Distribution and accumulation of funds. Accumulation of funds: concept, functions and examples. The importance of accumulation in the context of the development of small and medium-sized businesses

the bank collects strangers temporarily available funds;

the accumulated monetary resources are used to meet the needs of customers (in the order of redistribution of funds);

the ownership of the accumulated and redistributed funds remains with the original creditor (bank clients);

fundraising is becoming one of the main activities of the bank; in modern conditions, it requires a special permit (license).

Given these and other caveats, it can be assumed that this function is the most important for the bank.

2. The function of regulating monetary circulation. Banks act as centers through which the payment order of various economic entities passes. Thanks to the settlement system, banks create an opportunity for their clients to make an exchange, turnover of funds and capital. The regulation of money circulation is also achieved by issuing means of payment, lending to the needs of various subjects of production and circulation, and mass servicing of the economy and the population. Therefore, we can conclude that this function is implemented through a set of operations recognized as banking and assigned to a monetary institution.

3. Intermediary function. This function is often understood as the activity of the bank as an intermediary in payments. Payments of organizations and the population go through banks. In this sense, banks, being "between" clients, making payments on their behalf, perform an intermediary mission. Through banks is done money turnover both a separate entity and the country's economy as a whole. The banks are used to transfer funds and capital from one entity to another, from one branch of the national economy to another. Making transactions on accounts, banks organize the movement of capital, accumulating them in one sector of the economy, redistributing resources and capital to other sectors and regions. The resources redistributed by banks do not coincide either in size, or in terms of time, or in the sphere of functioning. The resources freed up from one entity and accumulated by the bank do not coincide with the needs of another entity. The bank, being in the center of economic life, gets the opportunity to transform (change) the size, timing and direction of capital in accordance with the needs of the economy. Thus, the intermediary function of the bank is the function of transformation of resources, which ensures on a large scale the interaction of the subjects of reproduction and the reduction of risk.

Each of us, one way or another, wants to accumulate a sum of money for some of his needs. But this is not easy, because often all our income goes to all more or less urgent needs, after which nothing remains. When, after the distribution of capital for all your needs, a certain amount remains, we are talking about temporarily free funds. Accumulations are just the processes of accumulating such funds. This term is most often used in the aspect banking... What does the word "accumulation" mean and how it relates to the work of financial institutions, we will find out further.

The concept of accumulation of temporarily free funds

Accumulation of funds is one of the activities of commercial banks, and one of the most important. Its essence lies in the fact that they concentrate on their accounts the so-called “free” money of depositors and receive income by redistributing it. These finances do not stay inside the banking organization, but turn into capital, investing in the state economy, provided as loans and used to buy securities.

A little-known fact is that at the beginning of their activity banks used only their own free finances. But when loans and all kinds of loans began to become more popular, they began to use the practice of accumulating foreign capital at the expense of their depositors' contributions, which led to the emergence of such a concept as bank deposits.

Deposits or deposits are needed so that in the future financial institutions can redistribute clients' capital at a higher percentage. The bottom line is that each depositor, taking his money to a bank branch, lends it to him at a certain interest rate set for deposits. And the bank, in turn, lends these funds to those who applied to him for a loan (individual citizens, individual entrepreneurs or companies), and receives a set percentage from them.

Of course, commercial banks need to effectively stimulate depositors to accumulate and save finances in their accounts. To this end, they are pursuing a flexible deposit policy, which consists in a high interest rate on deposits, guarantees of the reliable safety of their deposits, as well as the availability of information about the activities of banking organizations.

It is believed that 80% of the capital of modern banks is borrowed finance, and only 20% is their own. Such a small share of their capital is explained by the fact that it is only necessary for the banks to be able to carry out their activities:

In this way, equity a banking organization is, in fact, its some kind of guarantee fund, and it is simply necessary to ensure the stability and efficiency of its work. Considering that huge amounts of their clients pass through the "hands" of financial institutions every day, they can be called a kind of intermediaries between those who need money and those who can provide it.

Features of banking activities for the accumulation of free finance

First, the bank redirects the accumulated amounts in favor of those who turn to it with their financial needs, that is, the borrowers. Secondly, he does not acquire ownership rights to this money, because their owners are depositors who have made their monetary contributions to deposit accounts. Thirdly, such financial institutions operate on the basis of licenses and are authorized by regulatory authorities to carry out such activities. In addition, as already noted, in the bank's capital the share of its own funds is extremely small in comparison with others. Thus, it is difficult to deny that the accumulation of temporarily free finances is one of the most important functions of the bank.

What is the main purpose of the accumulation of free funds? The role of this process is important for the financial institutions themselves, citizens and for the entire state.

First of all, banks perform the function of financial redistribution, as well as support for representatives of small and medium-sized businesses. As you know, in the category bank borrowers includes not only individual individuals who need money for recreation or new purchase, but also entrepreneurs who are fired up by an interesting idea, but do not have the financial ability to implement it. The accumulation of finance makes it possible to concentrate as much money as possible, transferred by depositors, and give it to those who are eager to put it into business. And the development of business directly affects the development of the entire state economy and replenishment of the country's budget.

Also, accumulation allows you to reduce search costs credit finance, that is, to avoid large time and financial costs when searching borrowed money.

This mechanism also makes it possible to make a profit. That is, when financial institutions redistribute temporarily free financial resources, they can receive income in the form of the difference between the interest they charge from borrowers and the interest they pay to depositors.

As a result, what can you say about accumulation? Basically, this is getting money from money. The main method of accumulating funds is to attract cash deposits citizens and organizations. Everyone benefits from such activities:

1. those who donate their free funds and receive interest for it;
2. those who accumulate the money supply in their hands and receive interest for transferring it to the needy;
3. those who apply for loans and have the opportunity to get it quickly and at no extra cost.

Not only banks are engaged in the accumulation of "free" money - various financial and industrial enterprises and investment funds also accumulate financial resources for investment. But their main difference from banking institutions in this case is that they perform such activities for their own purposes. Therefore, it is banking accumulation that is very important both for the population and for the state economy as a whole.

CASH ACCUMULATION

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The concept of accumulating funds is very multifaceted. It involves the use of free funds to generate additional profit. That is, if we take banking structures as an example and consider accumulation as an example of their work, then we can say that this is the process of using funds received on a deposit in order to provide loans at a certain percentage.

The accumulation procedure provokes a very significant number of benefits. Firstly, many people have on hand a fairly large amount of cash, which is accumulative. They are idle, and a bank deposit is quite a profitable prospect. Since it provokes not only the safety of funds, but also the opportunity to receive an additional percentage. Among other things, it must be said that the bank can offer a lot of interesting programs with increased interest rates.

The bank, in turn, in this case undertakes to pay interest. The funds received on deposits are free and can be used as the basis for subsequent lending. On the basis of loans, interest will be earned, which is later paid on the deposit, and the bank also generates additional earnings for itself.

Potential borrowers, as a rule, representatives of small and medium-sized businesses through this process have the opportunity to receive funds from one source, on fairly favorable terms, an acceptable amount. They have the opportunity to start a business today. They pay a certain, previously agreed percentage for the use of funds. Thus, a standard accumulation structure is formed.

Basic concepts of accumulation of funds

The process of accumulating funds implies a kind of distribution of those funds that have been received and are free with the conditions for their use as credit funds at a certain percentage, which forms a stable profit.

Accumulation is a rather important phenomenon that concerns the process of accumulating personal or attracted funds in order to further provoke additional commercial benefits. Moreover, this option assumes that it is possible to provide funds to those in need under a clearly defined process.

1. A certain redistribution of financial assets is being formed, which makes it possible to support entrepreneurs and businessmen. It should be noted right away that representatives of small and medium-sized businesses often become borrowers from banks. The point is that entrepreneurs often have unique ideas that can actually become the basis for making serious profits. But, there are no funds for the implementation of the goals, it is for this reason that there is a need to obtain a loan. In this case, we are talking about the accumulated funds, which were concentrated in the same hands, and were subsequently provided to those persons who can use the funds to achieve their goals;
2. Execution of various loans for the required amount for the implementation of the project provokes an incredible number of problems and difficulties, it is for this reason that entrepreneurs who need free funds for the implementation of the project try to contact one holder of the accumulated funds in order to receive the required amount and further implement the project to obtain the desired profit;
3. In accordance with the established terms of the agreement, the opportunity for the holder of accumulated funds to provide a potential user with funds at a certain percentage is provoked.

It should be noted that the accumulation of funds is one of the main activities of commercial banks. Moreover, modern financiers point out that this particular type of activity is one of the most important. The essence of these operations lies in the fact that depositors' funds, which are concentrated in bank accounts, and are considered "free", begin to work and provoke income, if properly distributed. That is, the funds do not stay inside the bank, but turn into a kind of capital that can be invested in the state economy, in the development of a certain business, as loans that are used to purchase real estate, start-ups, purchase securities, etc.

At the beginning of their activity, modern commercial banks sought to use exclusively their own free funds. Gradually, lending, like deposits, becomes incredibly relevant, which in turn provokes the development of activities. Funds that appear in the bank as a result of deposits become the basis for the accumulation of someone else's capital.

Deposits or deposits are used by financial institutions as the basis for the competent distribution of funds, taking into account the possibility of savings and obtaining a high interest rate. The bottom line is that the depositor provides the bank with funds exclusively on clearly defined conditions, and at the same time an additional rate is formed. Accordingly, after a certain amount of time, the depositor will receive a little more money than he attributed to the bank. The bank, in turn, provokes the issuance of funds in the form of lending at a certain rate, which has higher parameters than deposits. Accordingly, in this process everyone earns:

1. Contributor. He provides the bank with funds, for a clearly defined time they are used by the bank at its own discretion. A clear rate is set, which must be paid by the bank after a certain period of time. The depositor receives a profit in the form of a percentage of this rate;
2. Bank. Receives funds from the investor and makes them work. Loans of various formats are provided. Interest rate several times higher than the rate on deposits. Accordingly, the bank earns funds that will be paid to the depositor in the future, and also receives its own - quite substantial earnings;
3. Borrower. Gets the opportunity to use the bank's funds to achieve their own goals. For example, an entrepreneur has the opportunity to open a business today and already start earning money. He easily pays debt and interest and at the same time earns himself, forms a stable financial position for his company, etc.

