Sources of equity capital formation. Main sources of equity capital formation

As part of the internal sources of the formation of their own financial resources the main place belongs to the profit remaining at the disposal of the enterprise - it forms the predominant part of its own financial resources.

Depreciation deductions also play a certain role in the composition of internal sources, although the amount equity they don't grow businesses.

Other internal sources do not play a significant role in the formation of the enterprise's own financial resources.

As part of external sources the formation of its own financial resources, the main place belongs to the attraction by the enterprise of additional share or equity capital, gratuitous financial help(as a rule, such assistance is provided only to individual state enterprises of various levels).

Other external sources of formation of own financial resources include tangible and intangible assets transferred to the enterprise free of charge and included in its balance sheet.

The increase in the company's own capital is primarily associated with the management of the formation of its own financial resources. The main task of this department is to ensure the necessary level of self-financing of development economic activity enterprises in the coming period.

Under net assets is understood the difference between the amount of the organization's assets accepted for calculation and the amount of liabilities accepted for calculation.

Based on value net assets the capital structure is estimated (the ratio of own and borrowed funds). A decrease in the share of equity capital entails a deterioration in the creditworthiness of enterprises. In addition, given that the indicators of equity and borrowed capital are used to calculate the profitability of investments in an enterprise by various investors (owners, creditors), it can be assumed that an overestimation of the volume of liabilities in total liabilities will adversely affect the objectivity of indicators characterizing the "price" of capital.

As part of equity, it is necessary to highlight the share of its individual components, as well as reflect the dynamics of its composition and structure for recent periods. The need for separate consideration of articles of equity capital is due to the fact that each of them is a characteristic of legal and other restrictions on the ability of an enterprise to dispose of its assets.

Let us consider in more detail each of the components of the equity capital of the enterprise.

Authorized capital is the cost reflection of the total contribution of the founders (owners) to the property of the enterprise during its creation. In accordance with Civil Code Russian Federation authorized capital is owned by joint-stock companies and other commercial organizations(limited liability companies, additional liability companies). Only in joint-stock companies (JSC) authorized capital divided into shares, expressed in shares, certifying the property rights of shareholders. At present, the amount of the authorized capital should not be less than the amount equal to 1000 times the minimum wage established on the date of submission of constituent documents for registration for open JSCs, and 100 times the minimum wage for LLCs and CJSCs.)

The increase in the authorized capital of the organization can be either at the expense of its own sources (additional capital, retained earnings etc.) or at the expense of additional contributions of participants.

Legal significance of the authorized capital joint-stock company consists primarily in the fact that its size determines the limits of the minimum property liability that a joint-stock company has and bears for its obligations.

In addition to the authorized capital, the reserve capital is included in the equity capital.

The reserve capital is formed in accordance with the procedure established by law and has a strictly designated purpose. In conditions market economy reserve capital acts as an insurance fund created for the purpose of compensating for losses and ensuring the protection of the interests of third parties in case of insufficient profit from the enterprise.

Reserve capital is created in without fail joint-stock companies and joint organizations in accordance with applicable law. Other organizations may create it at their own discretion. At the same time, the procedure for the formation of reserve capital is established by law. After the entry into force of the Law on Joint Stock Companies minimum size reserve capital should not be less than 15% of the authorized capital.

Information about the amount of reserve capital in the balance sheet of the enterprise has or should have extremely importance for external users financial statements who consider the reserve capital of the enterprise as a reserve of its financial strength. In countries with developed market relations, the absence of reserve capital or its insufficient value is considered as an additional risk factor for investing in an enterprise, since it indicates either an insufficient profit of the enterprise or the use of reserve capital to cover losses.

Additional capital - a component of equity in its present interpretation - combines a group of rather heterogeneous elements: the amounts from revaluation are outside current assets enterprises; gratuitously received valuables; share premium of a joint-stock company, etc.

The structure of sources of additional capital formation is shown in Figure 3.

