The finances of organizations can be classified according to various criteria.
By organizational and legal forms, they distinguish: AO finances, CJSC finances, LLC finances, ODO finances, full partnership finances, faith partnership finances, production cooperative finances, finances of state and municipal unitary enterprises, non-profit organization finances.
By industry, departmental affiliation distinguish: finance of industrial enterprises; finance of agricultural enterprises; finance of transport organizations; finance of trade organizations; finance of research, design, design organizations; finances of construction, installation, construction and installation organizations, etc.
The specifics of organizing the finance of enterprises of various departmental and sectoral affiliations is due to the technical and economic features of a particular industry, a combination of production and non-manufacturing operations, the use of land as the main factor of production, the geography and natural and climatic features of various industries, the nature of products, work, services produced in a particular industry, etc.
The following features are inherent in capital construction:
A longer production cycle, which affects the volume of work in progress;
Construction of facilities is carried out in different climatic and territorial zones, which affects their cost;
Construction financing is carried out within the cost of the estimate, which is established on the basis of construction contracts with customers and with suppliers of material and technical resources;
The nature of the construction and installation work determines a different degree of material consumption and the complexity of the work performed at individual stages and in certain periods of construction, which determines the uneven need for working capital;
The pricing mechanism in construction has specific features associated with the individual nature of the facilities under construction, with a significant dependence of the cost on specific, often non-repeating construction conditions. Therefore, the price of construction products in most cases is determined individually on the basis of budget documentation in accordance with the volume of work, methods of production technology and unit rates for certain types of work. The formation of contract prices for construction products is usually implemented on a competitive basis through contract tendering;
The bulk of the profit received by the construction organization is the profit from the completion of the work to customers. Depending on the stage of the investment process, it can be estimated, planned and actual;
There are no finished products in the composition and structure of working capital of contracting organizations, which is due to the technical and economic features of capital construction;
The active part prevails in the structure of fixed assets in construction, which is due to the fact that industrial buildings and structures are mainly in auxiliary and auxiliary industries and are intended to serve the production process, etc.
The specifics of the functioning of trade organizations is as follows:
Their activities combine operations of a production and non-production nature, which determines the duration of the production and money cycles and thereby affects the value of stocks;
Trading organizations as independent business entities of the market, depending on the nature of their activities, are divided into two types: wholesalers and retailers, which determines the features in the formation of financial resources;
The structure of fixed assets of trading enterprises is dominated by buildings, structures and transmission devices; the proportion of machinery and equipment is negligible; the structure of working capital of trade organizations depends on their type, product specialization, and the composition of the turnover. Meanwhile, the predominant part of them falls on inventories and goods shipped (approximately 90%);
Revenues from the sale of goods come, as a rule, in cash form, which implies enhanced control over its proper use;
Gross income in trade is a part of the price of a product intended to cover distribution costs and generate profit for trading organizations, etc.
Features of the organization of agricultural finance are predetermined by a number of objective circumstances that can be combined into two conditional groups:
Features due to the specifics of agricultural
production;
Features due to the special status of agriculture.
Features of agricultural finance, due to the specifics of agricultural production itself, are as follows:
The main means of production in agriculture is land. It is at the same time both an instrument and an object of labor;
Land used in agricultural production has a different level of fertility. These differences are reflected in the cadastral valuation of land;
For agriculture, a long production cycle is characteristic;
The proceeds from the sale of agricultural products are distributed unevenly throughout the year;
Income and expenditure flows of agricultural enterprises do not coincide in time;
Agricultural production has a pronounced seasonal character and dependence on the climatic factor, etc.
The second group of features of agricultural finance is predetermined by its special status and is associated with the concept of state support, which is carried out in the following three ways:
Through direct financing by the state from the budget and other Trusted state funds of the individual reproductive needs of agricultural enterprises;
Through indirect financing of agricultural enterprises through preferential taxation, lending and insurance systems;
Through customs and price regulation of agricultural production.
Agriculture in many countries is an object of increased attention on the part of the state, which is implemented through a policy of state support, since the products produced here - foodstuffs - are strategically important, and the sufficiency of the production volumes of some of its species is directly related to the food security of the state.
Depending on the subjects of property rights, the finances of commercial organizations are distinguished, the property of which is owned:
a) citizens and legal entities of the Russian Federation, including
and foreign (private);
b) the Russian Federation (state);
c) subjects of the Russian Federation (state);
d) municipalities (municipal);
e) in joint ownership.
The definition of property responsibility, the procedure for the formation and use of financial resources, the distribution of financial results, the relationship between participants in the production process depend on the form of ownership of the organization (enterprise).
Depending on the size of enterprises there are: finance of small (small) enterprises; finance of medium enterprises and finance of large enterprises.
The size of organizations (enterprises) affects
organization of finance in terms of the presence or absence of opportunities to attract financial resources for expansion and production from external sources, specialized management, in terms of the possibility of using special taxation regimes, financial statements, etc.
