Bank loan as a source of financing for the enterprise. The essence of a bank loan, the need to attract it

Bank loan It is, on the one hand, an amount of money provided by the bank for a certain period and on certain conditions, and on the other hand, a certain technology to meet the financial need declared by the borrower. In the second case, a bank loan is an ordered complex of interrelated organizational, technical and technological, information, financial, legal and other procedures that constitute an integral regulation of the bank's interaction, represented by its employees and divisions, with the bank's client regarding the provision of funds. It is carried out in the form of issuing loans, accounting for bills and other forms. This form of funding is the most common.

Credit advantages:

the credit form of financing is distinguished by greater independence in the application of the received Money without any special conditions;

most often, a loan is offered by a bank serving a particular company, so that the process of obtaining a loan becomes very efficient.

TO credit deficiencies include the following:

loan term in rare cases exceeds 3 years, which is unbearable for enterprises aimed at long-term profit;

to obtain a loan, an enterprise requires the provision of collateral, often equivalent to the amount of the loan itself;

in some cases, banks offer to open a current account as one of the conditions for bank lending, which is not always beneficial for the enterprise;

with this form of financing, the company can use standard scheme depreciation of the purchased equipment, which obliges to pay property tax during the entire period of use.

34. Financial leasing as a source of financing for an enterprise

Leasing is a special complex form of entrepreneurial activity that allows one party - the lessee - to effectively renew fixed assets, and the other - the lessor - to expand the boundaries of activities on mutually beneficial terms for both parties.

Leasing advantages:

Leasing assumes 100% lending and does not require you to start payments immediately. When using a regular loan to buy property, the company must pay about 15% of the cost from its own funds.

Leasing allows an enterprise that does not have significant financial resources, start the implementation of a major project.

It is much easier for an enterprise to obtain a lease contract than a loan, because the equipment itself serves as security for the transaction.

With leasing, the company can calculate the receipt of its income and work out with the lessor an appropriate financing scheme convenient for it. Repayment can be made from funds received from the sale of products that are produced on equipment leased. Additional opportunities for expanding production capacities are opening up for the enterprise: payments for leasing agreement are distributed for the entire duration of the contract and, thus, additional funds are released for investment in other types of assets.

Leasing does not increase the debt in the balance sheet of the enterprise and does not affect the ratio of own and borrowed money , i.e. does not reduce the company's ability to obtain additional loans. It is very important that the equipment purchased under a lease agreement may not be on the lessee's balance sheet during the entire term of the agreement, which means that it does not increase assets, which exempts the company from paying taxes on the acquired fixed assets.

Lease payments paid by the enterprise, are entirely attributable to production costs... If the property received under the lease is recorded on the balance sheet of the lessee, then the enterprise can receive benefits associated with the possibility of accelerated depreciation of the leased asset. Depreciation charges for such property can be calculated based on its value and norms approved in the prescribed manner, increased by a factor of no more than 3.

Leasing companies unlike banks no deposit needed if the property or equipment is liquid on the secondary market.

Leasing allows the company to completely legal grounds minimize taxation, as well as attribute all equipment maintenance costs to the lessor.

In the process of operating, investment and financial activities changes in the structure of funds and sources of their formation, the availability and need for financial resources and, as a consequence, financial condition organizations.

How optimal is the ratio of equity and debt capital, largely depends financial position business entity. The use of borrowed sources increases the risk of bankruptcy, however, with an optimal combination of equity and borrowed funds and skillful management of borrowed funds, the level of return on equity and total capital as a whole increases significantly.

Lending is one of the forms of financial support for production process in that part of the resources that is not provided with its own funds.

A creditworthy organization is one that has the prerequisites for obtaining a loan and is able to ensure the repayment of the loan amount (repay the debt) and interest on it.

Credit resources for business entities are provided by commercial banks. central bank and its territorial branches and divisions exercise general control over monetary circulation, finance the activities provided for in the state budget, control the activities of commercial banks, establish general rules credit policy... No commercial organizations, as well as state-owned organizations and enterprises (except for those financed from state budget), The Central Bank does not issue monetary resources either in cash or in non-cash form.

All loan funds go through commercial banks, interest rates for loans are regulated by the Central Bank through the refinancing rate (discount rate), which is set and periodically reviewed by the Central Bank. Restriction of the demand for funds from the economic entity is regulated by Tax legislation, which provides for the attribution of interest on the payment of the loan to costs within the discount rate multiplied by a factor of 1.1.

