Budgetary efficiency is considered for budgets of various levels, a separate budget or a consolidated one. It reflects the impact of project implementation results on budget revenues and expenses at the corresponding level (federal, regional or local).
Each entrepreneur, investing his free funds in a specific business, pursues a very specific goal: to receive as much income or profit as possible on the invested capital. And he will certainly achieve his intended goal if his investments are carefully justified.
However, not only entrepreneurs are interested in the widespread use of investments; budgets – local, regional, and federal – also need them.
The fact is that expanding investments in the economy of a particular region increases its production and economic potential and business activity within a given subject of the Federation, contributes to an increase in taxes collected, ensures an increase in employment of the population, and allows maintaining a more high level social sphere.
The federal budget also gains a lot from the development of investment activity in the regions, because in this case it is replenished due to better tax collection and the expansion of socio-economic opportunities.
Three types of calculation are possible budget efficiency. In counting first type, usually carried out on large federal projects, the project is assessed from the point of view of the so-called extended government, including federal budget, budgets of the subjects of the Federation, local budgets and off-budget funds.
In counting second type the project is assessed only from the point of view consolidated budget, excluding extra-budgetary funds. Finally, in calculation third type The effectiveness of the project is assessed separately by type of budget. This kind of calculation is necessary, for example, when evaluating road network development projects (here it is important to know how the project will affect the income and expenses of local budgets and the road fund).
The main indicator of budget efficiency is NPV budget. Along with it, a significant role in determining budget efficiency can also be played by Guarantee Return Index (IGI)– attitude NPV to the amount of guarantees. IG is determined in the case of provision of government guarantees for the analysis and selection of independent projects for a given total amount of guarantees.
Part tributaries tools for calculating budget efficiency include:
- taxes, excise taxes, duties, fees and contributions to extra-budgetary funds established current legislation;
- income from licensing, competitions, tenders for exploration, construction and operation of facilities provided for by the project;
- payments to repay loans issued from the relevant budget to project participants, as well as payments to repay tax credits;
- commission payments to the Russian Ministry of Finance for support of foreign loans;
- dividends on shares owned by the state, region and others securities, issued to finance the project.
Part outflows include:
- funds allocated for direct budget financing of the project;
- budget subsidies and subsidies;
- funds allocated from the budget to eliminate the consequences possible during the implementation of the project emergency situations and compensation for other possible damage from the implementation of the project (for example, payment of benefits for people who remain unemployed in connection with the implementation of the project).
When implementing an investment project at the expense of budget funds the indirect effect obtained is taken into account third parties and due to the impact of the project on them. It can consist of changes in tax revenues from the activities of enterprises, payments of benefits to persons left unemployed as a result of the implementation of an investment project, allocation of funds from the budget for the resettlement and employment of citizens.
Often, the budget effect is considered the criterion on the basis of which the issue of allocating budget funds to support a particular project is decided. Of course, the budgetary effect from the implementation of investment projects is very important, since the work of the mechanism for redistributing funds in the country and society is closely related to the growth or reduction in the size of budgetary funds. However, quite often the budget effect conflicts not only with the financial interests of project participants, but also with the social effect. For example, an increase in the cost of purchased imported equipment has a positive effect on budgetary efficiency indicators, since the amount of import customs duties is usually proportional to the customs value (i.e., the CIF price for a given product). For an enterprise, such growth means a double increase in costs: firstly, you need to pay more to the foreign supplier; secondly, customs duties are increasing. The assessment of the impact of an increase in the price of imported equipment is also negative, since the entrepreneur and the country must pay more for the same equipment.
Thus, the correct approach to making decisions about supporting a project assumes that its social effect is positive and its financial (entrepreneurial or commercial) effect is positive for all participants. In this case, the budgetary effect can be zero or even negative if the state considers it necessary to ensure, at the expense of budgetary funds, the implementation of a project with high public efficiency, but insufficient interest of specific participants. Examples of such budgetary support could be direct budget financing of investments, preferential loans, temporary tax exemption, payment of customs duties from the budget and other similar actions. Most likely, one should not expect a positive budgetary effect from projects in the field of education, health care, and agriculture intended to ensure the country’s food security. At the same time, their social effectiveness (especially with full consideration of external effects and risks) should not be negative.
