Summary: Comparative characteristics of sources and structure of financial resources at micro and macro levels. Financial resources

MINISTRY OF EDUCATION AND SCIENCE OF THE RUSSIAN FEDERATION

federal state budgetary educational institution of higher professional education

"Trans-Baikal State University"

(FGBOU VPO "ZabGU")

Faculty of Economics and Management

Department of State, Municipal Administration and Policy

Course work

by discipline: "State and municipal finance"

on the topic: "State financial resources of Russia, opportunities for their growth in modern conditions"

Completed by: student of group GMUb-11-3

Kozina Daria Evgenievna

Supervisor:

Gordeeva Tatiana Nikolaevna

INTRODUCTION

1.1 Concept of financial resources

2.3 Growth Opportunities for Government Loans

CONCLUSION

LIST OF SOURCES USED

INTRODUCTION

In a market economy, finances occupy a leading position in economic relations, since they are associated with the formation and use of the state's monetary funds and are intended to fulfill their economic and managerial functions. Therefore, in the context of the ongoing economic transformations in the country, the issues of organizing finances and the optimal movement of financial resources acquire particular importance.

Financial resources are an important indicator of the financial strength of a state. Forming in the process of production, distribution and redistribution of the social product and national income, they represent the monetary expression of that part of the material resources that society directs for final use. The more financial resources are created in the process of social production, the more efficient it is. At the same time, the solution to the problem of increasing the efficiency of all reproduction and accelerating the rates of economic growth depends on the effective use of financial resources in the national economy. Finance and credit: Textbook / A.G. Gryaznova. - M .: /, Finance and Credit, 2004 .-- 504 p.

Therefore, one of the significant factors in the successful development of the Russian economy should be effective and competent management of the finances at the disposal of the state. However, the study of the economic essence of finance, the identification of the specific features of this category is impossible without a particularly in-depth study of such a category as financial resources.

Consequently, the study of the topic chosen for the study is always relevant, because effective and competent management of the country's financial resources is one of the significant factors in the successful development of the Russian economy.

The object of research in this course work will be financial resources.

The subject of this research is the system of financial relations between the state and business entities.

The purpose of this work is to study the financial resources of the state and determine the possibilities of their growth in modern conditions.

Work tasks:

1) consideration of the essence of financial resources;

2) determination of the composition, sources of formation and direction of use of financial resources;

3) consideration of the role of financial resources of the state in the economic development of the country and the possibility of their growth.

CHAPTER 1. STATE FINANCIAL RESOURCES AND DIRECTIONS OF THEIR USE

1.1 The concept of public financial resources

In the context of the transition to a market economy, all the institutions of the financial system are given great importance, since they make a certain contribution to the development of the state's economy. Improving financial relations is the main condition for the functioning of a market economy.

According to the textbook published under the editorship of. Professor M.V. Romanovsky, finance is a system of relations in society regarding the formation and use of funds in accordance with the functions and role of categories.

It says that financial relations arise in the process of formation and movement (distribution, redistribution and use) of capital, income, funds, reserves and other monetary sources of the enterprise, that is, its financial resources. Ed. Romanovsky M.V., Vrublevskoy O.V., Sabanti B.M. Finance: Textbook for universities / St. Petersburg State University of Economics and Finance; ed. M. V. Romanovsky, O. V. Vrublevskoy, B. M. Sabanti - Moscow: Yurayt, 2009 - 504 p.

Finance as a scientific concept is usually associated with those processes that appear on the surface of social life in various forms and are necessarily accompanied by the movement (cash or non-cash) of funds. Whether we are talking about the distribution of profits and the formation of on-farm funds at enterprises, or about transferring tax payments to the state budget revenues, or about contributing funds to off-budget or charitable foundations - in all these and similar financial transactions, there is a flow of funds.

The distribution and redistribution of value with the help of finance is necessarily accompanied by the movement of funds that take a specific form of financial resources.

The state itself is the subject of state financial resources.

The object of state financial resources is financial relations as a result of actions that generate targeted monetary funds: budget revenues of all levels and revenues of extra-budgetary funds.

Financial resources are the material carriers of financial relations.

They act as an object of real money circulation, are sources of financing for expanded reproduction.

The main material source of monetary funds is the country's national income - the newly created value. It is allocated to the value of the necessary and the surplus product. The necessary product and part of the surplus is the fund for the reproduction of labor power. The rest is an accumulation fund. For business entities, the main monetary funds are the accumulation fund, the consumption fund and the fund of financial reserves. Ed. prof. Rodionova V.M. Finance: Textbook. / Ed. prof. V.M. Rodionova. - M .: Finance and Statistics, 1995.

Thus, the financial resources of the state are the totality of all types of monetary funds, financial assets that the state has at its disposal. Financial resources are the result of the interaction of receipts and expenditures, the distribution of funds, their accumulation and use.

The state needs financial resources to implement the functions assigned to it. Without the availability of sufficient financial resources, the state cannot effectively influence the development of production, the social sphere, participate in international relations, organize its external protection and ensure internal law and order.

Thus, the financial resources of the state are the totality of all the funds that the state, its enterprises, organizations, institutions have as economic entities to cover their costs.

1.2 Composition of public financial resources, sources of formation and directions of their use

The main types of public financial resources include:

1. Loans from the IMF and other international organizations, plus domestic loans from the Central Bank.

2. Taxes.

3. Contributions to extrabudgetary funds.

4. Payments of the population to the local budget.

5. Others.

Potentially financial resources are formed at the production stage, when new value is created and the old one is transferred. But the real formation of financial resources begins only at the stage of distribution, when the cost is realized and specific economic forms of the realized value are singled out as part of the proceeds.

The use of financial resources is carried out mainly through special purpose monetary funds, although a non-fund form of their use is also possible.

Financial funds are an important component of the overall system of monetary funds operating in the national economy. The stock form of the use of financial resources is objectively predetermined by the needs of expanded reproduction and has some advantages over the non-stock form: it makes it possible to more closely link the satisfaction of any need with the economic possibilities of society; ensures the concentration of resources on the main directions of development of social production; makes it possible to more fully link social, collective and personal interests and the more actively to influence production.

The goal of financial policy is the most complete mobilization of financial resources necessary to meet the urgent needs of the development of society. In accordance with this, the financial policy is designed to create favorable conditions for enhancing entrepreneurial activity. Much attention is paid to determining the rational forms of withdrawing the income of enterprises in favor of the state, as well as the share of participation of the population in the formation of financial resources. Great importance is attached to increasing the efficiency of the use of financial resources through their distribution between the spheres of social production, as well as their concentration on the main directions of economic and social development. Babich A.M., Pavlova L.N. State and municipal finance: Textbook for universities / A.M. Babich, L.N. Pavlova. - M .: UNITI, 2002 .-- 687 p.

Scientifically based financial policy, if implemented correctly and successfully, brings positive results. Its significance lies in the fact that it can be accompanied by an increase in the level of well-being of the people.

Financial policy contributes to the strengthening and development of economic ties with all countries of the world, providing conditions for the implementation of joint activities.

Financial policy plays an important role in the development of productive forces and their rational distribution throughout the country. It contributes to the provision of financial resources for targeted programs, the concentration of funds on key areas of economic development, stimulation of the growth of production efficiency; increasing the interest of all regions in the development of the economy, the use of local raw materials.

Thus, the financial policy of the state is a set of measures for the formation and use of financial resources. The financial policy has its concrete embodiment in the financial mechanism of the state.

The financial mechanism is a set of forms and methods for managing the financial activities of the state. It includes a system of cash settlements, a system of financial leverage and incentives, financial norms, standards, indicators, state banking and financial reserves and financial control.