Figure 3 - The structure of sources of additional capital formation

Accumulation funds characterize the amount of net profit aimed at the production development and expansion of the enterprise. The amounts for this balance sheet item show the increment in the net assets of the enterprise for the entire period of its operation

Retained earnings is the profit remaining after the payment of taxes and other payments and the formation of reserves (funds). In terms of economic content, retained earnings are so close to reserves that they are considered as a free reserve. Means of reserves (funds) and retained earnings are placed in specific property or are in circulation. Their value characterizes the result of the enterprise's activity and indicates how much the enterprise's assets have increased due to its own sources.

The division of equity capital into capital and reserves is not so much theoretical as practical value: according to the ratio and dynamics of these groups, the business activity and efficiency of the enterprise are evaluated.

Targeted funding includes funds received by an organization for strictly defined purposes: research work, training, maintenance of children's institutions, and others.

The management of the enterprise should have a clear idea of ​​what sources of resources it will use to carry out its activities and in which areas of activity it will invest its capital. Taking care of providing the business with the necessary financial resources is a key moment in the activity of any enterprise. Therefore, the analysis of the sources of formation and placement of capital has only great importance. Analysis tasks:

The study of the composition, structure and dynamics of the sources of formation of the capital of the enterprise;

Identification of factors of change in their value;

Determination of the cost of individual sources of capital raising and its weighted average price, as well as factors of change in the latter;

Assessment of the level of financial risk (ratio of debt and equity capital);

Assessment of the changes that have occurred in the liabilities side of the balance sheet in terms of increasing the level financial stability enterprises;

Substantiation of the optimal variant of the ratio of own

and borrowed capital.

Capital is the means that a business entity has to carry out its activities in order to make a profit.

The capital of the enterprise is formed both at the expense of its own (internal) and borrowed (external) sources.

The main source of financing is equity (Fig. 15.2). It includes authorized capital, accumulated capital (reserve and additional capital, retained earnings) and other receipts (target financing, charitable donations, etc.).

The authorized capital is the amount of funds of the founders to ensure the statutory activities. At state enterprises, this is the value of property assigned by the state to the enterprise on the basis of full economic management; at joint-stock enterprises - the nominal value of shares; in limited liability companies - the sum of the shares of the owners; at a leased enterprise - the amount of contributions of its employees, etc.

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

Additional capital as a source of enterprise funds is formed as a result of the revaluation of property or the sale of shares above their nominal value.

The reserve capital is created in accordance with the legislation or constituent documents at the expense of the net profit of the enterprise. It acts as an insurance fund to compensate for possible losses and protect the interests of third parties in case of insufficient profit to buy back shares, redeem bonds, pay interest on them, etc. By its value judge the stock of financial strength of the enterprise. Its absence or insufficient value is considered as an additional risk factor for investing capital in this enterprise.

To the means special purpose and earmarked funding

include gratuitous values ​​received from individuals and legal entities, as well as non-refundable and refundable budget allocations for the maintenance of social and cultural facilities and for the restoration of the solvency of enterprises that are on budget financing.

The main source of replenishment of equity capital (Fig. 15.3) is the net (retained) profit of the enterprise, which remains with the enterprise as an internal source of long-term self-financing.

Rice. 15.3. Sources of formation of own capital of the enterprise

If the company is unprofitable, then equity is reduced by the amount of losses incurred.

A significant proportion of internal sources is the depreciation of fixed assets and intangible assets. It does not increase the amount of equity, but is a means of reinvesting it.

Other forms of equity include income from the lease of property, settlements with the founders, etc. They do not play a significant role in the formation of the equity capital of the enterprise.

The equity capital is reduced by the value of the shares bought back from the shareholders and by the amount of the debt of the founders for contributions to the authorized capital.

The main share in the composition of external sources of equity formation is the additional issue of shares, as well as an increase or decrease in the market value of shares. State-owned enterprises may be provided with gratuitous financial assistance from the state. Other external sources include tangible and intangible assets transferred to the enterprise free of charge by individuals and legal entities as a charity.