Commercial banks issue loans for a variety of periods: from 1 to 7 days (the so-called "short" loans), up to a year or more. The interest rate for a loan is differentiated depending on the term: the longer the term for which the loan is issued, the higher the rate.

Depending on the intended purpose and the timing of the provision distinguish between short-term and long-term loans.

Long-term loans are used for production and social development organizations (for the construction and acquisition of fixed assets, expansion and improvement of production, etc.) and is issued for a period of more than one year.

A short-term loan is issued for the needs of the current activities of enterprises (necessary to fulfill the plan) and is provided, as a rule, for a period of up to one year. A short-term loan can be presented in cash or in kind, the so-called commodity loan (an entrepreneur purchases goods with a deferred payment).

Types of short-term loans:

1) trust loan - issued to clients in case of temporary financial difficulties without restriction in case full confidence bank (no security or pledge is required), an urgent obligation is drawn up;

2) blank loan - provided without collateral and only to clients with high solvency.

It includes:

a) checking account - a current account is closed and a checking account is opened from which current expenses are paid, depending on the balance, interest is charged. All current production activities are credited. Financing capital investments from this account is not made;

b) overdraft - issued by debiting funds from the client's current account in excess of the account balance; in agreement with the client, the bank stipulates maximum amount and the return period; allocate overdraft:

m short-term (for several days);

■ extended (several weeks, months);

■ seasonal (with a large time gap between expenses and income).

3) promissory note credit - the bank's promissory note issued to the bearer;

4) factoring - financing against the assignment of a monetary claim;

5) foreign currency loan - provided by banks licensed to conduct currency transactions... The object of crediting is export-import supplies; current activities of joint ventures, etc. Obtaining a loan in commercial bank one way or another

economic entity - the procedure is largely formalized.

An economic entity is a client who must submit to the bank a business plan, justification of the directions where the loan will be sent, calculations of its payback, which determine the possibility of timely repayment of the principal debt and interest. The bank may require collateral for the loan (depending on the amount and term) by pledging real estate, land plot; valuable papers or other property, guarantees of a sufficiently reliable legal entity-guarantor, which is responsible for its property in the event of debt obligations to borrowers, registration with an insurance company of insurance against the risk of full or untimely repayment of loan debt. Despite the strict conditions for granting a loan to an economic entity, regular customers, its shareholders for specific priority areas of development, the bank can provide loans on preferential terms.

The development of the market presupposes the emergence and development of new forms of relationships between business entities, including enterprises and banks. Banks are active participants in leasing, factoring and franchising operations, significantly reducing the risks of individual business entities (counterparties) and eliminating the need to take additional, expensive loans from the bank.

Short description

An invention such as credit is the most incredible human creation, naturally after money. If there was no credit, we would be spending a lot of time meeting all sorts of human needs. The enterprise-borrower has an opportunity to increase its assets (resources), due to their additional attraction. Using a loan, absolutely anyone has the opportunity to expand their business or business, or to accelerate the opportunity to get things, objects, values ​​into use as soon as possible, which he could only receive in the future if there was no loan.

INTRODUCTION
1 BANK LOAN, ITS NEED FOR AND ROLE IN THE ACTIVITIES OF THE ENTERPRISE
1.1 The essence of a bank loan, the need to attract it

2. ANALYSIS OF ATTRACTING AND USING A BANK LOAN BY THE ENTERPRISE.
2.1 Analysis of the efficiency of using a bank loan.
2.2 Problems bank lending business entities and ways to solve them
2.3 Ways to improve the efficiency of using a bank loan by an enterprise
Conclusion

Attached files: 1 file

INTRODUCTION

1 BANK LOAN, ITS NEED FOR AND ROLE IN THE ACTIVITIES OF THE ENTERPRISE

1.1 The essence of a bank loan, the need to attract it

1.2 Assessment of the creditworthiness of the enterprise

2. ANALYSIS OF ATTRACTING AND USING A BANK LOAN BY THE ENTERPRISE.

2.1 Analysis of the effectiveness of using a bank loan.

2.2 Problems of bank lending to business entities and ways to solve them

2.3 Ways to improve the efficiency of using a bank loan by an enterprise

Conclusion

List of used literature

Applications

INTRODUCTION

An invention such as credit is the most incredible human creation, naturally after money. If there were no credit, we would be spending a lot of time meeting all sorts of human needs. The enterprise-borrower has an opportunity to increase its assets (resources), due to their additional attraction. Using a loan, absolutely anyone has the opportunity to expand their business or business, or to accelerate the opportunity to get things, objects, values ​​into use as soon as possible, which he could receive only in the future if there was no loan.

