Debt Management Analysis Journal article. Debt management as one of the main tasks of a financial manager. Characteristics and analysis of the use of own and borrowed capital of the enterprise

Increasing business efficiency is impossible only within the framework of the enterprises' own resources. To expand their financial capabilities, enterprises resort to attracting additional borrowed funds in order to increase investments in own business, get more profit. The issue of the formation, functioning and reproduction of capital by small businesses, which is not always easy to attract borrowed capital, is relevant. An indicator of the market stability of a company is its ability to successfully develop in the conditions of transformation of external and internal environment. In most cases, small businesses 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. To do this, it is necessary to have a flexible structure of financial resources and, if necessary, be able to attract borrowed funds, that is, to be creditworthy.

small business

capital Management

lending

Borrowed capital

1. Guseva E. G. Production management at a small enterprise. Educational and practical guide. -M.: MGUESI, 2008. -114p.

2. Kovalev VV Financial analysis: capital management, investment choice, reporting analysis. - M.: Finance and statistics, 2007. –512s.

3. Sheremet A.D., Saifulin R.S. Enterprise finance. Tutorial. – M.: Infra-M, 2007. – 343 p.

4. Financial analysis of the company's activities. – M.: East-service, 2009.

5. Holt Robert N. Fundamentals of financial management. - Per. from English. - M.: Delo, 2010.

At present, in the context of the existence of various forms of ownership in Russia, the study of the formation, functioning and reproduction of capital in small businesses is becoming especially relevant. Possibilities of becoming entrepreneurial activity and its further development can only be realized if the owner reasonably manages the capital invested in the enterprise.

Increasing business efficiency is impossible only within the framework of the enterprises' own resources. To expand their financial capabilities, it is necessary to attract additional borrowed funds in order to increase investments in their own business, to obtain greater profits. In this regard, managing the attraction and effective use of borrowed funds is one of the most important functions of financial management, aimed at ensuring the achievement of high final results. economic activity enterprises. This topic is especially acute for newly organized small businesses that do not always have the opportunity to finance themselves.

Borrowed capital used by such enterprises characterizes in aggregate the volume of their financial liabilities. Sources of borrowed capital can be funds raised on the securities market and credit resources. Source selection debt financing and the strategy for attracting it determine the basic principles and mechanisms for organizing the financial flows of an enterprise. The efficiency and flexibility of managing the formation of borrowed capital contribute to the creation of an optimal financial structure of the enterprise's capital.

Currently, the main ways to attract borrowed capital are bank loans, equity financing, leasing. In most cases, small businesses 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 simplification of accessibility Money etc.

Majority leaders 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.

According to a number of modern scholars, the concepts of "capital" and "financial resources" require a distinction in terms of financial management of enterprises. Capital (own funds, net assets) is the property of the organization free from obligations, the strategic reserve that creates conditions for its development, absorbs losses if necessary, and is one of the most important pricing factors when it comes to the price of the organization itself. Capital is the highest form of mobilization of financial resources.

The following set of various functions of capital is distinguished:

production resource (factor of production).

Object of ownership and disposal.

Part of financial resources.

Source of income.

Time preference object.

Object of sale and purchase (object of market circulation).

Carrier of the liquidity factor.

The use of borrowed capital to finance the activities of the enterprise, according to many economists, is economically beneficial, since the payment for this source is on average lower than for equity capital. This means that interest on loans and borrowings is less than the return on equity, which characterizes, in fact, the level of cost of equity. In other words, under normal conditions, debt capital is a cheaper source than equity capital.

In addition, the involvement of this source allows owners and top managers to significantly increase the amount of controlled financial resources, i.e. expand the investment opportunities of the enterprise.

There are various forms of borrowing. So, borrowed capital is attracted to service the economic activities of the enterprise in the following main forms (Fig. 1.1):

Fig.1.1 Forms of borrowing.

According to the degree of security of borrowed funds attracted in monetary form, which serves as a guarantee of their full and timely return, allocate the following types(Fig.1.2.):

Fig.1.2. Types of borrowed funds in cash.

