The use of borrowed capital to finance the activities of the enterprise, as a rule, is economically beneficial, since the payment for this source is on average lower than for equity capital. The main types of borrowed capital are bonds and long-term loans.

Currently, many enterprises finance their activities both at the expense of their own and at the expense of borrowed money.

First of all, borrowed funds are needed to finance growing enterprises, when the rate of formation of own sources lags behind the rate of increase in output, for the modernization of production, the development of new types of products, etc. inflation and lack of own working capital force the majority of Russian enterprises to attract borrowed funds to finance working capital. The argument in favor of financing from debt sources is the reluctance of owners to increase the number of shareholders, shareholders, as well as the relatively lower cost of a loan compared to the cost of equity capital, which is expressed in the effect of financial leverage (13)

Borrowed capital- this is a set of borrowed funds that bring profit to the enterprise and are issued in the form of loans, loans, loans.

A loan (debt obligation) is an agreement under which one of the parties (the lender) transfers to the other party (the borrower) for use money or things defined by generic characteristics (number, weight, measure), and the borrower undertakes to return to the lender the same amount of money or an equal number of things of the same kind and quality.

The loan can be both paid and free. In the case of paid borrowing, the amount of the fee is determined either by agreement of the parties in compliance with the requirements for interest rates on loans established by law, or in the amount of the average bank interest rate adopted at the location of the creditor.

Bond loan. Bonds are debt securities. This security gives its holder the right to receive a fixed percentage of the nominal value of the bond or other property rights. Bonds may be issued:

(a) the state and its entities (state or municipal) and

(b) corporations (debt private securities).

Bonds are classified "according to a number of criteria, in particular, by validity (short-term - up to 3 years, medium-term - up to 3 years, perpetual), according to

methods of payment of coupon income, by method of securing a loan, by the nature of circulation (ordinary and convertible). Coupon rate for bonds most often depends on the average interest rate in the capital market.

The bond must necessarily have a nominal value, and the total nominal value of all bonds issued by the company must not exceed the amount of its authorized capital or the amount of security provided to the company by third parties for the purpose of issuing bonds.

The issue of bonds by a company is allowed only after full payment of its authorized capital. A joint-stock company is entitled to issue bonds: (a) secured by a pledge of its certain property, (b) secured, specially provided by third parties, (c) unsecured.

From the point of view of issuers and investors, a bond loan has its pluses and minuses. The issuer benefits from a justified issue of bonds, because:

the amount of money that the enterprise will manage will increase dramatically, there will be opportunities for the introduction of new investment projects;

payments to bondholders are most often made at stable rates that are not subject to sharp fluctuations, which leads to the predictability of the costs of servicing this source;

the cost of the source is less;

the source is cheaper in terms of fundraising;

the procedure for raising funds is less laborious.

The main disadvantage is that the issuance of a loan leads to an increase in the financial dependence of companies, i.e. to an increase in the financial risk of its activities, if the payment of dividends is not mandatory for the company, then the settlement of obligations to bondholders must be carried out in without fail, despite the financial results of current operations.(20)

Credit is the lending of goods or money.

Lending to enterprises is carried out in accordance with the procedure established by the legislation of the Russian Federation. Another enterprise, a bank, an individual can act as a creditor providing a loan to an enterprise in kind or in cash. A feature of a bank loan is that it is issued against liquid collateral for specific purposes. Depending on the repayment period, there are short, medium and long-term loans. Over 90% banking operations currently in the Russian Federation accounts for short-term loans, mostly with a maturity of up to six months.

long term Bank loan. Bank loans are provided by commercial banks and other credit institutions that have received central bank RF license for banking operations.

Most banks issue short-term loans; these loans are used to finance current operations and maintain the liquidity and solvency of the enterprise. Long-term loans are mainly used to finance the costs of capital construction, reconstruction and other capital investments, and therefore they must be recouped from future profits.

Regardless of the amount of the loan, the loan agreement must be concluded in writing, otherwise it is considered void; this is one of its differences from the loan agreement, which is concluded in writing only if its amount is not less than ten times the minimum wage established by law. A loan agreement for the gratuitous use of property or money of another person. (27)

A person who has received property under a loan agreement is obliged to return it in the same condition, taking into account wear and tear, or in the condition stipulated by the concluded agreement. Loans are formalized by a loan agreement (for citizens) or a bank loan agreement (for enterprises, institutions, organizations)

From the state budget, short-term financial support can be provided to enterprises of all forms of ownership in the form of a loan for a period not exceeding the current financial year, on terms of repayment and payment in an amount that ensures the payment of interest on the state debt. Such loans are allocated by the enterprise for the following purposes:

restructuring of production;

settlements on targeted loans aimed at the purchase of equipment and materials;

development and acquisition the latest technologies, equipment and materials, including foreign ones.

Borrowed capital can be different in size, share in total capital, source and methods of repayment. Therefore, determining the amount of borrowed capital and its structure is an integral step in solving a number of problems of financial management.

The most common and relevant at the moment are the following tasks:

assessment of financial stability based on the calculation of the coefficients of financial independence and solvency of the enterprise;

forecasting probable bankruptcy and capital structure;

calculation of the price of borrowed capital and the weighted average cost of capital of the enterprise;

determination of the level of financial risk and optimization of the financial structure of the company's capital.

In the group of articles "Loans and credits" of the section "Long-term liabilities" they show outstanding borrowings that are subject to repayment in accordance with agreements more than 12 months after the reporting date.

According to the items "Accounts payable" reflect:

debts to suppliers and contractors for received material values, performed works and rendered services;

indebtedness to suppliers and contractors to whom the organization has issued promissory notes to secure their supplies, works, services;

wage arrears, government contributions social insurance, pension and medical support, to the employment fund, as well as other taxes and payments to the budget;

arrears in payments of compulsory and voluntary insurance of property and employees;

debt on bank loans obtained for issuing loans to employees.

An important aspect of assessing the financial stability and predicting the bankruptcy of an enterprise is its dependence on the amount of borrowing in the financial and credit sector. This approach stipulates that only funds received from credit institutions in the form of long-term and short-term credits, loans, and loans are included in debt capital.

Efficient Management borrowed capital increases profitability own funds. An incorrect approach to the formation of borrowed sources can adversely affect the financial condition of the enterprise, since the requirements of creditors must be satisfied regardless of the results of the financial and economic activities of the enterprise. At the same time, the use of borrowed capital is often extremely beneficial for the owners of the enterprise, since it allows to achieve an increase in production volumes, profits and profitability growth without additional investments of an extremely scarce financial resource - equity. Therefore, the financial manager faces a controversial task - to attract borrowed capital, preventing a critical loss of financial independence and at the same time increase the return on equity.

To assess the impact of the use of borrowed funds on the return on equity allows taking into account the action financial leverage, reflecting the growth of owners' income due to the attraction of borrowed funds.

The strength of financial leverage depends on the conditions of lending, the availability of tax incentives for loans, loans, loans and the procedure for paying interest on loans and borrowings.

The effect of financial leverage in the European model is measured by the additional return on equity obtained through the use of loans, compared with the return on equity financed only by own funds. Here the ratio of debt to equity is lever arm, and the difference between the level of profitability of all capital and the after-tax price of borrowed capital-differential leverage.

Thus, with an increase in the share of borrowed sources of financing, the return on equity of the enterprise grows until the interest on the loan exceeds the profit. (14)

Conclusion

After conducting research, we can draw the following conclusions: there are the following ways of financing:

Self-financed- the most obvious way to mobilize additional sources of funds, but it is difficult to predict in the long term and is limited in volume. Therefore, any strategic direction of business development inevitably involves the involvement of additional sources of formation.

Funding through capital market mechanisms. There are two main options for mobilizing resources in the capital market: equity and debt financing.

Bank lending. Bank lending looks very attractive. Obtaining a bank loan is not related to the size of the borrower's production, the sustainability of generating profits, the loan can be processed in the shortest possible time. Budget financing. The attractiveness of this form lies in the fact that business leaders are accustomed to the fact that the source of funds is practically free, often the funds received are not returned, and their spending is poorly controlled.

Mutual financing of business entities. In conditions

in a centrally planned economy, there is an absolute dominance of two elements - budget financing and mutual financing of enterprises; in a market economy, profit and capital markets are seen as the main ways to increase the economic potential of economic entities. In capital, three main approaches to formulating an interpretation can be distinguished: economic, accounting and accounting and analytical.

Within the framework of the economic approach, it is subdivided into: a) personal, b) private and c) public unions, including the state. Within the framework of the accounting approach, capital is interpreted as the interest of the owners of this subject in its assets, and the value is calculated as the difference between the sum of the subject's assets and the value of its liabilities.

In the accounting - analytical approach, capital appears as a set of resources characterizing simultaneously from two sides: (a) the directions of its investment and (b) the sources of origin. accordingly, two interrelated varieties of capital are distinguished - active and passive capital.

The ownership structure of the organization's capital includes: authorized (share), additional and reserve capital, retained earnings and other reserves.

Authorized capital - represents a set of fixed assets, other property, intangible assets, as well as property rights having a monetary value.

Extra capital reflects the increase in the value of property during the revaluation of share premium, gratuitously received values, and more.

Reserve capital. The creation of certain reserves is provided for by the charter or legislative acts in order to give the company or its creditors additional guarantees of protection against the consequences of losses. Retained earnings. Retained earnings reflects information about the presence and movement of amounts of retained earnings, including special purpose funds, or uncovered loss of the enterprise.

Methods of financing the enterprise at its own expense. The source of financing investment activities, as well as ensuring and expanding current activities, of course, is the profit of the enterprise.

Special funds. Due net profit remaining at the disposal of the enterprise after payment of all taxes and settlements with shareholders and founders.

