations, assistance to foreign countries; expenses for the acquisition, redemption of property and other expenses determined by federal laws, laws of the constituent entities of the federation and legal acts of representative bodies of local self-government on the budget, on extra-budgetary funds for the next financial year. / 7,424c. /
State financial resources are divided into the resources of the federation and the resources of the subjects of the federation; at the same time, sources of income and channels for spending each of these types of resources are distinguished in absolute terms or in shares of monetary funds.
Local (municipal) resources form a separate, relatively independent, part of the country's financial resources.
Financial resources of economic entities (enterprises, commercial organizations) are created mainly as a result of income from production and entrepreneurial activities, the formation of share capital, collection of share and statutory contributions, sale and lease of own property, obtaining borrowed funds, financial support from the state , attracting foreign investment, receipts of insurance claims; funds from penalties. / 8,124c. /
For enterprises of various forms of ownership, the initial source of the formation of financial resources is the initial capital, expressed in the authorized, share, share capital. Subsequently, in the course of their economic activities, financial resources are formed in three most important areas:
- - own and equivalent funds;
- - mobilization of resources in financial markets;
- - receipt of funds through the budget and credit system.
Non-profit organizations are in a special position, whose financial resources are formed not only from income from their own activities, but also in the form of contributions, donations, charitable assistance, and state support. Nonprofit organizations do not pursue the goal of making a profit, acting in accordance with the Law on Nonprofit Organizations.
The issue and placement of shares is not available to non-profit organizations, since only a joint-stock company, thus, can raise funds in the financial market
Institutions and organizations of the non-profit sector of the economy to carry out their activities mobilize funds from various sources. The formation of financial resources of non-profit enterprises and organizations depends on two factors: the nature (type) of the services provided; principles of organization of the service (paid or free of charge) ./ 9,431c. /
- Migranov Marat Ramilevich, bachelor, student
- Bashkir State Agrarian University
- STATE
- FINANCE
This article analyzes the composition and structure of financial resources of the state and enterprises.
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Financial resources are the material basis for the functioning of the state, and most of them are created during the distribution of the national income. Financial resources are mobilized in centralized state funds by tax and non-tax methods, and the overwhelming part is accumulated by the state through taxes.
The financial resources of the state are part of the financial resources of the national economy, which include the financial resources of the production and non-production spheres, as well as the population. The main sources of the formation of financial resources of the state are national income, borrowed and borrowed funds, income from foreign economic activities of the state, and partially - national wealth. Most of the state's financial resources are concentrated in the centralized fund of state funds - the state budget, which makes it possible to finance the execution of its functions by the state.
In recent years, the financial resources of the state have been largely replenished through government borrowings in the domestic and foreign financial markets. This method of increasing the volume of financial resources can be considered effective, provided that there are opportunities for timely repayment of public debt.
The structure of financial resources changed along with the development of the economy. In the conditions of the command-administrative economy, the share of the financial resources of domestic enterprises was taken by the state budget and loans from the State Bank of the USSR, enterprises were not able to use such sources of financial resources as issuing securities, attracting foreign investment, and loans from commercial banks. The development of the financial market gives enterprises new opportunities to expand the composition of financial resources and increase their volume.
The financial resources of enterprises include their own, borrowed and borrowed funds. The own financial resources of enterprises include profit, depreciation charges, authorized and additional capital, as well as the so-called stable liabilities of the enterprise, including sources of financing that are constantly in the turnover of the enterprise, for example, reserves formed in accordance with the constituent documents of the enterprise or legislation. Borrowed funds include loans from commercial banks and other credit institutions, and other loans. Attracted financial resources are funds raised through the issue of shares, budgetary allocations and extra-budgetary funds, as well as funds from other enterprises and organizations raised for equity participation and for other purposes.
The structure of financial resources of enterprises differs depending on the organizational and legal form of the enterprise, its industry affiliation and other factors.
Despite the differences in the composition and structure of financial resources of individual enterprises, in the total volume of production enterprises the largest share is occupied by own funds.
Bibliography
- Zaripova G.M. Fayrushina L.V. Profit management of the organization // Society in an era of changes: the formation of new socio-economic relations materials of the third international scientific and practical conference (October 11, 2013) Saratov -P.172
- Zaripova G.M. Formation of financial and credit methods of regulation of entrepreneurship // Problems of economic management in a transforming society: Sat. Art. -Penza, 2004. -S. 89-91
- Zaripova G.M. Features of the formation of financial resources of agricultural enterprises // Modernization and development of a modern innovative society: economic, social, legal, philosophical tendencies: materials of the international scientific and practical conference (March 26, 2013) part 2-Saratov -C -9
- Zaripova G.M. Features of the formation of financial resources of agricultural enterprises // Economy and society. Issue No.2 (11) (April-June 2014)
The financial resources of the state are the totality of all the funds that the state, its enterprises, organizations, institutions have as economic entities to cover their costs.
Financial resources are formed as a result of economic and financial activities in the process of creating and distributing the country's gross social product, and are accumulated by the State and business entities. They are one of the main factors of production, called money capital.
The first and main source of the formation of centralized financial resources (centralized funds) at the national level (macrolevel) is the national income. On the basis of the distribution and redistribution of national income, centralized funds are created.
Part of the national income is formed and remains at the disposal of enterprises, i.e., decentralized resources are created at the macro level, which are used for production costs at enterprises.
The volume of financial resources, as a rule, is greater than the national income, because in addition to the value of the surplus product and part of the required product, financial resources include depreciation deductions.
