Organization of finances and financial relations at ojsc "usta". Financial relations of organizations (enterprises)

- a specific sphere of economic relations determined by the movement of money. They are based on the processes that occur as a result of the creation, distribution, exchange and use of national income.

The movement of income of organizations is accompanied by the formation of their financial relations with other economic entities.

Types of financial relations by directions

Everything can be grouped into four groups:

• with other enterprises and organizations;
• within the enterprise;
• within associations of enterprises and organizations;
• with the financial and credit system of the state.

Financial relations with other enterprises and organizations

They include relations with suppliers, buyers, construction and installation and transport organizations, post and telegraph, foreign trade and other organizations, customs, firms of foreign states. This is the largest group in terms of cash payments. The relations of enterprises with each other are associated with the sale of finished products and the acquisition of material assets for economic activity. The role of this group is primary, since it is in the sphere of material production that is created, enterprises receive and.

financial relations between the founders at the time of the establishment of the organization during the formation of the authorized capital, as well as during the distribution of dividends;

financial relations between organizations in the process of production and sale of products, creation of added value; it is primarily financial relations between suppliers and consumers;

Financial relations within the enterprise

They include relations between branches, workshops, departments, teams, etc., as well as relations with employees and owners. Relations between the divisions of the enterprise are associated with payment for work and services, distribution of profits, working capital, etc. Their role is to establish certain incentives and liability for the qualitative fulfillment of the obligations assumed. Their volume is determined by the degree of financial independence of structural units. Relations with workers and employees are payments, benefits, material assistance, as well as the recovery of money for damage caused, withholding taxes.

financial relations between the organization and the personnel employed in it in the form of salary payments, bonuses, provision of social benefits;

Financial relations within associations of enterprises and organizations

Financial relations within associations of enterprises and organizations are the relations of enterprises with a higher organization, inside, and also.

The financial relations of enterprises with higher organizations are relations regarding the formation and use of centralized monetary funds, which in the conditions of market relations are an objective necessity. This is especially true for financing investments, replenishment of working capital, financing of import operations, scientific research, including marketing. The intra-sectoral redistribution of funds, as a rule, on a returnable basis, plays an important role in financial management and contributes to the optimization of enterprises' funds.

financial relations between the organization and its divisions in the distribution of resources, as well as between organizations within the financial and industrial group, holding, union or association, of which the organization is a member; such relationships are usually associated with the internal redistribution of funds or the financing of corporate events;

Relations with the financial and credit system of the state

Relations with the financial and credit system of the state are diverse. This system includes the following links: budget, credit, insurance, and the stock market.

Relationship with budgets various levels and with extrabudgetary funds are associated with transfers and deductions.

Financial relations of enterprises with banks are built in relation to both the storage of funds in banks, the organization of cashless payments, and the receipt and repayment of short-term and long-term loans. The organization of non-cash payments has a direct impact on the financial position of enterprises. is a source of formation, expansion of production, its rhythm, improvement, helps to eliminate temporary financial difficulties of enterprises.

Banks currently provide businesses with a number of so-called non-traditional services: trust. At the same time, there may be independent companies specializing in the performance of these functions, with which enterprises have direct relations, bypassing the bank.

Financial relations of enterprises with the stock market suppose .

financial relations between the organization and the financial system of the state when part of the primary income is withdrawn in the form of taxes and fees, as well as when receiving appropriations from the budget;

financial relations between the organization and other participants in the financial system. Relations with banks arise when organizing non-cash payments, obtaining and repaying short-term and long-term loans, as well as obtaining banking services. Relations with the insurance link of the financial system occur when insuring property, commercial and entrepreneurial risks, and compulsory insurance of employees. Relations with stock market participants - when placing temporarily free funds in securities, as well as privatization.

Types of financial relations by degree of obligation

From the point of view of obligation, all financial relations of the organization should be classified into:

• voluntary;
• voluntary-compulsory;
• forced.

TO voluntary include financial relations between the founders at the time of the creation of the organization, between organizations in the process of production and sale of products, between the organization and staff regarding consumption, in the distribution of resources within the organization, between the organization and stock market participants.