Financial distribution covers the social product and part of the value of the NB, therefore we refer to the financial resources that part of the value of the social product and the NB that is distributed and redistributed with the help of finance. Financial resources are one of the constituent parts of all monetary resources circulating in the country, which, in addition to them, also include credit resources, monetary incomes of the population, and working capital of enterprises. It is not difficult to draw the line between financial resources and monetary income, since financial resources are at the disposal of the state and business entities, and the latter are in the hands of citizens and are used to meet vital needs.

Working capital is also not included in the composition of financial resources, since the peculiarities of the use of circulating assets at the enterprise presuppose their constant, indissoluble circulation in the form of a natural-material term. The enterprise cannot even temporarily direct current assets for other purposes, since OS should always be strictly used to service the circulation of objects of labor in the enterprise. Financial resources do not have a greater independence from the natural-material form of the value of the product being created. They can be distributed and redistributed through various channels and monetary funds, therefore, specialists do not include working capital in the composition of financial resources.

Financial resources - income and receipts of business entities and the state represented by its bodies, which are used for the purpose of expanded reproduction and to meet other needs. It is financial resources that make it possible to separate the category of finance from the category of price and other value categories. Financial resources, speaking in monetary form, differ from other resources. They are relatively isolated in their functions, so there is a need to ensure that financial resources are linked to other resources.

The sources of financial resources are all three elements of the value of the social product, but the degree of participation of each of them is different.

Finance affects social reproduction in the following directions:

1) financial support of the reproduction process;

2) financial regulation of economic and social processes;

3) financial stimulation of the economy.

Financial sources are divided into:

1) sources that operate at the macro level (state level);

2) sources that operate at the micro level (enterprise level).

The most important source of financial resources is the value of a country's GDP, which consists of C + V + M (capital + salary + profit).

V + M are the main sources of financial resources at the macro level.

Element V, being the worker's personal income, usually wages, acts as a source of financial resources in three areas:

1) taxes (from the salary must be paid);

2) insurance payments;

3) other payments (like trade union dues, contributions to special funds, etc.)

Thus, element V is involved in the creation of financial resources at the macro level. Ed. Prof. Shokhina E.I. Financial management: Textbook / Ed. Prof. E.I. Shokhin. - M .: ID FBK-PRESS, 2002 .-- 408p.

Element M - surplus value, profit. It is the main source of financial resources.

Sources of financial resources at the macro level:

1. GDP (the first group of financial sources).

2. Income from foreign economic activity

3. National wealth.

4. Attracted (borrowed) resources.

The volume of financial resources, first of all, depends on the volume of GDP created in the country, their nominal value also depends on the scale of prices, as well as on the ratio of individual parts of the social product, and above all the necessary and surplus product (the more the surplus, the more the amount of financial resources). An increase in financial resources can also occur due to an increase in the value of fixed assets as a result of changes in the depreciation rate or revaluation of fixed assets.

The main directions of using financial resources:

1. Expenses (use of financial resources to ensure the reproduction process - funds of commercial enterprises). These include: the cost of financing capital investments, the cost of repairs, the acquisition of intangible assets, filling the gap and financing the increase in working capital; payment of bonuses to employees to stimulate labor; granting subsidies to unprofitable enterprises; formation of a reserve fund; payment of insurance compensation to enterprises and organizations, financing of research and development.

2. Financing of social and cultural expenses. Payments to the disabled, the poor, financing of social and cultural institutions of a non-profit type; insurance benefits for personal insurance, paid to citizens by insurance authorities, the provision of material assistance, various social benefits.

3. Use of financial resources for the needs of defense, law enforcement agencies, government bodies.

Financial planning is one of the elements of financial management, the object of which is the distribution process.

It covers the formation and distribution of financial resources, education and the use on their basis of various monetary funds and is carried out on the basis of production and financial indicators.

In the process of financial planning, the following are determined:

Sources and amounts of financial resources for the planned period;

The volume of funds created on their basis;

The directions and structure of the use of monetary funds are calculated. This solves the problem of choosing the most effective use of financial resources and monetary funds created on their basis.

In the process of drawing up financial plans, material, labor, financial reserves are sought to increase financial resources and reduce unproductive expenses.

Reserves - a part of financial resources, which is intended to finance the needs that arise unforeseen, and aimed at both simple and extended reproduction and consumption. Insurance reserves are a part of financial resources aimed at compensation for damage in insured events. Insurance financial reserves - financial reserves of insurance companies. These reserves are required when current funds are insufficient for payments.

Financial resources, their rational use in the reproductive activity of a society in transition to a market determine the material basis for the practical reform of the transition economy, the successful overcoming of crisis failures, an increase in the level of social protection of the population, especially its low-income strata and strata.

The formation of financial resources, their use is closely interconnected with the cost structure of the country's gross domestic product. Ed. Prof. Shokhina E.I. Financial management: Textbook / Ed. Prof. E.I. Shokhin. - M .: ID FBK-PRESS, 2002 .-- 408p.

Thus, the main source of financial resources is the national income, the profit of organizations regardless of ownership, the amortization fund, and insurance funds.

The use of financial resources is carried out mainly through special-purpose monetary funds, although a non-fund form of their use is also possible.

1.3 Classification of public financial resources

The financial resources of the Russian Federation include the following links of financial relations:

The state budgetary system;

Extrabudgetary Special Funds;

State loan;

These three blocks of financial relations belong to centralized finance and are used to regulate the economy and social relations at the macro level. The financial relations of enterprises belong to decentralized finance and are used to regulate and stimulate the economy and social relations at the micro level.

The financial relations that the state has with enterprises, organizations, institutions and the population are called budgetary. The specificity of these relations as part of financial is that, firstly, they arise in the distribution process, an indispensable participant in which is the state (represented by the relevant authorities), and, secondly, are associated with the formation and use of a centralized fund of funds designed to meet national needs. Berlin S.I. Finance Theory: Textbook / S.I. Berlin. - M .: Prior, 2003.

The totality of budgetary relations on the formation and use of the country's budgetary fund constitutes the concept of the state budget. In terms of economic essence, the state budget is monetary relations arising between the state and legal entities and individuals regarding the redistribution of national income (in part, national wealth) in connection with the formation and use of the budget fund intended to finance the national economy, socio-cultural events, defense and public administration needs. Thanks to the budget, the state is able to concentrate financial resources on decisive areas of economic and social development. Borisov E.F. Economic theory: A course of lectures for students of higher educational institutions / E.F. Borisov - M .: Society Knowledge, 2003.

The second link of financial resources is off-budget special funds. In 1993, there were more than 20 off-budget funds, including 4 social and other production funds.

Off-budget funds act as a stable, long-term forecast source of funds used to finance specific social needs of national importance (state off-budget social funds); to finance individual regional or departmental programs of an economic nature, carried out by federal executive bodies, as well as constituent entities of the Russian Federation and local self-government bodies.

Extra-budgetary funds are characterized by a clear establishment of income sources that make it possible to fairly accurately predict the amount of funds of these funds and, no less important, to control the targeted use of these financial resources. Off-budget funds are an important link in the public finance system in all developed countries of the world. Babich A.M., Pavlova L.N. State and municipal finance: Textbook for universities / A.M. Babich, L.N. Pavlova. - M .: UNITI, 2007 .-- 687 p.

Extrabudgetary funds always have a strictly earmarked purpose and are managed independently from the budget. Extra-budgetary funds are in state or municipal ownership. When revenues exceed the expenditures of funds (i.e., there is a surplus), the funds of these funds are often used by many countries on a repayable basis to cover the budget deficit.

Most of the funds are created in the process of redistributing national income with the help of special taxes, fees, loans, as well as the allocation of funds from the budget. Budget funds are transferred to funds in the form of subsidies and subventions or in the form of deductions from tax revenues. Extrabudgetary funds can also attract borrowed funds to solve specific problems.

Thus, off-budget funds are a specific form of redistribution and use of the country's financial resources to finance specific social and economic needs of national or regional significance.