At the moment, it is very important for commercial banks to competently stimulate depositors in order to attract the maximum amount of attention and funds, to accumulate and obtain significant profits. At the same time, a rather flexible policy of the deposit format is provided. That is, in the case of deposits of a significant amount, a large rate is provided. Also, a guarantee on deposits is provoked, the maximum protection of the interests of depositors. In the future, such a policy allows banks to form a competent accumulation system, which provokes the possibility of issuing loans in significant quantities at a fairly high interest rate. At the moment, financial organizations use more than 80% of the attracted funds when issuing loans.

Features of banking activities for the accumulation of funds

The peculiarities of banks' activities in the area of ​​accumulation are quite simple. First of all, let's say that the banking structure carries out the procedure for redirecting funds accumulated by the bank in the form of deposits in favor of those who apply to the bank with certain needs. financial plan... That is, we are talking about the fact that depositors form free funds that are accumulated in the course of the bank's activities in the issuance of loans to borrowers. Among other things, the bank can also use such funds to purchase real estate, certain securities, invest in the development of its own commercial activities. It should also be noted that one of the main features of the use of free funds is considered to be that activities are carried out to finance government structures within the framework of signed agreements.

Banks can perform such actions that relate to the issue of accumulating funds only if they have an official license to carry out their activities.

The main role of the accumulation process lies in the fact that the bank plays the role of a kind of intermediary for the financial distribution of funds. At the same time, through such activities, serious support is provoked by representatives of small and medium-sized businesses. The area of ​​lending to individuals is also actively developing. It also has a very essential in the development of the economy of the whole country. After all, serious purchases are provoked in various stores, stores deduct a percentage of the tax for the implementation of their activities. Accordingly, the accumulation of funds in the form of using free finance for issuing loans is a very important element of the active development of a bank, state and society. Such a process makes it possible to concentrate a fairly significant amount of funds in one hand, since we are talking about the fact that multiple depositors trust the funds to the bank, and the bank already subsequently disposes of the capital received.

The accumulation mechanism allows you to receive significant profits and develop the economy of the entire state as a whole. That is, modern financial organizations, in whose activities the accumulation of funds is very important, provoke business development, provide an opportunity to earn money from the accumulated funds and actively contribute to the development of the country's economy.

As a result, we can say that the features of bank accumulation are as follows:

• Accumulation is the use of free funds that banks receive through deposits, as individual programs;
• By issuing loans, free funds are multiplied, which provokes earnings for the bank and depositors, the development of business for small and medium-sized entrepreneurs;
• The procedure for issuing loans is simplified, since the funds are collected in the same hands, that is, from banks.

An important point of bank accumulation

We have already figured out the basic concept of accumulation, and realized that we are talking about the rational and competent management of the funds that the bank has at its disposal through the implementation of its core activities. Similar programs of accumulation are present in various commercial organizations, the main activity of which provokes the use of funds of peculiar investors to invest in rational projects, to obtain significant profits. But nevertheless, a vivid manifestation of the accumulation of funds is seen precisely in the work of banking structures. For this reason, it is necessary to consider not only the features of accumulation, but also important points, and subsequently also functions.

At the moment, the accumulation of funds by banks is carried out by attracting depositors not only from among entrepreneurs, but also from among individuals, which provokes the formation of a sufficiently significant amount of "free funds", which can subsequently be used to meet the needs of potential consumers-borrowers.

The main nuances:

• The Bank carries out the process of channeling the accumulated funds on the basis of preliminary planning, taking into account the received amount of “free funds”. The activity is based on accepting deposits, which provokes the formation of free funds, as well as on the issuance of loans, which provokes the activation of the mechanism for earning funds through money that is in the "custody" of the bank;
• The depositor remains the owner of the funds. The bank uses the funds at its own discretion within the framework of the signed agreement. At the end of the term of the agreement, the depositor does not independently claim funds from creditors, but simply receives his own funds and interest. Disbursement of funds can be carried out before the end of the term of the contract, but then the owner will have to pay a certain commission;
• The activities of banks, in principle, require a specialized license. Not every company can carry out the process of accumulation and redistribution of borrowed funds, since there are rather strict requirements of the legislative format, violation of which entails a refusal to grant a license to carry out such activities. We can confidently say that in order to accumulate funds, banks need to obtain an appropriate license, after which they can accept deposits and distribute loans;
• Banks in the process of accumulating funds, as a rule, use the funds of depositors. According to statistics, the share of free funds of the bank itself in this process is very insignificant. Therefore, the accumulation process requires careful miscalculations, the development of specialized programs, the calculation of optimal rates that could attract clients on deposits and earn from providing credit funds to clients;
• If we carefully consider the activities of modern banks, we can say with confidence that the accumulation process is very important and leading.

Accumulation functions

1. Reallocation of funds and business support. It is this function that is actually very important, since many entrepreneurs and individuals have in their hands a certain, fairly large amount of money that can be used in the future to make new profits. However, there is no need or opportunity to independently invest in order to make a profit. In this situation, the most rational solution would be not hoarding a house under the pillow, but opening a deposit. After opening a deposit, the bank accumulates such funds and redistributes them to loans, which provokes the opportunity for small entrepreneurs to receive funds for development on the basis of one or another credit program... Thus, it becomes clear that this function is incredibly important for the development of small and medium-sized businesses. Indeed, it often happens that people have a well-developed business plan, a unique and promising idea, but do not have the means to implement it, which provokes a lack of development. When contacting a bank, you can get a loan, which will later become the basis for development;
2. Reducing costs when looking for borrowed funds. In principle, there are quite a lot of commercial organizations capable of providing consumer loans today, but not all of them are able to provide favorable conditions for obtaining loans. In other cases, if the loan is provided directly by the store itself, significant paperwork is formed. Having applied to the bank for a loan, the client has the opportunity to receive the required amount of funds within a minimum amount of time and without the need to invest funds. The interest rate in this case will be quite profitable;
3. Profit from funds that are temporarily free. In fact, accumulation involves making a profit from funds that are in the bank and are considered temporarily free. If the deposits simply lie on the accounts, it will not be profitable for the bank to carry out such activities, since the depositors will need to pay a percentage of the amount of funds on the deposit. Through accumulation, the bank allows depositors to earn and earns itself.

It becomes clear that accumulation is the main element of the competent distribution of funds, which provokes the further development of banks, commercial companies, small and medium-sized businesses, and allows investors to get profit.

The importance of accumulation in the context of the development of small and medium-sized businesses

A very important point of accumulation is precisely the fact that there is an opportunity to intensify the process of business development as a whole. After all, novice entrepreneurs do not always have the opportunity to find their own means to activate their project. Borrowing from friends, small commercial companies is extremely problematic, especially if the amount of funds is needed quite significant. It is no less problematic to find investors who would like to invest in a developing project. And the development of small and medium-sized businesses is very important in the development of the economy of the state as a whole. It is for this reason that there is a need to search for funds from large banks, which in the process of accumulating free funds of depositors can provide borrowers with enough large sums loans under fairly favorable conditions.

In fact, we can say with confidence that the accumulation process is very important in the development of small and medium-sized businesses. The funds are concentrated in the hands of one bank (although we are talking about the funds of various companies and individuals), the registration process involves a minimum investment of time and effort. The terms are considered reasonably affordable. Through such loans, the opportunity for the development of small and medium-sized businesses is provoked, which becomes the basis for filling the budget through the payment of taxes, and also creates the possibility of opening new jobs.

The process of accumulating funds for banks is sufficient important element own development. Due to the ability to provide free funds on credit, earnings are provoked as a percentage of the amount issued. It is possible to provide stable conditions for deposits, which attracts depositors. There are more free funds that are accumulated and can later be used as a basis for issuing a loan.

Among the most powerful instruments of state influence on the economy should be named financial management on a budgetary basis, called budget regulation. Different tier budgets form the core financial institutions state management of the economy. The role of the state budget system is so great that it is legitimate to consider it an independent institution of state management of the economy, along with the banking system.

State budgeting as the main manifestation of financial planning is the process of forming and using the budget - a centralized monetary fund in order to finance a wide range of public goods, government programs... State budgeting forms the upper part of the budgeting pyramid, covering budgetary processes at the federal, regional, municipal levels.

The budget, understood simplistically as a "money bag", a wallet for placing, storing, retrieving money, in reality is a more complex and multifaceted concept. On the one hand, this is the aggregate, the mass of financial resources, funds that any economic entity has at its disposal, be it a state, territory, organization, family. On the other hand, the budget is the ratio between the income and expenses of an economic entity, the balance of its funds, which characterizes the correspondence of their receipts and expenditures over a certain period, most often one year. On the third hand, the budget reflects financial behavior, financial policy the owner of funds, his ability to balance income and expenses, to distribute financial resources.

Budgetary activity at the state level, which, in fact, is called state budgeting, is one of the leading links in state management of the economy, reflects not only the financial, but also the socio-economic policy of the state as a whole. Although the state budget accumulates only state funds received and spent during one year or another budget period, it affects the movement of financial resources, cash flows, and thus on socio-economic processes in general. They are connected with the state budget, inflation depends on it, state debt, state socio-economic programs, financing of budgetary organizations, social benefits and payments.

Budgeting as a form of public administration includes:

• - establishing the volume and structure of the state's monetary income, sources of income during the budget period;
• - formation of the structure and volumes, addressing the state's monetary expenditures during the budget period;
• - Achievement of a certain level of balance between monetary income and expenditures of the state for the budget period;
• - allocation of priority areas for spending state funds, which must be guaranteed, secured (protected items of the state budget);
• - linking budgets with the main directions of the economic and social policy;
• - creation of government reserves, cash reserves and regulation of internal and external government debt.

Thus, presenting in formal perception the legislatively approving list of state revenues and expenditures for a certain period of time, the state budget is at the same time the financial basis of state management of the economy. In terms of content, the state budget is a way of forming, distributing and using the centralized financial resources of the state in order to finance the state (budget) sector of the economy, the social sphere and service the state debt.

In a centralized economy, the budget is entirely subordinate to the state economic plan, follows from it and does not have any important independent significance. This approach stems from the prevailing trend in the planning and administrative economy of giving a dominant role to material factors and a secondary role to financial ones.