Three groups of legal entities are distinguished in the Civil Code of the Russian Federation depending on the rights of the founders (participants) to property:
Legal entities in respect of which their participants have binding rights (transferring property to a legal entity, they lose their ownership right). Upon withdrawal from the list of founders (participants), they have the right to demand the transfer to them of a part of the property due to their share. These are the majority of commercial organizations (with the exception of unitary enterprises) and some non-profit organizations - consumer cooperatives, non-profit partnerships, state corporations;
Legal entities that do not have ownership of the property of the organization. The founders of such legal entities retain ownership of the property of the organization. These are unitary enterprises and institutions. In the event of the liquidation of such a legal entity, the founder receives the remaining property;
Legal entities in respect of property of which their founders
(participants) do not retain any (neither obligation nor property) rights. Upon leaving the organization or during its liquidation, the founder (participant) does not receive any property rights. These include most non-profit organizations - public, religious organizations, foundations and some others (with the exception of
consumer cooperatives and non-profit partnerships).
Introduction
The finances of enterprises of various ownership forms in aggregate are an integral part of the financial system of the Russian Federation. Here, financial flows are formed that reflect the created GDP, which is subject to further redistribution through the budget system to the production and social spheres, the sphere of households, etc.
Enterprise finance is a system of economic relations associated with the formation and use of funds and savings for national purposes, financing the costs of the enterprises themselves.
Features of the finance of enterprises are determined by the legal form; form of ownership; scope of activities; areas of capital investment of enterprises.
Depending on the forms of ownership, the finances of enterprises are divided into the finances of state enterprises and the finances of subjects of non-state forms of ownership (private, cooperative, joint ventures).
The Civil Code of the Russian Federation by organizational and legal criteria divides enterprises and organizations into commercial and non-commercial.
The purpose of the work is to consider the features of the organization of finance of enterprises of various legal forms.
1. Forms of commercial organizations and the principles of their financial activities.
The legal forms of enterprises determine their financial characteristics. It is very important to highlight the general characteristics of the finances of enterprises of modern legal forms and establish the main differences that determine the choice of one form or another.
Practice shows that if enterprises do not take into account certain financial features characteristic of their chosen form, this leads to conflicts between owners, managers and employees. The legal form of the enterprise, as enshrined in its constituent documents, must fully comply with the requirements of legislative acts.
The legal form of the enterprise, as enshrined in its constituent documents, must fully comply with the requirements of legislative acts.
The adoption by the State Duma of the Russian Federation on October 21, 1994 of the new Civil Code of the Russian Federation required amendments and additions to the constituent documents. Consider the features of the organization of finance in enterprises of various organizational and legal forms of management.
In accordance with the Civil Code of the Russian Federation, entrepreneurial activity may be carried out by:
- individual individuals (citizens) without forming a legal entity from the moment of state registration as an individual entrepreneur;
In comparison with a legal entity, an individual entrepreneur lacks such an important feature as the separation of property.
A legal entity is an organization that has separate property in its ownership, economic management or operational management and is liable for its obligations with this property. It has the right on its own behalf to acquire and exercise property and personal non-property rights, bear obligations, to be a plaintiff and a defendant in court. Legal entities must have an independent balance sheet or estimate.
Legal entities may be commercial and non-profit organizations.
The main objective of the activities of commercial organizations is profit. Non-profit organizations are created to achieve a specific goal and can carry out entrepreneurial activity only to achieve it.
A legal entity is subject to state registration and is considered created from the moment of its registration.
Commercial organizations are created in the form of business partnerships and companies, production cooperatives, state and municipal unitary enterprises.
Classification of organizations by ownership:
1. Business partnerships:
- -Full
2. Business companies
- Limited liability company (LLC)
- Open Joint-Stock Company (OJSC) / Closed Joint-Stock Company (CJSC)
Additional liability company (ODO)
3. Production cooperatives;
Unitary enterprises:
- State; Municipal.
- Business partnership finance.
Full partnership - this is an association of citizens who are engaged in entrepreneurial activity in accordance with the constituent agreement concluded between them on behalf of the partnership and are responsible for its obligations with the property belonging to them. Management of the full partnership is carried out by common agreement of all participants.
The authorized capital of a full partnership is created at the expense of the contributions of the participants and is essentially joint-stock capital. By the time of registration of a full partnership, its participants are required to make at least half of their contribution to the share capital. The remaining part must be paid within the time specified in the memorandum of association.
Participants in a full partnership bear subsidiary responsibility for the obligations of the partnership, i.e. not only the property of the partnership, but also their personal property.
The profit (loss) of a full partnership is distributed among its participants in proportion to their participation in the joint capital. If, as a result of the loss-making activity of the partnership, the value of the partnership’s net assets has become less than the value of the share capital, then the profit received is not distributed among the participants, but is sent primarily to increase the net assets to a value exceeding the amount of the share capital.