Otherwise you should look alternative ways achieving your goals.
Budget efficiency indicators reflect the impact of the project results on the revenues and expenses of the corresponding (federal, regional or local) budget. The main indicator of budgetary efficiency used to justify the federal and regional financial support measures provided for in the project is the budgetary effect.
Budget effect() for the t-th step of project implementation is defined as the excess of revenues of the corresponding budget () over expenses () in connection with the implementation of this project.
reflects the impact of project implementation on the income and expenses of the federal, regional or local budget. The main indicator of the budgetary effectiveness of the project is the budgetary effect, which is used to justify the federal or regional support measures included in the project. For step t, the budget effect B(t) is defined as the difference between income R(t) and expenses E(t) of the corresponding budget:
B(t) = R(t) - E(t)
It is recommended to include budget revenues related to the implementation of the project in the composition of income (inflows): user fees natural resources(land, water, etc.), income from licensing, tenders for exploration, design, construction and operation of the project; dividends on government-owned securities issued to finance the project; tax revenues (including income tax from wages) and rent payments to the budget, customs duties and excise taxes on produced (consumed) products (resources); contributions to extra-budgetary funds (pension, employment, health insurance, etc.).
Budget expenditures (outflows) include budget funds allocated for direct financing of the project, including gratuitous investment lending, budget allowances for market prices(for fuel, energy, etc.), loans subject to compensation from the budget, various payments (for government securities, persons left without work, etc.), etc.
When implementing an IP at the expense of budgetary funds, the indirect effect received by third-party organizations and due to the influence of the project on them is taken into account. It can consist of changes in tax revenues from the activities of enterprises, payment of benefits to persons left unemployed as a result of the implementation of individual entrepreneurs, allocation of funds from the budget for the resettlement and employment of citizens.
The values of inflows and outflows of budget funds can be calculated in the same way as the sums of their discounted annual values for the period T of the project. Based on them, the net present value of the budget (NPV) is calculated. In the presence of budget outflows, the internal rate of return, profitability index and payback period and profitability of budget funds, the degree of financial participation of the state (region) in the implementation of the project are determined (the ratio of total budget expenses to the amount of project costs).
Economic efficiency reflects the impact of the process of implementing an investment project on the environment external to the project and takes into account the ratio of results and costs of the investment project, which are not directly related to the financial interests of the project participants and can be quantitatively assessed.
Indicators of national economic efficiency determine the effectiveness of the project from the perspective of the economy as a whole, industry, region associated with the implementation of the project.
When calculating economic efficiency indicators at the regional (industry) level, the project results include:
In this case, only the costs of enterprises participating in the project belonging to the corresponding region (industry) are included in the composition of costs, also without re-accounting the same costs and without taking into account the costs of some participants as part of the results of other participants.
When calculating economic efficiency indicators at the enterprise (company) level, the project results include:
· production results - revenue from the sale of manufactured products, minus those spent on own needs;
· social results as they relate to enterprise employees and their family members.
In this case, only one-time and current costs of the enterprise are included in the composition of costs without re-accounting (in particular, simultaneous accounting of one-time costs for the creation of fixed assets and current costs for their depreciation is not allowed).
Assessment of investment efficiency by
system of international indicators
It is recommended to compare various investment projects (or project options) and select the best one using the following indicators:
‒ net present value NPV(net present value NPV);
‒ profitability index PI;
‒ internal rate of return GNI(internal rate of return IRR);
‒ payback period PP.
Net present value NPV is defined as the sum of current effects for the entire calculation period, reduced to the initial step, or as the excess of integral results over integral costs. The NPV value for a constant discount rate (E) is calculated using the formula:
E = NPV = ∑ (Rt - Zt) ------------
where R, are the results achieved at t-th step calculation;
3, - costs incurred at the same step;
T - calculation horizon (duration of the calculation period); it is equal to the number of the calculation step at which the project is closed;
E = (Rt - 3t) - effect achieved at the t-th step;
E is a constant discount rate equal to the rate of return on capital acceptable to the investor.