In countries with market economies, great attention is paid to the preparation, approval, analysis of the execution of state annual budgets. The budgets themselves at the state level and the level of territorial units serve as the leading, defining form of financial planning.

It is also fundamentally important that most developed countries have established and are following a democratic procedure for adopting budgets at the national and municipal levels. Budgets in parliaments and their commissions are worked out in the most detailed way, for all income and expenditure items, even for individual objects. As a result of the reforms, budgets in Russia also became the subject of consideration and approval by legislative bodies. But having approved the budget, often with a delay, unfortunately, they do not always remember about it. It happens that the authorities make decisions that destroy the approved budget.

Of great importance for maintaining the stability of the economy, preventing crisis situations have control over financial flows, timely adjustment of income and expenditure items of the budget. Naturally, real financial ratios differ from those outlined in projects and plans. Usually, cash expenses are higher than expected, and incomes are lower than expected. Hence, it becomes necessary to adjust budgets, use reserves in order to direct economic processes in the right direction, to coordinate them with financial capabilities.

The budgetary and regulatory function of the state in countries with a market economic system is quite high and tends to increase. So the budgetary system is one of the leading links in the state management of the economy. With the help of budgets, the state exerts a regulatory influence on commodity producers, and through them on the market for goods and services, capital, and labor.

The set of budgets used in the country is called the budget system. In countries with a federal state structure, such a system usually consists of budgets of three levels:

• 1) the federal budget, in which the budgetary resources are concentrated, necessary for the implementation of costs that are of a national nature. The process of distribution and redistribution also takes place through this budget. national income between different subjects of the Federation;
• 2) the budgets of the subjects of the Federation (regional budgets), in which the budgetary financial resources of the large regions that are part of the Federation are concentrated;
• 3) local (municipal) budgets, consisting of financial resources of administrative-territorial entities in the form of cities, districts, townships, settlements.

The three-tier budget system, covering the federal, sub-federal and local budgets, adjoins the budgets of economic entities (legal entities) and family budgets. The budget of an economic entity is known as the balance sheet, it compares the income and expenses of an enterprise, a company, a firm for a certain period of time. The family budget presents a table of the family's income and expenses for a month or a year. Accounting financial balances of the organization's income and expenses are compiled in mandatory, while drawing up a family budget is a voluntary affair of every family.

The general structure of the budgetary system of the Russian Federation is presented below in Diagram 5. The actual structure of the budgetary system is somewhat more complicated than the simplest three-tier presentation. Each of the first two levels of this system is presented in two forms: consolidated and unitary. Consolidated budget unlike the unitary one, it includes, covers both the actual budget of a given level (federal, subjects of the Federation) and the budgets of a lower level.

Scheme 5 The structure of the budgetary system of the Russian Federation

The budgetary system of Russia includes the state budget in the form of the federal budget and the budgets of the constituent entities of the Federation (including the budgets of the republics that are part of the Russian Federation; regional and regional budgets; city budgets of Moscow and St. Petersburg) and local budgets of cities, districts, villages and other populated points.

The budgetary system of the Russian Federation is built on a legislative basis in the form of budgetary legislation. General principles budget legislation, the legal basis for the functioning of the budget system, the course of budgetary processes are established by the Budget Code of the Russian Federation, adopted in 1998. The Code defines the legal status of participants in the budgetary process, the legal basis for the procedure and conditions for bringing to responsibility for violation of budgetary legislation.

Let us characterize the basic principles of the construction and functioning of the budgetary system and the state budget, as its defining part, enshrined in the Budget Code of Russia.

The principle of the unity of the budgetary system means the unity of the legal framework, the uniformity of budget documentation and classification, a single procedure for constructing the revenue and expenditure parts of the budgets of all levels, their consistency:

The principle of autonomy of budgets means the right to independently draw up and manage budgets by the legislative and executive authorities at each level;

The principle of balance means achieving compliance with budget revenues and expenditures;

The principle of publicity (openness) requires the mandatory publication in the open press of approved budgets and reports on their implementation, openness for society and the media of procedures for considering and adopting budgets;

The principle of targeting and targeting budget funds means that such funds are allocated at the disposal of specific recipients and directed towards financing specific purposes.

In real practice of state budgeting, not all of these principles are fully observed. This is evidenced by at least the very fact of the existence, along with the state budget, of extra-budgetary funds, the closed nature of certain items of expenditure of budgetary funds, and the incomplete independence of the budgets of the lower levels. The state budget, in its economic essence, reflects monetary relations, which are formed by the state with legal entities and the population and consist in the redistribution of national income in connection with education and the use of funds to finance the economy, the implementation of social policy, the development of science, culture, education, ensuring the country's defense and government.

By means of transfers sent from the federal budget to the budgets of the constituent entities of the Federation and further to the municipal budgets, federal budgetary relations are formed in the economic aspect.

In the context of the transition to an economy based on market relations, measures are being taken to reduce budget subsidies for knowingly unprofitable and low-profit state and non-state enterprises, and to abandon the methods of universal economic paternalism used in the Soviet economy. Budget allocations are mainly directed to the implementation of government programs, financing of government spending itself.

In cases where the available revenues are insufficient to carry out the necessary expenditures, a budget deficit arises. The budget deficit is the excess of the expenditure side of the budget over the revenue side. With a budget deficit, the state does not have enough funds for the normal performance of its functions and has to resort to internal and external loans (as sources of budget revenues), primarily from organizations of the credit system, which negatively affects the stability of the entire monetary circulation and is the main cause of inflation. financial crises.

If a temporary budget deficit arises, there are prospects for overcoming it and it does not constitute a large share in relation to the value of the gross domestic product, it should not be considered an exceptional event. But in cases where the budget deficit is deep, arises as a result of extraordinary circumstances and reflects crisis phenomena in the economy - its collapse, the inefficiency of the financial system - then, of course, this phenomenon causes enormous damage to the entire economy and it is necessary to take drastic measures to bridge a significant gap between expenses and available income. Usually, a budget deficit of up to 10% of the amount of income is considered acceptable, while a deficit of more than 20% is critical.

The main reasons for the significant budget deficit that manifested itself in the first phase of the transition to a market economy in Russia are low production efficiency, significant social spending, non-taxation of taxes to the budget, irrationality of the structure of budget expenditures, ineffective budgetary arrangements, as well as the rupture of economic ties due to the collapse of a single union state. In this regard, in the mid-90s. the deficit of the state budget of Russia reached the level of 20-25% of revenues and exceeded 5% of GDP.

At the beginning of the first decade of the XXI century. the Russian state managed to break the trend of deficit state budgeting and master the preparation of surplus, break-even budgets.

To reduce the budget deficit, it is necessary to stimulate in every possible way the inflow of revenues from all sectors and all spheres of economic activity, and at the same time to ensure a reduction in government spending. In order to cover the budget deficit, various forms can be used government loan, both internal and external. But if one resorts to excessive use of the Central Bank's credit, when the latter has no other resources for lending, except for increasing the release of depreciating money, then such a measure will only lead to increased inflation. The use of funds received from the population, enterprises, banks through the sale of government bonds to them as a loan can create a vicious circle, increasing the already large deficit when paying off bonds and paying interest. By resorting to such loans, the state accumulates its own debt, called public debt. Public debt consists of two components: less dangerous domestic debt, the repayment or restructuring of which is easier to negotiate with your domestic creditors, and more burdensome external debt, the service of which must be coordinated with foreign creditors. Overcoming the budget deficit, first of all, should be based on the development of production, ensuring the financial stability of all sectors of the economy and enterprises of all forms of ownership, on enhancing entrepreneurship.

Drawing up a budget, discussing it, approving it, using budget funds, reviewing the results of budgetary activities is a single budgetary process. The entire budget process is regulated by law, which provides for the procedure for drawing up, considering, approving and executing the budget. In this process, an important place is occupied by budget regulation, which means the redistribution of monetary and financial resources between different budgets.

In accordance with the law, the president must in advance, long before the start of the financial year, decide to start work on the preparation of the draft budget, draw up a budget message to parliament. The draft federal budget is drawn up by the Government of the Russian Federation 10 months before the start of the next budget year. The government prepares, on the basis of preliminary budget materials, a draft law "On the federal budget for the next year" and submits it to the State Duma, where the draft is considered in four readings.

When developing the budget for the next year, a forecast of the country's socio-economic development is used, a consolidated balance of financial resources is drawn up and the main directions of budgetary policy are determined. All this makes it possible to calculate the target figures for the next year. In the Russian Federation, the fiscal year begins on January 1 and ends on December 31. When the draft budget is approved by the State Duma and the Federation Council, it is submitted to the President of the Russian Federation for signing and promulgation.

Control over the state and progress of the state budget is carried out by the Chamber of Control and Accounts under the Parliament, which, theoretically, in its activities does not depend on either the Parliament or the Presidential Administration.

Today in Russia the mechanism of the state budget is aimed at financing the restructuring of the economy; building up modernization and scientific and technical potential; acceleration of social development and social protection of the population. Through spending and taxes, the state budget of the Russian Federation acts as an important instrument for regulating and stimulating the economy and investment.

1) funds accumulated in the state budget system;

2) funds from off-budget funds;

3) resources received by the enterprise itself (profit, depreciation charges).

Based on this, finances can be centralized (state) and decentralized (resources of business entities.)

Decentralized resources are classified into the following structural elements

Own and borrowed (profit, depreciation, cash in circulation, proceeds from the sale of property, profit from the performance of work and services, all types of accounts payable);

Borrowed (long-term and short-term loans from banks, various funds);

Resources received through redistribution (insurance claims, government subsidies, subventions). Financial system- This is a set of various spheres or links of financial relations, each of which is characterized by peculiarities in the formation and use of funds of funds, a different role in social reproduction. The financial system includes: finance of enterprises and organizations, insurance, public finance. All components of the financial system differ in the methods of formation and use of funds of funds.

Public finance- These are centralized funds of monetary resources, which are created by distribution, redistribution of the national income created in the branches of material production. The state budget- centralized income of the state (list of income and expenses). The budget consists of two parts: the revenue side and the expenditure side. The income part shows the sources of cash receipts and their quantitative characteristics. In the expenditure part, the directions, areas in which money is spent, and their quantitative parameters are indicated. The size of the state budget can be judged on the level of economic development of the country.