Partnership on faith (limited partnership) - a partnership in which, along with full partners, there are contributing participants (limited partners). A limited partnership is created and operates on the basis of a memorandum of association. The memorandum of association shall determine the conditions, amount and composition of the share capital, terms and procedure for depositing shares of each partner. The procedure for the formation of the authorized capital is similar to the procedure for its formation in full partnership.
Partnership management is carried out only by full partners. Investors in the management are not involved.
Full partners - participants who carry out their activities and are responsible for the obligations of the partnership with their property on behalf of the partnership.
Participating contributors do not participate in the business of the partnership and are essentially investors. They share the profits of the partnership, are liable for losses associated with the activities of the partnership, within the amount of the contribution made by them.
- Organization chart of faith partnership.
- Finances of limited liability companies and additional liability.
The authorized capital of a limited liability company is formed by the contributions of its participants. The amount of the authorized capital determines the minimum amount of property that guarantees the interests of its creditors.
Organization chart of a limited liability company
The authorized capital of a limited liability company may be increased by additional contributions of its participants in accordance with Art. 19 of the Federal Law of February 8, 1998 No. 14-ФЗ On Limited Liability Companies.
The profit of the company is determined in the generally established manner. Profit distribution in a limited liability company is carried out in accordance with the law. First of all, income tax and other payments to the budget are paid from profit. Further, profit is distributed in accordance with the procedure established in the articles of association of the company for production and social development. The remaining part is distributed among the participants in the company in proportion to their share in the authorized capital, unless otherwise specified in the constituent documents. In the event that the charter does not stipulate the procedure for the distribution of profit remaining at the disposal of the company, a decision on its distribution should be taken annually by the meeting of founders. Retained earnings of past years serve as a source of reserve capital.
Additional liability company
- a company established by one or more persons, whose authorized capital is divided into shares in the amounts determined by the constituent documents. Its participants bear joint and several subsidiary liability for the obligations of the company with their property in the same multiple for all to the value of their contributions. The cost of deposits is determined by the constituent documents. In the event of a bankruptcy of one of the participants, its liability for the obligations of the company is distributed among the participants in proportion to their share in the authorized capital. All issues related to the distribution of profits are resolved in the same way as they are defined for a limited liability company.
Unlike limited liability companies in companies with additional responsibility, its participants, with insufficient property of the company, are liable for obligations to its creditors with their property in the same multiple for all participants to the amount of contributions to the authorized capital, that is, bear subsidiary responsibility for its obligations their property, similarly to participants in full partnerships and full partners in limited partnerships.
Organizational chart of an additional liability company
1.3.Finance of joint stock companies
Joint-Stock Company
- a company whose authorized (joint-stock) capital is divided into a certain number of shares. Shareholders (participants of a joint stock company) are not liable for the obligations of the joint stock company and are liable to the extent of the value of their shares. The right to share ownership of a shareholder is confirmed by his share in the share capital. Each shareholder owns a part of the property of the joint-stock company in accordance with the share of its shares in the total number of shares issued. In this sense, a joint stock company does not have its own property. The legal status of a joint-stock company is determined by the Civil Code of the Russian Federation and the Federal Law “On Joint-Stock Companies”.
Public corporation
- a company whose members can sell their shares without the consent of other shareholders. An open joint-stock company may conduct an open subscription to shares issued by it and carry out their free sale on the stock market under the conditions established by law and other legal acts. The minimum authorized capital of an open joint-stock company is set at 1000 minimum wages on the day of registration of the company. When establishing a joint stock company, all its shares must be distributed among the participants. If after the end of the second and any subsequent year the value of the net assets of the company becomes less than the authorized capital, the company is obliged to declare and register in the prescribed manner a decrease in the authorized capital. If the value of the company's net assets is less than the minimum statutory capital determined by law, then such a company is subject to liquidation.
A joint-stock company can increase its authorized capital in two ways - by increasing the par value of existing shares and by additionally issuing shares. Such a decision can only be made after full payment of the authorized capital. An increase in the authorized capital is not allowed in order to cover the losses incurred by it. When the quantity or price of a company’s shares changes to increase its authorized capital, an object of taxation on securities transactions arises.
The authorized capital is formed by placing ordinary and preferred shares. Moreover, the share of preferred shares should not exceed 25%. The authorized capital is directed to the formation of production assets of the company.
The profit of the joint-stock company is determined and taxed on profit in the same manner as for limited liability companies, however, further distribution of profit has its own characteristics. In the distribution of profits in the legislation provides for the formation of a reserve fund. The financial reserve is intended to cover the losses of the joint-stock company, and can also be used to pay dividends if the profit of the reporting year is not enough for this. In addition, other funds similar to the reserve one can be formed from profit. For example, a redemption fund, which is created by deductions from profits in the amount necessary to accumulate the amount that is subsequently used to repay issued and placed bonds. The rest of the profit is allocated to costs associated with the development of production, social development and payment of interest on bonds and dividends on shares.