A blank or unsecured loan is a type of loan that is issued, as a rule, to an enterprise that has a good reputation for timely repayment and fulfillment of all conditions of the loan agreement. In financial practice, this category of enterprises is characterized by a special term - "first-class borrower";

Thus, based on the composition of borrowed funds, in financial practice, the main creditors of an enterprise can be:

commercial banks and other institutions that provide loans in cash (mortgage banks, trust companies, etc.);
suppliers and buyers of products (commercial credit from suppliers and advance payments from buyers);
stock market (issuance of bonds and other securities other than shares) and other sources.

Another way to attract borrowed funds is to expand the practice of financial leasing. Leasing uses an increasing share every year Russian enterprises. The attractiveness of financial leasing as a form of lending for commercial banks is associated with a lower degree of risk of investing in investments due to the fact that:

credit resources are directed to the acquisition of the active part of fixed assets - equipment, the actual need for which is confirmed and its use by the lessee organization is guaranteed;
the lessee organization decides to conclude an agreement only if there are all the necessary conditions, including production area, labor force, raw materials and materials, except for equipment.

Thus, capital management is a system of principles and methods for the development and implementation management decisions associated with its optimal formation from various sources, as well as ensuring its effective use in various types economic activity of the enterprise.

It is also possible to summarize the direction of attracting capital, namely the solution of the following tasks:

Formation of a sufficient amount of capital to ensure the necessary pace economic development enterprises.
Optimization of the distribution of formed capital by types of activity and areas of use.
Ensuring the conditions for achieving the maximum return on capital with the expected level of financial risk.
Ensuring the constant financial balance of the enterprise in the process of its development.
Ensuring sufficient financial control over the enterprise by its founders.
Ensuring timely reinvestment of capital.

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.

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.

Analyzing bank lending, we found out that one of the main problems is the reluctance of banks to issue 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).

The correct application of the above recommendations allows enterprises to increase profitability by increasing production volumes and product sales. The need to attract external sources of financing is not always associated with the insufficiency of internal sources of financing. These sources, as you know, are retained earnings and depreciation. The considered sources of self-financing are not stable, limited by the speed of cash turnover, the rate of product sales, and the amount of current expenses. Therefore, free money is often (if not always) not enough, and an additional injection of it, aimed at increasing asset turnover, will be extremely useful for most enterprises.

Bibliographic link

Kravtsova V.A. POLICY OF LOAN CAPITAL ATTRACTION BY SMALL BUSINESS ENTERPRISES. // International Student Scientific Bulletin. - 2015. - No. 1.;
URL: http://eduherald.ru/ru/article/view?id=11974 (date of access: 03/20/2020). We bring to your attention the journals published by the publishing house "Academy of Natural History" 1

In an economic downturn, capital formation strategies by a credit institution are of great importance. At the same time, the bank's capital plays a significant role in ensuring the stability and reliability of the banking system, while the efficiency of the banking system is a decisive factor in economic growth, raising the standard of living and welfare of society. This article analyzes equity and ways to replenish it using the example of PJSC ROSBANK, as one of the most stable banks in Russia. As a result of the study, the main trends in the formation of its resource base by the Bank were identified and external and internal factors, which have a key influence on the formation of own funds of a commercial bank.

bank capital

own funds

commercial banks

resource structure

bank capital formation

1. Andryushin S.A. Basel III - new capital adequacy standards / S.A. Andryushin, V.V. Kuznetsova // Banking. - 2011. - No. 1. - P. 29–32.

2. Danilovskikh T.E., Makovskaya T.V. Capital Adequacy of Commercial Banks in the Conditions of Transition to Basel-III Recommendations: Regional Aspect // Basic Research. - 2014. - No. 8–3. - S. 662-670.

3. Kireev V.L. Banking: textbook / V.L. Kireev, O.L. Kozlov. – M.: KNORUS, 2012. – 240 p.

4. Lantukh A.V., Kuzmicheva I.A. Liquidity risk of commercial banks of the Russian Federation // International magazine applied and fundamental research. - 2015. - No. 3–1. – P. 63–67.

5. Makovskaya T.V., Danilovskikh T.E. Own capital of a commercial bank and the problems of its formation on the example of JSCB "PRIMORYE" (Vladivostok): Modern tendencies in economics and management: a new look. - 2014. - No. 25. - P. 104–108.