The second important source of the formation of financial resources are depreciation deductions formed from part of the cost of fixed assets.
Centralized financial resources are the result of the redistribution of net income through tax and non-tax payments and deductions.
In addition to these, important sources for the formation of centralized funds of financial resources are deductions from enterprises to centralized funds of state social insurance, property and personal insurance, to various extra-budgetary funds.
In addition, centralized financial resources are formed from a part of the national wealth involved in economic circulation (from the sale of the country's gold reserves, the sale of energy resources, receipts from foreign economic activity, etc.), as well as from funds received from the sale of government securities (bonds , placement of loans, etc.).
An insignificant part of the centralized financial resources is created at the expense of receipts from the population (taxes, fees, income from loans and lotteries). With the transition to market relations, this source of financial resources is increasing.
Centralized financial resources are concentrated mainly in the state budget, off-budget funds, in the property and personal insurance fund.
It is advisable to include in the financial resources the credit resources of the Central Bank as a state monetary reserve assigned to the Central Bank in the form of statutory, reserve and other funds. That. the main source of financial resources are national income, profit of organizations regardless of ownership, depreciation fund, insurance funds.
In the notebook
Government loan and its role in the economy
State borrowings of the Russian Federation are loans and credits that are attracted from individuals and legal entities, foreign states, international financial organizations, on which debt obligations of the Russian Federation arise as a borrower or a guarantor of repayment of loans by other borrowers.
The role of public debt can be viewed from the standpoint of the usefulness of using the public debt mechanism in a market economy.
The most important benefit for the state, justifying the usefulness of public debt, is the ability to attract borrowed money to the budget and at the same time maintain the relative amount of debt as a percentage of GDP (for a certain period of time, as a rule, the economic cycle).
The size of the budget balance and the volume of real GDP are two of the most important factors determining the dynamics of debt. The budget deficit leads to an increase in the volume of public debt, the budget surplus allows you to pay off the debt. Economic growth ensures the replenishment of the revenue side of the budget, at the expense of which the interest on the debt is paid. It also allows you to increase the money supply in circulation without increasing inflation, and due to the growth of the money supply, conditions for debt refinancing are created. The positive impact of public debt on the economy is also in the fact that by issuing debt obligations intended for purchase by individuals and legal entities, the state influences the process of expedient organization of savings of the population and investment by business entities of temporarily free financial resources. Usually government securities are the most reliable and highly liquid.
Consider the formation of financial resources in the economic entities of the state.
Financial resources are the totality of all monetary funds and receipts at the disposal of an economic entity.
At the enterprise level, financial resources are used to form targeted cash funds (wage fund, production development fund, material incentive fund, etc.), fulfillment of obligations to the state budget, banks, suppliers, insurance authorities and other enterprises. Financial resources are also used to finance the cost of purchasing raw materials, materials, wages, etc.
The financial resources of enterprises are formed at the expense of enterprises' own funds and borrowed funds. The main source of the formation of financial resources at the enterprise is profit.
Profit is the monetary expression of savings created by enterprises of any form of ownership. How eco-64
Profit has two functions:
- the main source of financial resources for expanded reproduction;
- source of state budget revenues.
The economic interests of the state, business entities and each employee are concentrated in profit. Profit characterizes all aspects of the financial and economic activities of enterprises, therefore, the growth in the profit of economic entities indicates an increase in financial reserves and the strengthening of the financial system of the state.
The end result of the production and financial and economic activities of business organizations is the receipt of balance sheet profit, which includes profit from the production and sale of main products (works, services), from the sale of other products, as well as the balance of profits and losses from non-operating transactions (fines, penalties, penalties, etc. etc.).
Along with the profit at the enterprises there are other sources of the formation of financial resources.
The structure and sources of financial resources of the enterprise are shown in Fig. 3.1.
With the transition of the economy to market relations, the point of view on the formation of financial relations is gradually changing. However, the principles of organizing the finances of enterprises have a certain stability.
The general principles for organizing financial resources are as follows:
Principle 1. Financial resources at enterprises are formed at the expense of their own and borrowed funds.
The initial creation of its own financial resources occurs at the time of the establishment of the enterprise (organization), when the authorized capital (authorized capital) is formed.
The sources of formation of the authorized capital, depending on the organizational and legal forms of enterprises, can be:
Rice. 3.1.
- share capital (in joint stock companies);
- share contributions of members (in consumer societies, production cooperatives);
- sectoral financial resources (at enterprises and in unions);
- long-term loan (in organizations of any form of ownership);
- budgetary funds (at state and municipal enterprises).
The main sources of financial resources at operating enterprises are proceeds from sold products (works, services), due to which gross income and profit are generated, as well as depreciation charges. They are partly formed at the expense of revenues in the order of redistribution of funds (insurance compensation, dividends, budget funds).
Principle 2. The financial activities of enterprises are planned for the coming financial year, taking into account the indicators and results of activities for the past period and forecasts for the coming period. Some economists believe that financial planning is not necessary in market conditions. However, it can be argued that in the modern conditions of the transition to a market economy, financial plans are necessary primarily for the enterprises themselves.
The purpose of drawing up financial plans is to determine possible financial resources, capital and reserves based on forecasting the volume of economic activity, income and expenses. The plans include the creation of financial reserves and contributions to centralized funds. The plans reflect the direction of financial resources to finance working capital in core activities and to finance investment activities (formation of a capital investment fund).
Principle 3. Ensuring the safety of own circulating assets. It is assumed that working capital should be maintained in full. If the amount of its own working capital decreases, then the company may lose financial stability and ultimately become bankrupt.