TO voluntary-compulsory financial relations - relations in which organizations enter on a voluntary basis, and then are forced to fulfill their obligations or conditions for the formation of relations with other legal entities. An example of such relations can be financial relations within a group, holding, association, union, as they are regulated by internal documents adopted voluntarily. Such relations also include financial relations in the organization of interaction with counterparties (suppliers and contractors), the terms of which are reflected in contractual obligations. In market conditions, the choice of a counterparty and the law-establishing norms of interaction with him are carried out voluntarily, but sanctions for violation of voluntarily accepted contractual obligations are already mandatory. Implementation of responsibility for obligations is expressed in the payment of fines and penalties for violation of the terms of contracts, compensation by personnel for material damage caused by their actions.

Forced financial relations of the organization arise when fulfilling tax obligations, carrying out (settlements between legal entities in cash are limited), compulsory insurance of professional liability (for example, in audit and construction activities), compulsory insurance of certain categories of employees or property, determined by state legal acts. Open joint-stock companies are obliged to enter into relations with participants and organizers of the stock market.

Each of the listed groups of financial relations has its own characteristics and scope. However, all of them are bilateral in nature and their material basis is the income of the organization.

The essence of any economic category, including the financial system, is manifested in its functions. Function (from lat. .functionio- performance, implementation) - an external manifestation of the properties of an object (phenomenon) in a given system of relations.

In the economic literature, there are various theoretical ideas about the functions of the financial system. This is primarily due to the specifics of approaches to the definition of finance and the financial system of existing economic schools and directions, which, in turn, is associated with specific historical and country-specific features of the functioning of financial systems.

Financial systems are characterized by dynamic development, during which their structural forms are modified, new financial instruments and services appear that correspond to the goals and objectives of the functioning of financial systems at a particular stage of social evolution. The financial systems of different countries may have certain differences due to the influence of many factors, including the economic model used, the size of the country, the degree of development of financial institutions and the level of competition among them, the use of innovations and technologies, cultural, historical, geographical, demographic and others. In countries with administrative economies, the functions of the financial system are reduced mainly to the distribution of financial resources, while institutions play the role of a state lever. In economically developed countries, the functions of the financial system are more differentiated and diverse.

In the Western economic literature, where the institutional approach to determining the essence of the financial system prevails, according to which the financial system is considered as a set of institutions that accumulate and provide funds, taking into account asset valuation and risk management, such functions of the financial system as information, control and monitoring, risk management, accumulation of savings, reduction of distribution costs, settlement and payment services, etc.

So, R. Levin refers to the functions of the financial system the information function, control and monitoring, risk management, accumulation of savings, reduction of distribution costs; R. Merton and 3. Body - payment and settlement, pooling resources and allocating shares in an enterprise, temporary, inter-industry and inter-country redistribution of economic resources, risk management, information, overcoming or mitigating problems associated with information asymmetry. At the same time, R. Merton and Z. Bodie believe that the main function of the financial system is the temporary, cross-industry and cross-country redistribution of economic resources.

In the work of J. Stiglitz, the following composition of the functions of the financial system is given: transfer of resources (capital) from savings agents to borrowers and investors; agglomeration of capital, since projects require more capital than can be held by one or a group of savings agents; project selection; monitoring the use of project funds; enforcement of contracts (refunds); transfer, sharing, risk aggregation, risk diversification.

In the domestic economic literature, a number of authors (A. G. Gryaznova, L. A. Drobozina, E. V. Markina and others), in accordance with the traditional understanding of the categories "finance" and "financial system", derive the functions of the financial system from the functions of finance, highlighting the distribution and control.

Some researchers believe that the financial system also has other functions: operational, stimulating, redistributive, reproductive.

According to other researchers (V. N. Gorelik, A. Z. Dadashev, D. G. Chernik), the financial system is designed to ensure, firstly, the distribution and redistribution of the gross domestic product through the implementation of a complex of commercial, financial and fiscal operations , affecting the pace and direction of the socio-economic development of the state; secondly, coordinated interaction between government authorities, business entities and the population in the process of formation and use of centralized and decentralized funds of funds, creating prerequisites for the transition to a higher level of business activity.

Analysis of the presented positions indicates that the main function of the financial system is distributive. This approach corresponds to that accepted in both domestic and Western economic literature. The financial system does not perform other functions if it does not perform the main one.