In the fund of the social sphere take into account retained earnings, In consumption funds take into account the means of direct

profits allocated for the implementation of measures to develop the social sphere and material incentives for employees of enterprises and other similar activities that do not lead to the formation of new property of the enterprise.

Borrowed capital- this is a set of borrowed funds that bring profit to the enterprise and are issued in the form of loans, loans, loans. Borrowed capital includes:

Loan (debt)

Bond loan, (debt security).

Credit is the lending of goods or money. - Long-term bank loan.

Loan agreement for the gratuitous use of property or money of another person

List of used literature:

Regulations

1. Decree of the Federal Office for Insolvency (Bankruptcy) “On the approval of methodological provisions for assessing the financial condition of enterprises and the formation of an unsatisfactory balance structure” No. 31-r dated 12.08.94. Scientific and educational:

Bakanov M.I., Sheremet A.D. Theory of economic analysis. M.: Finance and statistics, 1993

Barnoglets SB. Economic analysis economic activity of enterprises and associations. M.: Finance and statistics, 1998

3. Bendikov M.A., Jamai E.V. improving the diagnostics of the financial condition of an industrial enterprise //Financial management.2001. No. 5.С.8О)

Glazunov V.N. Analysis of the financial condition of the enterprise // Finance 1999. No. 2.

Novodvorsky V.D. financial statements: compilation and analysis. M.: Finance and statistics, 1994,

Dronov R.I., Reznik A.I., Bunina E.M. assessment of the financial condition of the enterprise // Financial management 2003. №4. S. 15.

Drury K. introduction to management and production accounting. M. 1994.

8. Efimova O.V. Analysis of the turnover of funds of a commercial enterprise // Accounting. 1994. No. 10.

9. Efimova O.V. How to analyze the financial position of the company. M.: 1993

10. Efimova O.V. The financial analysis. M.: Accounting, 1996.

11. Kovalev V.V. Financial analysis: Money management. Choice of investments. Reporting analysis. M. 1995.

13. Kovalev V.V. The financial analysis; capital Management. Moscow: Finance and

statistics, 1996

14. Kolchina n. B. Enterprise Finance. M, 2003

Kreinina M.N. Analysis of the financial condition and investment attractiveness joint-stock companies in industry, construction and trade. ML 994.

Kreinina M.N. " Financial condition enterprises. Evaluation methods "- M .: ICC" Dis ", 1997.

Kreinina M.N. Financial stability of the enterprise: assessment and decision making // Financial management. 2001. No. 2 p.20.

Mishin Yu. A., Dolgov V.P., Dolgov A.P. Accounting and analysis: problems of high-quality processing accounting information. Krasnodar, 1995.

Pavlova L.p. M; 2003

20. Romanovsky T.V. Enterprise finance. S-P. "Business - press", 2003.

21. Paly V.F. New financial statements. Content. Method of analysis. M. library of the journal "Controlling", 1991.

Rodionova V.M., Fedotova M.A. Financial stability of the enterprise in the conditions of inflation. M. 1995.

Savitskaya G.V. "Analysis economic activity enterprises”, M.: Infra-M, 2002.

Hongren T., Foster J. Accounting: management aspect. M. 1995.

Chetyrkin E.M. Methods of financial and commercial calculations. M. 1992.

Sheremet A.D., Buzhinsky A.I., Methods of economic analysis of the activity of an industrial enterprise. M.: Finance and statistics, 1998.

Sheremet A.D., Suits V.P. Audit. M. 1995.

In the form of debt obligations, which are attracted from the outside in the form of loans, financial assistance, amounts received on security, and other external sources for a specific period, under certain conditions, under any guarantees.
Borrowed capital is subject to unconditional return and is used in the turnover of the enterprise on a paid basis, that is, interest is periodically accrued in favor of the creditor.

Borrowed funds are needed by enterprises when equity capital is not enough to scale up commercial activities, introducing new technologies, launching a marketing campaign, investing and other goals that increase the profitability of all business processes and market value the company as a whole.
Conclusion: it is advisable to attract borrowed funds to finance those events, events and activities that are not typical for ordinary activities companies and are singular. In general, you can do without borrowed capital, its absence will not disrupt the usual processes, will not affect them negatively. Such loans can be called liquid.
If lending is needed not for development, but to cover permanent losses and maintain profitability at the usual level, that is, when the only way to maintain the life of the company is external capital, then these are illiquid loans that can eventually lead to bankruptcy. Situations where borrowing is an absolute necessity should be avoided, otherwise the use of external funds will be unjustified.
The validity of attracting borrowed funds is a function of financial management, which manages borrowed capital and analyzes how it is justified within the framework of the accepted financial strategy enterprises.

Types of borrowed capital

• leasing operations;
• loans received from other legal entities;
• bonds;
• credit notes;
• securitized assets;
• funds from the placement of shares;
• subsidies, subsidies, investments from budgetary and off-budget funds etc.

Forms of borrowed capital

We can distinguish the main forms of raising borrowed funds:
1) Cash in national currency.
2) Cash in foreign currency.
3) Commodity form(for example, deferred payment deliveries).
4) Lease of fixed assets and intangible assets with deferred payment.
The choice of forms of raising borrowed funds is carried out by the enterprise independently, based on the goals and specifics of its economic activity.

The procedure for attracting borrowed funds

To make a decision on attracting loans, the following sequence should be followed.
1) Analyze the current practice of attracting and using borrowed funds.
2) Determine the purpose of attracting borrowed funds in the future period.
3) Determine the maximum amount of loans, taking into account the financial stability of the organization in the long term.
4) Estimate the cost of raising borrowed capital and the total amount of funds needed to service the desired loans.
5) Determine the structure of borrowed funds, create acceptable conditions for their attraction.
6) Ensure efficient use of loans and timely settlements on them.

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Introduction.

It is known that each enterprise has its own financial resources - these are the funds at the disposal of the enterprise and intended to ensure its effective operation, to fulfill financial obligations and economic incentives for employees. Financial resources are formed at the expense of own and borrowed funds.

TO own sources financial resources operating enterprises include income (profit) from the main and other activities, non-sales operations, depreciation deductions, proceeds from the sale of retired property. Along with them, the sources of financial resources are stable liabilities, which are equated to their own sources, since they are constantly in the turnover of the enterprise, are used to finance its economic activities, but do not belong to it. Sustainable liabilities include: arrears in wages and social security contributions, a reserve for future payments wages for the period of regular vacations and a one-time remuneration for long service, debts to suppliers for non-fractionated deliveries, depreciation fund funds allocated for education production stocks For overhaul, debt to the budget for certain types of taxes, etc. The need for cash increases with the operation of the enterprise. It has to do with growth production program, depreciation of fixed production assets, etc. Therefore, appropriate financing of capital gains is required.

Therefore, when an enterprise does not have enough own funds to finance the activities of the enterprise, it can attract funds from other organizations, which are called borrowed capital.

1. General concept capital.

Capital - From lat. Capitalis - chief

Capital - in a broad sense - the accumulated (cumulative) amount of goods, property, assets used for profit, wealth.

capital (in economic sense) - a part of the financial resources of the enterprise intended to finance the current and core activities of the organization, to ensure the sustainable and effective development of the organization.

By subjects of ownership By object of investment

Own Borrowed Principal Negotiable

Capital Capital Capital Capital

Equity capital is a set of financial resources of the company, formed at the expense of the founders (participants) and financial results own activities. As an indicator of the balance sheet is: authorized capital (paid up share capital); retained earnings earned by the enterprise as a result of efficient operation and remaining at its disposal; reserve capital (defined as 5% of authorized capital JSC); and Extra capital(formed based on the results of revaluation of assets, at the expense of share premium); reserve fund(created from net profit); consumption fund (also from net profit), etc.

Borrowed capital - capital received in the form of a debt obligation. Unlike equity, it has a deadline and is subject to unconditional return. Typically, periodic interest is charged in favor of the lender. Examples: bonds, bank loan, different kinds non-bank loans, accounts payable.

Working capital (English working capital, circulating capital) - elements of capital, characterized by a short service life; the cost of which is immediately included in the costs of creating a new product (for example, materials; raw materials; products intended for sale; money). working capital - value expression objects of labor that participate in the production process once, fully transfer their value to the cost of production, change their natural-material form. working capital, also called working capital- those funds that the company uses to carry out its daily activities, entirely consumed during the production cycle. They are usually divided into inventory and cash.

These include:

raw materials, materials, fuel, energy, semi-finished products, spare parts

work in progress costs

finished products and goods

Future expenses

VAT on purchased assets

Accounts receivable (<12 мес.)

Short-term financial investments

Cash in accounts and on hand

Other current assets (low-value and fast-wearing items)

Fixed capital (fixed assets) - fixed assets of the organization reflected in accounting or tax accounting in monetary terms. Fixed assets are means of labor that repeatedly participate in the production process, while maintaining their natural form. They are intended for the needs of the main activity of the organization and must have a period of use of more than a year. As fixed assets wear out, the value of fixed assets decreases and is transferred to cost using depreciation.

2. Borrowed capital and its classification.

2.1. The concept of borrowed capital

Borrowed capital (debtcapital, long-termdebt) is the funds of third parties (they are called landers) provided to the enterprise on a long-term basis (mainly bank loans and bonded loans). Although this is a long-term, but temporary source of loans. Unlike equity, it has a deadline and is subject to unconditional return.

The need to attract borrowed capital should be justified by a preliminary calculation of the need for working capital. The structure of borrowed funds includes a financial loan received from banking and non-banking financial and credit institutions, a commercial loan from suppliers, accounts payable of an enterprise, debt on the issue of debt securities, etc. In accounting, borrowed funds and accounts payable are reflected separately. Therefore, in a broad sense, it is possible to allocate borrowed funds and, in a narrow sense, the actual financial loan. The difference between borrowed funds in a broad and narrow sense is borrowed funds. On the one hand, raising borrowed funds is a factor in the successful functioning of an enterprise, which helps to quickly overcome the shortage of financial resources, indicates the confidence of creditors and ensures an increase in the profitability of own funds. On the other hand, the enterprise is burdened with financial obligations. One of the main evaluation characteristics of the effectiveness of managerial financial decisions is the amount and efficiency of the use of borrowed funds.