If the NPV of an investment project is positive, the project is effective (at a given discount rate), and the issue of its adoption can be considered. The higher the NPV, the more effective the project.
In practice, a modified formula is often used to determine the NPV. To do this, capital investments are excluded from the composition of Zt and costs for the t-th are denoted by 3t+. step, provided that they do not include capital investments. Then:
NPV = ∑ (Rt – З+t) ----------- - Kt
where K is the amount of discounted capital investments.
The modified NPV indicator expresses the difference between the sum of the reduced effects and the value of capital investments K reduced to the same point in time.
Determining NPV requires the following steps:
1) choosing a discount rate;
2) calculating the current value of the cash income expected from the investment project;
3) calculating the current value of the capital investments required for the project;
4) subtracting the current value of capital investments from the current value of all income.
Profitability index ID represents the ratio of the sum of discounted cash inflows (reduced effects) to the amount of capital investment.
Budgeting is one of the main tools for company management. The most “advanced” Russian enterprises are already successfully using the budgeting procedure to plan their activities. But, as can be seen from the results of the round table held by our magazine, practitioners with budgeting experience have questions that require clarification. What can we say about those domestic companies that are just now starting to implement budget processes. That is why our magazine is starting to publish a series of articles devoted to this topic. In them, relying on personal experience, the authors will talk about their vision of the budgeting problem. At the same time, the editors will try to give an opportunity to speak out to those who have an opinion different from the author’s. We open the series of articles with material about general principles budgeting.
A company that wants to succeed in the competition must have a plan strategic development. Successful companies create such a plan not on the basis of statistical data and their projection for the future, but based on a vision of what the company should become after a certain time. And only after that they decide what should be done today in order to be at the intended point tomorrow.
In the process of achieving set goals, deviations from the given route are possible, so at every “turn” the enterprise has to calculate various options their further actions. The tool for such calculations is budgeting.
In numerous textbooks devoted to this topic, you can find various definitions of the concepts “budget” and “budgeting.” Within the framework of this article, the author proposes to use the following terminology.
Budget is a plan for a certain period in quantitative (usually monetary) terms, drawn up with the aim of effectively achieving strategic goals.
Budgeting- This is a continuous procedure for drawing up and executing budgets.
Let's consider the basic principles that a company needs to pay attention to if it expects to successfully implement budgeting.
Three components of success
Like any procedure, budgeting must be carried out according to pre-approved rules. Therefore, first of all, it is necessary to develop and approve uniform rules on the basis of which the budgeting system will be built: methodology, design of tabular forms, financial structure etc. It is necessary to ensure that these rules work. And here the “human factor” plays an important role.
Managers often “receive hostility” to budgeting. Some perceive this simply as additional work that they are trying to impose on them, others fear that budgeting will reveal shortcomings in the work of their departments, and still others may not even understand what is required of them. To force managers to carry out budget procedures, you need to use the notorious “administrative resource”.
Budgeting regulations, the budget itself, the motivation system - all this must be approved by internal company orders, for failure to comply with which employees should be punished. Thus, second component of budgeting- This organizational procedures.The third key to success is automating the entire budgeting process. In large enterprises, the volume of information is enormous, but no matter how significant it is, it must be processed in a timely manner. In modern business, no one needs yesterday's data. It is necessary to analyze today's indicators and forecast for tomorrow, the day after tomorrow, a month in advance, etc. Automation of budgeting is, first of all, automation of planning. In essence, this is the automation of those procedures that are described in the budgeting regulations.
Final budget forms
The entire budgeting procedure should be organized in such a way that at the last stage management receives three main budget forms:
- budget of income and expenses;
- traffic budget Money;
- forecast balance.
Some businesses consider it sufficient to draw up only one budget: income and expenses or cash flow. However for effective planning It is advisable to receive all three budget forms at the output of the company's activities. The budget of income and expenses determines the economic efficiency of the enterprise, the cash flow budget directly plans financial flows, and the forecast balance reflects economic potential And financial condition enterprises. It is unlikely that financial directors need to explain that without at least one of the three budgets, the planning picture will be incomplete.