The composition of these other functions is determined by representatives of various scientific schools in different ways, based on theoretical ideas about the essence of the financial system.

• - distributive, covering the movement of economic resources in time and space;
• - regulatory, including financial regulation of the economy, risk management of economic activity and liquidity of financial assets, reduction of distribution costs, provision of optimal methods for making settlements;
• - mobilization, ensuring the accumulation of savings;
• - control, involving the control and monitoring of cash income and funds;
• - information, aimed at mitigating information asymmetry.

Characteristics of the functions of the financial system

The key function of the financial system is distributive.

The distributive function of the financial system is manifested in the process of distribution and redistribution between various economic entities of the gross domestic product, its most important component - national income, part of national wealth, as well as external receipts in the form of external government loans, foreign investment, other interstate transfers and is realized through the movement of financial resources in time and space.

With the improvement of distribution and redistribution mechanisms, the development of financial markets, the network of financial intermediaries, the range of financial instruments, the forms of its implementation become more and more diverse.

The movement of financial resources in time is associated with the existence of a time gap between the receipt and use of funds by economic entities. With the help of financial instruments, priorities are realized in the formation and use of financial resources over time, synchronization of financial flows, a more even distribution of the tax burden in time, diversification of insurance and other risks, capital investment.

The financial system contributes to the movement of financial resources not only in time, but also in space - between economic entities, regions, countries. The processes of globalization of economic relations, reflecting radical changes in the world and national economies, are accompanied by an increase in the interconnection of financial systems and the spatial expansion of financial capital. A breakthrough in the development of information technologies and communication means, the introduction of worldwide computer networks, the integration of trading systems into a single "electronic" global market determine the high mobility of financial capital.

In the context of the introduction of innovations, the strengthening of the global nature of modern financial markets and the interweaving of financial systems, the processes of movement of financial resources in time and space are accelerating, while reducing transaction costs and increasing the efficiency of financial operations. The global marketplace has a complex, high-tech network of communication channels, resource and information flows encircling the whole world; it operates around the clock, in all time zones, in the form of organized stock exchanges and electronic trading systems, which provides the ability to access financial resources in real time from anywhere in the world, make transactions without intermediaries, and provide a full package of financial services to all categories investors.

The regulatory function of the financial system shows in which direction the redistribution of financial resources takes place, the formation of reproductive, sectoral and territorial proportions. Its action is aimed at ensuring a sustainable pace of socio-economic development through the use of financial methods and macroeconomic regulation tools, managing the risks of economic activity and the liquidity of financial assets, implementing cost-effective projects, and ensuring optimal methods for making settlements.

In the field macroeconomic regulation the impact on economic and social processes is carried out through budgetary, tax, customs, investment and monetary policy by concentrating financial resources in some segments of the economy and limiting the growth of financial resources in others. It is aimed at preventing possible or eliminating existing imbalances, ensuring the development of advanced technologies, and achieving social stability.

In part economic activity risk management the regulatory function of the financial system provides an opportunity for subjects of economic relations to reduce the risks of their activities by attracting the services of specialized institutions and financial market instruments. Institutions that take on these risks use different forms and methods of risk management appropriate to their role in the financial system. The main institutional element of the financial system, which ensures the implementation of the function under consideration, is traditionally insurance organizations that, by agreement of the parties, assume risks and pay insurance claims. State non-budgetary funds, which solve the problems of ensuring social protection of the population, use methods of redistributing national income in favor of unprotected social groups of the population. Investment companies that manage cash funds contribute to the diversification of depositors' risks while maintaining and increasing investments, etc. To manage risks, methods such as insurance, diversification and hedging are used, as well as a range of techniques that allow you to transfer the risk, prevent or compensate for damage, avoid the risk in whole or in part.

Regulatory function of the financial system in part liquidity management of financial assets provides the possibility of changing the form of a financial asset depending on the requirements of the economic entity to the degree of its liquidity. Different categories of financial assets circulating on the market have different levels of liquidity. It is known that money has the greatest liquidity. Stocks are considered less liquid than bonds; long-term securities - less liquid than short-term ones; corporate securities - less liquid than government. Currency, securities, precious metals ensure the circulation, storage and accumulation of financial assets, as well as the efficiency of their use. The implementation of the function under consideration contributes to the choice by economic entities of the most appropriate forms of storage and use of their financial assets, reducing time and simplifying business transactions.