Borrowed capital is characterized by the following positive features:

1. Sufficiently wide opportunities for attracting, especially with a high credit rating of the enterprise, the presence of collateral or guarantee of the guarantor.

2. Ensuring the growth of the financial potential of the enterprise, if necessary, a significant expansion of its assets and an increase in the growth rate of the volume of its economic activity.

3. Lower cost in comparison with own capital due to the effect of the "tax shield" (withdrawal of the cost of its maintenance from the taxable base when paying income tax).

4. The ability to generate an increase in financial profitability (return on equity ratio).

At the same time, the use of borrowed capital has the following disadvantages:

1. The use of this capital generates the most dangerous financial risks in the economic activity of the enterprise - the risk of reducing financial stability and loss of solvency. The level of these risks increases in proportion to the growth in the proportion of the use of borrowed capital.

2. Assets formed at the expense of borrowed capital generate a lower (ceteris paribus) rate of return, which is reduced by the amount of loan interest paid in all its forms (interest on a bank loan; leasing rate; coupon interest on bonds; bill interest on commodity credit, etc.).

3. High dependence of the cost of borrowed capital on fluctuations in the financial market. In some cases, with a decrease in the average loan interest rate in the market, the use of previously received loans (especially on a long-term basis) becomes unprofitable for an enterprise due to the availability of cheaper alternative sources of credit resources.

4. The complexity of the procedure for attracting (especially on a large scale), since the provision of credit resources depends on the decision of other economic entities (lenders), in some cases it requires appropriate third-party guarantees or collateral (at the same time, guarantees from insurance companies, banks or other economic entities are provided, usually for a fee).

Thus, an enterprise using borrowed capital has a higher financial potential for its development (due to the formation of an additional volume of assets) and the possibility of increasing the financial profitability of activities, however, it generates financial risk and the threat of bankruptcy to a greater extent (increasing as the share of borrowed funds increases). in the total amount of capital used).

Almost every enterprise has two sources of financing its activities: equity capital and borrowed capital. Borrowed capital becomes especially important for those enterprises that are growing and developing rapidly, but at the same time, raising their own funds is not organized as fast as the rate of production is growing. Borrowed capital also turns out to be an indispensable source of financing in cases where it is necessary to implement any investment program for the modernization (improvement) of production, master new types of products, expand the market share, or even acquire another business.

How does borrowed capital affect the funds of the enterprise

Often it turns out that the borrowed capital of the enterprise is greater than its own. In this regard, the main functions in financial management are competent management and a well-built accounting system that helps track and record borrowed funds and borrowed capital of the organization.

Borrowed capital in the organization characterizes the entire volume of financial obligations in a particular enterprise.

The loan capital of the enterprise is part of the value of the property that was acquired on the basis of obligations to return to the supplier or the bank financial resources or other valuables that will correspond to the value of this property.

Borrowed capital and assets you own may be:

• long-term - these are loans and borrowings that the organization must repay no earlier than in 12 months (tax credit debt, issued bonds, financial assistance, and so on);
• short-term - liabilities with a maturity of less than 12 months (debts on wages, on mandatory payments, debts to suppliers and other types of debts). Short-term credits and loans and accounts payable are the sources of formation of current assets.

Forms of borrowed capital

• cash denominated in national currency;
• cash denominated in foreign currency;
• commodity form (including deliveries made with deferred payment);
• lease of fixed assets, including intangible assets with deferred payment.

Any enterprise independently selects suitable methods and forms of raising borrowed capital, based on its goals and the specifics of the organization's work.

Debt capital as a way of financing: advantages and disadvantages

Borrowed capital is the attraction of financial resources, which for many companies is the only way to solve problems. It is important to take into account the positive and negative aspects of such operations.

Benefits of borrowed capital

• expanding the choice and range of opportunities for the organization;
• rapid increase in the financial potential of the company;
• availability and relatively low cost;
• opportunity to increase profitability.

Cons of borrowed capital

• the risk of reducing the financial stability of the organization;
• complex registration procedure;
• dependence of the value of costs on the state of the market;
• decrease in company income due to interest on the loan.

Main sources of borrowed capital

The formation of borrowed capital occurs by attracting funds from various sources, which include the following.

Bank loans. The use of borrowed capital always implies payment at the interest rate of the loan. It is very important to understand that you should not hope for a low rate during a crisis period. It is thanks to high interest rates that the bank is trying to protect itself and compensate for the level of risks. No one in the market will offer you cheap money. In this regard, before you decide to visit the bank, try to analyze the financial situation at the enterprise and understand whether your organization can cope with additional fees at loan rates or not. At the same time, the amount of borrowed capital directly affects the size of the rate.

For the most part, interest rates on loans are acceptable for modern enterprises. Of course, profits are reduced, but this does not lead the company to bankruptcy. However, for a young company, the loan rate can be a death sentence.

In order to compensate for the risks, the bank uses not only lending rates. In addition, bank employees may refuse to receive funds on terms that are convenient for you, adhering to a conservative policy. Of course, this is not a complete refusal to lend, but still, to increase your chances, it is better to take the following steps:

• contact several different banks;
• try to find friends who will assist you;
• get to know the bank staff better - this can help you get additional important information;
• prepare a presentation that will demonstrate why you need these funds and whether your company is able to cope with the loan rate;
• be prepared to talk about your business beautifully and competently in general;
• you can team up with some other organizations to get a joint loan. In Russian business practice, this method is used quite rarely, but abroad it is very common. If enterprises apply to the bank as a "single asset" (in connection with cross-guaranteeing), the chances of raising borrowed funds increase by about 1.5-2 times.

The main principles for granting a loan are:

• security;
• returnability;
• payment.

At the same time, the set of such principles in a crisis situation remains unchanged. Under normal economic conditions, a bank might not pay as much attention to any aspect, but in a difficult moment there is always a closer control.

In the modern world, in order to hope for a bank loan, it is not enough just to collect the necessary documents and submit them for consideration. You need to be ready to be able to convince the lender and prove to him that you are able to repay this loan.

Private investment. Private investments work absolutely at any stage of market development, and the crisis period is no exception. However, in today's world there is one nuance - if earlier companies could rely on raising debt capital for 10% of the shares, then today almost any investor requires a controlling or at least a blocking share package, which means that he automatically becomes a co-owner of this business.

The main differences between investment funds and private investors are in the amount in which borrowed capital can be expressed in the organization's balance sheet, in other words, in the monetary equivalent that can be provided by investment funds, and in the minimum amount of profit that they plan to receive. Thus, there are two key points to be aware of:

• individuals and funds are interested in completely different objects for investment;
• for owners of small organizations that belong to medium and small businesses, it is preferable to apply for raising borrowed funds from private investors. In this case, the chances of receiving a small amount are high. In addition, this loan may not involve the provision of shares or shares of your company in exchange for borrowed funds.

If an organization needs a relatively small loan (no more than a few tens or hundreds of US dollars), then you have to look for an investor yourself. It is important to consider that this requires a large amount of time.

In order to be able to firmly rely on the attraction of borrowed capital from a private trader, it is necessary to follow the fulfillment of two basic conditions.

The first is to maintain records and comply with all international financial reporting standards. At the slightest violation, you can not hope for a productive conversation with a potential lender.

Compliance with the second condition implies a system of soft financial modeling, that is, the investor must understand what will happen to the products in which he has invested money, under various changes in market conditions.

At the same time, it is necessary not only to try to demonstrate the imposition of a rigidly defined budget on optimistic and pessimistic market situations, but also to work out different scenarios.

The chances of obtaining a loan do not depend on the industry in which the enterprise exists. Private investors are looking for promising projects to invest and increase their funds, not limited to cooperation only in the form of a private loan or the sale of a company. There are other interesting forms of lending on various terms.

There are also other sources.

1. Raising money from the stock market. However, it is worth noting that raising capital by listing shares on the stock exchange is not an effective method these days. The main reason is the lack of investors on the market who are ready to purchase shares and bonds of companies (including very well-known ones), since not only future profits are in question, but there are no guarantees in the absence of losses.
2. Alternative sources of funds.

If it is not possible to raise funds through a bank or any investor, then you can turn to the state for help.

Lending at the expense of counterparties. It is possible to attract borrowed capital at the expense of counterparties. At the same time, it is realistic to agree on the longest possible terms for payment. This possibility depends only on your communication skills. Tax credits are also possible. In case of delay in tax payments, the company must pay penalties (1/300 of the refinancing rate of the Central Bank of the Russian Federation for each day of delay).

• Loan to an employee: how to draw up an agreement and reflect in accounting

Gradual attraction of borrowed capital

Analysis of the attraction and use of borrowed funds in the previous period or in practice. This action is carried out in order to identify the volume, form and composition of borrowed funds that will be attracted to the company. You also need to evaluate the effectiveness of the use of these funds. The analysis includes several stages.

First stage. First you need to study the dynamics of the total amount of funds raised for the reporting period, that is, to determine the borrowed capital and compare the dynamics of its attraction with the growth rate of own funds.

Second phase. It is necessary to determine the main forms of raising funds for a loan, while analyzing the dynamics of the share of the total amount of borrowed funds used by the company.

Third stage. It is necessary to determine the ratio of borrowed funds by the period of their attraction. To do this, borrowed funds are grouped on this basis and the dynamics of long-term and short-term funds of the organization are studied, their compliance with the size of current and non-current assets used by the enterprise.