Borrowed capital (Figure 15.4) is loans from banks and financial companies, loans, accounts payable, leasing, commercial paper, etc. It is divided into long-term (more than a year) and short-term (up to a year).

According to the purpose of attracting borrowed funds are divided into the following types:

Funds raised for the reproduction of fixed assets and intangible assets;

Funds raised to replenish current assets;

Funds raised to meet social needs.

According to the form of attraction, borrowed funds can be in cash, commodity form, in the form of equipment (leasing), etc.; according to the sources of attraction, they are divided into external and internal; according to the form of security - secured by a pledge or pledge, surety or guarantee and unsecured.

When forming the capital structure, it is necessary to take into account the characteristics of each of its components.

Equity capital is characterized by ease of attraction, ensuring a more stable financial condition and reducing the risk of bankruptcy. The need for it is due to the requirements of self-financing of enterprises. It is the basis of their autonomy and independence. The peculiarity of equity capital is that it is invested on a long-term basis and is subject to the greatest risk. The higher its share in the total amount of capital and the lower the share of borrowed funds, the higher the buffer that protects creditors from losses and the risk of losing capital.

However, equity capital is limited in size. In addition, financing the activities of an enterprise only at its own expense is not always beneficial for it, especially in cases where production is seasonal. Then, in certain periods, large funds will be accumulated in bank accounts, and in other periods they will be lacking. It should also be borne in mind that if the prices for financial resources are low, and the enterprise can provide more high level return on invested capital than it pays for credit resources, then by attracting borrowed funds, it can strengthen its market position and increase the profitability of its own (equity) capital.

At the same time, if the funds of the enterprise are created mainly at the expense of short-term liabilities, then its financial position will be unstable, since short-term capital needs constant operational work: control over their timely return and attraction of other capitals into circulation for a short time. The disadvantages of this source of financing should also include the complexity of the procedure for attracting, the high dependence of the loan interest on the financial market conditions and the increase in connection with this risk of reducing the solvency of the enterprise.

The degree of optimality of the ratio of own and borrowed capital largely depends on the financial position of the enterprise and its sustainability.

From Table. 15.2 it can be seen that at this enterprise the main share in the sources of asset formation is occupied by equity capital, although during the reporting period its share decreased by 6 percentage points, and borrowed capital, respectively, increased.

In the process of subsequent analysis, it is necessary to study in more detail the dynamics and structure of equity and debt capital, find out the reasons for the change in their individual components and evaluate these changes for the reporting period.

Table data. 15.3 show changes in the size and structure of equity capital: the amount and share of retained earnings have increased significantly, while the proportion of authorized and reserve capital has decreased. The total amount of equity for the reporting year increased by 10,100 thousand rubles, or 32%.

It is not difficult to establish the factors of change in equity capital according to the data of the report of form No. 3 "Report on changes in capital" and the data of the analytical accounting, reflecting the movement of authorized, reserve and additional capital, retained earnings (Table 15.4).

Before assessing the changes in the amount and share of equity capital in the total balance sheet currency, it is necessary to find out what caused them. It is obvious that the increase in own capital due to the capitalization of profits and due to the revaluation of fixed assets will be considered differently when assessing the ability of an enterprise to self-finance and increase its own capital.

Capitalization (reinvestment) of profits helps to increase financial stability, reduce the cost of capital, since rather high interest rates must be paid for attracting alternative sources of financing.

In the example under consideration, equity increased by 3,850 thousand rubles at the expense of the property revaluation fund, and by 5,925 thousand rubles, or 18.8%, at the expense of profit capitalization.

The sources of the bank's own capital are the authorized capital, additional capital, reserve fund, retained earnings of previous years.

