Financial aspects of managing the fixed capital of an enterprise. Management of the fixed capital of the enterprise. To achieve this goal, a number of tasks were completed

Introduction
	Enterprise fixed capital management: goals and content
		Composition of fixed capital
		Sources of formation and use of fixed capital
	Fixed capital management
		Efficiency of fixed capital use
		The economic essence of the capital intensity of products
		Changes in capital intensity under the influence of various factors
		Analysis of the level of use of fixed capital
Conclusion
List of used literature

Introduction.

Russia's gradual transition from a centrally planned economic system to a market one raises the question of how the enterprise's economy should be managed in a new way. Traditional structures and ways are changing. At present, the leaders of the enterprise, studying and shaping what is called civilized forms market relations, become a kind of "architects" of the development of new economic relations and methods of conducting the economy of the enterprise.

Market conditions constantly raise questions that need to be addressed. Enterprise success is defined as general conditions management, and the ability of the manager to effectively use factors of production.

In market conditions, each enterprise must look for its own development path, new forms of capital investment and methods of work. Successful implementation These conditions largely depend on the forms of resource provision of the enterprise and the nature of its use, in particular, on the provision of the enterprise with fixed and working capital, labor force.

The rational use of resources affects the results of labor activity. Successful management of the economy of an enterprise in a market environment involves the use of methods and techniques of entrepreneurship.

Long-term world experience confirms that market relations cannot objectively develop without the participation of the state. The development of market relations as a self-regulatory system is limited and subject to contradictions, so the state must regulate this process in order to mitigate social contradictions and influence the economy with the accelerated development of priority sectors using financial and economic levers, i.e. through public investment, soft loans, subsidies, etc.

Capital: concepts, types, structures, sources of formation.

1.1 Composition of fixed capital

As you know, the basis of any production process is human labor which assumes the availability of means and objects of labor as a necessary condition for its activity. Together, all these three elements constitute the productive forces of society. In the process of production, knowledge of the means and objects of labor is not the same. The decisive role belongs to the means of labor, i.e. the totality of material means by which the worker affects the object of labor, changing its physical and chemical properties.

Main capital industrial enterprise includes means of labor that repeatedly participate in the production process. Gradually wearing out, they transfer their value to the created product in parts over a number of years in the form of depreciation.

In my own way economic content capital stock is the same. At the same time, it differs in terms of production and technical content, the role of production and the period of reproduction. Theoretical basis The classification of fixed capital by type is the division of the means of labor proposed by K. Marx, depending on their role in production. Of all the means of labor, the leading group is mechanical means that characterize the technical equipment of production and the production capacity of an industrial enterprise. K. Marx refers to the second group the means of labor "necessary in general in order for the process to be carried out."

Currently, in accordance with the standard classification, the fixed capital of an industrial enterprise is divided into the following groups depending on the homogeneity of the production purpose and natural-material characteristics:

Buildings - architectural and construction objects designed to perform certain technical functions;
Structures;
Transmission devices - devices by which energy is transmitted various kinds, as well as liquid and gaseous substances;
Machinery and equipment, including:

Power machines and equipment;

Working machines and equipment used directly to influence the object of labor or to move it in the process of creating products or providing services;

Measuring and regulating devices;

Computer Engineering;

Other machines and equipment.

· Vehicles designed to transport goods and people;
·Tools of all kinds and fixtures attached to machines;
· Production inventory;
· Household inventory.

The composition of fixed capital does not take into account the means of labor that have not been put into operation, low-value (worth less than 1 thousand rubles) and quick-wearing (with a service life of up to 1 year) tool.

The structure of fixed capital is the share of each of the groups in their total value. Not all groups of fixed capital play the same role in the production process. If buildings and structures provide the conditions for production, then machines and equipment are directly involved in the creation of products. On this basis, fixed capital is divided into active and passive parts.