Fourth stage. Within its framework, the composition of specific lenders of the company is studied, the conditions under which various loans were granted, and then an analysis of these conditions is carried out from the standpoint of the commodity and financial markets, corresponding to their conjuncture.

Fifth stage. At the end of the analysis, it is necessary to study the effectiveness of the use of borrowed funds.

The main indicators of borrowed capital in the framework of achieving this goal are indicators of turnover and profitability of borrowed capital. The comparison of the first group of these indicators in the course of the analysis with the average period of turnover of own funds is made.

The results of the analysis are the basis for assessing the feasibility of attracting borrowed funds in the existing forms and volumes.

Definition of the purposes of attraction of extra means in the forthcoming period. The main objectives of attracting borrowed funds:

• replenishment of the required volume of the permanent part of current assets;
• ensuring the formation of a variable part of current assets, which is always partially or fully financed by borrowed funds, regardless of the company's financing model;
• formation of the missing volume of investment resources, provision of social and domestic needs of its employees, as well as other temporary needs.

Determination of the maximum amount of borrowing. The volume limit is determined according to the following conditions:

• the marginal effect of financial leverage, that is, "financial leverage" (the ratio between borrowed and equity capital);
• ensuring sufficient financial stability of the enterprise.

Taking into account these requirements, the limit on the use of borrowed capital is determined. An assessment is made of the cost of attracting borrowed funds from various sources (internal and external).

The results of this assessment are the basis for making various management decisions aimed at choosing sources of borrowed funds.

Determination of the ratio of the volume of borrowed funds attracted on a short-term and long-term basis. The basis for the calculation are the amount of borrowed funds and the purpose of their use in the current period.

For a long-term period, funds are usually attracted to expand the volume of own resources due to the formation of the missing amount of investment funds.

For a short period, funds are attracted for other purposes of use.

The full term of use of borrowed funds is the period from the beginning of the receipt of funds until the final completion of the repayment of the total amount of debt.

This period is usually divided into three time periods:

• useful life (the period during which the enterprise uses borrowed funds for business activities);
• a grace (grace) period, which lasts from the moment the useful use of the funds received is completed until the debt is repaid;
• maturity, that is, the period during which the company fully pays the entire amount of the debt, including interest.

It is customary to calculate the full period of use of borrowed funds in the context of the listed elements based on the purposes of use and the established practice of the financial market in setting the repayment period and grace period.

Determination of forms of attraction of borrowed funds. These forms are differentiated in the context of a financial loan, a commercial (commodity) loan, and other forms. The form of borrowing is chosen by the company, taking into account the specifics and objectives of its business activities.

Determination of the composition of the main creditors. The basis for determining the composition are the forms of attracting loans. Basically, creditors are permanent suppliers with whom the company has established long and strong commercial ties, or a commercial bank that provides settlement and cash services.

Formation of effective conditions for attracting loans. The most important and mandatory among these conditions are:

• loan interest rate;
• credit term;
• terms of payment of the principal amount of the debt;
• terms of interest payment;
• other conditions for obtaining borrowed funds.

Ensuring efficient use of loans. The main criterion is the indicators of profitability and turnover of borrowed funds.

Ensuring timely payments on loans received. If the loans are very large, then you can pre-reserve a special repayment fund. The amounts of payments on loans are included in the payment calendar and are constantly monitored, while monitoring the current financial activities of the enterprise.

How to calculate the cost of borrowed capital

The cost of debt (discount rate) is the weighted average cost of raising finance/capital from different sources. How much does your borrowed capital cost on average, what is the formula for calculating the weighted average cost? The simplest formula looks like this: WACC = WdRd + WaRa, where Wd and Wa are target weights for debt (d) and equity (belonging to shareholders) (a) capital (W from the word weight = “weight”). It is clear that Wd + Wa = 1.0. Rd and Ra are the corresponding cost of capital (R from the word Rate = “rate of interest”).

Interest payments on the company's debts are deductible from the tax base on the total profit. Some sources that talk about the discount rate often use the phrase "tax shield" (literal translation from English "taxshield"). Taking into account the fact that interest on debt actually reduces the taxation of total profits, the final WACC formula will look like this: WACC = WdRd × (1 T) + WaRa, where T is the tax rate on income, which is expressed in fractions of a unit.

For example, if the Russian profit rate is 20%, then the value (1 - T) is 1 - 0.2 = 0.8. At the same time, the effect of the "tax shield" slightly reduces the average cost of capital.

Wd is the share of debt capital in the total (sum of debt and equity) capital of the company. Accordingly, Wa represents the share of only equity capital in total capital. This indicator is measured in fractions of a unit.

• Wd = Debt / (Debt + Equity) - the share of borrowed capital;
• Wa = Equity / (Debt + Equity) - share of equity.

In order to calculate the ratio of equity and borrowed capital, you can use the indicator of market or book value. At the same time, it is expressed in rubles, and not as a percentage.

If the shares of a particular company are listed on the market, then the market value of both equity and debt capital should be used. In doing so, you need to know that:

• the market value of equity (ordinary shares) for a public company is calculated as the market price of a share multiplied by their number in circulation;
• the market value of borrowed capital in the case of bonds that are put up for auction should be calculated in the same way as the value of shares in circulation, that is, by multiplying the price by their number. If debt obligations are not traded on the market, then it is necessary to calculate the amortized cost of such a financial liability;
• if the market value of equity is used, then retained earnings do not need to be accounted for separately, as they were previously included in the market value of the shares.

The authors of Western textbooks on finance advise using, to the extent possible, the market value of debt and equity capital to calculate WACC. For companies whose shares are not traded on the stock market, you can take the cost of capital from the balance sheet. In this case, equity will include, among other things, a reserve of retained earnings. It goes without saying that more accurate W values ​​in this case will be obtained using financial statements in accordance with IFRS.

The simplest way to help determine the interest rate on debt capital is the WACC formula. Even if this formula is not spelled out in the contract (with the bank), then you still know at least the payments associated with the debt obligation. Then you need to determine the internal rate of return (the effective interest rate on the financial instrument). It will also be Rd in the WACC formula. If a company raises funds using various debt instruments, then the interest rates on them can be completely different. In this case, when calculating the WACC formula, it will be necessary to use the weighted average of interest on all debt obligations.

• What to look for when concluding a leasing agreement: 7 tips from practitioners

How to Calculate Return on Debt

The concept of profitability of borrowed capital means a parameter that characterizes the efficiency (profitability, profitability) from the use of borrowed funds. This parameter reflects the real profitability of funds per one ruble. One of the main indicators of profitability is the coefficient of borrowed capital in terms of its profitability. This parameter is widely used in the investment and financial analysis of the company.

The calculation of the return on borrowed capital can be carried out using a simple formula. If the parameter is calculated taking into account, then Forms No. 1 and No. 2 can be used.

The peculiarity of this indicator is expressed in the absence of standards. It is possible to analyze profitability only in dynamics in relation to the parameters of other organizations that exist in similar or related industries. The greater the profitability of borrowed funds, the more effective the management of the enterprise as a whole.

The increase in dynamics reflects the growth in the quality of management of borrowed funds, which contributes to an increase in the investment attractiveness of the organization and the market value of the enterprise (including the value of issued securities). It is possible to analyze profitability in a complex, at the same time assessing equity.

For example, we can cite the indicators of the well-known organization Gazprom PJSC (the company's indicators are freely available). This calculation can be done using a simple Excel program. The formula for calculating profitability is as follows: Profitability = C8 / (C4 + C6).

Introduction

Chapter 1

1 Essence of borrowed capital of an enterprise

2 Cost of borrowing capital of an enterprise

1 Features of raising debt capital

2 Attracting debt capital based on the choice of the optimal source of financing

3 Evaluation of the effectiveness of additional financing from borrowed sources

Chapter 3

1 Effect of financial leverage (European concept)

2 Effect of financial leverage (American concept)

3 The effect of financial leverage and the specifics of its calculation in Russian conditions

Conclusion

Introduction

In modern conditions, Russian enterprises are faced with the acute problem of attracting resources to finance the process of updating fixed assets, expanding production and improving the national economy as a whole. This problem is especially relevant in the current situation, when the country's leadership has set the task of increasing the growth rate of the national economy.

A significant part of domestic companies continue to rely on their own funds at a time when it is possible to effectively attract investment resources in order to increase the economic growth of the enterprise.

Currently, the main ways to attract borrowed capital are bank loans, equity financing, leasing. In most cases, enterprises use a bank loan as borrowing sources, which is explained by the relatively large financial resources of Russian banks, as well as the fact that when obtaining a bank loan, there is no need to publicly disclose information about the enterprise. Here, some of the problems caused by the specifics of bank lending are removed, which is associated with simplified requirements for application documents, with relatively short periods for considering applications for issuing a loan, with the flexibility of borrowing conditions and forms of loan collateral, with the simplification of the availability of funds, etc.

The leaders of most Russian companies do not want to disclose financial information about their enterprises, as well as to make changes in financial policy. As a consequence - the fact that only 3% of Russian companies use equity financing.

Leasing, as well as emission financing, is used by a smaller share of Russian enterprises. Its catalyst is demand, and at this stage of economic development, this important element of market relations is just beginning to gain momentum.

The need to identify the causes influencing the development of the debt capital market, as well as the conditions conducive to the effective attraction of debt capital by Russian enterprises to increase growth rates, makes the topic of this study of particular relevance.