Foundations differ in terms of legal status and purposes of creation.

By legal status, funds are divided into state and local. The former are at the disposal of the central authorities (in states with a federal structure, they may also be at the disposal of the authorities of the subjects of the federation); the latter are at the disposal of local governments.

Depending on the target direction of spending funds, off-budget funds are subdivided into: social funds (sometimes called social insurance funds) and economic funds. The first ones are intended mainly for solving problems of a social nature, the second ones have an economic orientation.

In the Russian Federation, social funds include: 1) the Pension Fund of the Russian Federation (PF);

2) the Social Insurance Fund of the Russian Federation (FSS);

3) Federal Fund and territorial funds of compulsory health insurance (FFOMS and TFOMS, respectively). Until 2001, there was also the State Employment Fund of the Russian Federation (GFZN). Budget Code of the Russian Federation (BC RF) of July 31, 1998 N 145-FZ

State credit is a special form of credit relations between the state and legal entities and individuals, in which the state acts mainly as a borrower of funds. The policy in relation to the state internal debt is determined by the Federal Assembly of the Russian Federation, which sets its upper limit when approving the federal budget for the coming financial year. The increase in domestic debt in recent years is associated with the issue of banknotes by the Central Bank of Russia to cover the budget deficit and has become a powerful inflationary factor. The task is to ensure that budget deficits, as in foreign countries with developed market economies, are covered by issuing government loans placed among legal entities and individuals.

A state loan is an activity of the state regulated by the norms of financial law aimed at obtaining a loan, i.e. loans, money from legal entities and citizens, as well as from other states on terms of repayment, urgency, compensation and voluntariness. As an exception, an interest-free loan of funds can also be used. In relation to other states, the Russian Federation can act as both a debtor and a creditor. In legal relations on a state loan, the parties cannot change the instructions of the state.

The funds taken in loans from the population, economic entities and other states go to the disposal of state bodies, turning into additional financial resources. They can be used simply as a planned budgetary resource, a resource for replenishing off-budget funds for special purposes, an investment resource, but as a rule, government loans in various forms are used especially intensively to cover the budget deficit.

The source of repayment of state loans and payment of interest on them are budget funds, where these expenses are annually allocated in a separate period. However, in the face of a growing budget deficit, the state may resort to refinancing the state debt, i.e. repay old government debt by issuing new loans. The sphere of state-credit relations includes temporarily free funds of the population and economic entities, but not intended for current consumption. At present, Russia's domestic public debt consists of government securities issued by the RF Ministry of Finance on behalf of the Russian Government, as well as in the form of loan agreements with the Central Bank of Russia. All types of borrowings are urgent and interest is paid on them. The general concept of the state debt of the Russian Federation, its composition, management principles and service procedure are formulated and legally enshrined in the Budget Code of the Russian Federation.

State debt is understood as the debt obligations of the Russian Federation to individuals and legal entities, foreign states, international organizations and other subjects of international law. The state debt of the Russian Federation is fully and unconditionally secured by all federal property that makes up the state treasury. Depending on the borrower, the public debt is subdivided into the public debt of the Russian Federation, the public debt of the constituent entity of the Russian Federation and the municipal debt.

Thus, the financial resources of the state include the state budget, extra-budgetary funds and state credit, which are classified as centralized finance and are used to regulate the economy and social relations at the macro level.

CHAPTER 2. POSSIBILITIES OF GROWTH OF THE FINANCIAL RESOURCES OF THE STATE IN MODERN CONDITIONS

2.1 Opportunities for the growth of the state budget as the main resource of financial relations

The totality of budgetary relations on the formation and use of the country's budgetary fund constitutes the concept of the state budget. In terms of economic essence, the state budget is monetary relations arising between the state and legal entities and individuals regarding the redistribution of national income (in part, national wealth) in connection with the formation and use of the budget fund intended to finance the national economy, socio-cultural events, defense and public administration needs. Thanks to the budget, the state is able to concentrate financial resources on decisive areas of economic and social development. Borisov E.F. Economic theory: A course of lectures for university students. - M .: Society Knowledge, 2003.

The state budget is formed mainly from taxes from enterprises and the population. The channels for directing financial resources from enterprises and the state budget are also not the same. Consequently, each area of financial relations is to some extent an independent link in the financial system. Nevertheless, all links are closely interconnected and constitute a single financial system. Thus, the financial system is a set of separate but interconnected spheres and links of financial relations. The financial system of the Russian Federation includes the following areas: public finance, municipal finance, finance of enterprises (organizations), finance of citizens.

The most important links of the financial system are state and municipal finances, which provide state and local authorities with funds to carry out the functions provided for by the Constitution of the Russian Federation and other legislative acts. State and municipal finances cover that part of monetary relations related to the distribution and redistribution of GNP, which is accumulated in the hands of state authorities and local governments to cover the costs necessary for the state and municipalities to perform their functions.

The Russian economy is experiencing great difficulties: the growth of the gross domestic product has slowed down, investment continues to decline, the collection of taxes and other government fees and payments is declining, the costs of servicing fees and payments are growing, and the costs of servicing domestic and external public debt are growing. The difficult situation in the social sphere, the incomes of the population are decreasing, and hence the level of consumption.

The main objectives of budgetary policy remain to improve the welfare of the population and ensure sustainable growth of the country's economy based on the stable functioning and development of the budget system. In this regard, budgetary policy should contribute to improving the quality and availability of budget services, creating a favorable business climate, increasing the competitiveness of the domestic economy, reducing the incidence of poverty, and ensuring social stability based on the simultaneous growth of workers' incomes in both the public and private sectors of the economy. E.A. Gavrilenkov Russian Economy: Prospects for Macroeconomic Policy // Problems of Economics. 2012. No. 4.

The prospective financial plan and budget of the "extended government" approved by the Government of the Russian Federation should be the basis for the formation of the main characteristics of the federal budget for the next financial year. Plans to reduce the tax burden, make new commitments, and carry out structural reforms in the economy should be linked to the baseline forecast of the parameters of the budget system.

The state should abandon the estimated financing of the budgetary network and the direct provision of a significant part of budgetary services and switch to the principle of payment for them in accordance with the results obtained by society. It is necessary to continue developing proposals in this direction.

Since 2009, along with the implementation of measures in the field of pension, medical and social insurance, the effective rate of the unified social tax may be significantly reduced, which will become a serious incentive for the legalization of wages, which are now hidden from taxation. Dvorkovich A.E., Sharipova E.V. State financial policy in 2011 // Economic Issues. 2012. No. 4.

In these difficult conditions, the Ministry of Finance of Russia has prepared the main directions of budgetary and tax policy for the period up to 2013. Its goals and objectives are:

· Achieving sustainable economic growth and creating appropriate macroeconomic conditions for this;

· Growth of real incomes and consumption of the population.

In order to successfully solve the set tasks, the priority directions of budgetary policy for the medium term should be determined:

· Implementation of tax reform based on the adoption of the Tax Code and increasing tax collection on this basis;

· Implementation of budgetary reform based on the adoption of the Budget Code and streamlining the budgetary process in the Russian Federation;

· Full-scale transition to the treasury execution of the federal budget, as well as the budgets of the constituent entities of the Russian Federation, local budgets, state extra-budgetary funds;

· Reduction of government spending with full implementation of budgetary obligations;

· Reduction of the federal budget deficit to 2% of GDP;

· Decrease in government borrowing, increase in their maturity with a decrease in the yield of government securities and interest rates to a level that ensures the movement of financial resources in the real sector of the economy;

· Improvement of interbudgetary relations.

The goals set can be achieved only with the implementation of an active industrial policy based on the development of a realistic federal budget, reducing high production costs, increasing effective demand, eliminating non-payments, and accelerating investment processes through the effective use of the development budget. http://www.minfin.ru/ru/

2.2 Growth Opportunities for Extrabudgetary Funds

The second link of financial resources is off-budget special funds.