6. Manuilenko V.V. Formation of the qualitative structure of the bank's own capital / V.V. Manuylenko // Banking. - 2012. - No. 12. - P. 49–54.

In the course of its activities, any organization is exposed to various kinds of risks, and one of the first is the risk of losing invested funds. The Bank equally risks both its own and borrowed funds. But it is worth noting that in the event of adverse conditions, the damage is primarily covered by equity, and only if there is not enough equity, creditors begin to bear the losses. Thus, capital acts as a protective mechanism to minimize the risk of losing creditors' funds. But nevertheless, the growth of the share of capital in the total amount of the bank's funds in most cases means a reduction in profits, which is undoubtedly an unfavorable factor.

It should be noted that in addition to the main protective function, the bank's own capital also performs operational and regulatory functions.

Operational function provides financial basis bank activities. The bank's equity in this function provides an adequate base for the growth of active operations, i.e. maintains the volume and nature of banking operations in accordance with the tasks of the bank.

The regulatory function is associated solely with the special interest of society in the successful functioning of banks, as well as with laws and regulations that allow central banks exercise control over the activities of commercial banks and other credit institutions.

In general, the bank's equity capital is financial base its development. Compared to other areas of business activity, the bank's equity capital takes up a small specific gravity in total capital, which is associated with the specifics of the activities of commercial banks. As mentioned earlier, equity plays the role of a protective mechanism, but not all elements of equity have the same protective properties. Many of these have specific features that affect the item's ability to recover extraordinary contingencies. In this regard, two levels are distinguished in the structure of equity:

1) the main (basic) capital - the capital of the first level

2) additional capital - capital of the second level.

Fixed capital represents the funds that the bank can freely use to cover possible unexpected losses. Elements of basic capital are reflected in the reports published by the bank, form the basis on which many assessments of the quality of the bank's performance are based, and, finally, affect its profitability and degree of competitiveness.

The capital of the second level consists of hidden reserves, which are less permanent and can only under limited conditions be used for the above purposes. The cost of such funds is capable of changing over time.

The sources of the bank's fixed capital include:

1) the authorized capital of the bank in the organizational and legal form joint-stock company formed as a result of the issue and placement of ordinary shares, as well as preferred shares that are not cumulative;

2) the authorized capital of the bank in the organizational and legal form of the company with limited liability formed by paying shares by the founders;

3) share premium of banks;

4) funds of banks (reserve and other funds) formed from the profits of previous years. remaining at the disposal of banks and confirmed by an audit organization;

5) profit of the current year and previous years in the part confirmed by the auditor's report.

Sources of additional capital include:

1) increase in the value of property due to revaluation;

2) funds formed at the expense of deductions from the profit of the current and previous year before confirmation by an audit organization;

3) profit of the current year, not confirmed by an audit organization;

4) profit of previous years before audit confirmation before July 1 of the year following the reporting one (in the absence of such confirmation, profit after the specified date is not included in the calculation of equity);

5) subordinated loan;

6) a part of the authorized capital formed at the expense of capitalization of the increase in the value of property during revaluation.

For clarity, consider the equity structure of PJSC ROSBANK, presented in Table. 1.

Managing the ratio between equity and liabilities is an important criterion. Since own funds are non-refundable resources, they act as a reserve to cover the bank's obligations. Within its own funds, the bank guarantees 100% liability for its obligations.

Consider the structure of liabilities of PJSC ROSBANK in Table. 2.

Liabilities are funds placed at the disposal of the bank for certain conditions. In terms of the total volume, the bank's liabilities are several times higher than the capital, which is predetermined by the specifics of banking activities. Comparison of the sums of the totals in Table. 1 and table. 2 confirms the above.

To regulate the banking system and ensure sustainability financial system In general, the Central Bank of the Russian Federation has developed a system of standards that are mandatory for all banks operating in the territory of the Russian Federation. In case of repeated violation of these standards, the bank's license is revoked.