The active part of the fixed capital is the leading one and serves as the basis for assessing the technical level and production capacity.

The passive part is auxiliary and ensures the operation of active elements.

The ratio of active and passive elements of the indicators prevailing in the industry is that in almost all enterprises of material production, with the exception of energy, the share of the active part is lower.

1.2 Sources of formation and use of fixed capital.

To compensate for the cost of fixed capital, a depreciation fund is used, which is formed from depreciation deductions received on the settlement account of an industrial enterprise after the sale of products.

Depreciation is the gradual transfer of the value of fixed capital to manufactured products, services rendered for the purpose of accumulation. Money for further full recovery of fixed capital. Depreciation is calculated using norms that are set as a percentage of the value of fixed capital.

The objectivity of the rate of depreciation depends on the standard service life. If the established norm is overestimated, then physical depreciation occurs before the value of the fixed capital is transferred to finished products.

In theory and practice, there are several types of fixed capital valuation. The initial cost is determined by the acquisition cost (price), transportation and installation costs, for capital construction- the estimated cost of the object put into operation.

The value of a commodity does not depend on the time that is actually spent on its production, but on the time that is necessary for the reproduction of the commodity in modern conditions. This cost of fixed capital is called the replacement cost.

Color=Cp/(1+P)t

Where Tsp - initial cost, rub.;

P - average annual growth rates of labor productivity;

t - time lag

As a result of a sharp rise in the cost of fixed capital in accordance with the decision of the Government of the Russian Federation of 25.02.1992. "On the revaluation of fixed assets" the initial information for the recalculation is the full book value of fixed assets and the calculation coefficient index.

Conversion factor certain types fixed capital

Capital Acquisition Period	Type of capital
Capital Acquisition Period	Buildings, structures, in front of the device.	Machinery, equipment	Vehicles	Equipment, finding In stock

After01.07.92
Up to VI quarter. 93

Residual value is that part of the cost of fixed capital that is not transferred to finished products as a result of the fact that further use this technique is not economically feasible.

Cst.=Cp-(Cp*On*Tec)=Cp(1-On*Tek)

Where Na is the depreciation rate

Tek - period of operation, years.

Liquidation of cost (Tsl) is the cost of selling dismantled equipment.

When Cl>Cost., losses are credited to the loss, and when evaluating the effectiveness of new equipment, instead of the written off loss, they are added to the cost of the introduced equipment.

Changes in the value of fixed capital are directly related to depreciation. Tools of production eventually wear out and become unsuitable for further operation.

2. Enterprise fixed capital management

2.1. Efficiency of fixed capital use

The efficiency of the use of fixed capital is evaluated by means of general and particular indicators. The most general indicator reflecting the level of use of fixed capital is capital productivity.

There are several methods for calculating it. The most common method - the method of calculating the gross output - is to compare the value of gross output and the average annual and average annual cost of fixed capital.

The method of calculating the return on assets for own products makes it possible to exclude the influence of a change in the share of purchased products and semi-finished products. Despite positive sides this method, it also does not accurately reflect the level of use of fixed capital. The fact is that society is not interested in the volume of gross or own production, but in the newly created value.

Example. Let's assume that in the base year the gross value reached 400 million rubles, and the material costs amounted to 120 million rubles, of which 40 million rubles. accounted for purchased products and semi-finished products. Thus, the cost of own production amounted to 360 million rubles. With a fixed capital cost of 200 million rubles. the return on assets, calculated on gross output, amounted to: Foval = 400/200 = 2 rubles, and on own production Foval = 360/200 = 1.8 rubles.

Suppose that in the reporting year, gross output increased by 1.3 times, and material costs increased to 240 million rubles, of which 120 million rubles. accounted for purchased products and semi-finished products. As a result, the value of gross output increased by 120 million rubles. (400(1.3-1.0)) due to rising prices for materials and purchased products and semi-finished products. The cost of own production has increased to 400 million rubles. Therefore, with the cost of fixed capital at the level of the base year

(Okb=200 million rubles)

FOval.=520/200=2.6 rub.