- Personal experience
Igor Govyadkin,Director for Economics and Finance of the Main Information Computing Center of Moscow
We draw up a budget of income and expenses and a cash flow budget. But we are not interested in the forecast balance, since there are problems with financial stability or we don’t have independence.
All final forms are filled out based on operating budgets (sales budget, production budget, etc.). The general scheme for the formation of final budgets based on operating budgets can be found in any textbook on budgeting or management accounting, so we will not present it within the framework of this article. However, in one of the following articles we will analyze in detail the process of forming all budgets using the example of a Russian holding company.
It should be noted that after drawing up a budget of income and expenses, a cash flow budget and a forecast balance, the planning work does not end. Firstly, the data obtained is the source for management analysis, for example, for calculating ratios. And secondly, the stage of correction, approval, and resolution of problematic issues begins. The entire budgeting process enters the second round, and as a result, one part of the quantitative information moves into the “mandatory” category, and the other into the category of immediate updated plans.
Efficiency is in following the principles
The principles of effective budgeting are common sense and quite simple. To compare and analyze data from different periods, the budgeting process must be constant and continuous. The periods themselves must be the same and approved in advance: week, decade, month, quarter, year. Let's look at the basic rules that any budgeting company must follow.
The principle of “sliding”
Continuity of budgeting is expressed in the so-called “sliding”. There is a strategic planning period, such as five years. For this period, a so-called development budget is drawn up, which should not be confused with a business plan. A business plan should contain not only quantitative information, but also a business idea, marketing research, a production organization plan, etc. In principle, financial part business plan and represents the development budget.
The five-year strategic planning period includes another period of four quarters. Moreover, such a planning period is always maintained: after the first quarter, another one is added to the fourth and a budget for four quarters is drawn up again. This is the principle of “sliding”. What is it for?
Firstly, using “sliding” budget, an enterprise can regularly take into account external changes (for example, inflation, demand for products, market conditions), changes in its goals, and also adjust plans depending on the results already achieved. As a result, forecasts of income and expenses become more accurate than with static budgeting. With regular planning, local employees become accustomed to the requirements and align their day-to-day activities with the company's strategic goals.
Secondly, with static budgeting By the end of the year, the planning horizon is significantly reduced, which does not happen with a “rolling” budget. For example, a company that approves a budget for the year in advance once a year in November, in October has plans only for the next two months. And when the budget for January appears, it may turn out that it is already too late to order some resources, the application for which should have been placed three months before delivery, that is, in October.
- Personal experience
Igor Govyadkin
We use a static budget because our main customer, the Moscow Government, works within the framework of annual budgets. But the preliminary budget for next year We are drawing up already in September.
Approved - execute!
Approved budgets must be executed - this is one of the basic rules. Otherwise, the whole idea of planning and achieving your goals is null and void. For non-compliance it is necessary to punish, for execution - to motivate (the issue of motivation within the budgeting process will be discussed in detail in one of the next articles of this series).
- Personal experience
Alexander Lopatin,deputy general director Svyazinvest company
When a step to the left or a step to the right of the budget is considered a crime - this is extreme. There is no need to be afraid to revise the budget - this is a normal process. You just need to clearly define the reasons for the change, the procedure for making changes, etc. If everything is clear to everyone, there are regulations, then problems and questions should not arise.
Teio Pankko,Chief Financial Officer of Alfa-Bank
The budget is practically a law. Since we approved it, it means that this is how we want to work. And the end result must be achieved. If something unplanned happens, we must understand why it happened, why the set goals were not achieved, and make appropriate operational decisions.
At the same time, as mentioned above, budgeting is primarily based on common sense. Any company may encounter force majeure circumstances, so the regulations must provide for a procedure for both planned and emergency budget adjustments. Ideally, the budget should include the probability of any event occurring. For this you can use, for example, a flexible budget.
A flexible budget is prepared on an “if-then” basis. That is, a flexible budget is a series of “hard” budgets based on various forecasts. In the future, no matter what events occur (military conflicts, world economic crisis, new OPEC decisions), there will be no need to revise and adjust the budget. It will be necessary to strictly implement the budget, which is based on the fulfilled forecast.