Off-budget funds have a strictly targeted purpose - to expand social services to the population, stimulate the development of backward infrastructure sectors, and provide priority sectors of the economy with additional resources.

The allocation of such funds as separate links of the financial system is due to the need to provide guarantees for the targeted use of funds, formed mainly from targeted mandatory contributions.

The state social extra-budgetary funds of the Russian Federation include the Pension Fund of the Russian Federation, the Social Insurance Fund of the Russian Federation, and the Mandatory Medical Insurance Fund of the Russian Federation.

These funds accumulate funds for the implementation of social guarantees: state pensions, the provision of free medical care, support in case of disability, during maternity leave, spa services, etc.

The financial position of social insurance funds in the Russian Federation is characterized by instability, which is associated with the instability of the Russian economy during the transition period and with the problem of collecting insurance premiums. This gives rise to a contradiction between the growing social needs of the population (especially during the crisis years) and the reduction in the resource capacity of off-budget funds.

The income of the funds depends on the rate of insurance contributions and the size of the wage fund in the national economy of the country, which is equal to the product of the average wage and the number of the working population. Both of these indicators are declining during the years of reforms, which is also facilitated by the growth of the shadow economy. The level of the rates of social insurance contributions in recent years has remained practically unchanged. As a result, the total expenditures of state off-budget funds in real terms are constantly decreasing.

One of the ways to solve the financial problems of these funds is associated with an increase in the rates of social insurance payments, but so far it is not expected to increase them. On the contrary, the goal is to reduce the "tax burden" of Russian enterprises: social insurance contributions already account for 25% of their mandatory payments. It is also possible to increase the level of employees' insurance contributions to these funds from 1% of wages (contributions to the Pension Fund of the Russian Federation) to 3-5% of earnings. In addition, it is possible to increase the level of self-financing of individual off-budget funds at the expense of part of their reserves allocated to investment projects and bank deposits in the absence of debts to the population on social payments from these funds.

The growth of income of off-budget social insurance funds also depends on the level of collection of social insurance contributions from enterprises and organizations. Each fund independently collects its own social payments, which is associated with many problems. Therefore, the Ministry of Taxes and Duties proposes to transfer the collection of contributions to it. This, according to the tax authorities, will reduce the management costs of social insurance funds and increase the level of collection of contributions. Another proposal provides for the formation of a single service by the funds themselves, which would collect insurance premiums and then distribute them to separate funds. The need to reorganize the system for collecting contributions to social insurance funds is also related to the registration of policyholders: more taxpayers are registered with the state tax service than with social insurance funds.

Experts also propose to include social insurance funds in the state budget, i.e. convert them into earmarked budget funds. This may make it easier for the Government of the Russian Federation to solve the current problems of the budget deficit and the state debt, but the consolidation of these funds in the state budget will not be able to improve their financial position. On the contrary, the likelihood of a deficit and an increase in indebtedness to recipients of pensions and benefits will increase.

Therefore, the social insurance funds of the Russian Federation must retain their off-budget status. Federal legislatures and the Russian government are required to monitor the income and expenditures of these funds.

An important problem of pension provision in Russia is the low level of pensions with a high rate of insurance contributions to this fund (29% to the wages fund). During the years of reforms, the average size of pensions is 35-37% of the average wage in the country, and the level of differentiation of pensions has decreased to 1: 1.5. This does not reflect the real differentiation of wages, which is 1:25, and does not correspond to the standards established in the pension legislation of the Russian Federation.

The financial deficit does not allow the Pension Fund to simultaneously solve two problems: maintaining the minimum pensions at the level of the subsistence minimum and ensuring optimal differentiation of the pensions paid. The Pension Fund tried to resolve this contradiction during a period of high inflation, using alternately linear indexation of pensions and lump-sum compensation payments to all pensioners in the same or regressive amount. However, the solution of these problems becomes more and more difficult with the constant reduction in the volume of the fund.

The main direction of the pension reform in the Russian Federation is associated with the formation of a three-tier pension system, including a social pension, labor (insurance) pension, and non-state pension (paid by professional or personal pension insurance funds).

Basic, or social, pension should provide minimum state guarantees of social security for all citizens, regardless of length of service. It should not be paid to working citizens of retirement age. Labor (insurance) pension will be paid to all employees and other persons subject to compulsory pension insurance.

The pension related to work injury or occupational disease must be paid by a special insurance system from the mandatory contributions of employers. Preferential pensions must be interstate and paid through additional professional pension insurance (compulsory or voluntary). State labor pensions should be based on pay-as-you-go principles using individual employee accounts.

One of the problems of pension provision is related to the indexation of previously assigned pensions. The Pension Reform Program proposes indexing pensions on a quarterly basis based on individual coefficients (indices). The individual coefficient of a pensioner is equal to the ratio of the average salary of a citizen, on the basis of which the pension is calculated, to the average salary in the Russian Federation for the same period, multiplied by the relying percentage of the calculation of the pension, determined depending on the length of service. This index is multiplied by the average salary in seniority for the quarter preceding the new indexation of pensions, and as a result, a new amount of the citizen's pension is obtained, taking into account its indexation. According to the Pension Reform Program, the rate of insurance premiums for employees will increase in the future, and personalized accounting of insurance payments has been introduced throughout the Russian Federation. The implementation of the Pension Reform Program requires 10-15 years and is associated with the adoption of a new law of the Russian Federation on compulsory pension insurance.

The Social Insurance Fund of the Russian Federation accounts for about 1.1% of GDP. It includes 88 regional and 14 branch offices, more than 500 branches. More than 70% of the fund's resources are at the disposal of policyholders (enterprises and organizations), social benefits make up 65% of its expenses, the average level of temporary disability benefits is 80% of wages. Many other benefits depend on the size of the minimum wage, which determines their low level. An important problem of the Social Insurance Fund is related to the lack of a law regulating its activities and functions.

The fact is that the functions of this fund in the social insurance system are close to the functions of the compulsory medical insurance funds (MHI) of the Russian Federation. All these funds are associated with the same types of social risks - morbidity and temporary disability. In the social insurance systems of Western European countries, these funds form one compulsory health insurance fund.

The separate existence of social and compulsory health insurance funds in Russia, caused by historical conditions, has negative consequences: a financial shortage of compulsory health insurance funds and public health expenses, duplication of fund management bodies and an increase in expenditures in the compulsory health insurance system, difficulties in implementing a unified social insurance policy and health care.

The total expenditure of compulsory health insurance funds is less than 1% of gross domestic product, or 25% of government spending on health.

The formation of a system of independent territorial compulsory health insurance funds in the constituent entities of the Federation led to the rupture of the unified health care system in the country. Citizens of one region may be denied medical services on the territory of another constituent entity of the Russian Federation. Therefore, important areas of the social insurance reform are, firstly, the unification of compulsory health insurance funds into a single all-Russian fund and, secondly, the unification of the Social Insurance Fund of the Russian Federation with the unified compulsory health insurance fund of the Russian Federation on the basis of the development of a general law on compulsory health insurance. ...

The economic problems of Russian health care are associated with the transition from its state-budgetary model of organization and financing to a budgetary-insurance model. Since 1993, when the compulsory health insurance funds were established, there has been a desire to reduce health spending from the federal budget. About 80% of budgetary expenditures on health care are financed from regional budgets. Decentralization of financing of medical services did not lead to an increase in financial resources in this area. Territorial CHI funds and regional health authorities compete for control over financial resources.

Prospects for the reform of health care and health insurance are associated with the streamlining of their state regulation. This presupposes the creation of government bodies with greater capacity to regulate social insurance and security. Such organizational measures will reduce administrative costs in the compulsory health insurance system and provide more stable social guarantees for the population.