An enterprise always needs to develop very quickly when it has the opportunity to supply the market with an attractive, competitive product, or some kind of cost-effective service. Without extensive growth it is almost unrealistic to take a leading position for an enterprise in the market. Therefore, those companies that, due to their mistrust or simply other reasons, do not use borrowed funds to develop their business, can simply lose time, and someone will take his position much faster. And as a result, when a delay in time for enterprises in the current economy is undesirable, the company loses its position and it becomes much more difficult for it to compete with another company or enterprise that has grown stronger and took advantage of the current situation in the economy and used all the opportunities for its growth.

Today, no matter how sad it may sound, most domestic companies still continue to rely on their own strengths, without attracting borrowed funds, when sometimes this is an excellent opportunity to increase the economic growth rates of an enterprise.

I would like to note that borrowed funds are primarily needed to finance small or growing enterprises, when growth rates lag behind the rate of provision of their own resources, to master new types of products, improve production, purchase any other type of business, etc. Borrowed funds are attracted to finance working capital due to processes such as inflation or due to insufficient own working capital.

Debt capital is all borrowed sources, which together bring profit to the enterprise. One of the sources of the formation of borrowed capital is a bank loan, the problems of attracting and using which will be considered in this work.

Today the role of credits and loans has increased dramatically. Especially the role of loans and loans is of great importance at the stage of formation of an enterprise, when enterprises use borrowed funds, investing them in the future, that is, pouring them into long-term investments in order to create new property.

An enterprise needs short-term loans to accelerate the turnover of funds, help maintain an optimal level working capital.

In the current world financial crisis enterprises should be very careful in choosing the instruments for raising borrowed capital and their parameters, that is, learning how to manage borrowed capital to solve the assigned tasks in difficult conditions. The relevance of my term paper consists in the fact that it, to some extent, allows you to imagine a picture in which effective management of borrowed capital in the capital structure of an enterprise is able to provide additional income in its business turnover, increase

the profitability of the production process itself, to increase the market value of the enterprise.

The purpose of my course work is to study the very concept of a bank loan, and consider the principle of financing an enterprise through a bank loan. In accordance with this goal, the following objectives of the course work were formulated:

To study the concept and essence of a bank loan, its necessity and role in the activities of the enterprise;

Study the creditworthiness of business entities;

To study the concept of the effect of financial leverage in the analysis of the effectiveness of using a bank loan;

Assess the creditworthiness of the company based on the analysis of financial ratios;

To study the problems of using and ways to improve the efficiency of bank loans.

1 Bank loan, its necessity and role in the activities of the enterprise

1.1 The essence of a bank loan, the need to attract it

Bank loan is the main form of credit. This means that it is banks that most often provide their loans to entities in need of temporary financial assistance. This is a monetary form of credit, arises when transferring funds into debt on the terms of urgency, repayment, payment. The circulation of funds allows you to mobilize temporarily released funds and at the same time redistribute them in favor of those who need them. The bank undertakes such emission, since free funds are deposited in bank accounts, and the bank has information on how these resources can be used.

Bank loan 1 represents the movement of loan capital provided by banks on loan for a fee for temporary use. He expresses economic relations between creditors (banks) and lending entities (borrowers), which can be both legal entities and individuals. Legal entities other states - non-residents of the Russian Federation use the same rules in relation to a loan and bear the same duties and responsibilities as legal entities of the Russian Federation, unless otherwise provided by law.

A bank loan can operate in national framework and in the form of an international loan. It is provided with the conclusion of a loan agreement for each borrower individually, so that

the degree of risk of the credit transaction was minimal. Loan agreement -

it is a legal document governing the relationship between the bank and the borrower 3 when issuing a loan, defining the mutual rights and obligations of the parties.