The regulatory function of the financial system contributes, among other things, to the realization cost-effective projects by choosing suitable methods and sources of financing. The effectiveness of the project largely depends on the model of its financing. The choice of methods and sources of financing is determined by a number of factors, and above all by the degree of availability of certain sources of financing, their cost. The regulatory function of the financial system provides the economic entities implementing the project with the opportunity to choose the optimal financing model, which implies the best combination of methods and sources of financing while minimizing the weighted average cost of financial resources.

Implementation of the regulatory function of the financial system in settlements and payments is to provide settlement services that mediate the movement of financial resources between economic entities. With the development of scientific and technological progress, new payment systems are being introduced and more and more advanced means of payment are being used, which increases the speed of movement of financial resources and the scale of their spatial movement. With the development of payment systems, the traditional bilateral relations of settlement services within the framework of the contract are being transformed into a network structure of interconnections built on a multilateral basis.

The control function of the financial system involves control and monitoring at all stages of the formation and use of cash income and funds and objectively reflects the course of the distribution process. It manifests itself in the control of compliance with the law, the distribution of the gross domestic product, part of the national wealth, external revenues, as well as the spending of financial resources for their intended purpose. Financial control is aimed at ensuring the development of production, accelerating scientific and technological progress, improving the quality of work in all spheres and sectors of the economy, stimulating, rational and thrifty spending of material, labor, financial resources and natural resources, reducing unproductive costs and losses, curbing mismanagement and waste .

The mobilization function of the financial system provides an opportunity for the formation of savings, the accumulation of wealth and income. It is implemented through the accumulation of capital and its accumulation with the help of financial institutions in the interests of market participants and society as a whole. This function allows using savings to counteract inflationary and crisis processes in the economy, ensure the stability and liquidity of the national currency, and generate resources for their further investment.

The function of broad financial information, which is performed by the financial system, contributes to the adoption of optimal decisions by economic entities due to information support.

In Russia, the function of broad financial information is implemented through various printed publications, statistical reference books and databases on the financial sector, the financial condition of organizations, structures providing financial services, etc. The most accessible and up-to-date information is provided by Internet resources, which reflect real-time changes in quotations, exchange rates, exchange rates and other financial indicators. Among the most famous Internet resources, such as Alpari.ru; cbr.ru; en.investing. corn; stocknavigator.ru; vedi.ru. In addition, a number of companies operating in the financial market provide information in the form of analytical reviews and reports: Alfa Capital. Analytics"; “Market Analysis from VTB 24”; Investment Cafe. Market Pulse"; "Interfax"; RosBusinessConsulting (RBC); «VTB 2 4. Te khanal i: j Forex»; Nord-Capital. Analytics"; "Prime-TASS"; "Finam"; "Finmarket"; "Rating agency AK&M"; Alpari. Analytics Forex"" "Forexpf. Forex"; « FusionMedia. Market Review"; TeleTrade. Expert opinions”; " teletrade. Techanalysis, etc.

Information is an important factor determining the direction of the movement of financial resources. Such information includes interest rates, exchange rates, stock prices, stock market indices, prices, tariffs, etc. Thus, the dynamics of interest rates in financial markets is an indicator of economic development, indicating its general trend, and the market valuation of certain assets is a key tool for minimizing the risks of operations involving the movement of capital. Detailed analysis and accounting of financial information contribute to the adoption by economic entities of economic decisions, the effectiveness of which is largely due to the completeness, reliability and timeliness of this information. However, information is imperfect, in addition, its asymmetry is generated by the actions of the economic actors themselves. In this regard, the activities of the infrastructure institutions of the financial system make it possible to simplify the process of obtaining and processing information for all participants in economic processes and thereby reduce the level of information asymmetry.

Finance is an integral part of monetary relations, therefore their role and significance depend on what place monetary relations occupy in economic relations.

However, finance differs from money not only in content, but also in the functions performed, in which their essence is manifested. Functions refers to the “work” that finances perform.