Table 1

Structure of equity capital of PJSC ROSBANK, thousand rubles

Name of indicator
Authorized capital
Extra capital
Retained earnings of previous years (uncovered losses of previous years)
Unused profit (loss) for the reporting period
reserve fund
Sources of own funds

table 2

Structure of liabilities of PJSC ROSBANK, thousand rubles

Name of indicator
Deposits of individuals with a term of more than a year
Other deposits of individuals (including individual entrepreneurs) (up to 1 year)
Deposits and other funds of legal entities (up to 1 year)
including current funds legal entities (without IP)
Correspondent accounts of LORO banks
Interbank loans received for up to 30 days
Own securities
Interest liabilities, arrears, accounts payable and other debts
Expected cash outflow
Current responsibility

Table 3

Capital adequacy ratios of PJSC ROSBANK

Table 4

Types of sources of replenishment of the bank's own capital

Types of sources of equity	Description of sources
Accumulation	The easiest and least expensive method of replenishing capital, especially for banks whose activities are characterized by a high rate of return. Thus, small banks that are unable to attract investors due to lack of an appropriate reputation rely on this method
Reinvestment
Placement of shares in Russian stock market	It plays an important role in the formation of the bank's capital. The share price largely depends on the level of dividends paid, i.e. an increase in dividends leads to an increase in the share price. Therefore, high stock returns encourage capital raising through the sale of additional shares.
Dividend policy	It has a significant impact on the possibility of expanding the capital base through domestic sources. A high proportion of profits allocated to capital gains results in lower dividend payouts. Accordingly, high dividends lead to an increase in the market value of the bank's shares, which makes it easier to increase capital from external sources.

One of the important indicators of a bank's reliability is the bank's own funds (capital) adequacy ratios.

From January 1, 2014, Russian banks must calculate three capital adequacy ratios instead of one, as was the case before, due to the introduction of Basel III. In addition to the total capital adequacy ratio (10%), the adequacy of basic capital (5%) and core capital (5.5%, and since 2015 - 6%) appears. According to the Basel Committee, more stringent approaches to calculating capital adequacy and liquidity ratios should reduce the risks of a systemic banking crisis and improve the sector's ability to cope with the consequences of global financial collapses.

Based on the data presented in table. 3, we can conclude that for the period under review, the capital adequacy ratios of PJSC ROSBANK corresponded to the normative values.

For the normal functioning of the bank, much attention is paid to the amount of equity and borrowed capital, risks and its assets.

The equity capital of a commercial bank is the basis of its activities and is an important source of financial resources. It is designed to maintain customer confidence in the bank and convince creditors of its financial stability. The capital must be large enough to ensure the confidence of borrowers that the bank is able to meet their needs for loans even under unfavorable conditions for the economic development of the national economy. This led to increased attention of state and international bodies to the size and structure of the bank's own capital, and the bank's capital adequacy ratio was classified as one of the most important in assessing the bank's reliability. At the same time, equity capital is of paramount importance for ensuring the stability of the bank and the efficiency of its work. The constraining factor of its growth is the need to form reserves for active operations.

The level of required capital should be determined depending on the expected financial losses, the determination of which is difficult due to the lack of statistics. Thus, equity capital is really very important, so let's consider the sources of its replenishment. Types of sources of replenishment of the bank's own capital are presented in Table. 4.

As indicated in Table. 4 sources of capital growth for a bank can be internal (profit) and external (shareholder funds). But it is worth noting that the method of increasing capital at the expense of shareholders is not publicly available, due to the fact that small banks do not have sufficient reputation to attract them. It follows that the sources of capital growth for the main group of Russian banks should be sought within the business, and not outside.

In 2006, there were 1,729 IPOs worldwide worth $247 billion. IPO or initial public offering is the first public sale of shares of a joint-stock company, including in the form of sale of depositary receipts for shares, to an unlimited number of persons. Conducting an IPO allows the bank to gain access to the capital of a much wider range of investors, but in turn requires the cost of placement and payment of dividends.

PJSC ROSBANK did not refuse to conduct an IPO until last moment. But in the end, the Board of Directors of the Bank decided to increase its authorized capital by placing an additional issue of shares by private subscription. The fact is that if PJSC ROSBANK held an IPO, then the share of the strategic investor Societe Generale (SG) in the bank's capital would be diluted. On this moment SG owns 99.4% of the shares of PJSC ROSBANK. Cooperation with such a shareholder allowed the Bank to quickly improve its rating and improve access to the international debt capital market.