- The Royal Dutch/Shell Group successfully used flexible budgeting in the 1980s. Then many oil companies believed that by 1990 oil prices would rise to $60-80 per barrel, and based on this they planned their development strategy. Royal Dutch/Shell Group has developed three possible scenarios, one of them taking into account low oil prices. The real price in 1990 was $25 per barrel. The use of “flexible” planning allowed the Royal Dutch/Shell Group to develop better than other companies in the current conditions. It is advisable to draw up a flexible budget in the case when there are parameters that do not depend on the enterprise, but have a significant impact on the results of its activities. Such parameters can be sales price, volume of demand, price of resources (for example, when the main resource is oil) and others external factors affecting the work of the company.
From indicative planning to directive planning
How often should you review your budget? The answer to this question should be contained in the regulations. Budget revision is the same regulated procedure as the preparation or execution of a budget. For this all plans should be divided into two categories: preliminary(indicative) and mandatory(directive).
The process of moving a plan from the “preliminary” category to the “mandatory” category must include certain stages: adjustment, coordination and approval. The duration of all stages is specified in the budgeting regulations. All this is necessary to ensure that the budget is not just a plan, but a plan that can be implemented. You can only get managers to fulfill an unrealistic budget once, but if you demand this constantly, the manager will simply leave the company.
- Personal experienceIgor Govyadkin
We have adopted a year and a quarter as an indicative planning period, but the monthly budget falls into the category of directive plans.
Elena Korneeva,Financial Director of the company “I.S.P.A.-Engineering”
We do not draw up directive plans, only indicative ones. Even within the weekly budget. The situation is changing very quickly, and therefore we try to quickly respond to all changes. The budget cannot be monumental; it must reflect the real life of the enterprise.
Toward common standards
All budget forms (tables) must be the same for all accounting centers. This is especially true for holdings that include various enterprises. If each plant uses its own molds, then financial service The management company will spend the bulk of its time on data consolidation rather than on planning and analyzing results.
The procedure for filling out budgets at different enterprises of the holding, as well as at the levels of financial responsibility centers within enterprises, should be the same standard and based on a unified methodology. Accordingly, the deadlines for submitting budgets by divisions of the holding to the management company should be uniform.
The principle of detailing expenses
In order to save resources and control the use of funds, all significant expenses should be detailed. The author recommends detail all expenses whose share exceeds 1% of the total share of expenses, although the size of the company must also be taken into account. The point of detailing is to prevent managers of costly departments from profiting at the expense of the company.
The directive part of the budget should be much more detailed than the indicative part and have the highest possible level of detail.
The accounting period can also be detailed. For example, the income and expense budget can be detailed by month, and the cash flow budget - by week or even banking days, since control over financial flows requires greater care and efficiency.
The principle of “financial structure”
Before implementing budgeting, an enterprise needs to create a financial structure that can be built on principles other than organizational structure. Some divisions can be combined into a single financial accounting center. Conversely, within one division, different accounting centers can be distinguished (for example, by type of product or area of activity).
Depending on the category of the accounting center (whether it is a profit center or a cost source), various systems of criteria should be developed to evaluate the performance of these units.
Having developed a financial structure, the enterprise will identify the number of levels of collection of budget information and, depending on this, will be able to create a schedule for drawing up budgets for each accounting center.
“Transparency” of information
To eliminate the possibility of distortion of information and strengthen control over budget execution, the specialist analyzing the final data budget forms, you need access to the budgets of each accounting center, as well as to the operating budgets within the accounting centers themselves, down to the lowest level. In addition, he must have information about the stage of budget formation at all lower levels. And if some department submitted a budget later than necessary, then the financier responsible for budgeting must promptly receive information about the reasons why this happened. Therefore, constant monitoring of the budgeting process at all levels is necessary. In automated budgeting programs, such monitoring is easy to carry out; it is much more difficult to do this if budgets are formed in ordinary spreadsheets.
Towards effective budgeting
All procedures and principles described above must be reflected in the “Budgeting Regulations” that are uniform for the entire company. This document should define the procedure for approving budgets and their consolidation, forms of documents, workflow schemes, as well as the timing of consideration and decision-making at all levels of collecting budget information.