Authorized capital credit organization is formed from the value of the contributions of its participants and determines the minimum amount of property that guarantees the interests of its creditors. For joint-stock banks, it is made up of the nominal value of shares acquired by the founders of a credit institution, and for banks in the form of LLCs and ALCs, it is made up of the nominal value of the shares of its founders. The amount of the authorized capital is determined in the founding agreement on the establishment of the bank and its charter. To improve the stability of the banking system, the Bank of Russia has established that the size of the authorized capital required to establish a bank must be at least EUR 5 million.

Contributions to the authorized capital of the bank can be made in the form cash and tangible assets, as well as valuable papers a certain kind.

The authorized capital of the bank can be formed only at the expense of own funds of shareholders (participants) attracted cash cannot be used to form it. Cash deposits in the authorized capital of a credit institution in Russian currency must be transferred from the settlement accounts of enterprises-shareholders (participants). Enterprises and organizations that have an illiquid balance sheet or have been declared insolvent cannot act as founders of banks and purchase their shares during the initial offering.

The founders of banks have the right to pay the authorized capital and in foreign currency, but in the balance sheet, the authorized capital must be reflected in rubles.

As tangible asset paid in payment of the authorized capital, only the bank building (premises) in which the bank is located, with the exception of construction in progress, can act. In addition, with the permission of the Board of Directors of the Bank of Russia, participants in an operating bank may pay for its authorized capital with other assets belonging to them that are not cash and a bank building. size limit the share of such assets in the authorized capital is established by the Board of Directors of the Bank of Russia. The maximum size (standard) of the non-monetary part of the authorized capital of the bank being created should not exceed 20%.

The founders of the bank must fully pay the authorized capital of the bank they created within one month after its registration.

Extra capital includes: an increase in the value of property upon its revaluation, a positive revaluation of securities acquired by the bank and intended for sale, as well as share premium, i.e. the difference between the placement price of shares upon issue and their nominal value. The increase in the value of the bank's property during the revaluation and the positive result of the revaluation of securities mean an increase in the value of its net assets and therefore are a source of its own capital.

reserve fund is intended to cover losses and losses arising from the activities of the bank. The minimum size of this fund is determined by the charter of the bank. Contributions to the reserve fund are made from the profit of the reporting year, remaining at the disposal of the bank after paying taxes and other obligatory payments, i.e. from net profit. At the same time, the amount of annual deductions to the reserve fund must be at least 5% of net profit until it reaches the minimum value established by the charter. By decision of the board of directors of the bank, this fund can be used to cover the bank's losses at the end of the reporting year.

Undestributed profits - this is the profit of previous years, remaining at the disposal of the bank after paying taxes and paying dividends to shareholders. It can be used at the discretion of the bank for various purposes, including to cover unforeseen expenses and losses from core activities.

Each commercial bank independently determines the amount of own funds and their structure, based on the development strategy adopted by it. If the bank, obeying the laws competition, seeks to expand the range of its clients, including through large enterprises that are in constant need to attract bank loans, then, naturally, its own capital should increase. The nature of its active operations also affects the size of the bank's own capital. With a long-term diversion of resources into risky operations, the bank needs to have significant equity capital. Its volume determines the bank's competitive position in the domestic and international markets.

In practice, there are two ways to increase equity: profit accumulation and attraction of additional capital in the financial market.

Accumulation of profit can occur due to the accelerated creation of the reserve and other funds of the bank with their subsequent capitalization or due to the accumulation of retained earnings of previous years. Last way capital increase is the cheapest and does not affect the existing structure of bank management. However, the use of a significant part of the profits to increase equity means a decrease in current dividends to shareholders and may lead to a drop in the market value of shares of banks established in the form of OJSCs.

In the case of directing the bank's own funds to increase its authorized capital (their capitalization), a decision must be made on the distribution of these funds among the participants in proportion to the number of bank shares already owned by each shareholder.

Raising additional capital a bank established in the form of an LLC can occur on the basis of additional contributions to the authorized capital of both its participants and third parties, who become participants in this bank (unless this is prohibited by its charter). Attraction of additional capital by joint-stock banks can be carried out by placing additional shares.