The main source of the budget is taxes (70-80%), the rest of the customs duties, government loans, money emission. State loan. V In order to ensure uninterrupted financing of the diverse needs of society, the state can attract free funds of enterprises, organizations and citizens to cover its expenses. For additional replenishment of the country's economy with monetary resources, the state may resort to the emission of money. But this measure is not used very often, because excessive emission can lead to higher inflation, depreciation of funds, higher prices, lower living standards of the population. The next means of attracting financial resources by the state is a state loan. The state sells bonds, treasury bonds and other types of government securities on the financial market. The financial market is an integral part of the financial system. Currently, the most significant in terms of volume in the composition financial market is the securities market. The state issues the following types of securities: GKO (government short-term bonds), OFZ (bonds government loan), OGSZ (government savings loan bonds).

Conclusion

Finance - an integral part of our daily life. The tasks and problems of finance, taxes, insurance have penetrated so deeply into public life that this concept has become commonplace and everyday. Any financial decisions are characterized by the fact that income and expenses are spread over time and, as a rule, cannot be accurately predicted by those who make these decisions. Therefore, when making financial decisions, it is necessary to consider the two most important factors - time and risk. When carrying out any financial transaction, the time of its completion must be determined: after all, the money received today can already be used directly. Whereas the same amount of money received after a certain period can be used only after this period, therefore the value of money changes over time - the money amounts received in the future are less valuable than similar amounts received at an earlier date. Any operation that takes place in time. The operation carries the risk that there may well be a discrepancy between the results that we expect from the operation. And the results that will actually happen.

appeared much later than money - at the highest stage of civilization, simultaneously with the development of trade and the emergence of the institution of the state, in the XIII-XV centuries. Finance has a significant impact on the reproduction of labor. Thus, finance and the financial system were created by man and human society represented by the state as a central public institution. With the development of the state and the development of productive forces, the complication of economic ties, the sphere of finance already goes beyond the framework of the state itself. Along with public finance, they can also be considered corporate finance (or enterprise finance) and personal finance.

Bibliography

1) Litovchenko V.P. Finance : Textbook. - M .: Dashkov and Co, 2006 .-- 433p.

2) Babich A.M. State and municipal finance. - M., 2002.- 487s.

3) Balabanov I. T. Game workshop in finance. - M., 2000 .-- 429s.

4) Blagodatin A.A. Financial Dictionary.- M., 2005.- 415p.

5) Braicheva T.V. State finances of Russia. - SPb., 2002.- 483s.

6) Lavrushin OI Money, credit, banks. - M., 2000 .-- 522s.

7) Romanovsky M.V. Finance and credit : Textbook - M., 2006 .-- 533p.

Since the budget is the broadest financial category, it has all the functions inherent in finance:

1) the formation of a budget fund (budget revenues) - an accumulating function;

2) the use of the budgetary fund (budgetary expenditures) - the distribution function;

3) control function.

Accumulating function carry out budget revenues, including: taxes on the income of economic entities (participants in the process of social production - individuals and legal entities); loans; income from state property (enterprises); income from the issue of paper money. The main source of budget revenues is the revenues of economic entities obtained as a result of the primary distribution of the net national product, namely:

Wages of employees;

Income of self-employed persons;

Entrepreneurial profit (industry, Agriculture, trade and other industries);

Rent of land owners;

Loan interest (profit of banks and depositors).

The structure of budget revenues is not constant; it depends on the specific economic conditions for the development of a given country. Changes in the structure of budget revenues reflect changes associated with economic processes. So, for example, changes in the ratio between taxes and loans towards an increase in the share of the latter reflects a clear decline in production, a change in the ratio between consumption and accumulation. Thanks to this function, there is a concentration of funds in the hands of the state and their use in order to meet national needs.

Scope of the distribution function is determined by the fact that almost all participants in social production enter into relations with the budget. The main object of budgetary reallocation is net income; however, this does not exclude the possibility of redistribution through the budget and part of the cost of the required product, and sometimes the national wealth.

So, the content of the distribution function of the budget is determined by the processes of redistribution of financial resources between different divisions of social production. None of the other links of finance implements such a multi-type (intersectoral, inter-territorial, etc.) and multi-level (federal, republican, regional, city, etc.) redistribution of funds as the budget. The second function of the budget belongs to specific target budget expenditures. The state, acting as an aggregate economic entity, takes into account the economic interests of all other participants in the reproduction process, in connection with which budgetary expenditures cover the entire economy. The need to comply with macroeconomic proportions in the national economy requires budget funding for individual sectors of the economy, institutions non-production sphere, economic regions (administrative territorial entities), various forms of ownership, individual economic entities.

This function allows you to find out how timely and fully financial resources come at the disposal of the state, how the proportions in the distribution of budget funds actually add up, and whether they are effectively used.

Control function lies in the fact that the budget objectively - through the formation and use of the fund of state funds - reflects the economic processes taking place in the structural links of the economy. Thanks to this property, the budget can “signal” how the state receives financial resources from various economic entities, whether the size of the centralized resources of the state corresponds to the volume of its needs, etc. The control function is based on the movement of budgetary resources, reflected in the corresponding indicators of budgetary receipts and expenditure assignments.

The control function of the budget involves the creation of conditions for the implementation of control. This function coexists simultaneously with either the first function or the second. The control function makes it possible for the state to effectively influence all economic processes. At the same time, control and control function are not identical (albeit interrelated) concepts: the first expresses one of the important aspects of activity financial authorities, the second is a property inherent in finance that creates an objective basis for exercising control.

Budget device country

The organization of the budgetary system and the principles of its construction are called budget device.

Budget system - a set of budgets available in the Russian Federation, based on economic and legal norms.

The budgetary system of the Russian Federation includes the following types of budgets (budget units):

1. Federal budget of the Russian Federation.

2. The budgets of the constituent entities of the Russian Federation.

3. Local budgets - the budgets of municipalities.

The set of the federal budget and budgets of the Russian Federation form the concept "Consolidated budget" ... The consolidated budget of the Russian Federation is used to analyze the indicators of the budgetary system, as well as when setting standards for deductions from federal taxes to the budgets of the subjects of the federation. The consolidated budget of the Russian Federation is not approved by the legislative authorities.

The budgetary system of the Russian Federation has the following organizational structure

Level

Consolidated budget of the Russian Federation

Level

Consolidated budget of the region (region)

Consolidated budget of the Republic of Bashkortostan

Level

Consolidated budget

Municipal rural area

Hello! In this article, we will talk about accumulating funds.

Today you will learn:

1. Interpretation of the term "accumulation";
2. What are the functions of accumulation.

What is accumulation

We are all engaged in hoarding. Someone collects unnecessary things and takes them to the country, someone saves working days to get a long vacation, and someone saves money. Let's talk about the latter.

Banks need deposits to attract funds from citizens with a view to their further redistribution for a higher percentage.

Indeed, in fact, when you take your free funds to the bank, you lend to the bank at a certain percentage, the interest on the deposit. The bank then lends these funds to those in need in order to receive interest on the loan.

Presently banking organizations have in their capital no more than 20% of their own funds, 80% are borrowed.

Thus, banks and banking organizations are some kind of intermediaries between citizens who have temporarily free funds and those who need them.

The bank unites such economic entities by time (that is, it provides a loan when it is needed and for a certain period), by quantity (it provides the amount that is needed at a time) and by location (no need to look for borrowers and lenders, all in one location).

Banking activity for the accumulation of funds has several features:

• The bank directs the accumulated funds to meet other people's needs and requirements;
• The ownership of the accumulated funds remains with those who deposited them in the bank, that is, with the depositors;
• The accumulation and redistribution of borrowed funds requires a license;
• The bank's own free funds occupy a relatively small share in its capital;
• The activity of accumulating temporarily free funds is one of the most important functions of the bank.

Accumulation functions

And finally, let's think about why the activity of accumulating temporarily free funds is important for society and the state.

The first function is - reallocation of funds, support for small and medium-sized businesses. Often the owners of small and medium-sized companies become borrowers of banks.

In addition, the development of small and medium-sized businesses allows the country's economy to develop as a whole and makes a significant contribution to the state budget.

The second function is reducing the cost of finding borrowed funds... In the laptop example, citizen “A” would have to bypass several people, conclude several contracts in order to receive a sufficient amount. Accumulation avoids paperwork.

The third function is making a profit from temporarily free funds... As you know, money should work.

Accumulation is the activity of making money from money. At the same time, not only those who accumulate funds receive profit, but also those who contribute their free funds and receive interest for them. Remember.

Thus, the accumulation of funds makes it possible to redistribute funds, develop small and medium-sized businesses in the country, replenish the state budget and improve the living standards of the population.