Closed Joint Stock Company - a company whose shares are distributed only among its founders or another, predetermined circle of persons. Such a company is not entitled to conduct an open subscription to shares issued by it or to otherwise offer them for purchase to an unlimited circle of persons. Shareholders of a closed joint-stock company have a preemptive right to acquire shares sold by other shareholders. The authorized capital of a closed joint-stock company cannot be less than 100 minimum wages established at the time of its registration. The number of participants in a closed joint-stock company is established by the law on the joint-stock company, if the number of participants is exceeded, the closed joint-stock company is subject to transformation into an open joint-stock company within a year, and upon the expiration of this period, it is liquidated if the number of shareholders is not reduced to the amount established by law.
- 1.4. Finances of production cooperatives.
The production cooperative has a number of financial features.
A production cooperative differs from business companies and partnerships primarily in that it is based on a voluntary association of citizens who are not individual entrepreneurs. A production cooperative is predominantly an association of individuals, rather than capital, this also determines the right of participation of members of the cooperative in the board: each member of the cooperative has one vote, regardless of the size of the property share.
By the time of the registration of the cooperative, each member must pay at least 10% of his share contribution, and the rest - within a year from the date of registration.
Profit in a production cooperative is created by its own labor by its members by combining their personal efforts in production activities. The participation of members of a production cooperative in production activities can be expressed in various forms, including by providing financial capital; Moreover, in Art. 7 of the Federal Law "On Production Cooperatives of the Russian Federation" dated 05.05.1996 No. 41-ФЗ, there are restrictions on the number of members of a cooperative who do not personally participate in its activities: the maximum number of "financial participants" should not exceed 25% of the number of members of a cooperative accepting personal labor participation in his activities.
The sources of the formation of financial resources in a production cooperative are; shares of members of a cooperative; income from own activities; loans: property donated by individuals or legal entities, as well as other sources not prohibited by law.
The unit contribution may be money, securities, other property, including property rights and other objects of civil law. Mutual contributions form the mutual fund of a production cooperative. In essence, this is the same as the authorized capital in a business company.
Along with mutual funds, other funds, including indivisible ones, may be created in the production cooperative in accordance with its charter.
An indivisible fund in a production cooperative is a part of its property that has a specific purpose, which must be specified in the charter. An indivisible fund is included in net assets when determining the size of a share. A member of a cooperative is not entitled to indivisible funds.
Another financial feature of a production cooperative defined by the Civil Code of the Russian Federation is the subsidiary (additional) liability of a member of a cooperative for the obligations of this cooperative. The amount and procedure of subsidiary liability is determined in accordance with the Civil Code of the Russian Federation and the Federal Law “On Production Cooperatives of the Russian Federation”. The law, in turn, makes a reference to the charter of the cooperative, requiring it to determine the size and conditions of subsidiary liability, i.e. The law does not limit the members of a cooperative in choosing the amount of responsibility: it can be the equivalent of a share contribution or annual income, or a fixed amount of a nominal nature.
The profit remaining at the disposal of the cooperative after paying taxes and other obligatory payments and deductions is distributed among its members in accordance with their personal labor participation, and among members of the cooperative not taking personal labor participation in its activities, according to the size of their share contribution. The procedure for the distribution of profit is provided for by the charter of the cooperative. However, the amount of profit distributed among the members of the cooperative in proportion to the size of their share contribution should not exceed 50% of the profit to be distributed.
Organizational chart of a production cooperative.
1.5. Finances of unitary enterprises
Unitary enterprise
- a commercial organization not endowed with the right of ownership to the property assigned to it by the owner. Unitary enterprises are distinguished by the right of economic management and the right of operational management. Unitary enterprises include state and municipal enterprises.
Civil law provides for the possibility of a unitary enterprise functioning as a commercial organization.
A unitary enterprise based on the right of economic management is created by decision of an authorized state or municipal authority. Accordingly, the property of a unitary enterprise is in state or municipal ownership. A unitary enterprise is liable for its obligations with all property belonging to it, but is not liable for the obligations of the owner of the property. In turn, the owner is not liable for the obligations of the enterprise. The unitary enterprise is managed by the head, who is appointed by the owner or a body authorized by the owner. The size of the authorized capital of a unitary enterprise shall be not less than the amount defined in the law on state and municipal unitary enterprises. The authorized fund must be fully paid at the time of state registration of the unitary enterprise. If according to the results of the financial year the value of the net assets of the enterprise becomes less than the size of the authorized capital, then the latter should be accordingly reduced.
In the form of unitary enterprises, only state and municipal enterprises can be created.
The property of a state and municipal unitary enterprise is respectively in state and municipal ownership and belongs to such an enterprise under the right of economic management or operational management.
When creating a unitary enterprise, funds are allocated to it from the state or local budget for the formation of the authorized capital. The size of the authorized capital, the procedure and sources of its formation are indicated in the charter of the unitary enterprise.