It must be remembered that budgeting is a large systemic task. But, despite the difficulties that arise in the course of solving it, we must try to adhere to the principles described above.
The main thing is to understand why budgeting is needed.
Interview with the financial director of the Econika corporation Vladimir Borukaev
– How long has your company been using budgeting?
– When we started doing business, we, like many other companies, did not even think about introducing budgeting. Then, in 1993-1994, we began to carry out planning in the classical form in which it is meant. Budgeting was introduced in stages. Some areas were implemented intensively, others gradually.
– What should financial directors who are planning to introduce budgeting in their enterprises first of all pay attention to, where to start?
– In my opinion, when introducing budgeting, the main thing is to understand the essence of the process. If a person does not understand the process, it will just be numbers. Management must monitor performance for each budget item. If they have changed, you need to understand why this happened.
– Does your enterprise have a system of motivation and managerial responsibility for budget execution? What kind of fines, bonuses?
– And, of course, there are fines and bonuses. But there is no direct, clearly defined dependence on budget execution. With us, each manager is responsible for his department and the final result he receives. You cannot reward or punish for fulfillment or non-fulfillment of one budget item, especially in the short term, without understanding the process as a whole. It is necessary to understand the reasons, which do not always depend on the person responsible for the budget item.
– The sales budget is often called one of the most difficult for both planning and execution. How is it compiled in your company?
– The sales budget is formed based on the goals that are set for each department. For each source of income, a marketing plan is drawn up, on the basis of which sales volume is predicted.
– On what basis are these plans formed? Are they brought down from the top by management or initiated by the units themselves?
– Management Company determines the strategic goals and directions of development of the holding as a whole, and the subsidiaries, in accordance with them, independently form their own product and marketing strategies and plans, which are then approved by the Board of Directors.
– During the “round table” on budgeting, which was held by our magazine, among others, questions were raised: how should a financier control technical services, how to check the reality of the numbers in their budget requests? What do you think about it?
– When approving write-off standards, we first look at the existing statistics of the costs that we want to standardize. Moreover, several people usually participate in the development of standards, for example, heads of the transport service and logistics department. In addition, an auditor or an independent consultant is also involved in this process and provides an opinion. The standard is approved by a special commission.
– At what point does an enterprise need to introduce budgeting? It’s no secret that many companies still manage without it?
– If this is not a one-time deal, then planning is already required, at least for large indicators. If the business has a long history, then everything needs to be calculated more accurately and seriously. Although some heads of organizations believe that “the money goes and goes, why do we need planning and budgeting.” Typically, this approach ends up having a negative impact on the business.
Budget efficiency indicators reflect the impact of project implementation on revenues and expenses of the republican and local budgets.
The main indicator of the budgetary efficiency of the project is the budgetary effect, which is used to justify the government support measures included in the project. For step t budget effect B(t) is defined as the difference between income (Dt) and expenses (Pt) of the corresponding budget:
Integral budget effect B(int.) is calculated as the excess of integral budget revenues D(int .) over integral budget expenditures R(int.):
B(int.) = D(int.) – P(int.).
IN list of budget income items from the implementation of the investment project can be attributed:
· tax revenues and rent payments;
· increase in tax revenues from other enterprises;
additional revenues to the budget income tax from employees' wages;
· revenues to budgetary and extra-budgetary funds (fund social protection and the state employment promotion fund)
and etc.
TO budget expenditures related to the implementation of the project include:
· funds allocated for direct budget financing of the project;
· payment of benefits for people who remain unemployed;
· loans National Bank, allocated as borrowed money subject to compensation from the budget, etc.
Economic efficiency reflects the impact of the process of implementing an investment project on the environment external to the project and takes into account the ratio of results and costs of the investment project, which are not directly related to the financial interests of the project participants and can be quantitatively assessed.
Selection of an investment project involving state support, is produced based on the maximum integral effect, taking into account commercial, budgetary and economic efficiency.