The main source of increasing the equity capital of Russian banks is profit. In 2006, 48.2% of the total increase in banks' own funds was secured from profit and the funds formed from it. By attracting additional capital from owners and third parties, a 34.5% increase in own funds was received.

The decision to increase the authorized capital is made general meeting shareholders (participants) or the board of directors of the bank in accordance with its charter. Moreover, such a decision can be made only after the registration of the previous change in the value of its authorized capital. An increase in the authorized capital must be agreed with the territorial institution of the Bank of Russia, which controls the legality of participation and payment by the participants of their shares (shares) in the capital of the bank. Implementation by legal and individuals shares (shares) of the bank to increase its authorized capital can be made by paying them in cash and at the expense of their tangible assets.

The internal sources of financing of the enterprise are its own funds: profit and depreciation. External sources of financing are various borrowed and borrowed funds: proceeds from the issue and placement of shares, bank loans, the sale of shares in the authorized capital, and so on. Internal and external sources of financing for enterprises have their own characteristics. Thus, the use of own resources for development allows the management of the enterprise to maintain independence in production activities, make decisions quickly and not incur costs for the return of funds. However, quite often the company's own funds cannot cover the entire need for financing, and then attracting external sources is the only way to develop the company. The division of external sources of financing into borrowed and attracted capital is also not accidental: borrowed capital- these are, as a rule, bank loans, the return of which occurs at the expense of all the assets of the enterprise, while banks do not control the process of using credit funds; attracted capital is, as a rule, investments, the return of which should occur only through the implementation of a specific business idea for which they were attracted, and their use is controlled by the investing structure. To cover the need for fixed and working capital, in some cases it becomes necessary for the organization to attract borrowed capital. Such a need may arise for reasons beyond the control of the organization. They may be the optionality of partners, emergency circumstances, reconstruction and technical re-equipment of production, the lack of sufficient start-up capital, the presence of seasonality in production, procurement, processing, supply and marketing of products, and other reasons. Thus, borrowed capital, borrowed funds are funds and other property attracted to finance the development of an organization on a repayable basis. The main types of borrowed capital are: bank credit, financial leasing, commodity (commercial) credit, issue of bonds, and others. The question of how to finance certain assets of the organization - at the expense of short-term or long-term capital, must be discussed in each specific case. The effectiveness of the investment of borrowed capital is determined by the degree of return of fixed or working capital. The process of reproduction prompts the organization to constantly search for new sources of financial resources. Reproduction has two forms: 1) simple reproduction, when the cost of compensating for the depreciation of fixed assets corresponds to the amount of accrued depreciation; 2) expanded reproduction, when the cost of compensating for the depreciation of fixed assets exceeds the amount of accrued depreciation. In modern conditions, situations arise when depreciation deductions are sufficient for expanded reproduction of fixed assets. This is most characteristically manifested when a certain proportion of computer and organizational equipment is present in the structure of fixed assets. This is due to a constant decrease by several times in the prices of this equipment and with a simultaneous increase in its productivity. Capital expenditures for the reproduction of fixed assets are of a long-term nature and are carried out in the form of long-term investments ( capital investments) for new construction, for the expansion and reconstruction of production, for technical re-equipment and for supporting the capacities of existing organizations. The sources of the organization's own funds for financing the reproduction of fixed assets include: - depreciation; - depreciation of intangible assets; - profit remaining at the disposal of the organization; - budgetary target appropriations; - Funds from the issue of shares. 49. The circulation of investment resources of the enterprise. Basicand working capital.