The compulsory health insurance system unites the Federal Fund, regional compulsory medical insurance funds, over 1000 of their branches and more than 500 medical insurance organizations of various forms of ownership. It would be cheaper and more reliable during the transition period to carry out compulsory health insurance through the state health insurance system, and concentrate voluntary health insurance in the system of private insurance companies.

Health insurance companies have the right to simultaneously participate in compulsory health insurance, which by law is a non-profit activity, and in voluntary health insurance, which is a form of insurance business. Thus, the economic and legal status of health insurance companies is controversial. This makes the compulsory health insurance system more expensive and less reliable. In different regions of Russia, four models of the organization of compulsory health insurance are used with varying degrees of participation of insurance companies in it. The experience of the Republic of Tatarstan is useful, in which compulsory health insurance is organized only through the system of state insurance institutions - sickness funds, and private insurance companies are engaged in voluntary health insurance.

Another direction of stabilizing the financial position of the compulsory health insurance system is associated with the introduction of insurance premiums for employees, provided for in the Law on Health Insurance. The lack of financial resources for compulsory health insurance leads to incomplete financing of its territorial programs.

The problem of pricing for medical services in the new system of compulsory medical insurance is also significant. The experience of developed countries shows that this system is not necessarily associated with setting tariffs for medical services. Rather, it is the development of a cost-effective reimbursement mechanism for such services. Examples are the calculations of the prospective hospital budget in the compulsory health insurance system and the average per capita medical expenses in the primary health care system - per patient (resident) assigned to a family doctor. Dvorkovich A.E., Sharipova E.V. State financial policy in 2004 // Economic Issues. 2010. No. 4.

2.3 Opportunities for the development of public loans

financial state budget fund

A specific element of state and municipal finance is state and municipal credit, which is one of the sources of covering the budget deficit in the form of issuing state and municipal securities. Borisov E.F. Economic theory: A course of lectures for university students. - M .: Society Knowledge, 2003.

The government loan forms part of the government's internal debt. A significant proportion of public debt consists of external loans, which are associated with the development of international credit. It should be noted that under the conditions of the transition period, state credit should be used not only as a source of attracting financial resources, but also as an effective instrument for centralized credit regulation of the economy.

Government credit management - a set of government actions related to servicing and repaying government debt, issuing and placing new loans, regulating the government credit market. These activities are regulated and carried out by the Ministry of Finance and the Central Bank of the Republic of Belarus, which determine the total budget deficit and the nature of loans required to finance it, develop credit policy and its institutional support.

The amount outstanding on issued and outstanding government loans represents government debt.

The state debt is fully and unconditionally secured by all federal property that makes up the state treasury.

Depending on the area of placement, public debt is divided into internal and external. Domestic public debt arises from the placement of government loans on the domestic market. When the state mobilizes financial resources located abroad, external debt arises.

Russian debt obligations can exist in the following forms: a credit agreement or agreements concluded on behalf of the Russian Federation in favor of the specified creditors; government securities issued on behalf of the Russian Federation; agreements on the provision of state guarantees of the Russian Federation, agreements of surety of the Russian Federation to ensure the fulfillment of obligations by third parties.

In the system of actions for managing public credit, the most important is the servicing and repayment of public debt, since all costs of this kind are carried out at the expense of budget funds, creating an additional burden on the budget, and late payments leads to an increase in the amount of debt due to penalties.

Servicing the public debt involves the implementation of measures for the placement of debt obligations, payment on them, debt repayment in whole or in part. Debt repayment involves the full repayment of the principal and interest on it, as well as fines and other payments associated with late repayment of the debt.

The external debt of the Russian Federation (to non-residents) increased in the first quarter of 2012 by $ 13.5 billion and amounted to $ 477.1 billion as of April 1.

As a result of operations included in the balance of payments (new attraction, repayment and forgiveness of the principal debt, operations in the secondary market, changes in debt on accrued and unpaid interest and dividends), debt increased by $ 12.3 billion, due to other changes (in mainly exchange rate revaluation) - by $ 1.2 billion.

As of the reporting date, the total external debt liabilities of the private sector of the economy increased by $ 18.9 billion - to $ 436.1 billion - and accounted for 91.4% of the total external debt. At the same time, the liabilities of government and monetary authorities decreased by $ 5.4 billion to $ 41.0 billion (8.6%).

External debt liabilities of Russian banks increased by $ 7.8 billion and reached $ 171.4 billion by April 1, 2012. The share of liabilities of the banking sector in the total volume of external debt of the economy was 35.9% (at the beginning of this year - 35.3%). The growth of banks' debt was mainly associated with the attraction of foreign capital in the form of loans, which increased by $ 8.3 billion to $ 121.6 billion. Balances on current accounts and deposits decreased by $ 1.6 billion - to $ 39.0 billion, liabilities on debt securities owned by non-residents decreased by $ 0.3 billion - to $ 5.4 billion, debt to direct investors and other liabilities increased from 4.1 to 5.4 billion dollars.

The role of financial resources

The purpose of the financial policy of the enterprise is the most complete mobilization of financial resources necessary to meet the urgent needs of the development of society. In accordance with this, the financial policy is designed to create favorable conditions for enhancing entrepreneurial activity. Much attention is paid to determining the rational forms of withdrawing the income of enterprises in favor of the state, as well as the share of participation of the population in the formation of financial resources. Great importance is attached to increasing the efficiency of the use of financial resources through their distribution between the spheres of social production, as well as their concentration on the main directions of economic and social development. Financial resources - income and receipts of business entities and the state represented by its bodies, which are used for the purpose of expanded reproduction and to meet other needs. It is financial resources that make it possible to separate the category of finance from the category of price and other value categories. Financial resources, speaking in monetary form, differ from other resources. They are relatively isolated in their functions, so there is a need to ensure that financial resources are linked to other resources. Financial resources, their rational use in the reproductive activity of a society in transition to a market determine the material basis for the practical reform of the transition economy, the successful overcoming of crisis failures, an increase in the level of social protection of the population, especially its low-income strata. In other words, among the most important factors of economic growth, purposeful and consistent reform of the national economy on a sound market basis, the role of the financial system of the state can hardly be exaggerated or overestimated. The system of financial resources of an enterprise can be characterized as economic, acting in the field of financial and credit relations, dynamic (i.e. changing over time), open (i.e. interconnected with the environment), controlled. The value of the means of production used in the national economy or its individual link (enterprise, industry) is their production assets, or investment capital. A necessary condition for the production and economic activity of an enterprise is the circulation of funds - a constant movement of the value of investment resources, as a result of which it consistently takes on productive, monetary and commodity forms. Depending on production consumption and participation in the creation of the value of products, production assets are divided into fixed and circulating assets. The ratio between them depends on the technique and technology of production, consumed raw materials, materials and energy, the characteristics of the products. Own financial resources belong to the enterprise itself, and their use does not entail the possibility of losing control over the activities of the enterprise. Borrowed resources are not the property of this enterprise and their use is fraught with the loss of independence for it. Borrowed funds are provided on the terms of urgency, payment, repayment, which ultimately determines their faster turnover in comparison with their own resources. Borrowed funds include various types of loans attracted from other parts of the credit system (banks, investment institutions, government, enterprises, households). Attracted resources - funds that do not belong to the enterprise, but are temporarily in its turnover. These funds can be used at the discretion of the economic entity before the occurrence of sanctions (fines or other obligations to the owners). These are, first of all, stable liabilities - wage arrears to employees, arrears to the budget and off-budget funds, creditors' funds received in the form of prepayment, etc. The next sign of the allocation of elements of financial resources is the urgency of use. As a rule, resources are classified into: short-term, medium-term, long-term. The time horizon of each group can be set individually. Short-term resources - their validity period is up to a year. Designed to finance the current activities of the enterprise: the formation of working capital, short-term financial investments, settlements with debtors. Medium-term resources - from a year to 3 years - are used to replace individual elements of fixed assets, their reconstruction and re-equipment. In this case, as a rule, the goal of changing technology or complete replacement of equipment is not pursued. Long-term resources are attracted, as a rule, for a period of 3 to 5 years and are used to finance fixed assets, long-term financial investments, venture (risk) financing. The formation of enterprise funds begins from the moment the economic entity is organized. The enterprise, in accordance with the legislation, forms the authorized capital - the main initial source of the enterprise's own funds, which in the form of fixed and working capital is directed to the acquisition of the enterprise's funds. Additional capital belongs to the number of funds - it is created due to: an increase in the value of property as a result of the revaluation of fixed assets, share premium (due to the excess of the sale price of shares over the nominal), gratuitously received values for production purposes. It can be used to pay off the amounts of property value decrease that emerged as a result of its revaluation, to pay off losses incurred as a result of the gratuitous transfer of property to other enterprises and individuals, to increase the authorized capital, to pay off losses based on the results of the enterprise's work for the reporting year. In the course of production activities, income from the sale of manufactured products in the form of proceeds from sales goes to the settlement or foreign exchange (if the company exports products) account. Revenue is the source of reimbursement of production costs, promotion of products on the market, for the sale of goods (works, services). Depreciation, therefore, is included in the proceeds from sales to the depreciation fund intended to ensure the reproduction of fixed assets. The result of the company's activity is profit. After tax payments, net profit is generated, which is spent in accordance with the statutory documents and at the discretion of the business entity. From it are formed: reserve capital and other similar reserves, accumulation fund, consumption fund. Reserve capital - a fund that is formed in accordance with legislation and constituent documents. Designed to cover losses of the reporting period, pay dividends in case of insufficient or no profit. The presence of the fund is the most important condition for ensuring a stable financial condition of the enterprise. Reserve funds also include reserves for depreciation of investments in securities, redemption fund, deferred fund, etc., created to redeem bonds and redeem shares. Accumulation fund - funds intended for the development of production. Their use is associated with an increase in the property of the enterprise and financial investments for making a profit. Consumption fund - funds allocated for social needs, financing of non-production facilities, one-time incentives for employees, compensation payments, etc. The remainder of the profit - retained earnings also characterizes financial stability and can be used for the subsequent development of the enterprise.