A bank loan can be direct or indirect. Direct credit relations (bank-borrower) are predominant. Indirect bank lending is used more limitedly, i.e. providing a loan to a borrower through an intermediary, for example, a trade organization, pawnshops, etc.

Within the form of a loan, types of loans are distinguished, which are formed depending on the characteristics of the object, the target direction of the loan, its term, repayment security and other features. So, for example, taking into account the timing of issuance, the following types of loans are distinguished:

Short term,

Medium-term,

Long term;

Taking into account their directions by sectors of the economy:

Credit investments in industry, agriculture, trade, construction, etc .;

The objects are distinguished:

Loans for costs associated with the creation and increase of circulating current and non-current (long-term) assets;

The consumer needs of the population.

Depending on the form of provision, there are one-time loans and loans issued under a credit line. From the point of view of the technology of granting, one can single out consortium loans, promissory notes, pawnshops, acceptance loans, cash, non-cash, in the form of credit cards, etc. According to the methods of repayment, loans are urgent, deferred, overdue, long-term repaid.

Credit is also the main source of satisfaction.

huge demand for monetary resources. Even with a high level of profitability and self-financing, economic entities do not have enough own funds for their current activities and investments. Credits are needed (for example) when:

• enterprise 5 is "in a breakthrough" because the sale of products fell through for one reason or another.
• were let down by suppliers or buyers
• having difficulty paying wages employees, etc.

Thus, credit stimulates the development of production forces, accelerates the formation of sources of capital for expanding production based on the achievements of scientific and technological progress.

The subjects of credit 6 relations in the field of bank credit are enterprises and firms, the population, the state and the banks themselves. As you know, in a credit transaction, the subjects of credit relations always act as a lender and borrowers. Lenders are persons (legal entities and individuals) who have provided their temporary available funds at the disposal of the borrower for a certain period. Borrower - a party to credit relations who receives funds for use (on a loan) and is obliged to return them within a specified period. As for a bank loan, the subjects of credit transactions here necessarily act in two persons, i.e. as a lender and as a borrower. This is 7 due to the fact that banks work mainly on borrowed funds and, therefore, in relation to the owners of these funds, act as borrowers.

Loans, performing the functions of credit, have various forms and help to use the funds received more flexibly. The company can get a loan in the most convenient form for itself - directly

a loan, in the form of a bill, or by issuing bonds.

The need and possibility of a loan is due to the laws

the circulation and turnover of capital in the process of reproduction: in some places temporarily free funds are released, which act as a source of credit, in others there is a need for credit, for example, to expand production. Thus, credit contributes to economic growth: the lender receives payment for the loan, and the borrower increases his production assets and renews them.

1.2 Assessment of the creditworthiness of the enterprise

Creditworthiness should be understood as such a financial and economic condition of the enterprise, which gives confidence in the effective use of borrowed funds, the ability and willingness of the borrower to repay the loan in accordance with the terms of the agreement. In other words, the borrower's creditworthiness is the ability to repay the outstanding loan. Its score of 8 is the bank's assessment of the borrower in terms of the possibility and feasibility of providing him with a loan. It determines the likelihood of a timely return of it and payment of interest on it.

Unlike solvency, creditworthiness does not record non-payments for the past period or for some date, but predicts the ability to repay debt in the near future. In addition, creditworthiness shows financial strength and allows it to be assigned to the appropriate classes during rating.

Factors affecting creditworthiness:

1. Client's legal capacity. This is the client's eligibility to obtain a bank loan.
2. Borrower reputation
3. Asset ownership
4. The position of the client in the market.

Assessment of creditworthiness involves, first of all, the use of indicators characterizing the activities of the borrower in terms of the possibilities of repayment of outstanding loans.

The most common methods for assessing the creditworthiness of a borrower in world practice include the "5 C Rules" 9, where the criteria for selecting clients are indicated by words starting with the letter "C":

A more specific discussion of the indicators of the five “SI” rules is presented below:

Anastasia Kostochko, student of the Faculty of Finance and Economics

Annotation. The article discusses the sources of financing the company's activities, identifies the main manifestations of the role of credit, under the influence of specific economic conditions. Carried out comparative analysis debt burden between Russia and the United States. The article reflects the results of a study of factors affecting the volume of loans to the private sector in relation to GDP in Russia for 2005-2015. A comparative analysis of the advantages and disadvantages of credit as a source of funding economic activity companies with the issue of shares.