Stages of capital circulation At the first stage, the enterprise acquires the necessary fixed assets, production stocks, at the second stage, part of the funds in the form of stocks goes into production, and part is used to pay employees, pay taxes, social insurance payments and other expenses. This stage ends with the release of finished products. At the third stage, finished products are sold and funds are transferred to the enterprise's account, and, as a rule, more than the initial amount by the amount of profit received from the business. Consequently, the faster the capital makes a circuit, the more the enterprise will receive and sell products with the same amount of capital for a certain period of time. A delay in the movement of funds at any stage leads to a slowdown in capital turnover, requires additional investment of funds and can cause a significant deterioration in the financial condition of the enterprise. The effect achieved as a result of the acceleration of turnover is expressed primarily in an increase in output without additional attraction of financial resources. In addition, due to the acceleration of capital turnover, there is an increase in the amount of profit, since it usually returns to its original monetary form with an increment. If the production and sale of products are unprofitable, then the acceleration of the turnover of funds leads to a deterioration in financial results and the “eating away” of capital. It follows from the foregoing that it is necessary to strive not only to accelerate the movement of capital at all stages of the circulation, but also to its maximum return, which is expressed in an increase in the amount of profit by one ruble of capital. Increasing the profitability of capital is achieved by the rational and economical use of all resources, preventing their overspending, losses at all stages of the circulation. As a result, the capital will return to its original state in a larger amount, i.e. with a profit.

Main capital - that share of productive capital which participates wholly in production for a long time, but transfers its value to finished goods gradually and returns to the businessman in the form of money in installments. It includes the means of labor - factory buildings, machines, equipment, etc. They are bought immediately, and their value is transferred to the created product as they wear out. So, stone industrial buildings can serve 50 years, machines - 10-12 years, tools - 2-4 years. Suppose an entrepreneur spent 100 thousand rubles on the purchase of machine tools and they will operate for 10 years. Therefore, the machine tools will annually transfer to finished products 1/10 of their value - 10 thousand rubles.

Table 9.1. Fixed and working capital

Main capital	working capital
1. Retains its natural form for a long time (usefulness)	1. natural form converted in production into other utility
2. Participates in many circuits	2. Participates in one circuit
3. Transfers its value to finished products gradually, piecemeal.	3. Transfers its value to finished products immediately and completely.

In contrast, working capital is another part of productive capital, the value of which is completely transferred to the created product and returned in cash during one circuit. It's about about objects of labor and quick-wearing (for a year) tool. As you know, after processing, raw materials and auxiliary materials lose their former useful qualities and take on new ones. As for fuel and electricity, they are not materially included in the production and disappear as they are consumed, although without them it is impossible to create the necessary good.

To working capital in practice, wages are attributed, since the method of turnover of funds spent on wages is the same as the turnover of the value of objects of labor. Hence the interest of the businessman in accelerating the movement of working capital: the faster the return, in particular, the money spent on wages, the wider the opportunity to hire more workers in the same year. This will ultimately increase the profit margin.

Entrepreneurs show particular concern for the preservation and replacement of the value of fixed capital, which, by its economic nature, refers to constantly renewable capital. Such a continuous restoration of the value of the means of labor is carried out according to certain norms in accordance with their wear and tear. This depreciation is twofold: 1) physical and 2) cost (Fig. 9.2).

The physical depreciation of fixed capital means the loss of usefulness of the means of labor, as a result of which they become materially unsuitable for further use. This wear and tear occurs in two cases: a) in the process of productive use (breakdown of machines, destruction of a factory building from vibrations, etc.) and b) if the equipment is inactive and loses its qualities (is destroyed under the influence of heat, cold, water, etc.). ).

Cost (it is often called "moral") depreciation is the loss of its value by fixed capital. This process is divided into two types: a) when mechanical engineering creates cheaper technical means, as a result of which the depreciation of old, existing equipment occurs, and b) when old machines are replaced by more productive ones (for the same time they produce more products), as a result of which the equipment quickly transfers its value to finished products.

Under the conditions of modern scientific and technological progress and non-price competition, the aging of fixed capital has accelerated. New, more advanced means of labor are introduced even before physical wear and tear old technology. In the West, businessmen strive to ensure that the cost of fixed capital pays off long before its physical and cost depreciation. They achieve this by introducing several shifts during the day, by more fully loading machines and machine tools.