The responsibility of a unitary enterprise for its obligations also depends on whether it is based on the right of economic management or operational management.
The right of economic management provides a unitary enterprise with wider rights in the management of finances and property.
The size of the authorized capital of a unitary enterprise, based on the right of economic management, cannot be less than the amount determined by the law on state and municipal unitary enterprises (Article 114 of the Civil Code of the Russian Federation).
By decision of the Government of the Russian Federation, on the basis of property owned by the federal property, a unitary enterprise based on the right of operational management can be formed - the federal treasury enterprise.
The Government of the Russian Federation by Decree dated 06.10.1994 No. 1138 “On the procedure for planning and financing the activities of state-owned factories (state-owned factories, state-owned farms)” approved the procedure for planning and financing the activities of state-owned enterprises. In particular, it was established that the production and economic activity of the state-owned plant is carried out in accordance with the order plan and the development plan of the plant. He has the right to carry out independent business activities authorized by the state authorized body. Relations between the plant and suppliers of resources and consumers of products are built on a contractual basis.
The formation and distribution of profits, relations with the budget of a unitary enterprise are carried out in the generally established manner.
A unitary enterprise based on the right of operational management (federal treasury enterprise) is created by decision of the Government of the Russian Federation. His property is state-owned. The company is responsible for all its obligations with all its property. The Russian Federation bears subsidiary liability for the obligations of a state-owned enterprise. The company has the right to dispose of its property only with the consent of the owner. The state-owned enterprise has the right to independently sell its products, unless otherwise provided by law. The distribution of income and profits is determined by the state.
- Features of small business finance.
Small enterprises are traditionally focused on current profits, able to quickly respond to supply and demand, and quickly meet the needs for goods, works and services. They form a kind of market infrastructure, create a competitive environment. There are groups of industries, where small business can be the predominant form of labor organization, first of all it is public services.
Small business does not need large savings for entrepreneurship, not only because expensive production assets are not required, but also because of the relatively high capital turnover. But during the formation of small enterprises, they usually need government support. It is due in many respects to the fact that small enterprises are mainly focused on the mass consumer in socially oriented areas.
Small enterprises are not able to independently initiate science-intensive, capital-intensive, energy-intensive, resource-intensive and labor-intensive industries, so their importance in the economy cannot be overestimated. They can effectively serve large-scale production on a contract basis, which is widely used in Japan and other countries. Receiving specific and clearly formulated tasks, the necessary material and technical resources, small enterprises are quickly reconstructed and establish production for the release of new products, goods and services. However, this production does not become mass and serial. Large companies, including holding ones, have the indisputable advantage that they can finance new promising developments and act as customers and lenders.
Combining the efforts of large and small businesses is ensured through a system of subcontracts, technology transfer, increased flexibility and efficiency. The direction of industrial and financial capital to accelerate the development of leading sectors of the economy, support the social and housing sectors, create normal conditions for competition are of paramount importance for the growth of labor productivity and economic recovery.
In accordance with the current legislation, small enterprises include commercial organizations, in the authorized capital of which the share of the Russian Federation, constituent entities of the Russian Federation, public and religious organizations (associations), charitable and other funds does not exceed 25%, the share owned by one or more legal entities does not being small business entities, does not exceed 25% and in which the average number of employees for the reporting period does not exceed the following limit levels: in industry, construction and transport - 100 people; in agriculture and scientific and technical sphere - 60 people; in wholesale trade - 50 people; in retail trade and consumer services - 30 people; in other sectors and in the implementation of other activities - 50 people.
Small businesses also include individuals engaged in entrepreneurial activities without forming a legal entity.
Small enterprises that carry out several types of activities, the so-called multidisciplinary, belong to those according to the criteria of that type of activity, whose share is the largest in annual turnover or annual profit.
A small business entity receives the appropriate status from the moment of its state registration in executive bodies. This provision applies to small enterprises - founders of other small enterprises, and to newly created small enterprises.
etc.................
The finances of organizations can be classified according to various criteria.
By organizational and legal forms, they distinguish finances: open joint-stock companies, closed joint-stock companies; limited liability companies; additional liability companies; full partnerships; partnerships on faith; production cooperatives; state and municipal unitary enterprises; non-profit organizations. In practice, it is very important to take into account the peculiarities of the finances of enterprises of various organizational and legal forms, because ignoring this circumstance can lead to conflicts between owners, managers and employees.
By industry, there are finances: industrial enterprises; agricultural enterprises; transport organizations; trade organizations; research, design, design organizations; construction, installation, construction and installation organizations, etc. Moreover, the finances of industrial enterprises occupy a leading place in the general system of enterprise finance. This is determined by the fact that they serve a sector of the national economy in which a large part of the aggregate social product, national income, and monetary accumulations is created. However, the finances of industrial enterprises and organizations are closely related to the finances of other sectors of the economy. The specifics of organizing the finance of enterprises of various departmental and sectoral affiliations is determined by the technical and economic features of a particular industry, a combination of production and non-production operations, the use of land as the main factor of production, the geography and natural and climatic characteristics of certain industries, the nature of products, work services rendered in a particular industry, etc.