Among the most powerful instruments of state influence on the economy should be named financial management on a budgetary basis, called budget regulation. The budgets of different levels form the core of the financial institutions of state management of the economy. The role of the state budget system is so great that it is legitimate to consider it an independent institution of state management of the economy, along with the banking system.
Since state budgets are developed on a planned basis and essentially represent state financial plans, there is every reason to consider the development and use of budgets as the defining form of state financial planning. State budgeting as the main manifestation of financial planning is the process of forming and using the budget 95
- a centralized monetary fund to finance a wide range of public goods, government programs.
State budgeting forms the upper part of the budgeting pyramid, covering budgetary processes at the federal, regional, municipal levels, at the level of organizations and household budgets, called family budgets.
The budget, understood simplistically as a "money bag", a wallet for placing, storing, retrieving money, in fact
nosti is a more complex and multifaceted concept. On the one hand, this is the aggregate, the mass of financial resources, funds that any economic entity has at its disposal, be it a state, territory, organization, family. On the other hand, the budget is the ratio between the income and expenses of an economic entity, the balance of its funds, which characterizes the correspondence of their receipts and expenditures over a certain period, most often one year. On the third hand, the budget reflects the financial behavior, financial policy of the owner of funds, his ability to balance income and expenses, and distribute financial resources.
Budgetary activity at the state level, which, in fact, is called state budgeting, is one of the leading links in state management of the economy, reflects not only the financial, but also the socio-economic policy of the state as a whole. Although the state budget accumulates only state funds received and spent during one year or another budget period, it affects the movement of financial resources, cash flows, and thus on socio-economic processes in general. They are connected with the state budget, inflation, public debt, state socio-economic programs, financing of budgetary organizations, social benefits and payments depend on it.
Budgeting as a form of public administration includes:
- establishing the volume and structure of the state's monetary income, sources of income during the budget period;
- formation of the structure and volumes, addressing the state's monetary expenditures during the budget period;
- Achievement of a certain level of balance between monetary income and expenditures of the state for the budget period;
- allocation of priority areas for spending state funds, which must be guaranteed, secured (protected items of the state budget);
- linking budgets with the main directions of the economic and social policy pursued by the state;
- creation of government reserves, cash reserves and regulation of internal and external government debt.
Thus, presenting in formal perception the legislatively approving painting
state revenues and expenditures for a certain period of time, the state budget is at the same time the financial basis of state management of the economy. In terms of content, the state budget is a way of forming, distributing and using the centralized financial resources of the state in order to finance the state (budget) sector of the economy, the social sphere and service the state debt. At the same time, the state budget represents an annual cut of the long-term financial plan of the state, drawn up according to consolidated indicators of the budget classification for a period exceeding the budget. Thus, the state budget becomes a bearing element of the system of rolling state financial planning.
In a centralized economy, the budget is entirely subordinate to the state economic plan, follows from it and does not have any important independent significance. This approach stems from the prevailing trend in the planning and administrative economy of giving a dominant role to material factors and a secondary role to financial ones.
In countries with market economies, great attention is paid to the preparation, approval, analysis of the execution of state annual budgets. The budgets themselves at the state level and the level of territorial units serve as the leading, defining form of financial planning. By the way, this fact refutes the idea that in a market economy there is no place for centralized state planning. Budgetary and financial planning in countries with a market economy is delivered better than in countries with a traditionally planned system of economic management.
It is also fundamentally important that most developed countries have established and are following a democratic procedure for adopting budgets at the national and municipal levels. Budgets in parliaments and their commissions are worked out in the most detailed way, for all income and expenditure items, even for individual objects.
As a result of the reforms, budgets have also become the subject of legislative review and approval in Russia.
bodies. But having approved the budget, often with a delay, unfortunately, they do not always remember about it. It happens that the authorities make decisions that destroy the approved budget.
Of great importance for maintaining the stability of the economy, preventing crisis situations are
financial control
sovym flows, timely adjustment of income and expenditure items of the budget. Naturally, real financial ratios differ from those outlined in projects and plans. Usually, cash expenses are higher than expected, and incomes are lower than expected. Hence, it becomes necessary to adjust budgets, use reserves in order to direct economic processes in the right direction, to coordinate them with financial capabilities.
The budgetary and regulatory function of the state in countries with a market economic system is quite high and tends to increase. So the budgetary system is one of the leading links in the state management of the economy. With the help of budgets, the state exerts a regulatory influence on commodity producers, and through them on the market for goods and services, capital, and labor. The set of budgets used in the country is called the budget system. In countries with a federal state structure, such a system usually consists of budgets of three levels:
1) the federal budget, in which the budgetary resources are concentrated, necessary for the implementation of costs that are of a national nature. Through this budget, the process of distribution and redistribution of national income between different subjects of the Federation also takes place;
2) the budgets of the subjects of the Federation (regional budgets), in which the budgetary financial resources of the large regions that are part of the Federation are concentrated;
3) local (municipal) budgets, consisting of financial resources of administrative-territorial entities in the form of cities, districts, townships, settlements.
The three-tier budget system, covering the federal, sub-federal and local budgets, adjoins the budgets of economic entities (legal entities) and family budgets. The budget of an economic entity is known as the balance sheet, it compares the income and expenses of an enterprise, a company, a firm for a certain period of time. The family budget presents a table of the family's income and expenses for a month or a year. Financial balance sheets of the organization's income and expenses are compiled on a mandatory basis, while the preparation of a family budget is a voluntary matter for each family.
districts, villages and other settlements.
The budgetary system of the Russian Federation, as already mentioned, is built on a legislative basis in the form of budgetary legislation. The general principles of budget legislation, the legal basis for the functioning of the budget system, the course of budgetary processes are established by the Budget Code of the Russian Federation.
of the Russian Federation, adopted in 1998, the Code defines the legal status of participants in the budgetary process, the legal basis for the procedure and conditions for bringing to responsibility for violation of budgetary legislation. Let us characterize the basic principles of the construction and functioning of the budgetary system and the state budget as its defining part, adopted in the world and enshrined in the Budget Code of Russia.
The principle of unity of the budgetary system means the unity of the legal framework, the uniformity of budget documentation and classification, a single procedure for constructing the revenue and expenditure parts of budgets of all levels, and their consistency.
The principle of autonomy of budgets means the right to independently draw up and manage budgets by the legislative and executive authorities at each level.
The principle of completeness requires that income and expenses be reflected in the budget for all items in full, taking into account all sources and all costs financed on a budgetary basis.
The principle of balance means achieving compliance with budget revenues and expenditures.
The principle of publicity (openness) requires mandatory publication in the open press of approved budgets and reports on their implementation, openness for society and the media of procedures for considering and adopting budgets.
The principle of targeting and earmarked nature of budget funds means that such funds are allocated at the disposal of specific recipients and directed to finance specific goals.
In real practice of state budgeting, not all of these principles are fully observed. This is evidenced by at least the very fact of the existence, along with the state budget, of extra-budgetary funds, the closed nature of certain items of expenditure of budgetary funds, and the incomplete independence of the budgets of the lower levels.
The state budget, in its economic essence, reflects the monetary relations that develop between the state and legal entities and the population and consist in the redistribution of national income in connection with the formation and use of funds to finance the economy, implement social policy, develop science, culture, education, and ensure the country's defense and government management.
A feature of this link in the financial system is that the budget is associated with the separation of a part of the national income in the form of tax and payments in the hands of the state and its use for public purposes. The state budget, in contrast to the financial system as a whole, redistributes only its part of the national income (and not all national wealth) between industries, territories, spheres of social activity in proportions determined primarily by the needs of expanded reproduction and the financial policy of the state.
The state budget should be viewed as a means of implementing the financial functions of the state. Due to budgetary relations, funds are concentrated in the hands of the state and are used for the state to perform its functions, which together form the functions of budgetary management (regulation).
The fiscal function is to create with the help of the state budget financial basis functioning of the state, financing public expenditures both at the expense of their own revenues and, to a greater extent, through tax and other revenues.
The distributive function of the budget is manifested through the use of funds concentrated from the state to meet public needs, conduct economic policy, and provide financial support to industries and regions.
The control function makes it possible to reveal how timely and fully financial resources come at the disposal of the state, how the proportions in the distribution of funds are formed, how they are used. The budget reflects the economic processes taking place in the structural links of the economy, due to which it becomes clear where they are entering (should be), when and in what amounts.
The manifestation of the functions of the state budget is reflected in the budgetary mechanism created by the state, which is a real embodiment of budgetary policy and reflects the focus of budgetary relations on solving economic and social problems. The state uses the budget to regulate the economy by maneuvering the monetary resources at its disposal. In the process of implementing budgetary policy, the state has the opportunity to apply a variety of forms of influence on the economy: subsidizing and financing production, making public investments, financing the social sphere.
State budget revenues are formed from payments of legal entities and individuals in the form of taxes and fees, directed to the formation of the state budget fund. The market economy dictates the need to use taxes as the main sources of income generation. Along with taxes, there are also non-tax budget revenues in the form of income from the sale of state property, privatization, lease, concession, entrepreneurial and foreign economic activity, fees and duties, gratuitous transfers in favor of the state, fines and other monetary penalties.
Budget revenues are divided into own and regulatory. Own revenues are assigned to the relevant budget on an ongoing basis, in whole or in part, in accordance with the legislation of the country. Regulatory incomes are federal, regional and other payments, according to which standards for deductions in percent (for the next period) to regional and local budgets are established.
The expenditure of the state budget arises in the process of allocating budgetary funds for the needs of the economy and the performance of the functions of the state. According to the Budget Code of the Russian Federation, budget expenditures are divided into capital expenditures, providing innovation and investment activities, and current ones, ensuring the functioning of government bodies of budgetary organizations, providing state support to the budgets of lower levels, to certain industries in the form of subsidies.
Government spending is presented in its most general form as the sum of government purchases of goods, services and transfer payments. Government procurement includes, for example, the purchase of weapons, state building, payment for the services of judges, teachers, firefighters, police officers. Transfer payments
- These are payments that redistribute tax revenues received from taxpayers to certain segments of the population in the form of unemployment benefits, social insurance and security payments, benefits to veterans. Most often, government purchases are called depletion costs because they consume productive resources. At the same time, transfers and purchases have an impact on resource allocation. If, through government purchases, society redistributes resources from private consumption to public consumption, then through transfers, the government only changes the structure of consumption of goods in the private sector and does not affect the increase in public consumption.
consumption at the expense of personal. It should be noted that as a result of this, government intervention in the economy looks more effective by changing the volume of government purchases than transfers.
By means of transfers sent from the federal budget to the budgets of the constituent entities of the Federation and further to the municipal budgets, federal budgetary relations are formed in the economic aspect. Budget expenditures can be classified according to various principles: according to their role in reproduction (expenditures directed to the sphere of material production and to the development of the service sector); by industry (industry, agriculture, transport, communications, education, healthcare); intended purpose (investments, subsidies, wage costs); social purpose. Taking into account the public purpose of spending, budgetary funds can be allocated for the needs of the entire economy, for social and cultural events, for defense, and management. In the total amount of expenditures on the economy, a significant part is funding from the budget of the most important and large target federal and regional socio-economic programs. So, at the expense of budgetary allocations, priority programs are financed, focused on the development of key sectors of the economy, on solving the most important socio-economic problems, on supporting remote, depressed regions, on the development of industrial and social infrastructure. |> Significant budgetary funds spent on the implementation of social and cultural activities are aimed at: to develop education, maintain culture, provide health care for the population and increase social Security those strata of the population who need it.
In budget expenditures on defense, the main place is occupied by the purchase of weapons and military equipment, the costs of the current maintenance of the armed forces, financing of research and development work, and military construction.