Test questions on topic No. 13
1. Define the concept of investment.
2. Who is the subject investment activities?
3. In what objects are investments being made?
5. What is the difference between gross and net investment?
6. How are they divided? real investment?
7. Which form of the investment process is the most effective?
8. What sections does the investment project consist of?
9. What is the difference between commercial and budget efficiency?
10. What indicators are used for evaluation economic efficiency investment project?
11. In what cases is the project effective?
12. What is the relationship between the indicators net present value and the profitability index?
13. What characterizes the internal rate of return?
14. How is the budget effect determined?
15. What is the calculation algorithm? commercial efficiency?
EXAM QUESTIONS
1. The concept of an enterprise, its functions and principles of organization.
2. Classification of enterprises.
3. Life cycle enterprises.
4. Modern forms of enterprise associations.
5. Characteristics of the external and internal environment of the enterprise.
6. Indicators for assessing the external environment.
7. Government regulation activities of the enterprise.
8. Concept and indicators of production concentration.
9. Forms and indicators of specialization.
10. The essence and indicators of industrial cooperation.
11. Concept and types of production diversification.
12. Concept, composition and structure of fixed assets.
13. Methods of accounting and valuation of fixed assets.
14. Depreciation and amortization of fixed assets.
15. Essence and types of leasing.
16. Leasing efficiency.
17. Indicators of efficiency of use of fixed assets.
18. Concept, composition and structure working capital.
19. Sources of formation of working capital.
20. Determination of the need for working capital.
21. Indicators of the efficiency of using working capital and ways to accelerate their turnover.
22. Concept and composition material resources enterprises.
23. Logistics support of the enterprise.
24. Concept, composition and structure of personnel.
25. Calculation of the number of employees of the enterprise.
26. Labor productivity and its impact on the economy of the enterprise.
27. Factors and reserves for growth of labor productivity.
28. Essence, types and functions of wages.
29. Principles of organizing remuneration.
30. Tariff system of remuneration.
31. Forms and systems of wages.
32. Foreign experience organization of wages.
33. Essence, goals and objectives of planning.
34. Planning principles.
35. Planning methods.
36. Types of planning.
37. Business plan: concept, requirements for development.
39. Concept, structure and purpose of the production program.
40. Indicators and measures of the production program.
41. Production capacity and methodology for its calculation.
42. Formation of an optimal production program.
43. The concept of production costs and costs
products.
44. Classification of costs for production of products (works, services).
45. Calculation of product costs and prices.
46. Ways to reduce production costs.
47. The essence and types of income and profit of an enterprise.
48. Formation and distribution of profits.
49. Profitability: essence, types, indicators and methods of their calculation.
50. Financial results activities of the enterprise.
51. Ways to increase profits and profitability.
53. Classification of the results of innovation activities.
54. State regulation of innovative activities of an enterprise.
55. Essence and types of investments.
56. Features of investment activity.
57. Investment project: concept and main sections.
58. Assessment of the economic efficiency of investments.
59. Economic essence and stages of enterprise value assessment.
60. Methods for assessing the value of an enterprise. Calculation of share price.
LIST OF REFERENCES USED
Legislative and regulations
1. Civil Code The Republic of Belarus. – Mn.: Interpressservice, 2003. – 518 p.
2. Investment Code of the Republic of Belarus. – Mn.: IPA “Register”, 2001. – 56 p.
3. Labor Code The Republic of Belarus. - Mn.: National Center legal information of the Republic of Belarus, 1999. – 192 p.
4. Basic provisions on the composition of costs included in the cost of products (works, services): Resolution of the Ministry of Economy, Ministry of Finance, Ministry of Statistics and Analysis, Ministry of Labor dated January 30, 1998 No. 01–21/8 January 30, 1998 No. 03–02–07/300 (with amendments and additions) // National Register of Legal Acts of the Republic of Belarus 2003. No. 8.
5. Regulations on the procedure for calculating depreciation of fixed assets and intangible assets: Resolution of the Ministry of Economy of the Republic of Belarus, the Ministry of Finance of the Republic of Belarus, the Ministry of Statistics and Analysis of the Republic of Belarus, the Ministry of Architecture and Construction of the Republic of Belarus dated November 23, 2001 No. 187 (as amended on January 24, 2003 No. 33) // National Register of Legal Acts of the Republic of Belarus. 2003. No. 8.