The financial management system is changing. Instead of a single governing body, several independent specialized bodies appear. Separate services are highlighted. Engaged in budget planning and budget expenditures, their financing, control over tax receipts, public debt management.

In general, Keynesian fiscal policy has shown comparative effectiveness in Western countries. It provided stable economic growth, high employment levels and an efficient system of financing social needs in most of these countries in the 1930s and 1960s.

3. In the 70s, financial policy was based on neoconservative strategy associated with the neoclassical direction of economic theory. This type of financial policy is not associated with deregulation as its goal, but limits government intervention in the economy and social sphere. Regulation of the economy becomes multipurpose... In addition to economic growth and employment, the state regulates money circulation, the exchange rate, social factors of the economy, and the restructuring of the economy.

The financial mechanism in these conditions proceeds from the need to reduce the volume of redistribution of national income through the financial system, reduce the budget deficit, and stimulate the growth of savings as a source of productive investment. Taxes play an important role. The task is to reduce them and reduce the degree of progressive taxation.

4. Planning and Directive Financial Policy it is used in countries using the administrative-command system of economic management. Based on state ownership of the means of production, the planned management system allows for direct directive management of all spheres of the economy and social life, including finance. The goal of financial policy in these conditions is to ensure the maximum concentration of financial resources from the state (primarily from the central authorities and administration) for their subsequent redistribution in accordance with the main directions of the state plan.

The financial mechanism was also adequate to the goal of the financial policy of the USSR. The main task of the financial mechanism was to create instruments with the help of which the withdrawal of all unused financial resources in accordance with the state plan was made. The withdrawal of funds was carried out from state enterprises, the population and local authorities.

For state-owned enterprises, a two-channel net income withdrawal mechanism was created (with subsequent minor changes). The net income of state-owned enterprises was initially withdrawn to the budget with the help of turnover tax in industries where higher income was created at the expense of prices set by the state (light, food industry). Then, with the help of individual deductions from profits (contributions of the free balance of profits), all surplus profits were withdrawn to the budget, which, according to the state, could not be used within the enterprise. At the same time, the maximum amount of all expenses of the enterprise was determined at the expense of profit, that is, the state completely regulated the entire financial mechanism of state enterprises. In some years, up to 80% of their net income was withdrawn from state-owned enterprises. The regulation of the use of monetary incomes of the population was carried out with the help of income tax. In addition, part of it was withdrawn by placing actually compulsory government loans. Free funds of the population, placed in the system of savings banks, were also channeled to the budget in the form of a special non-bond loan. Approximately the same mechanism for withdrawing income was used for cooperative enterprises.

The withdrawal of funds from local authorities was ensured by restricting the establishment of independent sources of income for local budgets. The system of local revenues included small revenues, the share of which in the budget did not exceed 10-15% of the total revenues. In this regard, the level of revenues of local budgets completely depended on the amount of funds allocated to them from higher budgets in the manner of budgetary regulation.

Budget expenditures were determined based on the priorities established by the state plan. Funds were allocated for costs, as a rule, without linking them to the possible effect obtained. In this regard, significant resources were used unproductively: to finance the defense sectors of the national economy, "long-term construction", military spending, etc. At the same time, the coverage of social expenditures was carried out using the residual method at minimum rates, which had a negative impact on the development of social sectors.

Financial management was carried out from a single center - the Ministry of Finance, which dealt with all issues of using the financial mechanism in the national economy. There were no other governing bodies in the field of finance.

Planned and directive financial policy was carried out in almost all former social countries. It has shown its fairly high efficiency in the years when the maximum concentration of financial resources was required to finance the emergency expenditures of the state. At the same time, the use of such a financial policy in the conditions of normal functioning of the economy led to negative consequences: a decrease in production efficiency, a slowdown in the development of the social sphere of society, a sharp deterioration in the financial situation of the state.

1.2. Financial mechanism, its role in

financial policy implementation

The implementation of the goals and objectives of financial policy is carried out using various methods of organizing financial relations at the centralized and decentralized levels, which together determine the content of the mechanism for achieving the goals and objectives of financial policy or financial mechanism.

Financial mechanism – a set of types, forms of organization of financial relations, specific methods of formation and use of financial resources and methods of their quantitative determination.

Organization type of financial relations is the initial, primary element of the financial mechanism, since it determines the way of their expression and manifestation in the corresponding financial resources. Financial science distinguishes types of financial resources, each of which is the result of the distribution process both at the macro level and in the formation of cash income and savings within a separate organization. In practice, in the field of state and municipal finance, in the process of mobilizing revenues to the budgets of state authorities and local governments and the budgets of state extra-budgetary funds, specific types of tax payments are used (corporate income tax, personal income tax, VAT, excise taxes, etc.) ) and types of non-tax receipts (dividends on shares owned by the state, interest on budget loans, penalties and fines for violating budget legislation, etc.). In the course of providing budgetary funds, specific types of budgetary expenditures are used - to finance the relevant sectors of the economy, to maintain the administrative apparatus, to implement targeted programs, to service debt obligations of government entities at all levels of the budgetary system and other expenses. In the field of finance of business entities, examples of the types of financial resources of commercial organizations are contributions of founders in cash to the authorized (pooled) capital of the organization, profit, depreciation deductions, and non-profit organizations - income from the provision of paid services, income from property lease, contributions from founders, membership fees, etc.