No one denies that finance is a set of monetary relations organized by the state, in the course of which the formation and use of funds of funds is carried out. And to the question of what is the source of the formation of numerous funds at different levels, the answer, as a rule, is the same - the gross domestic product. It is possible to carry out the process of distributing GDP with the help of financial instruments: norms, rates, tariffs, deductions, etc., established by the state.

If we talk about finance in general, then, apparently, it should be considered that they perform two main functions: distributive and control. That part of finance that functions in the sphere of material production and participates in the process of creating cash income and savings, but also the function of generating cash income (regulating).

Each financial transaction means the distribution of the social product and national income and control over this distribution.

The distribution function is manifested in the distribution of national income, when the so-called basic or primary incomes are created. Their sum is equal to the national income. The main incomes are formed during the distribution of national income among the participants in material production. They are divided into two groups:

• 1. wages of workers, employees, incomes of farmers, peasants employed in the sphere of material production;
• 2. income of enterprises in the sphere of material production.

However, primary incomes do not yet form public funds sufficient for the development of priority sectors of the national economy, ensuring the country's defense capability, and meeting the material and cultural needs of the population. It is necessary to further distribute or redistribute the national income, associated with the intersectoral and territorial redistribution of funds in the interests of the most efficient and rational use of income and savings of enterprises and organizations;

presence, along with non-productive sphere, in which the national income is not created (enlightenment, health care, social insurance and social security, management);

redistribution of income between different social groups of the population.

As a result of redistribution, secondary, or productive incomes are formed. These include income received in non-manufacturing sectors, taxes (personal income tax, etc.). Secondary incomes serve to form the final proportions of the use of the national income.

Actively participating in the distribution and redistribution of national income, finance contributes to the transformation of the proportions that have arisen during the initial distribution of national income into the proportion of its final use. The income generated in the course of such a redistribution must ensure a correspondence between material and financial resources and, above all, between the size of monetary funds and their structure, on the one hand, and the volume and structure of means of production and consumer goods, on the other.

The redistribution of national income in the Russian Federation is taking place in the interests of the structural restructuring of the national economy, the development of priority sectors of the economy (agriculture, transport, energy, military production conversion), in favor of the poorest segments of the population (pensioners, students, single mothers and large families).

Thus, the redistribution of national income occurs between the production and non-production spheres of the national economy, branches of material production, individual regions of the country, forms of ownership and social groups of the population.

The ultimate goal of the distribution and redistribution of national income and GDP, carried out with the help of finance, is the development of productive forces, the creation of market structures of the economy, the strengthening of the state, and the provision of a high quality of life for the general population. At the same time, the role of finance is subordinated to the tasks of increasing the material interest of employees and collectives of enterprises and organizations in improving financial and economic activities, achieving the best results at the lowest cost.

control function

Being a tool for the formation and use of cash income and funds, finance objectively reflects the course of the distribution process. The control function is manifested in control over the distribution of GDP among the relevant funds and their spending for the intended purpose.

In the conditions of transition to market relations, financial control is aimed at ensuring the financial development of public and private production, accelerating scientific and technological progress, and improving the quality of work in all sectors of the national economy. It covers the production and non-production spheres, is aimed at increasing economic incentives, rational and economical use of material, labor, financial resources and natural resources, reducing unproductive costs and losses, and curbing mismanagement and waste. Thanks to the control function of finance, society knows how the proportions in the distribution of funds are formed, how timely financial resources are at the disposal of different business entities, whether they are used economically and efficiently, etc.

One of the important tasks of financial control is to verify the exact observance of legislation on financial matters, the timeliness and completeness of the fulfillment of financial obligations to the budget system, the tax service, banks, as well as the mutual obligations of enterprises and organizations for settlements and payments.

The control function of finance is also manifested through the multifaceted activities of financial authorities.

Employees of the financial system and the tax service exercise financial control in the process of financial planning, in the execution of the revenue and expenditure parts of the budget system. In the conditions of the development of market relations, the directions of control work, the forms and methods of financial control are changing significantly.

Distributive and control functions are two sides of the same economic process. Only in their unity and close interaction can finance manifest itself as a category of value distribution.

Financial information acts as a tool for implementing the control function of finance. It is concluded in the financial indicators available in the accounting, statistical and operational reporting. Financial indicators allow you to see the various aspects of the work of enterprises and evaluate the results of economic activity. On their basis, measures are taken to eliminate the identified negative aspects.