FSpec.=400/200=2 rub.

When calculating on conditionally net production (CPP), the return on assets would remain unchanged, since CPPbaz. = 400-120 = 280 million rubles;

CHF.=520-280=240 million rubles

Thus, despite the increase in capital productivity calculated on the basis of gross and own production, there was no additional increase in newly created value compared to the base year.

The return on assets calculated for net and conditionally net production can be represented by:

FOchp \u003d CHP / OKsr.g. \u003d (VP- (MZ + OKsr.g.Na)) / OKsr.g.

FEED-PPP/OKsr.y.-(VP-MZ)/OKsr.y.

Where PE - net production;

UCHP - conditionally net production, it differs from net production by the amount of depreciation;

OKavg. - the average annual cost of fixed capital.

When calculating the return on assets for net or conditionally net products, the influence of various material consumption can be eliminated. However, this does not take into account changes in the range, specific gravity products with high profitability, cost and quantity of processed raw materials and materials. Despite this, the methods for calculating the return on assets for net and conditionally net products, as well as profits, are the most used, as they allow you to more clearly and methodologically clearly take into account the influence of various factors and eliminate their artificial impact on the efficiency of the use of fixed capital.

The criterion for gross capital productivity is the ratio between the growth rates of gross output and fixed capital. This criterion is determined by the objective law of the economics of social labor.

Private indicators characterize certain aspects of the use of the entire set of fixed capital or some part of it, such as equipment or production space. They can be absolute and relative, natural, conditionally natural, value.

In the process of material production, it is important to improve the use of equipment, i.e. reduction of integral and intra-shift losses of equipment operation time.

The coefficient of integral use of equipment, or the coefficient of shift Kcm of equipment operation, is defined as the ratio of the actually worked number of stand-shifts per day С to the total number of installed equipment k:

Kcm \u003d (C1 + C2 + C3) / n

The shift coefficient can be planned and actual and is calculated for the enterprise, workshops, groups of equipment for a year, quarter, month, decade, day.

The planned shift ratio takes into account the number of cost-shifts that must be worked out by the equipment for the planned period.

It is known that as equipment ages, the potential for its operating time decreases, i.e. with an increase in the number of years of operation, the annual efficient fund unit time is reduced. An aggregated estimate of the change in the annual time fund shows that for equipment up to 5 years old, the annual effective time fund of a piece of equipment does not change and amounts to 1870 hours, in the range from 6 to 10 years, the annual reduction is 1.5%, in the range from 11 to 15 years - 2.0%, and over 15 years - 2.5%.

For example, for equipment aged 10, 15, 17 years, the annual time fund corresponds to:

Fef(10)=1870(1-(0.015*5))=1730h;

Fef (15) \u003d 1870 (1- (0.015 * 5 + 0.02 * 5)) \u003d 1542 hours;

Fef (17) \u003d 1870 (1- (0.015 * 5 + 0.025 * 2)) \u003d 1450 h.

2.2. The economic essence of the capital intensity of products

IN general view the index of capital intensity of production is the ratio of the average annual cost of fixed capital to the cost of manufactured products. The average annual cost of fixed capital can be calculated in two ways. According to the first method, the input and disposal of fixed capital is timed to the middle of the month:

OKsr.y. \u003d (0.5Okn.y. +? OK + 0.5Okn.y.) / 12

Where OKn.g. - the cost of the main as of 01.01. reporting year

Total value of fixed capital on the 1st day of each month

OKk.g. - cost of fixed capital at the end of the year.

According to the second method, the introduction and disposal of the main method is timed to the end of the analyzed period.