The degree of development of the problem. The issues of attracting funds have been considered in the literature in sufficient detail. This issue was dealt with by such Russian scientists as: I.T. Balabanov, V.V. Bocharov, A.G. Gryaznova, L.A. Drobozina, O.V. Efimova, V.V. Kovalev, I.G. Kuchukina, N.N. Trenev, E.S. Stoyanova, E.A. Utkin, M.A. Eskindarov and others. A significant contribution to the study of this topic was made by foreign economists, having considered the attraction of borrowed capital in sufficient detail. Among them are the works of Z. Body, J. Brigham, J. Van Horn, B. Kolass, L. Krushwitz, Ch.F. Lee, S. Ross, J. I. Finnerty, W. Sharp, et al.

However, the issue of choosing sources of financing for the activities of enterprises is still debatable.

The aim of the work is to study the theoretical and practical issues of attracting borrowed capital by Russian enterprises, develop recommendations for choosing a borrowed source of financing and improve the processes of studying borrowed capital.

To achieve this goal, the following tasks are defined in the work:

explore the essence of the borrowed capital of the enterprise;

consider and analyze the elements that form the price of capital;

identify the features of sources of borrowed capital;

consider the process of attracting borrowed capital and develop recommendations for its improvement;

conduct a comparative analysis of the cost of borrowed sources and evaluate their effectiveness.

The object of the study is the enterprises of the Russian economy that attract borrowed capital.

The subject of the study is the economic relations that arise at enterprises in the process of attracting borrowed capital.

The theoretical and methodological basis of the study was the legislative and regulatory acts of the Russian Federation, the work of domestic and foreign economists on the problem under study, and statistical materials.

Chapter 1

1.1 The essence of the borrowed capital of the enterprise

Resource support of the enterprise is a necessary condition for its development. It is the availability of financial resources that determines the possibility of forming borrowed capital at enterprises. Borrowed capital is a catalyst for business processes, enabling enterprises to increase profits and company value. The essence of the borrowed capital of an enterprise is manifested in the implementation of operational, coordinating, control and regulatory functions of the process of attracting external sources of financing. The company's management system must promptly respond to changes in internal and external factors, namely: changing borrowing conditions, changing methods of borrowing, the emergence of new ways to attract borrowed sources of financing. Taking into account the peculiarities of attracting capital by Russian enterprises, as well as the current economic conditions, we can say that there is a relationship between the growth rate of the national economy and the volume of borrowing by Russian enterprises. The limitation on the volume of capital attraction is the interest of the borrower in its use, as well as the ability to return the borrowed funds, taking into account their value, within the prescribed period.

The formation of the borrowed capital of an enterprise should be based on the principles and methods for developing and implementing decisions that regulate the process of attracting borrowed funds, as well as determining the most rational source of financing borrowed capital in accordance with the needs and opportunities for the development of the enterprise. The main objects of management in the formation of borrowed capital are its price and structure, which is determined in accordance with external conditions.

The fundamental principles of raising funds should be control over the formation of borrowed capital of the enterprise and prompt response to changes in borrowing conditions. Thus, a number of problems associated with an increase or decrease in the price of a source of borrowed capital can be solved. Monitoring of market conditions is relevant not only at the initial stage of attracting resources, but also when a portfolio has been formed.

In the structure of borrowed capital, there are sources that require their coverage to attract them. The quality of coverage is determined by its market value, the degree of liquidity or the possibility of compensation for borrowed funds.

In the literature, this issue is considered quite simply: borrowed capital is divided into sources that require coverage and do not require coverage. It is possible to supplement the classification of borrowed capital in relation to the sources that require their coverage. A bank loan may be in the form of an unsecured loan, or it may be issued against future sales proceeds, against real estate in the form of a mortgage. The use of a leasing scheme is possible with a pledge of assets, coverage with a deposit or other additional security, a guarantee (guarantee) of third parties or additional insurance. Fulfillment of obligations under bonds can also be covered and uncovered. Covered bonds are securities, the fulfillment of obligations on which is covered by a pledge, surety, bank guarantee, state or municipal guarantee.

Thus, the classification feature of sources that require their coverage should be represented by the following categories:

) without cover;

) for future revenue (from the sale of goods, from the sale of services);

) under the right to real estate (movable, immovable property);

) under the right to claim debt (own, joint);

) against a deposit (current, urgent, on contractual terms);

) under surety (for a fee, by agreement);

) insurance (risk of default, property);

) guarantees (bank, government).

The classification of sources that require their coverage makes it possible to take them into account, adjusted for possible additional costs that may arise at the stage of attracting resources. In addition, this allows you to consider the sources of borrowed capital in terms of available opportunities.

This addition allows you to clearly rank the sources of borrowed capital at the stage of assessing possible options, which is undoubtedly important and necessary when attracting and analyzing borrowed capital.

Borrowed capital is a structure that constantly interacts with the external environment, resulting in a modification of the quality of the entire capital of the enterprise. The essence of borrowed capital is also determined by its impact on the increase in the value of the enterprise. The result of a well-formulated and implemented capital raising policy, taking into account scientific works and practical experience in this area, will be an increase in the welfare of the company. In the modern conditions of the Russian economy, enterprises really have a wide choice of sources of debt financing, and this is primarily due to the fact that today the capital market offers a huge selection of instruments for both borrowers and lenders.

1.2 The cost of attracting borrowed capital of the enterprise

One of the main principles of borrowing funds is payment. The payment of interest, the return of the principal amount of the debt is an integral part of the process of raising capital. By definition, the price of raising capital is the total amount of funds that must be paid for attracting and using a certain amount of financial resources, expressed as a percentage of this volume. Practice shows that when calculating the costs associated with attracting and using borrowed capital, it may be difficult to determine the total amount of funds spent on raising capital, which are not always set in advance. To calculate the amount of funds spent, it is possible to take into account the costs associated with raising capital in such a way that at the stage of calculating the price of capital, the real rate of raising funds is determined.

With the advent of new ways of financing, it becomes easier to attract additional resources. However, the amount of funds that the company expects to spend on raising capital in the vast majority of cases is less than it actually has to be spent.

The formulas used to calculate the resource attraction rate do not accurately reflect the real rate. It is necessary to take into account such an element as the associated costs, which characterize all the costs associated with attracting a borrowed source of financing. This category includes:

Insurance (liability, property, life, risks, comprehensive).

Registration costs. When applying for bank loans, expenses may arise when obtaining certificates or other documentation necessary for obtaining a loan. This item also includes notarization of the documentation necessary for the transaction.

Down payment costs. When obtaining a bank loan or leasing, there are often cases when it is necessary to make a mandatory minimum payment, or a down payment.

contract costs. Sometimes banks may require that the daily balance on the current account of the company that received the loan should not be less than a certain amount.

Thus, the formula reflecting the real rate of attraction of borrowed funds will look like:

where ZK - funds received in debt; TI - transaction costs; CZ - associated costs associated with obtaining debt; D n - funds transferred at the moment j in payment of the debt; Ср is the price of the debt; n - the duration of the financing operation.

Thus, determining the real rate of each source is important in two cases: firstly, an enterprise can choose sources of financing with the lowest costs for their attraction and use; secondly, the determination of the real rate is necessary when making financial decisions, since the price of capital should not exceed the level of income, otherwise the company will receive losses.

The availability of funding sources also needs to be considered in terms of the presence of bureaucratic, regulatory, legal barriers and similar conditions that increase the real rate of raising funds, which, ultimately, may make it unprofitable or unaffordable.

Any financial decision to attract borrowed sources of financing directly or indirectly affects the efficiency of the enterprise. Therefore, the attraction of borrowed capital should be considered in conjunction with the development strategy of the enterprise as a whole. Changing conditions for the functioning of the debt capital market justifies the need to develop financial solutions to attract borrowed sources of financing for the enterprise, taking into account changes in the factors of the internal and external environment, the growth rate of the enterprise.

The choice of the structure of external sources of financing is largely determined by their price. Many enterprises rely only on their own capital, without using the effect of financial leverage. The solution to this problem is possible only by creating conditions for normal profit-making in the sphere of commodity and material production, and then industrial enterprises will have a greater degree of freedom in using various sources of financing, which, in turn, will minimize the cost of capital used.

Chapter 2. Formation of borrowed capital of the enterprise

Borrowing is one of the alternatives to eliminate the time gap between cash inflow and outflow. A shortage of funds may occur in the event of a cash gap, as well as in the case of a project that requires financing.

To select the optimal source of funding, it is important to be able to pre-evaluate the consequences of decision-making. The process of calculating the need to attract borrowed capital includes two stages: identifying the lack of resources (identifying the need for external financing) and analyzing the use of various alternatives to cover the identified deficit. The task of the first stage is implemented within the framework of the operational management of the enterprise based on the budgeting system - the technology of planning, accounting and control of funds and financial results. The tasks of the second stage are to find a solution to the problem of the necessary resources or to eliminate the cause of the budget deficit. The information necessary to solve the problem of identifying the fact of a shortage of funds, its magnitude and duration, is reflected in the cash flow budget (BDDS). BDDS - a financial document representing in a systematic form at a given time interval the expected values ​​​​of receipts and outflows of the enterprise's funds. However, there are situations when debtors delay payments, and creditors do not give a delay in payments, resulting in a decrease in the effectiveness of the BDDS.

It is necessary to create a modernized payment calendar, in which, after each receipt of funds, the date of actual receipt and the planned date will be compared. By comparing two dates, you can identify the deviation in days (it is necessary to calculate seasonal deviations for the whole year, as well as the average, maximum and minimum values). As a result, two scenarios are formed: the first is contractual (actual and planned shipments plus a delay in days under the contract); the second - by deviations (standard deviation is set). It shows how much on average the options deviate from their arithmetic mean. The standard deviation formula was not chosen by chance: it is not enough to know how much the actual figures deviate from the planned ones on average for each counterparty, it is necessary to take into account the number of days by which the average actual figure deviates from the planned one. In practice, this means that we see not only the average number of days by which the schedule for the fulfillment of obligations by counterparties may deviate, but also a really possible deviation from their obligations.