Educational literature
1. Rusak E. S., Sapelkina E. I. Enterprise Economics: educational manual / E. S. Rusak, E. I. Sapelkina. – Mn.: Academician. ex. under the President of the Republic Belarus, 2007. – 322 p.
2. Rusak E. S. Enterprise economics: answers to the exam. question / E. S. Rusak, E. I. Sapelkina. – Minsk: TetraSystems, 2008. – 144 p.
3. Rusak E. S. Enterprise Economics. Lecture course. – Mn.: Academy of Management under the President of the Republic of Belarus, 2004. – 244 p.
4. Economic mechanism for enterprise development: tutorial in 2 hours. Part 1. Economic methods, levers and incentives / S. A. Pelikh, E. S. Rusak, R. I. Vnuchko and others; under general ed. S. A. Pelikha, E. S. Rusak. – Mn.: Academician. ex. under the President of the Republic Belarus, 2006. – 311 p.
5. Susha G.Z. Enterprise Economics. – Mn.: LLC “New Knowledge”, 2003. – 384 p.
6. Hosking A. Entrepreneurship course: Practical guide: per. from English – M.: International relationships, 1993. – 352 p.
Budget efficiency indicators reflect the impact of project implementation results on the revenues and expenses of the corresponding (federal, regional or local) budget.
The main indicator of budgetary efficiency used to justify the federal and regional financial support measures provided for in the project is the budgetary effect.
The budget effect (B) for the t-th step of project implementation is defined as the excess of revenues of the corresponding budget (D) over expenses (P) in connection with the implementation of this project:
B = D - R (3.14)
Integral budget effect B is calculated using formula 3.2 as the sum of discounted annual budget effects or as the excess of integral budget revenues (D) over integral budget expenditures (P).
Budget expenses include:
funds allocated for direct budget financing of the project;
loans from the Central, regional and authorized banks for individual project participants, allocated as borrowed funds subject to compensation from the budget;
direct budget allocations for surcharges to market prices for fuel and energy resources;
payment of benefits for persons who remain unemployed in connection with the implementation of the project (including when using imported equipment and materials instead of similar domestic ones);
payments on government securities;
state, regional guarantees of investment risks to foreign and domestic participants;
funds allocated from the budget to eliminate the consequences of possible emergency situations during the implementation of the project and compensation for other possible damage from the implementation of the project.
Budget revenues include:
value added tax, special tax and all other tax revenues (including benefits) and rent payments of a given year to the budget from Russian and foreign enterprises and participating firms insofar as they relate to the implementation of the project;
an increase (with a minus sign - a decrease) in tax revenues from third-party enterprises, due to the impact of the project on their financial position;
customs duties and excise taxes received by the budget on products (resources) produced (expended) in accordance with the project;
share premium from the issue of securities for the implementation of the project;
dividends on shares and other securities owned by the state, region and other securities issued to finance the project;
income tax revenues to the budget from wages of Russian and foreign workers accrued for the performance of work provided for by the project;
receipts to the budget of fees for the use of land, water and other natural resources, fees for subsoil, licenses for the right to conduct geological exploration, etc. to the extent that it depends on the implementation of the project;
income from licensing, competitions and tenders for exploration, construction and operation of facilities provided for by the project;
repayment of preferential loans for the project, allocated from the budget, and servicing of these loans;
fines and sanctions associated with the project for the irrational use of material, fuel, energy and natural resources.
Receipts to extra-budgetary funds - pension fund, employment funds, medical and social insurance - are also equal to budget revenues - in the form mandatory deductions according to wages accrued for the performance of work provided for by the project.
Based on indicators of annual budget effects, additional indicators of budget efficiency are also determined:
internal rate of budget efficiency, calculated according to the principles set out in Chapter 2;
payback period for budget costs;
the degree of financial participation of the state (region) in the implementation of the project, calculated by the formula:
where P is integral budget expenditures,
Z - integral costs of the project, calculated at the state and regional level.