The control function, objectively inherent in finance, can be realized to a greater or lesser extent, which is largely determined by the state of financial discipline in the national economy. Financial discipline is a mandatory procedure for all enterprises, organizations, institutions and officials to conduct a financial economy, comply with established norms and rules, and fulfill financial obligations.

Other features

Among the debatable is the question of the functions of finance. Many economists believe that finance performs two functions - distributive and control. Although one can find statements in the literature that, in addition to these two functions, finances also have others: production (different authors call it differently), stimulating, regulating, etc. But at the same time, the question of the functions of finance is replaced by the question of their role in social reproduction, as these are different, albeit interrelated issues. Of course, finances play an important role in social reproduction, they can be used to stimulate the efficient use of factors of production, regulate cost proportions, provide conditions for implementing an economy regime, etc. However, it is wrong to identify these results achieved through the functioning of finances with their functions.

In addition to the distributive and control function, according to some economists, finance also performs a regulatory function. This function is associated with state intervention through finances (state spending, taxes, state credit) in the process of reproduction.

Some authors do not recognize the distribution function of finance, believing that it does not express their specificity, since the processes of value distribution are served by different economic categories. But supporters of the distributive function do not at all believe that it is generated by the very factors of the functioning of finance at the second stage of the reproduction process, but, on the contrary, they associate it with the specific social purposes of finance, emphasizing that no other category operating at the stage of value distribution is so "distributive", like finance. However, today the regulatory function in Russia is poorly developed.

In the conditions of market relations, finance should perform a stabilization function. Its content is to ensure stable conditions in economic and social relations for all economic entities and citizens. Of particular importance in this case is the issue of the stability of financial legislation, since without this it is impossible to implement an investment policy in the production sector on the part of private investors. The achievement of stabilization is considered by the Government of the Russian Federation as a necessary condition for the transition of a market economy to socially oriented economic growth.

Some economists believe that finance has three functions: the formation of funds (income), the use of funds (income) and control. However, the first two, although they really exist, are more reminiscent of a mechanism for implementing a distributive function than an independent mode of operation of the category of finance.

The presence of controversial issues necessitates further development of theoretical problems of the essence and functions of finance. A deeper knowledge of the economic nature of finance and its inherent properties will allow us to actively develop ways to better use this category in business practice, to scientifically substantiate measures aimed at financial recovery of the economy and improving the system of financial relationships.

An organization (enterprise) (French organisation, from Latin organiso - I give a slim look) is an independent business entity with the rights of a legal entity that produces products, goods, provides services, performs work, engages in various types of economic activity, the purpose of which is to ensure social needs, profit and capital growth.

An organization (enterprise) can carry out any type of entrepreneurial activity or all types at the same time.

In the process of entrepreneurial activity, organizations (enterprises) have certain economic relations with its counterparties: suppliers and buyers; partners in joint activities; unions and associations; financial and credit system, etc., accompanied by the movement of funds.

The material basis of finance is money. However, a necessary condition for the emergence of finance is the real movement of funds: their accumulation, spending and use at all levels of management. It is due to mutual settlements between economic entities, with the budget and credit systems, in the process of which centralized and decentralized funds of funds are created and used.

In foreign literature, finance is considered as cash flows (processes associated with the movement of money).

In the works of domestic scientists, the essence of finance is usually expressed as a set of economic relations that arise during the formation, distribution and use of funds of funds. Recently, other definitions of the content of finance have appeared that are close to foreign ones. The ambiguous interpretation of the definition indicates the complexity and multilateral nature of finance. The object of finance is not only the processes arising from the movement of funds, but also the economic relations mediating them. The finances of organizations (enterprises) are a set of monetary relations that mediate economic relations related to the organization of production and the sale of products, the performance of work, the provision of services, the formation of financial resources, and the implementation of investment activities.

As an economic category, the finance of organizations (enterprises) is a system of financial or monetary relations that arise in the process of formation of fixed and working capital, cash funds of an organization (enterprise) and their use. They are distributive and redistributive in nature and have a direct impact on the reproductive process.

The finances of organizations (enterprises) are an independent element of the financial system serving material production and services. It is in this link of the financial system that a significant part of the national income of the country is formed, they are distributed within organizations and partially redistributed through the budget system and the system of extra-budgetary funds.