Funds for the simple reproduction of fixed capital are accumulated in the depreciation fund. By the time the material elements of this capital are worn out, such an amount of money is concentrated in the depreciation fund, at the expense of which new similar machines and equipment are purchased, as well as a major overhaul of the means of labor (work to restore the technical qualities of equipment and its productivity).

The depreciation fund is formed from depreciation deductions. The latter represent the monetary form of the value of existing fixed assets transferred to products. These deductions are included in the total cost of the enterprise for the production of products.

The above list does not reflect the whole variety of types of capital used in scientific terminology and practice of financial management. It contains the main classification features.

1.2 Sources of formation of financial resources

Sources of formation of financial resources is a set of sources to meet additional capital needs for the coming period, ensuring the development of the enterprise.

In principle, all sources of financial resources of an enterprise can be represented as the following sequence:

own financial resources and intra-economic reserves (profit, depreciation, cash savings and savings of citizens and legal entities, funds paid by insurance bodies in the form of compensation for losses from accidents, natural disasters, etc.);

borrowed funds (bank and budget loans, bonded loans and other funds);

attracted financial resources (funds received from the sale of shares, shares and other contributions of members of labor collectives, citizens, legal entities).

Own and attracted sources of financing form equity enterprises. Amounts attracted from these sources from outside, as a rule, are non-refundable. Investors participate in income from the sale of investments on the rights fractional ownership. Borrowed sources of financing form borrowed capital enterprises.

The financial basis of the enterprise is formed by its own capital.

First of all, the company focuses on the use domestic funding sources.

Equity capital may consist of authorized, additional and reserve capital, accumulation of retained earnings and earmarked earnings.

Figure 1 - The composition of the equity capital of the enterprise

The organization of the authorized capital, its effective use, management is one of the main and most important tasks of the financial service of the enterprise. Authorized capital- the main source of own funds of the enterprise. The amount of the authorized capital of a joint-stock company reflects the amount of shares issued by it, and the state and municipal enterprise- the amount of the authorized capital. The authorized capital is changed by the enterprise, as a rule, according to the results of its work for the year after the introduction of changes in the constituent documents.

It is possible to increase (decrease) the authorized capital by issuing additional shares into circulation (or withdrawing from circulation some of their number), as well as by increasing (decreasing) the par value of old shares.

Reserve capital - includes the balances of the reserve and other similar funds created in accordance with the law or in accordance with the constituent documents.

To additional capital relate:

results of revaluation of fixed assets;

share premium of a joint-stock company;

gratuitously received monetary and material values ​​for production purposes;

appropriations from the budget for financing capital investments;

funds to replenish working capital.

Undestributed profits this profit received in a certain period and not directed in the process of its distribution for consumption by owners and personnel. This part of the profit is intended for capitalization, i.e. to reinvest in production. According to its economic content, it is one of the forms of the reserve of the enterprise's own financial resources, which ensure its production development in the coming period.

Involved funds enterprises - funds provided on a permanent basis, which may be paid to the owners of these funds of income, and which may not be returned to the owners. These include: funds received from the placement of shares of a joint-stock company; share and other contributions of members of labor collectives, citizens, legal entities to the authorized capital of the enterprise; funds allocated by superior holding and joint-stock companies, public funds provided for targeted investment in the form of subsidies, grants and equity participation; funds of foreign investors in the form of participation in the authorized capital of joint ventures and direct investments of international organizations, states, individuals and legal entities.

The financial basis of the enterprise is formed by its own capital. At the operating enterprise, it is represented by the following main forms.

1.Statutory fund. It characterizes the initial amount of the company's own capital invested in the formation of its assets to start economic activities. Its size is determined (declared) by the charter of the enterprise. For enterprises of certain fields of activity and organizational and legal forms (JSC, LLC), the minimum size of the authorized capital is regulated by law.