Key words: sources of financing for the company's activities; issue of shares, credit; the role of credit; debt load; factors affecting the volume of lending.

Keywords: sources of company "s funding; issue of shares; the credit; the role of the credit; debt burden; factors affecting the volume of lending.

Asking the question about the role of credit, it is worth noting initially that it has an objective nature, since it is determined by its essence. At the same time, specific economic conditions have a significant impact on the degree and nature of the implementation of this objective role of credit - the results of its use in the reproduction process. This allows us to state the fact that the role of the loan, as well as the scope of its application, are not unchanged, stable. On the contrary, with changes economic environment in the country there are also changes in the role of credit and the scope of its application. Since the awareness of this aspect will allow us to correctly understand the further thought, having correctly defined the role of credit, we need to be convinced of the veracity of the thesis put forward, so we will dwell on it in a little more detail.

For example, in the conditions of functioning of full-fledged money, the role of credit in the sphere of cash circulation was less significant than in the functioning of banknotes that cannot be exchanged for precious metals. This is due to the conditions for the functioning of full-fledged money, in which the change in the mass of money is practically not associated with the use of credit. Thus, a decrease in the mass of high-grade money in the sphere of circulation is accompanied by their transformation into a treasure and occurs practically without the participation of credit. On the contrary, an increase in the mass of money in circulation can come from the treasure, but also without the participation of credit.

The opposite picture can be observed when defective ones are used in circulation. banknotes... An increase / decrease in their mass in circulation with the participation of a loan occurs in connection with the implementation credit operations banks that have special role in the economy, ... as well as in budget system» .

It is also important to note how the role of credit is influenced by a particular type of economic system... After all, Russia is now gradually, by trial and error, moving from a planned-administrative type of economic system, where the role of credit, in fact, manifested itself in the automatic nature of lending. Credit redistribution often played an anti-stimulating role, because it was carried out without taking into account the creditworthiness of economic entities and was used to cover losses of inefficiently operating industries at the expense of well-performing enterprises. The principle of loan repayment was not always observed. This practice of lending, which did not take into account in due measure or even contradicted the essential properties of credit, developed under the influence of the planned administrative type of the economic system, making this instrument ineffective. But in recent decades, Russia has been moving away from this species. In this connection, this issue is incredibly topical, topical, since the role of credit in the conditions market economy is completely opposite, its correct definition will allow Russia to successfully implement the long-awaited transition to market type management, where the role of credit is to develop and improve the efficiency of the production process of business entities, which leads to economic growth.

A manufacturing company, like any other economic entity, has several sources of financing for its activities, which are shown in Figure 1.

A loan is borrowed funds that are an external source of financing for the organization's activities.

Systematizing the studied literature, I give a list of the main manifestations of the role of credit:

The role of credit in promoting the continuity of the reproduction process, accelerating capital turnover. Loans satisfy temporary inconsistencies in current cash receipts and costs of enterprises. As a result, repetitive delays in the reproduction process are overcome and the continuity and its acceleration are ensured. This role of credit is especially important in the seasonal production and sale of certain types of products. Thus, while contributing to the continuity of the reproduction process, credit is at the same time a factor in its acceleration. Of course, credit cannot directly affect the reduction in the production time of goods, since it has objective boundaries due to non-economic factors, in particular, production technology. Its effect on the acceleration of the reproduction process is expressed in reducing the time spent on changing the functional forms of the product, which ultimately increases the rate of turnover of funds.

The role of credit in the expansion of production. At the same time, credit can be used as a source of funds to increase fixed assets - buildings, structures, purchase of equipment, etc. In this case, it increases the ability of enterprises to create new fixed assets necessary for the development of production. In addition, the use of credit as a source of funds for capital investment allows for more consistent control of the effectiveness of such costs by determining the possibility of repayment of loans at the expense of the profit from the activities and setting the maturity of loans within the payback period of the credited activities.

The stimulating role of credit. Credit relations, implying the return of the temporarily borrowed value with an increment in the form of interest, induce the borrower to more rational use of the loan, to more rational management of the economy when receiving a loan. The repayment of funds inherent in credit relations, combined with the collection of fees for the use of funds, enhances the interest in saving on the amount of funds raised and the timing of their use.