The sphere of financial relations of organizations (enterprises) is diverse and has significantly expanded and changed with the development of real market relations, the introduction of the Civil Code of the Russian Federation. Depending on the economic content, the financial relations of organizations (enterprises) can be grouped into the following areas:
arising between the founders at the time of the creation of the organization (enterprise) in the formation of the authorized (reserve, share) capital. In turn, the authorized (share, share) capital serves as the initial source of the formation of production assets, the acquisition of intangible assets;
between individual organizations (enterprises) associated with the production and sale of products, the emergence of newly created value. These include financial relations between the supplier and buyer of raw materials, materials, finished products, etc., relations with construction organizations during the period of investment activity, with transport organizations during the transportation of goods, with communication enterprises, customs, foreign firms, etc. . These relations are the main ones in economic activity, since the gross domestic product and national income are created in the sphere of material production. They account for the largest volume of payments; the financial result of enterprises' activities largely depends on their effective organization; between organizations (enterprises) and their subdivisions - branches, workshops, departments, teams - in the process of financing costs, distribution and redistribution of profits, working capital. This group of relations influences the organization and rhythm of production;
between organizations (enterprises) and their employees in the distribution and use of income, the issuance and placement of shares and bonds of the enterprise, the payment of interest on bonds and dividends on shares, the recovery of fines and compensation for material damage caused, the withholding of taxes from individuals. Their organization affects the efficiency of the use of labor resources;
between organizations (enterprises) and higher organizations, within financial and industrial groups, within the holding, with unions and associations, of which the organization (enterprise) is a member. These relations arise during the formation, distribution and use of centralized trust funds and reserves for financing targeted industry programs, conducting marketing research, research work, organizing exhibitions, providing financial assistance on a repayable basis for the implementation of investment projects and replenishment of working capital, during the reorganization . This group of relations, as a rule, is associated with the intra-industry redistribution of funds and is aimed at supporting and developing organizations (enterprises);
between organizations (enterprises) and the financial system of the state when paying taxes and other obligatory payments to budgets of different levels, forming off-budget funds, providing tax benefits, applying penalties, receiving appropriations from the budget.

The organization of this group of relations determines the financial condition of organizations (enterprises) and the formation of the revenue base of budgets of different levels:
between organizations (enterprises) and the banking system in the process of storing money in commercial banks, organizing cashless payments, obtaining and repaying loans, paying interest on loans, buying and selling foreign currency, and providing other banking services.

The financial condition of enterprises also depends on the organization of these relations:
between organizations (enterprises) and insurance companies and organizations arising from the insurance of property, certain categories of employees, commercial and entrepreneurial risks;
between organizations (enterprises) and investment institutions in the course of investment placement, privatization and other business entities.

Each of these groups has its own characteristics and scope, methods of implementation. However, all of them are bilateral in nature and their material basis is the movement of funds, thanks to their use, cash flows are formed, they accompany the formation of the authorized capital of an organization (enterprise), the circulation of funds begins and ends, the formation and use of funds for various purposes, financial reserves and in overall financial resources of the organization.

Functions of finance. The essence of finance is most fully manifested in their functions.

There is no consensus among economists about the functions of finance organizations (enterprises). In the economic literature, there is currently a wide variation in the definition of functions, both in terms of their number and content. Unity is noted only in two functions: distributive and control. Many literary sources indicate the following functions: the formation of capital, income and cash funds; use of income and funds, resource-saving, control, etc. Obviously, the listed functions in their content have the same nature and purpose - providing the necessary sources of financing for the activities of the organization (enterprise). Most economists recognize that enterprise finance performs three main functions: the formation of capital and income of the organization (enterprise); distribution and use of income; control.

All functions closely interact with each other.

When finance performs the function of capital formation, the initial capital of the organization (enterprise) is formed, its increment; attraction of funds from various sources in order to form the volume of financial resources necessary for entrepreneurial activity, accompanied by the movement of funds. In modern conditions, not all funds of the enterprise are stock in nature. The enterprise independently decides the issue of formation of cash funds and reserves.