The standard deviation is the most common measure of the quality of statistical estimates, and is called the standard error, error, and spread. By applying the standard deviation formula, we take into account the error that the average value does not take into account. In our opinion, it is this formula that reflects the most possible scenario for the development of events. Within a certain period of time, after analyzing the actual and planned cash flows under different scenarios, it is possible to generate an upgraded payment calendar based on the available data. On its basis, BDDS is formed. In addition, one should not forget about the maximum values ​​of actual deviations. On their basis, a pessimistic forecast is made, which is necessary to correct the conditions for closing the cash gap. The deficit-free budget of the enterprise is solved by one of the following options: changing the schedule of financial flows (shifting the dates of withdrawals and receipts), changing the financial cycle (adjusting work schedules, purchases, production), attracting external sources of financing.

Budgeting problems should be dealt with by specialists who have an idea about the specific goals of the company. The budgeting process should be decentralized, i.e. in the decision-making process, the participation of performers is necessary. In turn, control, on the contrary, should be centralized for objective evaluation of results. It must be remembered that planning must be timely, because the search for financial resources in a short period of time can adversely affect the well-being of the company. debt capital financing condition

When considering in detail the issue of financing an enterprise through bank lending, it turned out that one of the main problems is the reluctance of banks to lend money to finance new enterprises that do not have a credit history. But it is during this period that borrowed capital is especially important for such enterprises. In addition, the problem of high rates for new businesses is also intractable.

In other cases, attracting a bank loan is one of the most popular ways to finance an enterprise. The main feature of bank lending is a simplified procedure (with the exception of syndicated bank loans and loans in relatively large volumes). In addition, with the timely repayment of the borrowed funds, a positive credit history of the borrower is formed, which will be taken into account in the event of a repeated application for lending.

In most cases, attracting bank loans implies the presence of liquid collateral, i.e. coverage of borrowed sources. In some cases, banks require businesses to keep a minimum balance on the account. Thus, the enterprise becomes "attached" to one bank.

The main feature of leasing technologies is the reduction of the taxable base, accelerated depreciation and the presence of a down payment. Accordingly, when choosing a leasing technology, it is necessary to plan cash flows based on the payment schedule. Or draw up a payment schedule based on the cash flow schedule. Submission by the lessee of the most clear and complete business plan of the leasing company is the first step towards the joint development of the most optimal type of contract.

The main advantage of the leasing scheme is a reduction in income tax payments and a reduction in property tax payments. In addition, the associated costs of attracting this source should also be taken into account: the cost of property insurance, customs payments, equipment delivery costs, etc.

Leasing operators are becoming more and more professional and offer a fairly wide range of products. In addition, they include insurance companies, additional sources of financing and other elements necessary for the implementation of more complex projects in leasing schemes.

The Russian leasing market has learned to adequately respond to the changing needs of its participants. But for more intensive development, the participation of the state in the legislative sphere regarding the issues of leasing financing is necessary.

Bonded loans are most relevant for enterprises whose needs for external financing are quite large. The main and main feature of this type of financing is the creation of the image of a company that is a participant in the stock market. At the first issue of bonds, it is necessary to interest investors with attractive rates, and the second and subsequent issues will take place on conditions that objectively reflect the position of the issuer in the stock market. By raising funds through a bonded loan, the company makes its business transparent and open to financial injections. However, there are companies that do not want to publicly disclose their financial condition. In such cases (with a sufficiently large need for external financing), it is reasonable to turn to a syndicated bank loan.

However, most domestic enterprises still do not have sufficient external sources of financing. The risks of non-repayment of borrowed funds remain high, entailing an increase in the price of capital. Thus, accounts payable, short-term credits and loans remain the main source of borrowed capital. The type of debt actually utilized will depend on the specific assets to be financed, as well as capital market conditions at the time additional sources of capital are raised.

2.2 Attracting debt capital based on the choice of the optimal source of financing

The process of choosing the optimal source of financing includes the analysis and evaluation of many factors, on the basis of which it is possible to draw up an algorithm for choosing a source of financing. This algorithm should be applied after the goals of raising capital are determined. The algorithm includes the following steps:

Analysis of the possibility of using internal financing. Before considering external sources of investment financing, the company's management should analyze the possibilities of "internal" financing through the reinvestment of profits, depreciation policy and optimization of the management of fixed assets (restructuring, sale of auxiliary and non-core businesses, inefficiently used fixed assets).

Identification of the need for external financing. The calculation of the need for external financing is based on the budgeting system. The developed modernized payment calendar will help to more clearly draw up a cash flow budget. As a result, the financial manager will know how much and when to raise funds.

Source currency selection. The choice of the currency of the source of financing is carried out on the basis of an analysis of inflation rates, rates of change in the exchange rate and base interest rates.

Carrying out a comparative analysis of the proposed sources of funding. To finance the activities of the enterprise on a large scale, first of all, corporate bonds, syndicated loans from banks, strategic investors are considered. Lending in medium and small amounts can also be carried out by obtaining bank loans, using leasing schemes, and private funds. Comparative analysis should be carried out based on the price of capital, determined by formula (1), taking into account the associated costs. In addition, it is necessary to calculate the benefits that the company will receive when using each of the considered options for raising funds (the possibility of VAT refunds, the possibility of attributing the costs of raising funds to the cost price).

Attracting borrowed sources and monitoring the fulfillment of the intended goals. At the final stage, the enterprise should (if possible) optimize the conditions for raising funds through the chosen source (negotiations, rendering services to creditors).

Thus, the main criteria for choosing the optimal source of financing are the practice of corporate governance in the company, the requirements of lenders (for risk, profitability and liquidity), as well as the level of development of financial markets.

2.3 Evaluation of the effectiveness of additional financing from borrowed sources

To select the optimal financing conditions, it is necessary to consider the available sources. The analysis and evaluation of limitations in the choice of external financing depend on the specifics of doing business, as well as market and legal conditions. Constraints affect the amount, timing, and cost of using various resources. Identification and elimination of restrictions, constant adjustment of financial policy make it possible to attract borrowed funds more efficiently.

When comparing a finance lease and a loan, the first thing to do is to choose the right discount rate. Calculations, and, consequently, decisions made on their basis, depend to a greater extent on the correct choice of the discount rate. When choosing a rate, they are guided by the general inflation index, the refinancing rate, etc.

Negotiating the terms of financing is, in fact, the most important stage of the preparatory stage of the project. Initially, each of the participants in the negotiation process has its own vision of the best conditions for a future deal. In order to bring the positions of the investor and the recipient of funds closer and thereby implement a "flexible approach", an analysis of a large number of options for the terms of the transaction is required. At the same time, it is extremely important for each of the parties to have an accurate and prompt assessment of the options that arise, to know in which directions it is necessary to seek adjustments to the conditions and what the price of concessions may be.

In the course of reviewing the process of raising funds, a comparison was made of financing schemes for investment projects based on the lending rate indicator. The comparison is based on the following points:

the effectiveness of a particular financing scheme is not evaluated on its own, but in comparison with an alternative option, therefore, the most convenient is the rate of an equivalent (with the same level of benefit as the scheme under consideration) loan;

since the main factor in the course of negotiations is the interest rate, the differences between the compared options are expressed precisely in units of the interest rate, as indicated in the contract.

The calculation of the amount of leasing payments should be based on an analysis of the effectiveness of leasing for all its participants. If the calculations show the absence of an acceptable amount of lease payments for both the tenant and the lessor, then from an economic point of view, leasing should be abandoned in favor of an alternative financing option for the project.

If we take the amount of payments as a comparison criterion, without taking into account the tax benefits arising from the use of a particular financing scheme, as well as possible additional costs, the comparison will be incorrect. In addition, it is often not taken into account that lease payments contain value added tax, which in the future the company will be able to offset from the budget. The ability of an enterprise to recover VAT paid (in case of leasing - to recover VAT paid as part of lease payments, in case of a loan - to recover VAT paid as part of the cost of equipment) has an important impact on the results of comparing funding sources.

The total cash flow arising from the financing of capital investments through a leasing scheme must be determined taking into account: the recovery of VAT paid as part of leasing payments and the savings in income tax.

The total cash flow arising from the enterprise as a result of attracting a bank loan to finance the purchase of equipment is determined taking into account the cost of equipment with VAT, attraction of a loan, payment of the amount of debt, payment of interest on the loan, reimbursement of VAT paid as part of the cost of equipment, property tax, income tax savings.

With a loan, the reduction in income tax payments occurs due to the fact that depreciation, property tax, and interest on loans are included in expenses that reduce the taxable base. Income tax savings for a loan can be determined by multiplying the amount of depreciation, property tax, interest on the loan, by the income tax rate.

An important point in the comparison is the choice of the time period for which cash flows are considered for each source of financing. The planning horizon should be chosen in such a way that all costs and tax benefits of the enterprise from the use of one or another source of financing are taken into account. Therefore, in our opinion, it is a mistake to compare cash flows for the lease term with cash flows for the loan term. Indeed, at the end of the term of crediting and leasing, the expenses of the enterprise for servicing sources of financing are terminated. However, if during leasing the property is, as a rule, fully depreciated over the leasing period due to the application of the acceleration factor, then when purchasing equipment at the expense of a loan, at the end of the loan transaction, the enterprise remains with property with a significant residual value. This leads to the fact that at the end of the loan period, the enterprise will continue to receive savings on income tax (due to the deduction of depreciation deductions of property tax as expenses), but at the same time, the costs of paying property tax will continue. If the lease term is not equal to the full depreciation period of the leased asset, then the tax benefits will also continue beyond the lease term. The period of consideration of cash flows should correspond to the period of full depreciation of the property.

Thus, in order to correctly compare the loan and leasing, it is necessary to calculate the total costs for each source of financing, taking into account the above factors.