Under form of organization of financial relations the external order of their organization is understood, i.e. establishment of a mechanism for the accumulation, redistribution and use of financial resources and the conditions for its implementation in practice. In the course of organizing budgetary relations, various forms of budget expenditures are used (for example, in the Russian Federation this is Article 69 of the RF BC), forms of receipt of funds in the process of interbudgetary distribution and redistribution of financial resources (deductions from regulatory income, subsidies, subventions, etc.). When forming tax revenues of the budget, the procedure for their formation will include the source of tax payment and the tax base regulated by the norms of tax law, interest rates, a system of tax benefits and sanctions, as well as the procedure for paying tax. At the micro level, various forms of financial support for the reproduction process are used: self-financing, lending and government funding.

Methods of organizing financial relations in financial science, methods of formation of financial resources and the practical implementation of operations related to finance are called. There are four main methods of forming financial resources:

financial method is used to generate financial resources mainly on a non-refundable and gratuitous basis. By the financial method, as a rule, own financial resources of commercial and non-commercial organizations are formed (accumulation of membership fees in non-commercial organizations of the corresponding organizational and legal forms; the formation of depreciation and profit in commercial organizations occurs on a gratuitous and non-refundable basis);

credit method associated with the presentation of funds on the terms of urgency, repayment and payment. At the macro level, this method is used in the course of granting budget loans and budget loans to another budget (Article 6 of the RF BC), at the micro level - when legal entities receive bank loans, budget loans (in the RF this is Article 76-77 of the RF BC), tax loans, income from the issue of debt securities to commercial organizations;

tax method implies the accumulation of funds for the financial support of the activities of the state and (or) municipalities in the form of monetary payments (taxes) of legal entities and individuals on a mandatory, compulsory and gratuitous basis. In the conditions of a functioning market economy, the tax method is predominant in the formation of the base of activities of state authorities and local self-government. However, when using it, the necessary balance should be ensured between the volume of financial resources accumulated through taxes at the macro level and the amount of financial resources remaining at the disposal of organizations and the population in order to ensure the financial stability of organizations and the financial stability of organizations and financial protection of the population from various economic and social risks;

insurance method offers the formation of financial resources through the receipt of insurance premiums. Its use in a market economy, characterized by the manifestation of many elements of spontaneity in the course of its functioning, is directly related to the peculiarities of the implementation of financial activities by business entities and authorities in conditions when the possibility of unforeseen events in the socio-economic life of society increases. In this situation, insurance funds created in monetary form make it possible to ensure the sustainable functioning of the economy and social sphere in the event of various kinds of unforeseen events that have a negative impact on the financial and economic activities of business entities, the budgetary system of the state and social security of the population.

The methods of practical implementation of operations directly related to the formation and use of financial resources, which are also part of the financial mechanism, can be considered in the context of individual functional elements of financial management (methods of financial planning and forecasting, methods of operational financial management, methods of financial control).

Methods for quantification parameters of the financial mechanism that have dimensional characteristics (tax rates, the volume of each type of financial resources in stock and non-stock forms, the volume of budget allocations and other quantitative parameters) are the most mobile part of the financial mechanism. Methods for quantifying the parameters of the financial mechanism include methods for calculating budget revenues, methods for determining the required amount of financial assistance to the relevant budgets, methods for calculating depreciation, etc. The need for their constant change and improvement is dictated by a change in the state structure, the composition of financial powers at the appropriate level of management, methods of management, conditions for the economic and social development of the state and other factors. Such changes, as a rule, are due to the goals and objectives of the financial policy of the state at the present stage.

Introduction

Financial resources are funds of funds at the disposal of the state, business entities and the population, formed in the process of distribution and redistribution of part of the value of the gross domestic product (GDP), mainly net income in monetary form, and intended to ensure expanded reproduction and national needs ...

The main condition for the growth of financial resources is an increase in national income. Finance and financial resources are not identical concepts. Financial resources by themselves do not determine the essence of finance, do not disclose their internal content and public purpose. Financial science does not study resources as such, but social relations arising from the education, distribution and use of resources; she explores the patterns of development of financial relations.

While finance is a basic category, it is highly dependent on government financial policies.

Finance is primarily a distribution category. With their help, the secondary distribution or redistribution of the national income is carried out.

Increasing the effectiveness of the influence of the financial strategy on the sustainable development of the enterprise, based on the regulation of business processes on the basis of balanced scorecards, is carried out by harmonizing interests in the external and internal environment of the enterprise. This presupposes a corresponding reorientation of the financial strategy during its formation.

The purpose of this work is to consider the financial resources of the enterprise and the sources of their formation. The purpose of the work determines its tasks:

consideration of the principles and features of the organization of enterprise finances;

analysis of the composition and structure of financial resources of enterprises;

characteristics of own sources of financing of enterprises;

characteristics of borrowed sources of financing of enterprises.

In connection with the relevance of this topic, the degree of its elaboration in the domestic scientific and educational literature is quite large. You can find a lot of literature of domestic scientists who pay attention to this issue.

Financial resources of the enterprise

The main link of the economy in market conditions of management are enterprises that act as economic entities. They use certain types of resources to carry out economic activities, obtain products, income and savings: material, labor, financial, and also cash.

Among the above economic categories, the most difficult is the category "Financial resources". There is still no generally accepted point of view on the essence of this category among economists. However, many economists believe that "financial resources" are the funds available to enterprises.

However, cash is an independent economic category. Their concept includes the funds of enterprises that are on accounts in banks, in cash desks, etc. They are accounted for on active accounts of enterprises and are reflected in the asset of their balance sheet.

Financial resources are the sources of funds of enterprises, directed to the formation of their assets. These sources are own, borrowed and attracted. They are reflected in the corresponding sections of the balance sheet liability.

Consequently, the financial resources of enterprises are their own, borrowed and attracted monetary capital, which is used by enterprises to form their assets and carry out production and financial activities in order to obtain appropriate income and profit.

The formation of financial resources is carried out in the process of creating enterprises and implementing their financial relations in the implementation of economic and financial activities.

When creating enterprises, the sources of formation of financial resources depend on the form of ownership on the basis of which the enterprise is created. So, when creating state-owned enterprises, financial resources are formed at the expense of the budget, funds of higher management bodies, funds of other similar enterprises during their reorganization, etc. When creating collective enterprises, they are formed at the expense of share (share) contributions of founders, voluntary contributions persons, etc. All these contributions (funds) represent the authorized (initial) capital and are accumulated in the authorized capital of the created enterprise.

Consequently, the authorized capital is the total value of assets fixed in the constituent documents, which are contributions of the owners to the capital of the enterprise. The authorized capital is the main part of equity capital and the main source of the company's own financial resources. At the expense of his funds, fixed assets and current assets of enterprises are formed.

In the process of further work, the financial resources of enterprises can be replenished at the expense of additionally created own sources, attracted and borrowed funds. At the same time, the composition of additionally formed own financial resources (equity capital) includes: reserve capital, additional invested capital, other additional capital, retained earnings, targeted financing, etc.

Reserve capital is the amount of reserves created from the retained earnings of the enterprise in accordance with applicable law or constituent documents.

Additional invested capital - the amount of excess of the sale value of the shares issued by the joint-stock company over their par value.

Other additional capital - the sum of the revaluation of fixed assets; the value of assets received free of charge by the enterprise from other legal entities or individuals, and other types of additional capital.

Retained earnings - the amount of profit remaining at the enterprise and reinvested in its economic activities.

Earmarked funding - the amount of earmarked income received from the budget.

Thus, the authorized capital and its own sources of financing (financial resources) additionally formed in the course of the enterprise's work form its own capital.

In addition to equity capital, the financial resources of enterprises are formed at the expense of attracted and borrowed sources.