The distribution and use of income at the level of organizations (enterprises) is manifested in the distribution of proceeds from the sale of products and income from other activities in value terms by areas of use, determining the main cost proportions in the process of distributing income and financial resources, ensuring an optimal combination of interests of individual producers, enterprises and organizations and the state as a whole.

The objective basis of the control function is the cost accounting for the production and sale of products, the performance of work, the provision of services, the formation of income and cash funds of the enterprise and their use. With the help of this function, control is exercised over the timely receipt of proceeds from the sale of products and the provision of services, the formation and targeted use of funds and, in general, the financial resources of the organization, changes in financial indicators, compliance with tax laws, etc.

At the heart of finance are distributive relations that provide sources of financing for the reproduction process and thereby link together all phases of the reproduction process: production, exchange and consumption. However, the amount of income received by an organization (enterprise) determines the possibilities for its further development. Efficient and rational management of the economy predetermines the possibilities for its further development. And vice versa, disruption of the uninterrupted circulation of funds, the growth of costs for the production and sale of products, the performance of work, the provision of services reduce the income of the organization (enterprise) and, accordingly, the possibility of its further development, competitiveness and financial stability. In this case, the control function of finance indicates the insufficient impact of distribution relations on production efficiency, shortcomings in the management of financial resources, and the organization of production. Ignoring such evidence can lead to the bankruptcy of the enterprise.

The implementation of the control function is carried out with the help of financial performance indicators of enterprises, their assessment and the development of necessary measures to improve the efficiency of distribution relations. The control function is carried out both directly in the organization and by its owners, contractors, credit and government agencies.

Communication functions of financial management.

Influence of inflation on the investment process.

The impact of inflation on the investment process is mostly negative. It manifests itself in the fact that depreciation of the depreciation fund occurs, and therefore, a lack of funds is revealed for the renewal of fixed assets. As a result, the investment fund decreases, the investment opportunities of the enterprise decrease. Such an impact can be reduced by using the method of accelerated depreciation of fixed assets, as well as limiting the growth of consumption funds. The negative impact is also manifested in the fact that in the future investors will receive investment income in depreciated money, and investment costs are currently being incurred. In conditions of inflation, preference should be given to investment projects with a quick payback period. It is also reasonable to invest in the most protected from it areas with a rapid turnover of capital - these are financial markets, speculative transactions with securities, trade, real estate transactions, etc.

Lecture #5, 6. Communication function - the implementation of external financial relations.

In modern concepts of strategic enterprise management, one of the main roles is played by the dynamics of its development and behavior in the external environment. One of the main factors of communication is financial management. The communication function of financial management consists in the implementation of financial relationships with federal, subfederal and municipal authorities, contractors, customers, creditors, borrowers, investors, founders, etc. These relations should at least be conflict-free, and ideally they should contribute to the development of the enterprise and the solution of its strategic goals. Financial management at the enterprise should be adequate to the requirements of the external environment.

The financial environment of entrepreneurship is a complex of mutual multilateral business relations of an enterprise with subjects and objects of financial relations. The system of financial relations of an economic entity includes relations in the field of education, formation, disposal and use of financial resources. These relations can be both within the economic horizontal and vertical. Currently, relations with higher organizations are developed at enterprises with federal and municipal property and at state enterprises. Similar relations were revived on a new basis and within financial holdings. This is the relationship of subsidiaries and affiliates with the parent company - the holder of their controlling stake (shares). In market conditions, the relationship of the financial horizontal is of paramount importance. Each business entity is, on the one hand, a supplier of products (works, services), and on the other hand, their buyer. Elements that form the business environment.

Entrepreneurial environment- social economic situation, including the degree of economic freedom, the presence of an entrepreneurial corps, the dominance of the market type of economic relations, the possibility of forming an entrepreneurial environment and the use of the necessary resources. The formation of an entrepreneurial environment is a manageable process. At the heart of management methods are measures related not to the impact on business entities, but to the design of favorable conditions for the emergence and rapid development of such entities. Formation of the business environment includes the following elements:

Adoption of a national program to stimulate entrepreneurship, creation of an entrepreneurial infrastructure (of all institutions of entrepreneurial activity);

Changing public economic and socio-economic thinking;

Changing social psychology. The development of entrepreneurship leads to the growth of national wealth and the welfare of the nation.