Lending as a factor in the development of innovations. The loan not only encourages to expand the scale of production, but also forces the borrower to innovate in the form of introducing scientific developments and new technologies into production. In general, credit relations accelerate scientific and technological progress.

After getting acquainted with the theoretical side this issue, let's turn to the numbers. Let us compare the share of the volume of issued loans in GDP in Russia with the volume of loans in the United States. When choosing a country for comparison, we are not guided by which state is closer to us in terms of economic development, for example, Brazil, but in which country we are seeing successful, stable economic growth. In addition, America is our main competitor on the global marketplace, you need to know the strengths and weaknesses of your opponent.

Figure 1. Data on the volume of domestic loans provided to the private sector.

On the graph, we see a slight increase in the share of loans issued to the private sector in GDP of Russia from 31% in 2006 to 56% in 2015, while in America this indicator has been stable for 11 years around the 200% mark, which is almost 4 times higher than in our country.

To understand why we have formed just such a share of the volume of loans issued in the country in relation to GDP, we will use an econometric research tool - multiple regression.

• - Deposit interest rate (%) - interest rate on deposits (explanatory variable xl);
• - Lending interest rate (%) - interest rate on loans (explanatory variable x2);
• - Interest rate spread (lending rate minus deposit rate,%) - the difference between interest rate for a loan and a deposit (explanatory variable x2);
• - Domestic credit to the private sector (% of GDP) - the volume of domestic loans provided to the private sector in relation to GDP (dependent variable y is the effective indicator).

By constructing the regression equation for the stated data set, the following equation was obtained:

y = 36.02 + 8.76 * x1 - 3.97 * x2 + 0 * x1

It should be noted that Rbl is greater than Rkrit, given statistics Fisher points out to us that the equation is significant.

The coefficients in front of the explanatory variables tell us how, on average, the value of the effective indicator will change if the corresponding factor indicator increases by one with fixed values ​​of all other factors. In the resulting equation y = 36.02 + 8.76 * x1 - 3.97 * x2 + 0 * x1, the regression coefficient of 8.76 means that an increase in the interest on the deposit by one point on average leads to an increase in the share of loans by 8.76 %, provided that other factors do not change. Regression coefficient -

• 3.97 with the second factor means that an increase in interest on a loan by one point leads, on average, to a decrease in the share of loans by
• 3.97%, provided that the rest of the variables do not change. The regression coefficient of 0 for the third factor means that an increase in the difference between the interest rate on the loan and the deposit by one point does not lead to any changes, provided that the other variables do not change.

From this we conclude that the greatest impact on the volume of domestic loans provided to the private sector in relation to GDP is exerted by the interest rate on deposits.

Next, we will carry out a correlation analysis of the data set in order to find out the degree of connection between the two variables "x" and "y". The linear correlation coefficient r xy takes values ​​from -1 to +1. If the correlation coefficient is negative, it means that there is an opposite relationship: the higher the value of one variable, the lower the value of the other. The strength of the connection is also characterized by the absolute value of the correlation coefficient. For a verbal description of the value of the correlation coefficient, the following gradations are used:

The sign of the correlation coefficient coincides with the sign of the regression coefficient and determines the slope of the regression line, i.e. general direction of dependence (increase or decrease). The absolute value of the correlation coefficient is determined by the closeness of points to the regression line. After carrying out the correlation analysis, the following data were obtained, see Fig. 2.

Figure 2. Data correlation analysis

From which we can conclude that the strongest relationship is between the variable x1 and y (the interest rate on deposits and the volume of loans to GDP). The relationship between x2 (interest rate on loans) and y is weak. And between x3 (the difference between the interest rate on a loan and a deposit) and y, there is practically no at all. Which supports the above.

However, lending is not the only tool for redistributing free cash; an alternative option is securities, which also allow mobilizing free cash and enable the company to ensure the continuity of the reproduction process, accelerate capital turnover, and expand its production by increasing fixed assets. As a result, it is quite logical that the question arises, what is then the best tool for companies to use to finance their activities? To answer this question, let us analyze the advantages and disadvantages of both credit and securities, see Tables 1 and 2.

Table 1. Advantages and disadvantages of credit as a source of financing activities.

Table 2. Advantages and disadvantages of the issue of shares as a source of financing activities.