The conditions of the loan capital market are quite mobile and can change in a relatively short period of time. The recommendation to monitor the current state of capital markets is relevant not only at the stage of formation of an organization's borrowed capital, but also with funds already raised. The result may be the process of on-lending to the enterprise on more favorable terms. Thus, under objective conditions, it is possible not only to lower the interest rate on borrowed funds, but also to increase the period for which the funds were attracted, change the loan currency or increase the loan amount. To do this, it is necessary to carry out detailed calculations of the amount saved due to lower interest and the costs of the on-lending process.

Turning to on-lending, a conscientious borrower is more likely to attract other sources of financing. The fact of the beginning of the formation of a positive credit history of the borrower will make it possible to raise funds, as a rule, on conditions more favorable than the market average. But in reality, Russian enterprises turn to on-lending only if the enterprise receives such proposals.

The recommendation for monitoring the debt capital market after raising borrowed funds is that the financial managers of the company should constantly analyze the debt capital market, and the relevance of this proposal should remain throughout the entire stage of on-lending.

In addition, having carried out the on-lending procedure, the company's management may feel more confident due to the ability to change the financing scheme.

Having considered the mechanism of a bond loan, it can be argued that its advantages over other sources of borrowing resources are associated with the auction mechanism for its placement. This condition allows you to set the fair yield of the issuer's debt securities. In addition, the issuer gets the opportunity to more specifically plan loans due to the term nature of the bonds, while a bank loan can be withdrawn at an inconvenient period for the borrower. In addition, when placing bonds, buyers are representatives of various segments of the economy: credit, investment and insurance companies, foreign investors, mutual and pension funds, as well as some individuals.

In the context of a relatively stable economic and political situation in the country, bonded loans may be of real interest to private investors as an alternative to bank deposits and other forms of accumulation, since the largest issuers are quite comparable in terms of reliability to credit institutions. For commercial banks and professional participants in the securities market, bonds are a liquid instrument with a certain maturity date, which is also convenient for placing funds.

Chapter 3

3.1 Effect of financial leverage (European concept)

A modern firm operating in market conditions professes the philosophy of comparing results and costs when the former exceeds the latter as the most important condition for its own existence. Another form of manifestation of the main philosophical postulate of the company's activity is the increase in efficiency (production, commercial, financial activities). Consequently, the company is interested in the growth of the economic return on assets, and the return on equity. The latter is the ratio of the net result of the operation of investments to own assets. The economic profitability of own funds is the efficiency of the company's use of its own funds.

It has been noticed that a company that rationally uses borrowed funds, despite their payment, has a higher return on equity. This can be explained on the basis of the financial mechanism of the functioning of the company.

Let's consider a simple example. We have two businesses. The first has an asset of 200, in liabilities - the same 200, and all funds are own. The second enterprise also has an asset of 200, but in liabilities - 100 of its own and 100 of borrowed funds (in the form of bank loans). The NREI (for simplicity) is the same for both enterprises - 50. Introduction to the analysis of income taxes does not change anything for our enterprises, since taxes must be paid, and from one NREI value they will also be the same. Therefore, we will refuse taxes (let's imagine that enterprises operate in a "tax haven"). For the first enterprise, the PCC is equal to . Another company must pay interest on the loan, only after that we can determine the RCC. Let the interest rate be 10% per annum. Therefore, when calculating RCC, the second enterprise will have the following figures: . Thus, the RCC of the second enterprise will be higher (although it uses borrowed funds). This is because the economic profitability is greater than the interest rate (25% and 10% respectively). This phenomenon is called the effect of financial leverage. Therefore, the effect of financial leverage (EFF) is an increase in the return on equity obtained by using borrowed funds, provided that the economic return on the firm's assets is greater than the interest rate on the loan.

For a financial manager making capital structure decisions, it is important to quantify the benefits and risks associated with financial leverage. There are two approaches to such an assessment. The first approach (European) focuses on the growth of return on equity compared to the return on assets when borrowing capital. Another approach (American) is to highlight the impact of financial leverage on net profit: how sensitive net profit is to changes in operating profit. The resulting estimate is expressed as a percentage change in net profit.

European approach. The effect of financial leverage is understood as the difference between the return on equity and the return on assets, that is, the additional return on the owner of equity that arises when borrowing capital with a fixed percentage.

American approach. Under the effect of financial leverage (impact force) understand the percentage change in cash flow received by the owner of equity capital with a one percent change in the total return on the asset. The effect is expressed in the fact that a slight change in the total return leads to a significant change in the cash flow received by the owner of equity.

In the European approach, the value of the effect of financial leverage depends on the income tax rate and tax incentives for borrowed capital. But let's consider everything in order.

Let's introduce into the calculations for the example given earlier, the taxation of profits at a conditional rate of one third (see table 1).

Table 1

IndicatorEnterprise AB Net result of investment exploitation, thousand rubles (rate 1/3) 1713 Net profit, thousand rubles 3327 Net return on equity, %

Thus, we see that enterprise B has a higher net return on equity than enterprise A, only due to a different financial structure of liabilities. Taxation "cut off" the effect of financial leverage by one third, that is, by one minus the profit tax rate.

An enterprise using only its own funds limits their profitability to about two-thirds of economic profitability: .

An enterprise using a loan increases or decreases the return on equity, depending on the ratio of own and borrowed funds in liabilities and on the interest rate. Then there is the effect of financial leverage: .

The EGF exists (with a positive sign) only because the economic return on assets is greater than the interest rate. In our example, we were talking about one loan, so we did not focus on this side of the problem. In reality, however, the firm regularly resorts to bank loans, and the rate of interest it pays varies from one credit transaction to another. Therefore, we should not be talking about the rate of interest as such, but about the average calculated interest rate (AMIR):

Both in the numerator and in the denominator we have values ​​for a certain period, which are calculated as average chronological values. The figures obtained will differ from the conditions of each specific transaction (if the indicator is calculated for the year, then both the cost of loans and the amount of loans received should be spread over the year).

It should be noted that the financial manager, in order to determine the TSIS, must familiarize himself with the terms of all credit transactions concluded in a given period, as well as with those credit transactions for which payments fall within this period.

Now we can single out the first component of the effect of financial leverage: this is the so-called differential - the difference between the economic profitability of assets and the average calculated interest rate on borrowed funds. Due to taxation, only two-thirds of the differential remains (1 - TAXATION RATE OF PROFIT (T)), that is .

The second component - the shoulder of the financial leverage - characterizes the strength of the impact of the financial leverage. This is the ratio between borrowed (LC) and own funds (SS). Let's combine both components of the effect of financial leverage and get:

The first way to calculate the level of effect of financial leverage:

This method opens up wide opportunities for determining the safe amount of borrowed funds, calculating acceptable lending conditions, and in combination with the formula - and to ease the tax burden for the enterprise. This formula suggests the expediency of acquiring shares of an enterprise with certain values ​​of the differential, the leverage of financial leverage and the level of the effect of financial leverage as a whole.

The tax corrector of financial leverage (1 - T) practically does not depend on the activity of the enterprise, since the income tax rate is established by law. At the same time, in the process of managing financial leverage, a differential tax corrector can be used in the following cases:

a) If differentiated profit tax rates are established for various types of activities of the enterprise;

b) If for certain types of activities the enterprise uses tax benefits on profits;

d) If individual subsidiaries of the enterprise operate in states with a lower level of income taxation.

In these cases, by influencing the sectoral or regional structure of production (and, accordingly, the composition of profit in terms of its taxation level), it is possible, by reducing the average profit tax rate, to increase the impact of the financial leverage tax corrector on its effect (ceteris paribus). The financial leverage differential is the main condition that forms the positive effect of financial leverage. This effect appears only if the level of gross profit generated by the assets of the enterprise exceeds the average interest rate for the loan used. The higher the positive value of the differential of financial leverage, the higher, other things being equal, its effect will be. Due to the high dynamism of this indicator, it requires constant monitoring in the process of managing the effect of financial leverage. This dynamism is due to a number of factors. First of all, during a period of deterioration in the financial market, the cost of borrowed funds can rise sharply, exceeding the level of gross profit generated by the company's assets. In addition, a decrease in the financial stability of an enterprise in the process of increasing the share of borrowed capital used leads to an increase in the risk of its bankruptcy, which forces creditors to increase the interest rate for a loan, taking into account the inclusion of a premium for additional financial risk. At a certain level of this risk (and, accordingly, the level of the general interest rate for a loan), the financial leverage differential can be reduced to zero (at which the use of borrowed capital will not increase the return on equity) and even have a negative value (at which the return on equity will decrease, since part of the net profit generated by equity capital will be spent on the formation of borrowed capital used at high interest rates).

Finally, during the deterioration of the commodity market, the volume of sales of products decreases, and, accordingly, the size of the gross profit of the enterprise from production activities. Under these conditions, the negative value of the differential of financial leverage can be formed even at constant interest rates for a loan due to a decrease in the gross return on assets.

In the light of the foregoing, we can conclude that the formation of a negative value of the financial leverage differential for any of the above reasons always leads to a decrease in the return on equity ratio. In this case, the use of borrowed capital by the enterprise has a negative effect.

Thus, it is desirable to increase the EGF differential. This will make it possible to increase the RCA either by increasing the economic profitability of assets or by reducing the SIRT (if the former is in the hands of the entrepreneur himself, then the latter is in the hands of the creditor-banker). This means that the entrepreneur can influence the differential only through ER (and such influence is not unlimited). It should also be noted that the value of the differential provides very important information to the seller of borrowed funds - the banker. If the value of the differential is close to zero or negative, then the banker refrains from new loans or sharply increases their price, which affects the value of the SIRT.