PJSC ROSBANK manages its capital to ensure that all companies of the SG Group continue to operate for the foreseeable future and, at the same time, maximize profits for shareholders by optimizing the ratio of debt and equity.

The capital structure is reviewed by the Management Board of the Group every six months. As part of this assessment, the Board, in particular, analyzes the cost of capital and the risks associated with each class of capital. Based on the recommendations of the Management Board, the Group adjusts its capital structure by paying dividends, issuing additional shares, attracting additional subordinated borrowings or paying off existing loans.

At the moment, PJSC ROSBANK is one of the Russian banks with high capitalization and a sufficient level of liquidity, its indicators comply with all mandatory standards.

Bibliographic link

Ivanova I.V. OWN CAPITAL OF THE BANK AND WAYS OF ITS FORMATION // International Journal of Applied and Fundamental Research. - 2015. - No. 8-3. – P. 537-540;
URL: https://applied-research.ru/ru/article/view?id=7146 (date of access: 03/20/2020). We bring to your attention the journals published by the publishing house "Academy of Natural History"

Collection output:

IMPACT OF LOAN CAPITAL ON THE FINANCIAL STATE OF THE ENTERPRISE

Pachkova Olga Vladimirovna

cand. economy Sciences, Associate ProfessorFGAOU HPE "Kazan (Volga Region) Federal University", Russian Federation, Republic of Tatarstan, Kazan

Gaptelkhakov Marat Rafkatovich

4th year student of the Kazan (Volga Region) Federal University, Russian Federation, Republic of Tatarstan, Kazan

INFLUENCE OF BORROWED CAPITAL ON FINANCIAL CONDITION OF THE ENTERPRISE

Olga Pachkova

candidate of Economic Sciences, Associate professor of FSAEI HVE “Kazan Federal University”, Republic of Tatarstan, Kazan

Marat Gaptelhakov

4-year student, FSAEI HVE “Kazan Federal University”, Republic of Tatarstan, Kazan

ANNOTATION

The article considers borrowed sources of financing of the enterprise. Since in its activities the company is faced with the need to attract additional funds. The types of borrowed capital are considered, the effect is shown in detail financial leverage, since effectively attracted borrowed capital must satisfy the conditions for reducing costs and increasing profits from the use of capital.

ABSTRACT

The article deals with borrowed sources of financing. Since the company faces with the need to raise additional funds in its activity. The types of debt capital are considered; the effect of financial leverage is shown in detail, as effectively involved borrowed capital must satisfy the conditions to reduce costs and increase profits from the capital use.

Keywords: borrowed capital; Bank loan; bond loan; leasing; effect of financial leverage.

keywords: borrowed capital; bank credit; funded loan; leasing; effect of financial leverage.

As the enterprise operates, the need for cash increases, which requires proper financing of capital gains. At the same time, an enterprise with a shortage of its own funds can attract funds from other organizations, which are referred to as borrowed capital. Under borrowed capital refers to the funds that are lent to the enterprise by third-party organizations to achieve the goals of its activities, as well as to make a profit.

The organization of debt capital has a significant impact on the efficiency of companies and is the key if they make long-term and costly investments.

Among the advantages of using borrowed capital, the following can be distinguished: wider opportunities for attracting, especially with a high rating of the borrower; increase in return on equity; the possibility of using tax shields that reduce the cost of capital, since the interest paid is included in the cost; accelerated development of the enterprise and others.

In addition, the use of borrowed capital also has disadvantages: raising borrowed funds creates financial risks (interest rate, liquidity risk), targeted use of borrowed funds, and the complexity of the procedure for raising borrowed funds.

Borrowed capital as a long-term source of financing is divided into such sources of financing as bank loans, bond loans and leasing. In a general sense, a loan is the provision by one party (the lender) of money or other things to the property of the other party (the borrower).

The bond loan plays a significant role in terms of financing the activities of the company. It is carried out by issuing and selling bonds. The issue of bonds is designed to attract investments from a wide range of people, in contrast to a bank loan. With a bank loan, a bank or other credit institution acts as a lender.

According to Art. 665 of the Civil Code of the Russian Federation, leasing is the operation of acquiring property by the lessor (lessor) of the property specified by the lessee (lessee) from a seller determined by the lessee with its subsequent provision for a fee for temporary possession and use for business purposes.