Based on the above, the following conclusions can be drawn:

The role of credit in the development of the economy is:

• - ensuring the continuity of the circulation of capital, which is achieved through regular implementation finished goods and assumes active commercial lending, the availability of bank lending for entrepreneurs, the presence of a sufficiently developed consumer credit... It is also important to timely purchase raw materials, materials, renewal of fixed capital. This becomes possible by obtaining a commercial or bank loan;
• - acceleration of concentration and centralization of capital, which is a necessary condition economic growth and stable development, allows you to expand the boundaries of individual accumulation. The use of credit can significantly reduce the time to scale up production, upgrade products and improve the efficiency of production and labor. Large companies have undeniable advantages in lending, in the size, terms of obtaining a loan and in percentage for its use. These advantages play a significant role in the competitive struggle, lead to the absorption of small businesses by larger ones;
• - helps to reduce distribution costs. Commercial lending allows you to speed up the process of selling goods and reduce distribution costs. The loan allows you to reduce the unit costs of storing stocks by expanding the turnover and sales of goods.

Literature

• 1. Didenko V.Yu. Strategic management based on key indicators of financial performance of organizations. Strategic management of organizations in a changing world collection of scientific papers of the All-Russian scientific and practical conference with international participation. Peter the Great St. Petersburg Polytechnic University. Department " Strategic management". Responsible for the issue: A.N. Burmistrov. 2015.S. 94-95.
• 2. Morkovkin D.Ye. Problems and priorities of financing the innovative development of the real sector of the economy // Bulletin of the Financial University. - 2015. - No. 6 (90). - S. 39-49.
• 3. Morozko N.I. Specificity of tax administration banking// Taxes and taxation. 2011. No. 12. p. 24.

• Morozko N.I. Specificity of tax administration of banking // Taxes and Taxation. 2011. No. 12. p. 24. Compiled by the author
• Based on data from The World Bank, data.worldbank.org/

Financing an enterprise is providing enterprises with the necessary financial resources. Initially, the formation of financial resources occurs at the time of the establishment of the enterprise, when the statutory fund is formed.

Its value shows the size of those fixed and circulating funds that are invested in the production process. Financing the fixed assets of the enterprise should solve the problem of ensuring expanded reproduction. Timely financing of the enterprise allows it to solve the problems of doing business and its own development. To attract the implementation of this, the enterprise must have certain sources of funds. In addition, it must determine the optimal source of funding.

Sources of financing for the enterprise are divided into internal and external. Internal sources call own funds enterprises: profit and depreciation deductions... And external sources are various borrowed and attracted funds: proceeds from the issue and placement of shares, bank loans, sale of shares in the authorized capital, and so on. Each of the internal and external sources has its own characteristics. So, use for development own resources allows the company's management to maintain independence in production activities, make decisions quickly and not bear the cost of returning funds. But often the company's own funds cannot cover the entire need for financing, and then the attraction of external sources is the only opportunity to develop the company. In practice, all of the above forms of financing costs can be applied simultaneously.

And now I propose to consider in detail the sources of funding. At the place of origin, the financial resources of the enterprise are classified into:

▪ domestic funding;

▪ external financing.

Domestic financing involves the use of those financial resources, the sources of which are formed in the process of financial and economic activities of the organization. Examples of such sources are net profit, depreciation, accounts payable, reserves for future expenses and payments, deferred income.

When external financing funds are used that enter the organization from the outside world. Sources external financing there can be founders, citizens, the state, financial and credit organizations, non-financial organizations.

Grouping of financial resources of organizations by sources of their formation is shown in the figure below.

The financial resources of the organization, in contrast to the material and labor resources, are distinguished by their interchangeability and susceptibility to inflation and devaluation.

Currently, an urgent problem for domestic industrial enterprises is the state of fixed assets, the depreciation of which has reached 70%. In this case, we are talking not only about physical, but also about obsolescence. There is a need to re-equip enterprises with new high-tech equipment. In this case, the choice of the source of financing for the specified re-equipment is important.

The following sources of funding are identified:

▪ Internal sources of the enterprise (net profit, depreciation charges, sale or lease of unused assets).

▪ Raised funds (foreign investments).

▪ Borrowed funds (credit, leasing, bills of exchange).

▪ Mixed (complex, combined) financing.