The shoulder of the financial leverage is just the same leverage that causes a positive or negative effect obtained due to its corresponding differential. With a positive value of the differential, any increase in the financial leverage will cause an even greater increase in the return on equity, and with a negative value of the differential, the increase in the leverage of the financial lever will lead to an even greater rate of decline in the return on equity. In other words, an increase in the leverage of financial leverage causes an even greater increase in its effect (positive or negative, depending on the positive or negative value of the differential of financial leverage).

Thus, with the differential unchanged, the financial leverage is the main generator of both the increase in the amount and level of return on equity, and the financial risk of losing this profit. Similarly, with the leverage of financial leverage unchanged, the positive or negative dynamics of its differential generates both an increase in the amount and level of return on equity, and the financial risk of its loss. That is, a significant amount of leverage dramatically increases the risk of non-repayment of loans, and, consequently, makes it difficult to obtain new loans. All this is clearly shown in Fig. 1.

Rice. 1 Options and conditions for raising borrowed funds.

Graphs are needed to determine relatively safe values ​​for economic profitability, return on equity, average interest rate and financial leverage. From these graphs, it can be seen that the smaller the gap between the ER and the average interest rate (AMIR), the greater the share that has to be allocated to borrowed funds to raise the RCC, but this is not safe when the differential decreases. To achieve a 33 percent ratio between the effect of financial leverage and the economic return on assets, it is desirable to have:

Leverage leverage 0.75 with ER=3SRSP;

Shoulder of financial leverage 1.0 at ER=2 SRSP;

Shoulder of financial leverage 1.5 at ER=1.5 SRSP;

Some rules related to the effect of financial leverage.

The EGF differential must be positive. The entrepreneur has certain levers of influence on the differential, but such influence is limited by the possibilities of increasing the efficiency of production.

The financial leverage differential is an important information impulse not only for an entrepreneur, but also for a banker, as it allows you to determine the level (measure) of the risk of providing new loans to an entrepreneur. The larger the differential, the lower the risk for the banker, and vice versa.

The shoulder of the financial lever carries fundamental information for both the entrepreneur and the banker. Large leverage means significant risk for both participants in the economic process.

Thus, we can state that the effect of financial leverage allows us to determine both the possibility of attracting borrowed funds to increase the profitability of own funds, and the financial risk associated with this (for an entrepreneur and a banker).

2 Effect of financial leverage (American concept)

Let us recall the perception of the effect of financial leverage, which is characteristic mainly of the American school of financial management. Here is how American economists calculate the strength of financial leverage:

Using this formula, you can answer the question of how many percent the net income per ordinary share will change if the net result of the investment operation changes by one percent.

0 - with a change in the NREI, the payment for borrowed capital does not grow, it is fixed as a percentage of the amount of borrowed capital.

A series of successive transformations of the formula gives the following:

Hence the conclusion: the higher the interest and the lower the profit, the greater the strength of the financial leverage and the higher the financial risk.

Consider the impact of financial leverage on the change in net profit (see Table 2).

Table 2.

Indicators When using a financial leverage of 0% 20% 60% Equity capital (IC), thousand rubles 1000800400 Debt capital (LC), thousand rubles 0200600 Cost of borrowed capital (k),% = k * SC) (assume that income tax is not taken into account), thousand rubles 00.1 * 200 \u003d 200.15 * 600 \u003d 90 Net result of the operation of investments (NREI), thousand rubles (NET PROFIT = NREI - INTEREST FOR LOAN), thousand rubles. 300280210 Return on equity 30 35 52,5 An increase in NREI by 10% will lead to a change in net income by 10% The effect of financial leverage (as a percentage change in net income with a change in NREI by 1%)11,11,43

And now let's consider the impact of taxation on the return on equity at an income tax rate of 35% (see table 3).

Table 3

IndicatorsWhen using financial leverage in the amount of 0%20%60%Economic profitability30% 30%30%Return on equity without taxNET PROFIT = NREI, SC=0 NET PROFIT< НРЭИ, СК < РЫНОЧНОЙ СТОИМОСТИ АКТИВОВ Or NET PROFIT< НРЭИ, СК < РЫНОЧНОЙ СТОИМОСТИ АКТИВОВ Or Return on equity with tax NET PROFIT = or NET PROFIT = Or NET PROFIT = 136.5 Or

The given example allows us to draw the following conclusions:

1)Economic profitability coincides with the return on equity in the absence of financial leverage and in the absence of income tax;

2)Taxation of profits leads to a decrease in the return on equity compared to economic profitability;

)The decrease in profitability can be offset by an increase in financial leverage, which will increase the return on equity.

Taxation reduces the impact of financial leverage on the return on equity. But the financial manager has the opportunity to influence profitability through the search for sources of debt financing with a lower interest rate and an increase in the share of debt financing. The possibilities for increasing profitability are limited: the interest rate on borrowed capital and the value of financial leverage are interdependent (a significant increase in financial leverage is accompanied by an increase in loan servicing costs).

3.3 The effect of financial leverage and the specifics of its calculation in Russian conditions

However, there is also a modified formula of financial leverage, which is derived from the formula of the second concept (the American approach).

The effect of financial leverage is expressed by the following formula:

,

Where - profit before taxes and interest or gross income. - profit before taxes (different from PBIT by the amount of interest paid).

The above variant has at least two drawbacks.

First, this approach does not take into account the fact that there are certain types of mandatory payments from profit after tax. In Russia, such payments include the following:

- Interest on a bank loan exceeding the refinancing rate increased by 3 percentage points (within the specified limits, interest is paid from profit before tax);

- Most local taxes paid from net income;

- Penalties to be paid to the budget, etc.

Secondly, the impact of the income tax rate is not taken into account. In this case, the comparison of the financial risk of the enterprise in two different periods becomes difficult if there has been a change in the income tax rate.

Some authors offer a slightly different version of the calculation of the EGF. It is measured by dividing profit less income tax by profit less mandatory expenses and payments. The interpretation of this indicator is as follows - by how much the profit remaining at the disposal of the enterprise will change when the profit less income tax changes by 1%. With this approach, these shortcomings are eliminated, since the profit remaining at the disposal of the enterprise is considered. On the other hand, factors affecting the amount of profit before tax are not taken into account.

Taking into account all of the above, we can conclude that the EGF must take into account all of the above factors, that is, it must reflect the relationship between gross income and profit remaining at the disposal of the enterprise. To do this, the resulting EGF should be calculated by multiplying the EGF calculated according to the first variant and the EGF according to the second variant. This statement is true, since when using the first option, we will see how the profit before tax will change, and when using the second, how the profit remaining at the disposal of the enterprise will change. Mathematically, this relationship can be expressed as follows:

NREI - profit before taxes and interest, or gross income; NREI - INTEREST FOR LOAN - profit before taxes (different from PBIT by the amount of interest paid); T - income tax rate (in fractions of a unit); E - the amount of mandatory payments from profit after tax.

From the above formula, it can be seen that income tax reduces the level of risk. For example, if the income tax rate was 100%, then there would be no financial risk. At first glance, this is a paradoxical conclusion, but it can be easily explained - the higher the income tax rate, the more the decrease in profit is reflected in budget revenues in the form of income tax and, to a lesser extent, in profit remaining at the disposal of the enterprise. Moreover, the higher the income tax, the less profit the company has and the less the company assumes obligations to pay out of net profit. If such a quite reasonable policy is absent (that is, the enterprise does not regulate its obligatory payments depending on the profit received), then an increase in the income tax rate entails an increase in the financial risk of the enterprise.

Using this approach, we will obtain an indicator that characterizes the financial risk of the enterprise in full.

It turns out that in Russian conditions, when there are many mandatory payments from net profit, it is advisable to use the modified EGF formula.

Conclusion

In conclusion, we summarize the results of this work. The structure of borrowed capital may be different depending on the ownership of the enterprise, the availability of one or another source of financing, etc. It should be noted that in the current conditions of the transforming economy at Russian enterprises, as a rule, short-term bank loans occupy the largest share in the structure of borrowed funds .

Regarding the degree of borrowing in foreign practice, there are different opinions. The most common opinion is that the share of equity capital should be large enough. Since creditors are more willing to invest in an organization with a high share of equity capital, it is more likely to repay debts at its own expense. Contrary to this opinion, many Japanese companies tend to have a high share of capital raised, and the value of this indicator is on average 58% higher than, for example, in American corporations. This is explained by the fact that in these two countries the investment ceilings are of a completely different nature - in the US, the main investment ceiling comes from the population, in Japan - from banks. Therefore, a high value of the concentration ratio of attracted capital indicates the degree of confidence in the corporation on the part of banks, and, therefore, its financial reliability; on the contrary, the low value of this coefficient for a Japanese corporation indicates its inability to obtain bank loans, which is a certain warning to investors and creditors.

The effect of financial leverage is an increment to the return on equity obtained through the use of a loan, despite the payment of the latter.

Differential - the difference between the economic return on assets and the average calculated interest rate on borrowed funds.

The leverage of the financial lever characterizes the strength of the impact of financial leverage - this is the ratio between borrowed and own funds.

If a new borrowing brings the company an increase in the level of the effect of financial leverage, then such borrowing is profitable. But at the same time, it is necessary to carefully monitor the state of the differential: when increasing the leverage of the financial leverage, the banker is inclined to compensate for the increase in his risk by increasing the price of the loan.

The creditor's risk is expressed by the value of the differential: the larger the differential, the lower the risk; the smaller the differential, the greater the risk.

A reasonable financial manager will not increase the leverage of financial leverage at any cost, but will regulate it depending on the differential.

The differential must not be negative.

The effect of financial leverage should optimally be equal to one third - half of the level of economic profitability of assets.

The higher the interest and the lower the profit, the greater the strength of financial leverage and the higher the financial risk associated with the enterprise:

- The risk of a fall in the dividend and the share price for the investor increases.

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