Thus, leasing is a type of entrepreneurial activity that provides for the investment by the lessor of financial resources in the acquisition of property with its subsequent provision to the lessee on a lease basis.

In Russia rapidly the market for leasing cars is developing. This is primarily due to the fact that the cost of high-value property can be written off entirely in the short term, while its consumer qualities do not actually change. But the market leader in terms of the subject of leasing at the end of 2014 is railway equipment, which occupies 42.2%. For comparison , leasing cars account for 21.7 % of the market .

When choosing a method of raising borrowed capital, an enterprise should pay attention to the following key parameters:

1. the amount of financial resources;

2. the term for their provision;

3. the level of interest payments for the resources provided;

4. type of resource attraction rate (floating or fixed);

5. the need for collateral and its conditions;

6. terms of repayment.

The indicator of financial leverage helps to answer the question of how much borrowed funds per ruble of own funds. This is the ratio of debt to equity. The effect of financial leverage reflects the change in the return on equity obtained through the use of borrowed funds. It is calculated according to formula 1:

The figure below shows the components of the effect of financial leverage (Fig. 1).

Figure 1. The effect of financial leverage

The tax coefficient (1-t) shows the extent to which the effect of financial leverage is manifested in connection with different levels of income tax.

One of the multipliers is the so-called financial leverage differential (Dif) or the difference between the return on the company's assets (economic profitability), calculated on EBIT, and the interest rate on borrowed capital. The financial leverage differential is the main condition that forms the growth of return on equity. For this, it is necessary that the economic profitability exceed the interest rate of payments for the use of borrowed sources of financing, i.e., the financial leverage differential must be positive. If the differential becomes less than zero, then the effect of financial leverage will only act to the detriment of the organization.

The final component is the coefficient of financial leverage (or financial leverage - FLS). This coefficient characterizes the strength of the impact of financial leverage and is defined as the ratio of borrowed capital (D) to equity (E).

The differential and lever arm are closely interconnected. As long as the return on investment in assets exceeds the price of borrowed funds, i.e., the differential is positive, the return on equity will grow the faster, the higher the ratio of borrowed and own funds. However, as the share of borrowed funds grows, their price rises, profits begin to decline, as a result, the return on assets also falls and, therefore, there is a threat of obtaining a negative differential.

According to economists, based on a study of the empirical material of successful foreign companies, the optimal effect of financial leverage is within 30-50% of the level of economic return on assets (ROA) with a financial leverage of 0.67-0.54. In this case, an increase in the return on equity is ensured not lower than the increase in the profitability of investments in assets.

The effect of financial leverage contributes to the formation of a rational structure of the sources of funds of the enterprise in order to finance the necessary investments and obtain the desired level of return on equity, at which financial stability enterprises are not disturbed.

For almost any company, borrowed sources of financing mean the possibility of more intensive development, largely due to the formation of an additional amount of assets. However, companies that use borrowed capital are more exposed to financial risk and the threat of bankruptcy. Therefore, it is necessary to more carefully approach the issue of choosing sources of debt financing, taking into account all possible risks.

Bibliography:

1.Civil Code Russian Federation. Part 2 dated January 26, 1996 No. 14-FZ // Collection of Legislation of the Russian Federation. - 1996. - No. 5. - Art. 665.

2. Kovalev V.V. Course of financial management: textbook. allowance. M.: TK Velby, Prospekt Publishing House, 2008. - 448 p.

3. Kovalev V.V. Financial management: theory and practice: textbook. allowance. M.: TK Velby, Prospekt Publishing House, 2007. - 1024 p.

4. Koltsova I. Five indicators for an objective assessment of the debt burden of your company // Financial Director. - 2006. - No. 6. - S. 16-21.

5. The structure of the market for the subjects of leasing // Rating agency "Expert RA" [Electronic resource]. - Access mode. - URL: http://www.raexpert.ru/rankingtable/leasing/leasing_2014/tab03/ (date of access: 03/28/2015).