2. Reserve fund (reserve capital). It represents a reserved part of the company's own capital, intended for internal insurance of its economic activity. The size of this reserve part of equity capital is determined by the constituent documents. The formation of the reserve fund (capital) is carried out at the expense of the enterprise's profit (the minimum amount of deductions of profit to the reserve fund is regulated by law).

3. Special (target) financial funds. These include purposefully formed funds of own financial resources for the purpose of their subsequent targeted spending. As part of these financial funds, they usually distinguish an amortization fund, a repair fund, a wage fund, a fund for special programs, a fund for the development of production, and others.

4. Undestributed profits. It characterizes the part of the enterprise's profit received in the previous period and not used for consumption by the owners (shareholders, shareholders) and staff. This part of the profit is intended for capitalization, i.e. for reinvestment in the development of production. According to its economic content, it is one of the forms of the reserve of the enterprise's own financial resources, which ensure its production development in the coming period.

5. Other forms of equity. These include settlements for property (when renting it out), settlements with participants (on payment of income to them in the form of interest or dividends) and some others reflected in the first section of the balance sheet liability.

Own capital management is connected not only with ensuring the effective use of its already accumulated part, but also with the formation of its own financial resources that ensure the future development of the enterprise. In the process of managing the formation of their own financial resources, they are classified according to the sources of this formation. The composition of the main sources of formation of own financial resources is shown in Figure 2.

Internal sources

External sources

Profit remaining at the disposal of the enterprise

Raising additional share or equity capital

Depreciation deductions from used fixed assets and intangible assets

Other external sources of equity capital formation

Other internal sources of equity capital formation

Receipt by the enterprise of gratuitous financial assistance

Figure 2 - The composition of the main sources of formation of the enterprise's own financial resources.

As part of internal sources of formation of own financial resources the main place belongs to the profit remaining at the disposal of the enterprise - it forms the predominant part of its own financial resources, provides an increase in equity capital, and, accordingly, an increase in the market value of the enterprise. Depreciation charges also play a certain role in the composition of internal sources, especially at enterprises with a high cost of their own fixed assets and intangible assets; however, they do not increase the amount of the company's own capital, but are only a means of reinvesting it. Other internal sources do not play a significant role in the formation of the enterprise's own financial resources.

As part of external sources of equity capital formation the main place belongs to the attraction by the enterprise of additional share capital (through additional contributions to the authorized capital) or equity (through additional emission and sale of shares) capital. For individual enterprises, one of the external sources of generating their own financial resources may be the gratuitous financial assistance provided to them (as a rule, such assistance is provided only to individual state enterprises of various levels). Other external sources include tangible and intangible assets transferred to the enterprise free of charge and included in its balance sheet.

1.3 Stages of equity capital formation policy

The basis of the management of the enterprise's own capital is the management of the formation of its own financial resources. In order to ensure the efficiency of managing this process, the enterprise usually develops a special financial policy aimed at attracting its own financial resources from various sources in accordance with the needs of its development in the coming period.

The policy of forming its own financial resources is part of the overall financial strategy of the enterprise, which consists in ensuring the necessary level of self-financing of its industrial development. This policy includes the following main steps:

analysis of the formation and use of own financial resources in the base period;

determination of the total need for them for the upcoming (forecast) period (quarter, year);

assessment of the cost of raising equity capital from various sources;

ensuring the maximum volume of attraction of own financial resources from internal and external sources;

optimization of the ratio of internal and external sources of their formation.

Let's expand on the content of each stage in more detail:

1. The purpose of the analysis of the formation of own financial resources in the base period is to establish the financial potential for the future development of the corporation. At the first stage of the analysis, the following is studied: the correspondence of the growth rates of profit and equity to the growth rates of assets (property) and sales volume; dynamics of the share of own sources in the total volume of financial resources. It is advisable to compare these parameters for a number of periods. Profit should increase at a faster rate than other parameters. This means that production costs should be reduced, sales revenue should rise, and equity and assets should be used more efficiently by accelerating their turnover.