Depending on the subjects of ownership, the finances of commercial organizations are distinguished, the property of which is owned by citizens and legal entities of the Russian Federation, the Russian Federation, constituent entities of the Russian Federation, municipalities, foreign citizens and in joint ownership.
Depending on the size of enterprises, there are finances: small enterprises; medium-sized enterprises and large enterprises.
All areas of classification have an impact on the organization of the finances of enterprises, since they form in different ways the costs of production and sale of products, the structure of assets and capital, profit, the duration of the operating and money cycles; determine the specifics of taxation, income and cash generation, profit distribution and other aspects of the activities of enterprises.
An enterprise (firm) is an independent (isolated) entity, which primarily means freedom in making economic decisions. However, any decision regarding the activities of the enterprise is made taking into account the results of the analysis of the internal and external environment.
Internal environmentfirms - This is the company's own economy, covering all components of its activities; production processes, product sales, financial, material and staffing, - management system.
External environmentfirms - This is the economic, legal and social environment in which the company operates, being part of the national economy. The external environment of the company can be schematically represented as follows (Fig. 1).
Fig. 1. The external environment of the enterprise (company)
The entrepreneurial sector of the national economy usually includes a huge number of firms, which for the purpose of economic analysis are grouped according to a number of essential features. The most common are classifications by ownership, size, nature of activity, industry, dominant factor of production, legal status.
By ownership enterprises are divided into:
· private enterprises which can exist either as completely independent, independent firms, or in the form of monopolistic associations and their components. Private firms include those firms in which the state has a share of capital (but not the prevailing one);
· state enterprises, which means both purely state, in which capital and management are wholly owned by the state, andmixedwhere the state possesses most of the capital or plays a decisive role in management. On the recommendation of the Organization for Economic Co-operation and Development (OECD), state-owned enterprises should be considered enterprises in which state bodies possess most of the capital (over 50%) and / or those controlled by them (through government officials working at the enterprise);
· mixed enterprises sometimes occupy a significant place in the economic life of the country. For example, in Russia in the late 90s. the state retains a block of shares in many privatized enterprises (a quarter of all employees work at these enterprises).
By size enterprises are divided into small, mediumand largebased on two main parameters: number of employees and volume of production (sales).
Small enterprises usually predominate in number (in Russia they account for about 1/2 of the total number of enterprises).
In different countries, a small business is defined differently. According to the Law “On State Support of Small Business in the Russian Federation” of June 14, 1995, our country includes those enterprises where the average number of employees does not exceed 30 people - in retail trade and consumer services, 50 people - in wholesale trade, 60 people - in the scientific and technical field, agriculture and 100 people - in transport, in construction and industry.
Classification of firms by nature of activity suggests their division into wealth producing (consumer or investment goods) and services.
This classification is close to the classification of the enterprise by industry which divides them into industrial, agricultural, trade, transport, banking, insuranceetc.
Business Classificationbased on the dominant factor of production highlights labor-intensive, capital-intensive, material-intensive, knowledge-intensive enterprises.
Legal status (legal forms) in Russia distinguish the following types of enterprises according to the Civil Code of the Russian Federation:
· individual entrepreneurs
· business partnerships and societies;
· production cooperatives;
· state and municipal unitary enterprises;
· nonprofit organizations (including consumer cooperatives, public and religious organizations and associations, foundations, etc.). (fig. 2).
Fig. 2. Legal forms of enterprises in Russia
Individual entrepreneurs. If an individual citizen is engaged in entrepreneurial activity, but without the formation of a legal entity (for example, organizes his farm), then he is recognized as an individual entrepreneur. An individual entrepreneur bears unlimited property liability for obligations.
Under contract simple partnership (agreement on joint activities) two or more persons (partners) undertake to join their deposits and act together without forming a legal entity to profit or achieve another goal that does not contradict the law. Parties to such an agreement may only be individual entrepreneurs and / or commercial organizations.
Full partnership . A partnership is recognized as full, the participants of which (full partners), in accordance with the agreement concluded between them, are engaged in entrepreneurial activity on behalf of the partnership and are liable for its obligations with property belonging to them. Full partnership activities are managed by general agreement all participants. As a rule, each participant in a full partnership has one goalos. Participants of a full partnership are jointly and severally subsidiary liability property belonging to them under the obligations of the partnership, i.e. with all his property, including personal.
General partnerships are concentrated mainly in agriculture and the service sector and are, as a rule, small in size enterprises whose activities are fairly easily controlled by their participants.