6. The effect of financial leverage (DFL) // Site analysis of the financial condition of the enterprise [Electronic resource]. - Access mode. - URL: http://afdanalyse.ru/publ/finansovyj_analiz/1/ehffekt_finansovogo_rychaga/7-1-0-222 (date of access: 03/27/2015).

…………………………………………………………..………..….4
Chapter 1
1.1. The economic essence and types of capital of the organization…………….6
1.2. The main sources of debt capital formation, their composition………………………………………………………………………….16
1.3. The policy of the organization in terms of the formation (attraction) of borrowed capital………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………
1.4. The main stages of development and implementation of the debt capital management policy…………………………………………………………..27
Chapter 2
2.1. Methods and techniques of debt capital management………….….33
2.2. Cost of capital, incl. cost of borrowed capital sources………………………………………………………………………37
2.3. Estimating the cost of sources of short-term financing…44
CHAPTER 3. ANALYSIS OF PROBLEMS AND PROSPECTS OF GROWTH OF THE EFFICIENCY OF MANAGEMENT OF LOAN CAPITAL OF THE ORGANIZATION, ON THE EXAMPLE OF PROTEKS LLC…………………………….54
3.1. Characteristics, assessment of the property and financial condition of Protex LLC according to financial statements…………………54
3.2. Features of debt capital management in Protex LLC…67
3.3. Advantages and Disadvantages of the Loan Capital Management System Established in Protex LLC…………………………………..72
3.4. Recommendations for improving the policy of managing borrowed capital in Protex LLC………………………………….….73
………………………………………………………………….84
LIST OF USED LITERATURE……………………….…………….88
APPENDICES…………………………………………………………………….92

Introduction

The relevance of the research topic is justified by the fact that the management of the enterprise must clearly understand from what sources of resources it will carry out its activities and in what areas of activity it will invest its capital. At present, the analysis of the formation and use of borrowed capital in organizations is particularly relevant, since the analytical services of organizations develop and apply analysis methods to determine the financial and economic situation. An analysis of the process of formation and use of borrowed capital reveals to interested users the whole range of advantages and problems that exist in the enterprise. This is justified by the fact that the formation and use of borrowed capital has a significant impact on the efficiency of the organization and is one of the key aspects in the implementation of long-term costly investments. An analysis of the debt capital management system will give users up-to-date information on the amount of borrowed capital of the organization, the optimality of its structure, the appropriateness of use. Thus, the relevance of studying the management of borrowed capital of an enterprise is justified by the fact that the data obtained as a result of the analysis will help in making certain management decisions aimed at improving and rationalizing the structure of borrowed capital, minimizing the impact of negative factors, profit growth, effective and fruitful management of the borrowed capital of the organization.
The relevance of the problem posed in the work allows us to determine the object, subject, purpose and objectives of the study.
Goal of the work– study of the effectiveness of the organization's borrowed capital management, using the example of Protex LLC.
Work tasks:
— consider theoretical basis management of borrowed capital of the organization;
- to study the methodological foundations of the organization's borrowed capital management;
— to assess the effectiveness of the organization's borrowed capital management, using the example of Protex LLC;
— to develop recommendations for improving the policy of managing borrowed capital in the organization under study.
The object of the study is Protex LLC.
The subject of the research is the effectiveness of the management of borrowed capital in Protex LLC.
When working on the problem posed, we used both general scientific methods analysis and synthesis, comparison, and methods financial analysis.
The degree of development of the problem. A lot of scientific works are devoted to the study of the theoretical and methodological foundations of analysis and management of the borrowed capital of an enterprise, teaching aids, monographs and publications. In this work, we most actively used the following works when working on the problem posed: I.V. Afanasiev, S.L. Zhukovskaya, M.S. Oborina, V.A. Kravtsova, E.R. Mukhina, O.V. Pachkova, A.I. Romashova, R.Yu. Sarycheva, V.B. Frolova and others. In general, set in term paper The problem is well developed in scientific literature.
The practical significance lies in the conclusions and proposals made on the basis of the results of the evaluation of the dynamics, structure and efficiency of the management of borrowed capital in Protex LLC. The developed recommendations are aimed at improving the policy of managing borrowed capital in the organization under study.
The work consists of an introduction, 3 chapters (theoretical, methodological and practical), conclusion, list of references and applications.

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Overall volume: 92

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