Management costs are necessary due to the fact that the state performs important economic and organizational functions and must ensure management activities.
In the context of the transition to an economy based on market relations, measures are being taken to reduce budget subsidies for knowingly unprofitable and low-profit state and non-state enterprises, and to abandon the methods of universal economic paternalism used in the Soviet economy. Budget allocations are mainly directed to the implementation of government programs, financing of government spending itself.
In cases where the available revenues are insufficient to carry out the necessary expenditures, a budget deficit arises. The budget deficit is the excess of the expenditure side of the budget over the revenue side. With a budget deficit, the state does not have enough funds for the normal performance of its functions and has to resort to internal and external loans (as sources of budget revenues), primarily from organizations of the credit system, which negatively affects the stability of the entire monetary circulation and is the main cause of inflation, financial crises ... The budget deficit does not necessarily indicate some kind of emergency in the country's economy. It can be caused, for example, by the need to make large state investments in the development of the economy. There may be extraordinary circumstances associated with wars, natural disasters, the costs of which could not have been planned in advance, but must be carried out regardless of the availability of funds in reserve fund... It is necessary to fear not a local, but a permanent, growing budget deficit, leading to the formation of hard-to-replace, accumulated debt obligations, burdened by the payment of interest on debts.
If a temporary budget deficit arises, there are prospects for overcoming it and it does not constitute a large share in relation to the value of the gross domestic product, it should not be considered an exceptional event. But in cases where the budget deficit is deep, arises as a result of extraordinary circumstances and reflects crisis phenomena in the economy - its collapse, the inefficiency of the financial system - then, of course, this phenomenon causes enormous damage to the entire economy and it is necessary to take drastic measures to bridge a significant gap between expenses and available income. Usually, a budget deficit of up to 10% of the amount of income is considered acceptable, while a deficit of more than 20% is critical.
The main reasons for the significant budget deficit, which manifested itself in the first phase of the transition to a market economy in Russia, are low production efficiency, significant social spending, non-taxation of the budget, irrationality of the structure of budget expenditures, ineffective budgetary mechanisms, as well as the rupture of economic ties due to the collapse of a single union the state. In this regard, in the middle
90s the deficit of the state budget of Russia reached the level of 20-25% of revenues and exceeded 5% of GDP. At the beginning of the first decade of the XXI century. the Russian state managed to break the trend of deficit state budgeting and master the preparation of surplus, break-even budgets.
To reduce the budget deficit, it is necessary to stimulate in every possible way the inflow of revenues from all sectors and all spheres of economic activity, and at the same time to ensure a reduction in government spending. In order to cover the budget deficit, various forms of government credit, both internal and external, can be used. But if one resorts to excessive use of the Central Bank's credit, when the latter has no other resources for lending, except for increasing the release of depreciating money, then such a measure will only lead to increased inflation. The use of funds received from the population, enterprises, banks through the sale of government bonds to them as a loan can create a vicious circle, increasing the already large deficit when paying off bonds and paying interest. By resorting to such loans, the state accumulates its own debt, called public debt. Public debt consists of two components: a less dangerous domestic debt, the repayment or restructuring of which is easier to negotiate with your domestic creditors, and a more aggravating external debt, the servicing of which must be agreed with foreign creditors.
Public debt is a burden that complicates the smooth running of an economy. The growth of public debt reduces the capital stock in the economy, since the owner of savings, instead of investing them in the economy by buying shares of industrial companies, lending to private enterprises, acquires government bonds, financing the state. Thus, the presence of public debt reduces the share of equity capital relative to its potential value. A decrease in savings leads to a decrease in investment, and, consequently, to a decrease in the volume of production, since the state is not inclined to invest the received loans in production. The government's interest payments on accumulated debt are growing, which leads to a further increase in debt. Overcoming the budget deficit, first of all, should be based on the development of production, ensuring financial stability
the vigor of all sectors of the economy and enterprises of all forms of ownership, to enhance entrepreneurship. As for reducing budget expenditures, it can be achieved by changing the direction of investment of budgetary funds, using only targeted financial incentives and sanctions that allow taking into account the conditions of various manufacturers. Important ways to reduce expenditures are to reduce excessive military and other costs, to finance only the most important socio-economic state programs, and to prevent the implementation of measures that do not have a real financial base at the expense of the budget. Attracting foreign capital to the country as a way to reduce, compensate for the missing state budget investments is rational for the subsequent increase on this basis of state budget revenues.
Drawing up a budget, discussing it, approving it, using budget funds, reviewing the results of budgetary activities is a single budgetary process. The entire budget process is regulated by law, which provides for the procedure for drawing up, considering, approving and executing
100 no budget. In this process, an important place is occupied by budget regulation, which means the redistribution of monetary and financial resources between different budgets.
In accordance with the law, the president must in advance, long before the start of the financial year, decide to start work on the preparation of the draft budget, draw up a budget message to parliament. The draft federal budget is drawn up by the Government of the Russian Federation 10 months before the start of the next budget year. The government prepares, on the basis of preliminary budget materials, a draft law "On the federal budget" and submits it to the State Duma, where the draft is considered in four readings. When developing the budget for the next year, a forecast of the country's socio-economic development is used, a consolidated balance of financial resources is drawn up and the main directions of budgetary policy are determined. All this makes it possible to calculate the target figures for the next year. In the Russian Federation, the fiscal year begins on January 1 and ends on December 31. When the draft budget is approved by the State Duma and the Federation Council, it is submitted to the President of the Russian Federation for signing and promulgation.
In the process of drawing up and reviewing the budget, many changes and additions are usually made to it.
The approved budget should indicate the amount of the upper limit on the budget appropriations for recurrent expenditures and for the development budget. The fact is that if additional needs for budget funds arise, then, first of all, current expenses should be provided with appropriate income, and the development budget, which is associated with the direction of funds to increase production volumes, expand construction, should be limited to the amounts that were originally approved when considering the budget. The approved budget should also define the limits of the unbalanced part of the budget, surplus or deficit, and these amounts are determined both in absolute terms and as a percentage of projected revenues.
If the president disagrees with the version of the budget presented by parliament, he can reject it, i.e. to veto. Until the final budget is adopted and the veto is not overturned, the government has the right to use the monthly budget allocation for controversial items in the amount of 712 parts of their value in the previous year.
Control over the state and progress of the state budget is carried out by the Chamber of Control and Accounts under the Parliament, which in its activities does not depend on either the Parliament or the Presidential Administration.
The financial authorities control the execution of the budget. In cases of exceeding the limiting level of deficit and a significant decrease in income from income sources, a mechanism for sequestering expenditures is introduced. Sequestration means that it is necessary to make a proportional reduction in costs by 5, 10, 15%, etc. monthly across all budget lines for the remainder of the entire fiscal year. True, the so-called protected items are not subject to sequestration - these are the costs of wages, scholarships, medicines, food, etc.
In emergency situations, the country may impose an emergency budgetary regime for spending funds. The introduction of emergency measures is envisaged by the adoption of a special law.
In parallel with the state and local budgets, other forms of use of the state's monetary resources are also used. One of these ways is the creation of off-budget funds in the form of relatively independent financial resources generated from their own sources of income. The state budget largely contributes to the mobility of funds, if necessary, they can be redistributed to various types of expenditures.
dov. In order for such a redistribution of funds to suffer less social needs, i.e. there was no reduction in expenditures for the vital needs of the state, special extra-budgetary funds for a specific purpose were formed. State off-budget funds are created at the federal and regional levels.
Extrabudgetary funds are administered government agencies authorities, the procedure for their formation and functioning is regulated by the state, and the sources of the formation of funds are predetermined by the nature and scale of the task for the implementation of which they are created, as well as by the economic and social situation of the country. In this regard, it is obvious that extra-budgetary funds are a special form of using resources raised to finance various public expenditures, in addition to the state budget itself. Depending on the intended purpose off-budget funds are divided into economic and social, and taking into account the level of management, they are divided into federal and regional. The main off-budget social funds in modern conditions are: State Social Insurance Fund, Pension Fund, Compulsory Health Insurance Fund.
The State Social Insurance Fund is organized to pay various benefits: for temporary disability, pregnancy and childbirth, at the birth of a child, for burial, for financing sanatorium services, for material support activities of trade unions aimed at protecting the interests of workers. The main share of this fund's expenses is the payment of various benefits. A fund is created by the tax and insurance method with the attraction of funds from enterprises and organizations of various forms
property, as well as persons engaged in entrepreneurial activities. The sources of funds are part of the social tax, insurance premiums enterprises and organizations, other income.
The Pension Fund acts as a financial and organizational structure dedicated specifically to serving retirees. Thus, this fund can be thought of as a government body for managing pension finance. This fund is engaged in the formation, accumulation of funds for the payment of pensions, child benefits, as well as financing organizations that help pensioners and children. It is the largest off-budget social fund in Russia.
The main income items of the Pension Fund are receipts of the main part of the social tax in the form of interest from paid wages, and other compulsory insurance contributions. In a number of cases, the Pension Fund attracts funds from the federal budget intended for the payment of state pensions, benefits, as well as payments of compensation in connection with changes in the cost of living and an increase in wages. The fund may receive voluntary contributions citizens, enterprises and public organizations, as well as from commercial and financial-credit operations carried out by the foundation itself. Unlike other social extra-budgetary funds, the Pension Fund is completely centralized at the federal level.
The compulsory health insurance fund is formed with the aim of guaranteeing the possibility of citizens receiving free medical care at the expense of the funds accumulated in the fund. Compulsory health insurance is a special part of the state social insurance, designed to provide all citizens with equal opportunities to receive medical and drug assistance in the amount and on the terms of the programs for the provision of such assistance. Compulsory health insurance for citizens of the Russian Federation was introduced in 1993.
The financial base of the Mandatory Health Insurance Fund is formed through deductions in the amount of a certain percentage of the accrued wages collected from any of its sources in the form of social tax. These payments are mainly directed to the territorial compulsory health insurance funds and partially to the Federal Fund. Payments to the Mandatory Health Insurance Fund are included in the cost of production and are thus transferred to the price of the product produced, so that in the final analysis, the costs are borne by the buyers, consumers of this product.
As follows from the above, the state budget and off-budget social funds, being the main sources of financial resources of the state, are also used as a fairly comprehensive and multifaceted instrument of direct government management and indirect regulation of the economy. The action of this instrument extends beyond the boundaries of the state sector of the economy, encompasses the entire population of the country in the social aspect. Part of the resources of the state budget in the form of loans, subventions, subsidies, security pledges
is given to non-governmental commercial organizations, public funds, small business structures.
To ensure the stability of the economy, the state forms a special stabilization fund.
In world practice, there are different concepts of use and management of the state budget.
The concept of a balanced neutral budget is based on the principle of achieving and maintaining a stable financial state of the economy on the basis of a deficit-free state budget, with equal income and expenditures, regardless of the presence or absence of reproductive and economic problems. Within the framework of such a rather passive concept, the state budget is designed to solve only the problem of obtaining and spending adequate amounts of funds for purely state needs in the narrow sense of the word.
A later concept, corresponding to the Keynesian doctrine of state influence on the economy, can be called the concept of fiscal stabilization of the economy. According to this concept, in conditions of disruption of the stable functioning of the economy, the presence or expectation of crisis phenomena, the state has the right to spend financial resources to suppress inflation, unemployment, passive demand for goods and services, resorting for this to budget borrowing, which generates a budget deficit. At the same time, the state budget loses its balanced and stable state of its own, turns into debt in the name of stabilizing the country's economy through the budget itself. The implementation of such a concept of budgetary regulation of the economy, which has become widespread in the world, assumes that, following the stabilization of the economy, it will be possible to balance the state budget, to pay off the resulting public debt using liquid state assets.
Due to the presence of different goals of state budgetary policy and different ideas about the economic and social efficiency There are no unambiguous criteria for establishing a rational (optimal) state budgeting regime for this policy. Among the macroeconomic indicators that claim to be such criteria, we will name:
- pace GDP growth country (region);
- the share of the capital part (development fund) in the budget;
- budget deficit;
- accumulated public debt (internal and external);
- inflation rate;
- unemployment rate;
- the share of public goods in the gross domestic product.
A real judgment about the effectiveness of state budgeting can be obtained only by considering the totality of the above indicators, taking into account their dynamics.