Internal sources of enterprise financing

IN modern conditions enterprises independently distribute the profits that remain at their disposal. Rational use of profits involves taking into account such factors as the implementation of plans for the further development of the enterprise, as well as the observance of the interests of owners, investors and employees.

As a rule, the more profits are directed to expanding economic activities, the less the need for additional financing. The quantity retained earnings depends on profitability business transactions, as well as from the dividend policy adopted at the enterprise.

To the merits of internal financing enterprises should be attributed absence additional costs , related to raising capital from external sources, and maintaining control over the activities of the enterprise by the owner.

Disadvantage of this type of enterprise financing is it is not always possible to use it in practice ... The depreciation fund has lost its significance because the depreciation rates for most types of equipment used in industrial enterprises, are underestimated and can no longer serve as a full-fledged source of funding, and permitted accelerated depreciation methods cannot be used for existing equipment.

The second internal source of funding is the company's profits after taxes. As practice shows, most enterprises lack their own internal resources to renew fixed assets.

Involved funds

When choosing as a source of funding foreign investor the enterprise should take into account the fact that that the investor is interested in high profits , the company itself and its share of ownership in it ... The higher the proportion foreign investment, the less control remains with the owner of the enterprise.

Remains debt financing , in which there is a choice between leasing and credit. Most often, in practice, the effectiveness of leasing is determined by comparing it with a bank loan, which is not entirely correct, because each specific transaction has to take into account its specific conditions.

Credit - as a source of financing for an enterprise

Credit - a loan in cash or commodity form provided by the lender to the borrower on terms of repayment, most often with the payment by the borrower of interest for the use of the loan. This form of funding is the most common.

Credit advantages:

▪ the credit form of financing is distinguished by greater independence in the use of funds received without any special conditions;

▪ most often, a loan is offered by a bank serving a particular company, so that the process of obtaining a loan becomes very efficient.

The disadvantages of a loan include the following:

▪ loan term in rare cases exceeds 5 years, which is unbearable for enterprises aimed at long-term profit;

▪ in order to obtain a loan, an enterprise requires the provision of collateral, often equivalent to the amount of the loan itself;

▪ in some cases, banks offer to open a current account as one of the conditions for bank lending, which is not always beneficial for the enterprise;

▪ With this form of financing, the company can use the standard depreciation scheme for the purchased equipment, which obliges it to pay property tax for the entire period of use.

Leasing as a source of financing for an enterprise

Leasing is a special complex form of entrepreneurial activity that allows one party, the lessee, to effectively renew fixed assets, and the other, the lessor, to expand the boundaries of activities on mutually beneficial terms for both parties.

Leasing advantages:

▪ Leasing assumes 100% lending and does not require you to start payments immediately. When using a regular loan to buy property, the company must pay about 15% of the cost from its own funds.

▪ Leasing allows an enterprise that does not have significant financial resources to start a large project.

It is much easier for an enterprise to obtain a lease contract than a loan - after all, the equipment itself serves as the security .

A lease agreement is more flexible than a loan ... Loans are always limited in size and maturity. With leasing, the company can calculate the receipt of its income and work out with the lessor an appropriate financing scheme convenient for it. Repayment can be made from funds received from the sale of products that are produced on equipment leased. Before the enterprise are opened additional features for the expansion of production capacities: payments under the lease agreement are distributed over the entire duration of the agreement and, thus, additional funds are freed up for investment in other types of assets.

Leasing does not increase the debt in the balance sheet of the enterprise and does not affect the ratio of own and borrowed funds , i.e. does not reduce the company's ability to obtain additional loans. It is very important that the equipment purchased under a lease agreement may not be on the lessee's balance sheet during the entire term of the agreement, which means that it does not increase assets, which exempts the company from paying taxes on the acquired fixed assets.

Lease payments paid by the enterprise, are entirely charged to production costs. If the property received under the lease is accounted for on the balance sheet of the lessee, then the enterprise can receive benefits associated with the possibility of accelerated depreciation of the leased asset. Depreciation charges on such property can be calculated based on its value and norms approved in the prescribed manner, increased by a coefficient not higher than 3.

Leasing companies unlike banks no deposit needed if the property or equipment is liquid on the secondary market.

Leasing allows an enterprise to legally minimize taxation, as well as attribute all equipment maintenance costs to the lessor.