The structure of attracted financial resources includes accounts payable for goods, works, services, as well as all types of current obligations of the enterprise for settlements:

* the amount of advances received from legal entities and individuals for subsequent deliveries of products, performance of work, provision of services;

* the amount of the enterprise's debt for all types of payments to the budget, including taxes withheld from employee income;

* arrears in contributions to off-budget funds (to the social insurance fund, to the Pension Fund, the Fund for the insurance of property of the enterprise and the individual insurance of its employees);

* the debt of the enterprise for the payment of dividends to its founders;

* the amount of bills that the company issued to suppliers, contractors in order to ensure the supply of products, the performance of work, the provision of services, etc.

The structure of borrowed financial resources includes long-term and short-term loans from banks, as well as other long-term financial liabilities related to the attraction of borrowed funds (except for bank loans), on which interest is accrued, etc.

Own, borrowed and attracted capital, which forms, on the one hand, the financial resources of the enterprise and takes part in the financing of their assets, on the other hand, it represents obligations (long-term and short-term) to specific owners - the state, legal entities and individuals.

The composition of financial resources, their volumes depend on the type and size of the enterprise, the type of its activity, the volume of production. At the same time, the volume of financial resources is closely related to the volume of production, the effective work of the enterprise. The greater the volume of production and the higher the efficiency of the enterprise, the greater the value of its own financial resources, and vice versa.

Availability of sufficient financial resources, their effective use, predetermine a good financial position of the enterprise, solvency, financial stability, liquidity. In this regard, the most important task of enterprises is to find reserves for increasing their own financial resources and their most effective use in order to improve the efficiency of the enterprise as a whole.

Federal Agency for Education

State educational institution of higher professional education

Pskov State Polytechnic Institute

Faculty of Finance and Economics

Department: Finance and Credit

Course work

In the discipline "Finance"

Topic: Factors and reserves of growth of financial resources in modern Russia.

Students Rondaleva Yu.N.

group 672-1202

code 0767099

Teacher: Pavlova N.I.

Maintenance ................................................. .................................................. ........ 3

1.1. Definition, calculation, rate of financial growth ............... 5

1.2. Growth factors ................................................ ............................. 7

Chapter 2. Financial Growth in Russia: Trends and Prospects

2.1. The main results of market transformations and their impact on the socio-economic development of Russia ..................................... ................. eleven

2.2. Adequate measurement of results and identification of reserves for economic development............................................................................................ 14

2.3. Consequences and directions of the strengthening of the ruble as a factor of economic growth ......................................... ............................. 17

Chapter 3. Solving the problem of doubling GDP

3.1. Doubling of GDP in Russia, preconditions for economic growth rates in Russia ....................................... .................................................. ...... 21

Conclusion................................................. .................................................. 25

Bibliography................................................ ...................................... 26

Introduction

At all times, the main goal of financial relations was their organization, which would be aimed at ensuring the growth of social wealth. Achievement of this goal is possible only with the effectiveness of specific forms of distribution, redistribution and use of available financial resources and the financial potential of the state. A generalizing indicator of the effectiveness of the financial mechanism is the growth rate of the gross domestic product and national income - the main source of growth in the welfare of society.

With the onset of the 1998 financial crisis. the Russian economy was on the verge of collapse. It was saved by a sharp jump in world oil prices, which reached $ 42 per barrel. As a result, the Russian government has been able to pay off its international debt, demonstrate impressive rates of economic growth and proclaim an ambitious goal of doubling GDP. Practically the only result of this controversy today is the recognition that in order to solve the tasks facing Russia in the medium and long term, it is necessary to ensure economic growth rates of at least 8% per year. It is this requirement, formulated as the task of doubling GDP until 2010, which was declared by V.V. Putin in the last presidential address. As for the possibilities and ways of achieving this goal, there is no single and coherent explanation of what is, in principle, necessary to ensure such dynamics and how to achieve this in the most effective way.

The assessment of the rates of economic growth required to double the GDP and restore Russia's position in the world economy is quite obvious (taking into account the long-term decline in the Russian economy and world economic dynamics) and easily calculated. It is based on the assumption that other conditions of economic development are equal, including conditions that determine the growth of product quality and competitiveness. At the same time, it is these parameters (quality and competitiveness of products) that are key to determining the relative level of economic development. Understanding this leads to the conclusion that high rates of economic growth (in their traditional measurement) do not yet guarantee a narrowing of the gap in the level of economic development. In this regard, the concepts of the quality of growth and the quality of the rates of economic growth were introduced into the scientific and journalistic circulation. However, there is no single concept of the quality of growth: each author puts into it his own content, different from others. At the same time, we have to admit that there are practically no publications from which it would be possible to understand how to measure this quality of growth, how it affects the general requirements for prospective economic dynamics, and how it can be managed.

Each country develops its own economic course, the "individuality" of which is determined by a number of factors: differences in the processes that determine the country's industrial development, the influence of globalization, world environmental policy, national characteristics, etc.

Chapter 1. Theory of Financial Growth

1.1. Definition, calculation, rate of financial growth

Finance refers to the system of education, distribution and use of monetary resources in the process of social production.

Financial relationships permeate all business activities.

Financial resources - monetary incomes, savings and receipts formed in the hands of business entities and the state and intended for the purposes of expanded reproduction, material incentives for workers, satisfaction of social needs, defense and public administration needs, are the material carriers of financial relations.

Financial support of the reproduction process is the coverage of reproduction costs at the expense of financial resources accumulated by business entities and the state. Financial resources are formed in all divisions of social production, then they are distributed and purposefully used through targeted monetary funds.

The uninterrupted formation of financial resources, their rational use are of great importance, since financial resources are the most important source of money for expanding production, increasing the material and cultural standard of living of the people. A decrease in the volume of financial resources can limit the possibilities of a targeted influence of finance on the development of the economy, solving urgent economic and social problems. It leads to a reduction in the scale of investment in the production and social spheres, a decrease in the consumption fund in the composition of the used national income. Lack of financial resources leads to an imbalance in the natural-material and value structure of social production, various kinds of disproportions.

The volume and structure of financial resources are directly related to the level of production development, its efficiency.

Continuous growth and improvement of production serve as the basis for increasing financial resources. However, in recent years, the dynamics of financial resources has been characterized by a negative trend - a slowdown and then a drop in growth rates. The reason for this was the crisis in the economy of our country, which had a negative impact on the dynamics of the gross national product and produced national income, the volume of industrial production, and other important indicators of socio-economic development.

All elements of the value of the gross social product participate in the formation of financial resources, but the main source is the national income, and mainly that part of it, which is represented by net income. It is the growth of net income and its main financial form - profit that determines high or low growth rates of financial resources. In addition to the value of the gross domestic product, income from foreign economic activity can be an important source of financial resources, provided that it is sufficiently efficiently organized. Financial resources are also formed from part of the national wealth. For the formation of financial resources, you can use borrowed and attracted funds.

The variety of financial relations arising in the process of value distribution determines the availability of different types of financial resources. The main ones are:

Different types of taxes

Insurance payments

Depreciation deductions.

Financial resources are necessary, first of all, for business entities. They form decentralized financial resources used for the costs of expanding production and meeting the socio-cultural needs of workers. The targeted monetary funds generated from decentralized financial resources are directed to capital investments, increasing working capital, financing scientific and technological advances, environmental protection measures, and meeting social needs. The implementation of these costs through the use of financial resources allows you to provide monetary funds, the reproduction process at the micro level.

The needs of social production are met at the expense of centralized financial resources, the forms of their use are budgetary and extra-budgetary funds, the funds of which are directed to the development of the national economy, financing of socio-cultural events, ensuring the needs of defense and management. The use of centralized financial resources has a sectoral and target orientation, which makes it possible to accurately account for objects of state financing and provide them with the necessary funds in a timely manner. The important role played by the state in the field of economic and social development predetermines the need to centralize a significant part of financial resources at its disposal. At the same time, the degree of centralization of resources at different historical stages of the country's development is not the same and depends on many factors, and not only socio-economic ones.

Summary: Comparative characteristics of sources and structure of financial resources at micro and macro levels. Financial resources

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