Partnership on faith. A partnership in faith (limited partnership) is a partnership in which, along with participants engaged in entrepreneurial activities on behalf of the partnership and meeting their property obligations ( full companions), there is one or more contributing members (commandists), which bear the risk of losses associated with the partnership, within the amount of their contributions and do not take part in the partnership’s entrepreneurial activities. Since this legal form allows you to attract significant financial resources through an almost unlimited number of commandists, it is typical for larger enterprises.
Limited liability company (LTD). A company established by one or several persons is recognized as such, whose authorized capital is divided into shares of the sizes determined by the constituent documents. LLC participants are not liable for its obligations and bear the risk of losses associated with the activities of the company, to the extent of the value of their contributions. The authorized capital of an LLC is composed of the value of contributions of its participants. This legal form is most common among small and medium enterprises.
Additional liability company (ODO) a company established by one or more persons is recognized whose authorized capital is divided into shares of the sizes determined by the constituent documents; the participants of such a company jointly and severally bear subsidiary liability for its obligations with their property in the same multiple for all to the value of their contributions, determined by the constituent documents of the company. In the event of bankruptcy of one of the participants, its liability for the obligations of the company is distributed among the other participants in proportion to their contributions, unless a different procedure for the distribution of responsibility is provided for by the constituent documents of the company.
Joint-Stock Company (JSC). A joint stock company is a company whose authorized capital is divided into a certain number shares. AO members ( shareholders) are not liable for its obligations and bear the risk of losses associated with the activities of the company, to the extent of the value of their shares.
Joint-stock company, the participants of which may alienate their shares without the consent of other shareholdersrecognized open (OJSC). Such a joint-stock company is entitled to subscribe to shares issued by it and sell them freely under the conditions established by law. An open joint-stock company is obliged to publish annually for general information the annual report, balance sheet, profit and loss account.
Joint stock company whose shares are distributed onlyamong its founders orotherwisepredetermined circle of personsrecognized closed (COMPANY).
The constituent document of the JSC is its charter.
Authorized capital AO is made up of the nominal value of shares acquired by shareholders.
The supreme governing body of AO is general Meeting of Shareholders.
The advantages of the joint-stock company form are:
· The possibility of mobilizing large financial resources;
· The ability to quickly overflow financial resources from one industry to another;
· The right of free transfer and sale of shares, ensuring the existence of the company regardless of changes in the composition of shareholders;
· Limited liability of shareholders;
· Separation of ownership and management functions.
The legal form of a joint stock company is preferred for large enterprises where there is a great need for financial resources.
Production cooperatives
Production cooperative(artel) recognized voluntary association of citizens on the basis of membership for joint production activities based on their personal labor and other participation in the association by its members (participants) of property share contributions. Production cooperative is commercial organization. Its founding document is charterapproved by the general meeting of members of the cooperative. The number of members of a cooperative should not be less than five. The property owned by the production cooperative is divided into shares its members in accordance with the charter of the cooperative. The cooperative is not entitled to issue shares. A member of a cooperative has one votewhen making decisions by the general meeting.
State and municipal unitary enterprises
Unitary enterprise called commercial organization not endowed with the right of ownership to the property assigned to it by the owner. Besides it property is indivisible, i.e. cannot be distributed among deposits (shares, shares), including among employees of the enterprise. In Russia in the form of unitary enterprises exist only stateand municipal enterprises. They manage, but do not own, the state (municipal) property assigned to them. If such an enterprise is based on rightoperational management federal property, i.e. managed by state bodies, it is called the federal state-owned enterprise. All other unitary enterprises are enterprises based on economic management law.
Nonprofit organizations
Nonprofit organizations include consumer cooperatives, public and religious organizations, foundations.
Consumer cooperative a voluntary association of citizens and legal entities on the basis of membership is recognized in order to satisfy the material and other needs of participants, carried out by combining members of property share contributions. Usually a consumer cooperative provides its members with various consumer goods.
Public and religious organizations (associations) voluntary associations of citizens are recognized in the manner prescribed by law based on the commonality of their interests to satisfy spiritual and other intangible needs.
The finances of organizations (enterprises) can be classified according to various criteria.
By organizational and legal forms, they distinguish: finance of open joint-stock companies, finance of closed joint-stock companies, finance of limited liability companies, finance of additional liability companies, finance of full partnerships, finance of partnerships in faith, finance of production cooperatives, finance of state and municipal unitary enterprises, finance non-profit organizations. In practical activities, it is very important to take into account the peculiarities of the finances of enterprises of various legal forms, because ignoring this circumstance can lead to conflicts between owners, managers and employees (more on this in the next chapter).
By industry, departmental affiliation distinguish: finance of industrial enterprises; finance of agricultural enterprises; finance of transport organizations; finance of trade organizations; finance of research, design, design organizations; finances of construction, installation, construction organizations, etc.
Moreover, the leading place in the system of finance of organizations (enterprises) is occupied by the finances of industrial enterprises. This is determined by the fact that they serve such a sector of the national economy in which the bulk of the aggregate social product, national income and monetary accumulations are created. Meanwhile, the finances of industrial enterprises and organizations are closely related to the finances of other sectors of the economy.