3. the accumulation of the funds received was provided for in the federal budget.

In fact, it was about the "Hungarian version" of privatization. The reformers objected to this option of privatization, arguing that neither money nor owners in transitional economy no.

Another project was put forward by M. Malei, who rejected the idea of ​​"trade privatization" in connection with the already well-known argument that the population did not have money. He offered "people's privatization" on the principle - all citizens of Russia equally and free of charge. Privatization was supposed to affect 70% of the basic production assets of industry and agriculture. All citizens of the country were to receive state property free of charge with a total book value of 2,200 billion rubles. Each citizen in the implementation of this project should have received his share, while the share was estimated in "conventional units", and not in inflationary rubles. The size of each share would be 14 thousand conditional balance sheet rubles (but according to the calculations of the State Committee for State Property Management of the USSR). The main idea of ​​such a mechanism was to endow citizens with a personalized privatization account, purchasing power which is not subject to inflation, and it should have increased in the course of identifying the market value of the privatized property. The advantage of this project was that each owner of a registered account had the opportunity to purchase either shares of a privatized object, or shares of an investment fund accumulating shares of many enterprises. The latter reduced the inevitable risks of the buyer. M. Maley's proposal made it possible to prevent the involvement of registered accounts in the market turnover, which did not contribute to the growth of inflation.

However, the reformers suggested taking a different path, and although they agreed to both monetary and voucher (voucher) privatization, they canceled the main principle of popular privatization - the transfer of state property to the ownership of citizens in equal shares.

Thus, by 1992, the general goals and principles of privatization policy were formulated. Russian government... The main ones include the following:

1. denationalization of enterprises aimed at increasing production efficiency; stimulating enterprises to search for new market strategies and increase the competitiveness of their products in domestic and world markets;

2. reduction of budget expenditures for subsidies to state enterprises;

3. an increase in budget revenues from the sale of enterprises and shareholdings;

4. the formation of effective owners, the transfer of enterprises to new strategic owners and the attraction of investments for the renewal and development of their production apparatus;

5. formation and development of the capital market, which regulates the transition of investments to the most efficient areas, and the implementation on this basis of a new structural and technological policy;

6. preservation of the “obligatory” part of the public sector in a viable state (defense, natural monopolies) with a decreasing volume of resources actually controlled by the state.

2.2. Stages and mechanisms of Russian privatization

Stage 1. Initial stage of privatization

"Small privatization" (first half of 1992). In 1992, a monetary or "small privatization" was carried out, which preceded the voucher privatization. It concerned objects of trade, vehicles, services, etc. In less than half a year in 1992, during the "Small Privatization", 46,815 objects of state property were sold. At the end of 1992, no more than 42 kopecks were received for each ruble of state property, which gave the budget 39.9 million rubles. For comparison: the privatization of 25,000 similar objects in the Czech Republic brought the Czech budget $ 1,200 million.

Nevertheless, such an economic disadvantage was motivated by the reformers by the need to create an effective owner as soon as possible.

Check auctions (1993 - first half of 1994) Research carried out by A. Braverman's group at the request of the State Property Committee showed that in Russia there is no money for privatization, for the formation of a layer of new owners. The undoubted way out was to attract foreign capital, but it was clear that it would not be possible to attract substantial funds from abroad to Russia in a short time. In this regard, it was proposed to introduce into the cash circulation on the market a new means of payment - a privatization check. This, among other things, made it possible to hide the buyer, including a foreign one, thus, instead of a personal check, a bearer check was offered.

In August 1992, Boris Yeltsin issued a decree approving the concept of voucher privatization. In accordance with the plan of the reformers, the State Property Committee fundamentally changed the type and property of means of payment that citizens could dispose of when purchasing in private property state and municipal enterprises and property. At the same time, the main principle of popular privatization was canceled - the transfer of state property to the ownership of citizens in equal shares.

In Russian statistics, the entire production potential of the country was assessed by book value fixed assets. The planned privatization targets for the regions of the country had a specific feature: compiled for 12 industries, they did not coincide with the structure of the sectoral reporting of the Russian statistics bodies. And the enterprises of the most attractive industries: mechanical engineering, instrument making, resource extraction and processing were classified as “other objects”. For the industries identified by the reformers, the average cost of an object in the consumer services sector was 2 billion rubles, in light industry - 24 billion rubles, while the average cost of an object in the "other" category was 32 billion rubles. As of January 1, 1992, the Goskomstat of Russia registered 270,000 state-owned enterprises on an independent balance sheet, of which 155,638 enterprises with an aggregate authorized capital of 1,520 billion rubles were proposed for compulsory voucher privatization.

The structure of the sale of this property is presented below in tabular form.

Table 2. Actual types of sales of state property proposed for voucher privatization

From the data in the table, you can see that 37% of the proposed capital was not sold at the check stage. In the course of voucher privatization, 48,172 enterprises with an aggregate authorized capital of 958 billion rubles were sold, of which 149 billion rubles came to the federal budget in cash.

Enterprises of federal and republican property were sold at prices not exceeding the par value of shares, regional and regional property was sold practically at par of shares, and only municipal property was sold at a price insignificantly higher than the par value of the object's shares. However, municipal property accounted for a small fraction, the main share of property - 64% in terms of capital volume - was federal property. The British analytical agency "Independent Strategy" reported in September 1994 that "... even if we assume that in Russia the value of fixed assets is equal to the gross domestic product (GDP), and in the leading Western countries, funds exceed GDP by 2.4 -2.8 times, then for an economy with a GDP of about 300-400 billion dollars, the amount received from privatization is simply negligible. "

The conditions of equality of rights when buying shares for different social strata of the population were not observed. When selling shares by private subscription to members of labor collectives average rate the privatization check was 0.7, that is, one check accounted for a block of shares in the amount of 7,000 rubles, which was 3.3 times higher than the rate of open specialized check auctions. So the employee buying the stock own enterprise by subscription, was in more privileged conditions compared to citizens buying the same shares at check auctions. Note that the standard clause on closed subscription did not limit the number of shares declared for purchase, this allowed smart buyers to use dummies. In violation of the privatization legislation, as a rule, sources of income were not declared when individuals were buying up large and super-large blocks of shares for checks; foreign companies were deliberately buying up shares for checks through shell companies and with the help of chartered individuals.

If, as it was officially announced, 40 million Russian citizens became shareholders, then out of 148 million issued checks, only every fourth check went through the legal procedure of direct exchange for shares of privatized enterprises, the rest were presented in the conditions of the secondary securities market.

The similarities and differences in the practice of mass privatization in Russia and Eastern Europe are quite obvious, although with a certain degree of admission it can be said that the Russian version is essentially closer to the Czech experience. However, the Russian voucher privatization in many respects loses even to the experience of the Czech Republic and Slovakia. With all the known initial differences, the shortcomings of Russian voucher privatization were not the result of the manifestation of some Russian peculiarities, but the result of a conscious choice, that is, they were largely determined by reasons of a subjective nature.

Thus, the main disadvantages of the voucher privatization program implemented in Russia were:

Issuing a check to bearer, not a personal check; fixing the par value of a check in rubles, and not in conventional units; lack of mechanisms for maintaining the exchange value of a check during the auctions and its compliance with the value of the assets acquired on it; the local nature of the auctions; and the absence of restrictions on the participation in them of individuals and legal entities.