The specifics of organizing the finance of enterprises of various departmental and sectoral affiliations is determined by the technical and economic features of a particular industry, a combination of production and non-production operations, the use of land as the main factor of production, the geography and natural and climatic characteristics of certain industries, the nature of products, work services rendered in a particular industry, etc.
So, for example, the following features are inherent in capital construction:
longer production cycle, which affects the volume of work in progress; ?
construction of facilities is carried out in different climatic and territorial zones, which affects their cost;
construction financing is carried out within the cost of the estimate, which is established on the basis of construction contracts with customers and with suppliers of material and technical resources;
the nature of the construction and installation work determines a different degree of material consumption and the complexity of the work performed at individual stages and at certain periods of construction, which determines the uneven need for working capital;
the pricing mechanism in construction has specific features associated with the individual nature of the facilities under construction, with a significant dependence of the cost on specific, often non-repeating construction conditions. Therefore, the price of construction products in most cases is determined individually on the basis of budget documentation in accordance with the volume of work, methods of production technology and unit rates for certain types of work. The formation of contract prices for construction products is usually implemented on a competitive basis through contract tendering;
the bulk of the profit received by the construction organization is the profit from the delivery of the work to customers.
Depending on the stage of the investment process, it can be estimated, planned and actual;
in the composition and structure of working capital of contracting organizations there are no finished products, which is due to the technical and economic features of capital construction;
in the structure of fixed assets in construction, their active part predominates, due to the fact that industrial buildings and structures are mainly in auxiliary and auxiliary industries and are intended to serve the production process, etc.
The specifics of the functioning of trade organizations is as follows:
their activities combine operations of a production and non-production nature, which determines the duration of the production and money cycles and thereby affects the value of stocks;
trade organizations as independent business entities of the market, depending on the nature of their activities, are divided into two types: wholesalers and retailers, which determines the features in the formation of financial resources;
the structure of fixed assets of trading enterprises is dominated by buildings, structures and transmission devices; the proportion of machinery and equipment is negligible; the structure of working capital of trade organizations depends on their type, product specialization, and the composition of the turnover. Meanwhile, the predominant part of them falls on inventories and goods shipped (approximately 90%);
revenues from the sale of goods come, as a rule, in cash, which implies enhanced control over its proper use;
gross income in trade is a part of the price of a product intended to cover distribution costs and generate profit for trading organizations, etc.
Features of the organization of agricultural finance are predetermined by a number of objective circumstances that can be combined into two conditional groups:
features due to the specifics of agricultural production;
features due to the special status of agriculture.
Features of agricultural finance, due to the specifics of agricultural production itself, are as follows:
the main means of production in agriculture is land. It is at the same time both an instrument and an object of labor;
land used in agricultural production has a different level of fertility. These differences are reflected in the cadastral valuation of land;
agriculture is characterized by a long production cycle;
the proceeds from the sale of agricultural products are distributed unevenly throughout the year. Its main volumes are formed in agriculture mainly in the IV quarter after the ripening of the crop, bringing the cattle to slaughter conditions, etc .;
income and expenditure flows of agricultural enterprises do not coincide in time;
agricultural production has a pronounced seasonal character and dependence on the climatic factor, etc.
The second group of features of agricultural finance is predetermined by its special status and is associated with the concept of “state protectionism” (state support), which is carried out in the following three ways:
through direct financing by the state from the budget and other targeted state funds of the individual reproductive needs of agricultural enterprises;
through indirect financing of agricultural enterprises through preferential taxation, lending and insurance systems;
through customs and price regulation of agricultural production.
Agriculture in many countries is an object of increased attention on the part of the state, which is implemented through a policy of state support, since the products produced here - foodstuffs - are strategically important, and the sufficiency of the production volumes of some of its species is directly related to the food security of the state.
Depending on the subjects of property rights, the finances of commercial organizations are distinguished, the property of which is owned by: a) citizens and legal entities of the Russian Federation, including foreign (private); b) the Russian Federation (state); c) subjects of the Russian Federation (state); d) municipalities (municipal); e) in joint ownership.
The definition of property responsibility, the procedure for the formation and use of financial resources, the distribution of financial results, the relationship between participants in the production process depend on the form of ownership of the organization (enterprise).
Depending on the size of enterprises there are: finance of small (small) enterprises; finance of medium enterprises and finance of large enterprises.
The size of organizations (enterprises) affects the organization of finance in terms of the presence or absence of opportunities to attract financial resources to expand and improve production from external sources, specialized management, in terms of the possibility of using special taxation regimes, financial reporting, etc.
Meanwhile, all areas of classification have an impact on the organization of finance of enterprises, since they form in different ways the costs of production and sales of products, the structure of assets and capital, profit, the duration of the operating and money cycles; determine the specifics of taxation, income and cash generation, profit distribution and other aspects of the activities of enterprises. 1.4.