Stage 2. Monetary stage of privatization

The mortgage auctions (second half of 1995) are attributed by researchers to the monetary stage of privatization. The idea of ​​loans-for-shares auctions was proposed by the interested parties themselves, who today are usually called oligarchs. In A. Kolesnikov's book “Unknown Chubais. Pages from the biography "the following explanations are given:" In March 1995, Vladimir Potanin proposed to implement the scheme of loans-for-shares auctions, developed, according to Dmitry Vasiliev, by Boris Jordan, which in that situation seemed to be the only one possible way replenish the budget, give a real start to monetary privatization and continue the policy of financial stabilization, for which Anatoly Chubais was responsible. After the auction, the winning bank had to provide the government with a loan secured by its [the government's] shares in an enterprise. Then, in accordance with this scheme, these pledged shares had to either be sold at a tender, or become the property of creditors, or the government was forced to return the loan. As a result of the loans-for-shares auctions, the privatization task was fulfilled, which to a large extent contributed to the actual completion of financial stabilization. The auctions became a launching pad for the formation of the Russian oligarchy - a class of very large owners. "

Thus, special loans-for-shares auctions had to competitively identify the banks offering the most favorable lending terms for the government. However, the researchers draw our attention to the following questions. Why would the government take a loan from Russian banks and pledge shares of state-owned enterprises to future oligarchs, if then there will be no money to repay the loans? And if before the loans-for-shares auctions V. Potanin and other participants were not very large owners, then where did they get the money for a loan to the state in order to get such important objects of the Russian industry later? Nevertheless, a consortium of Russian commercial banks consisting of banks Imperial, Inkombank, ONEKSIMbank, Capital Savings Bank, Menatep and International Finance Company offered the Government of the Russian Federation a large preferential privatization loan, temporarily replacing the planned in the budget proceeds from privatization, subject to the pledge of stakes in a number of the largest Russian enterprises. At the same time, it is known that the Government first lent money to banks at a meager interest: out of 9 commercial banks in which the Ministry of Finance of Russia placed temporarily free foreign currency on deposits, 6 banks participated in loans-for-shares auctions (as a potential creditor or guarantor).

However, in 1995, 11 out of 12 loans-for-shares auctions were held. All banks of the named consortium, with the exception of Inkombank, became the winners of the loans-for-shares auctions. The total planned loan amount under all concluded agreements amounted to 3.57 trillion. rubles, or 1.85% of federal budget revenues for 1995. Considering that the fulfillment of the plan for federal budget revenues in 1995 was 106% (with a total deficit of 48 trillion rubles), these loans were not decisive for covering the deficit ... An analysis of the composition of auction participants and their guarantors showed that in most cases competition in the conduct of auctions was not expected.

Upon the expiration of the established crediting period (September 1, 1996), in the event of non-return of the money, the pledgee bank had the right to sell its block of shares on the market. As expected, a joint decision was made by the Government and the Security Council, which confirmed the banks' right to sell the pledged blocks of shares. This was done in different ways, and - which has already become a tradition - with many scandals between competitors. In most cases, the shareholdings were bought out by the creditors themselves, either directly or through shell companies. Perhaps the most conflict-free was the sale of the pledged stakes in the oil companies Surgutneftegaz and Lukoil.

Thus, using the mechanism of loans-for-shares auctions, large companies were privatized:

Oil and gas complex: Surgutneftegaz, Lukoil, Sidanko, Yukos, Sibneft; metallurgical complex: Chelyabinsk Metallurgical Plant, Norilsk Nickel, Novolipetsk Metallurgical Plant; shipping companies: North-Western Shipping Company, Murmansk Shipping Company, Novorossiysk Shipping Company.

Data on the most expensive loans-for-shares auctions are given below in tabular form.

Table 3. The most expensive loans-for-shares auctions

Thus, the main conclusions that can be drawn with regard to privatization using the mechanism of loans-for-shares auctions are as follows:

1. the most attractive Russian enterprises were privatized at prices significantly lower than their market value;

2.One of the effects of this privatization was the formation of a class Russian oligarchs;

3. According to some estimates, the concluded transactions have all the signs of sham, aimed at alienating federal property in favor of a limited number of persons.

Investment tenders (1993-1998) for the sale of state-owned privatization objects were another reality of Russian privatization. In fact, investment tenders for the federal budget were a loss-making form of sales, since when selling blocks of shares at an auction or a commercial tender, the selling price as a result of the bidding would increase many times and the money would immediately go to the budget. Nevertheless, the ideology of investment courses was that the state, in conditions of a meager federal budget, instructed the investor-buyer to provide investment support for the privatized production, implying that the lost budget income would be compensated in the future by transforming the existing production. The buyer, having become the owner, as a rule, of a large block of shares acquired at an investment tender, became, in fact, the executor of the state order for the financial and industrial rehabilitation of the privatized enterprise.

The formation of investment programs during privatization was carried out by the issuer himself together with a potential buyer, and the State Property Committee approved them. The legislation did not establish the procedure for selecting organizations-developers of investment programs and the procedure for coordinating programs. The feasibility study of investment projects, as a rule, was not developed, projects of investment programs were not reviewed by industry design institutes.

Almost all the largest enterprises in Russia have passed through investment competitions: oil production and oil refining enterprises, Norilsk Nickel, giants of the mining industry, ferrous and non-ferrous metallurgy, ports, energy enterprises, communications.

In the very concept of "investment competition for the sale of blocks of shares joint stock companies created in the order of privatization of state and municipal enterprises ", two independent processes are connected:

Competition for the acquisition of shares in privatized enterprises; fulfillment of investment obligations assumed as additional condition participation in privatization.

As a criterion for identifying the winner of the competition, different indicators can be assigned: the price of the package (commercial competition), social conditions, the amount of investment, the timing of investments, goals and forms of investment, or any other indicators.

Summarizing the experience of sales at investment tenders, it should be noted that the seller of state property - the RFBR and territorial property funds did not carry out proper preparatory work, and did not sufficiently study the true intentions of buyers. Subsequently, violations in the calculations of the investment level, a mercenary agreement between the investor and the issuer, and other violations associated with failure to fulfill investment obligations were revealed. According to the RFBR, since the beginning of privatization, 147 agreements have been concluded with the winners of investment tenders for the sale of federal property, the amount of investment obligations was at least 2.1 trillion. rubles, territorial property funds have concluded more than 1 219 contracts, the amount of investment is estimated at 8.2 trillion. rubles. The RFBR admits that only 26 out of 147 contracts have been fulfilled.

In conclusion, we note that, according to the chief ideologist of the privatization A. Chubais, investment tenders were a mistake that allowed so-called investors to acquire stakes in enterprises for a pittance, promising that in the future they would invest a lot of money in this enterprise, and in the future to avoid fulfilling these obligations.

... "Stages of privatization and denationalization" touched upon some of these features and problems (in particular, the problem of bankruptcies of industrial enterprises). Let's try to identify the most basic differences and features of privatization, problems that arose in the process of privatization, as well as hindered the development of privatization on the basis of the previous analysis, which is different from other countries ...

The Russian Federation should emphasize that a special place in the practice of reforming the economic space of Egypt and the Arab countries in general is occupied by the issues of liberalization of economic systems, the problem of denationalization and privatization of property, the creation of modern financial institutions, including markets for corporate securities characteristic of modern market economies. In a sense ...

That in the conditions of the market, its functions have become really feasible, capable of solving a wide range of vital tasks in social production, exchange and distribution. Thus, the purpose of privatization and denationalization, as fundamental elements of reforms in the "transitional" economy, was to provide conditions for the normal functioning of the future. market system... It is during the processes ...

Shares created in the process of privatization of open joint-stock companies to holders of state or municipal securities, certifying the right to purchase such shares. 2. The main stages of privatization in the Russian Federation Privatization in Russia was carried out in a radical version in terms of nature, scale, pace, timing and methods. If we consider privatization in dynamics, then ...

Taxes are used by all market states as a method of direct influence on budgetary relations and indirect (through a system of benefits and sanctions) influence on producers of goods, works and services. Through taxes, a relative balance of social needs and resources necessary to satisfy them is achieved, through taxes, rational use natural resources, in particular through the introduction of fines and other restrictions on the spread of harmful industries.

From these positions, taxes perform four important functions, each of which implements one or another practical purpose of taxes.

The fiscal function (from the word "fiscal" - the treasury, money storage or a set of financial resources of the state) ensures the redistribution of part of the financial resources of society in favor of the state. This function is manifested through the formation of income through the accumulation of funds in the budget and extra-budgetary funds. Budget funds are spent on social services and economic needs, support for foreign policy and security, on administrative and management expenses and payments on the state debt.

The redistribution of funds using the fiscal function, on the one hand, should ensure the implementation of state programs, on the other, not disrupt the normal course of reproduction. Due to the fiscal function of taxes, a redistribution of a part of GDP is achieved in territorial, sectoral and social sections.

The social function is implemented through a system of special measures aimed at government intervention in the course of the economic and social development of society, in particular through unequal taxation of different amounts of income. This function also allows you to redistribute income between different categories of the population. Examples of the implementation of the distributive (social) function are: a progressive scale of taxation of profits and egg income, tax rebates, excise taxes on luxury goods.

The regulatory function of taxes is manifested through a system of special measures in the field of taxation aimed at government intervention in economic processes. This function assumes the impact of taxes on various aspects of social development, including: investment process; sweet or growth of production, as well as its structure; scientific and technical progress; distribution and redistribution of national income; supply and demand; the volume of income and savings of the population, etc. The essence of the regulating function of social reproduction is that taxes are levied on resources allocated for consumption, and resources allocated for the accumulation of production assets are exempted from taxation. Therefore, there are three components of the regulatory function:

The stimulating subfunction manifests itself through a system of benefits and exemptions, for example, for agricultural producers;

The discouraging subfunction has the goal of limiting the development of the gambling business, increasing customs duties, and suspending the export of capital from the country through an increase in tax rates

The reproduction subfunction is designed to accumulate funds for the restoration of used resources

Tax regulation carries burden and control properties. The regulatory tax function manifests itself in practice not only in the form of benefits, but also in the form of sanctions. Tax sanctions are a manifestation of the control function of taxes, because the redistribution of financial resources is inseparable from control over the qualitative and quantitative parameters of taxation.

The control function allows the state to track the timeliness and completeness of tax payments to the budget, to compare their value with the needs for financial resources. Through this function, the need for reform is determined tax system and budgetary policy.

The listed functions of the tax are closely related to each other. The rationality of the current legislation is also determined by the I degree of relative equilibrium of tax functions. However, in practice, the fiscal function of the tax is always real, and the regulatory function may exist nominally or be deformed. Therefore, the search for the optimal balance of tax functions is carried out continuously, because their relative equilibrium makes it possible to form a budget without prejudice to the economic interests of taxpayers.