Example: Cost of fixed capital as of 01.01.1994. equal to 50 billion rubles. The value of the introduced fixed capital in July amounted to 30 billion rubles, in September - 10 billion rubles, the cost of liquidated equipment in October - 10 billion rubles. The average annual cost of fixed capital will be according to the first method:

OKaverage year = (0.5*50+50+50+50+50+50+80+80+80+90+80+80+0.5*80)/12=67.083 billion rubles;

By the second method:

OKsr.y.=(50+(30*6*10*3)/12)-(10(18-10)/12)=65.833 billion rubles

The error in the second calculation method was:

OKav.y.=1/12((80-50)/2)=1.25 billion rubles, (i.e. 67.083-65.833)

Capital intensity, calculated per unit cost of production, is used in the analysis of the actual profitability of fixed capital, the study of the economic efficiency of existing production.

The capital intensity of production and capital productivity are indicators by which you can determine the level of use of fixed capital.

Depending on the participation of fixed capital in the output of products, capital intensity is divided into direct, indirect and full.

Direct capital intensity of production - the cost of fixed capital of a particular enterprise.

Indirect - the cost of fixed capital, each operates at other enterprises and indirectly participates in the creation of complex products for a particular enterprise.

Full - this is the total value of direct and indirect capital intensity of products.

2.3. Changes in capital productivity under the influence of various factors

The return on assets depends on a large number of factors: the period of development of newly commissioned production capacities, the shift ratio of equipment, the average cost of installed equipment, the share of the active part of the main production assets, the number of items of manufactured products.

Improving the use of fixed production assets can be carried out in two directions:

Increasing production volume
Reducing the average annual cost of fixed production assets.

Example: The value of gross output in the base year was VPbase. - 1000 million rubles, with the average annual cost of fixed production assets of OPF bases. - 800 million rubles In the reporting period, as a result of improved use of fixed production assets, the cost of gross output increased by 1.2 times (tp VP=2)

The increase in capital productivity in the reporting year amounted to:

FOotch. \u003d FObase. (tpVotch.-1) \u003d (1 / 0.08) * (1.2 * 1.0) \u003d 0.25 rubles.

Then the return on assets will be:

FOotch. \u003d FObase. +? FO \u003d (1 / 0.8) + 0.25 \u003d 1.5 rubles.

Changes in return on assets

Indicators	Designation condition.	Base period	Reporting period	Deviation
Indicators	Designation condition.	Base period	Reporting period		Saving
Gross output, million rubles
Main products
The average annual cost of the main production funds, mln. rub.
Average annual cost of the active part
Production capacity, million rubles

Calculate the return on assets of the reporting and base periods:

Fbase.=(VPbase/OPFbase.)(OPFbase./PMbase)(PMbase./OPFp.)*

*(OPFp./OPF)=(1000/800)(800/1040)(1040/360)(360/800)=

1.25 * 0.77 * 2.9 * 0.45 \u003d 1.25 rubles.

FOotch.=(1200/758.2)(758.2/1100)(1100/318.2)(318.2/758.2)=

1.58 * 0.69 * 3.46 * 0.42 \u003d 1.57 rubles.

Thus, in comparison with the base period, the return on assets increased by 33 kopecks. (1.58-1.25). The growth of capital productivity was influenced by:

a) improving the use of fixed production assets:

Fou \u003d (Fpotch. / OPFbaz.) - (VPbaz. / OPFbaz.) \u003d

=(1200/850)-(1000/800)=0,25

b) improving the use of production capacities:

FOmp \u003d (PMotch. / OPFbase.) - (PMbas. / OPFbase.) \u003d

=(1100/800)-(1040/800)=0,08

The increase in capital productivity was ensured by improving the use of fixed production assets (0.25 rubles) and production capacities (0.08 / FOotch. = FObaz. + AFOu +

Fopm \u003d 1U25 + 0.25 + 0.08 \u003d 1.58

In the most detailed analysis, the influence of various factors can be determined by the formula:

FD \u003d (VP / VPosn.) (VPosn. / PM) (PM / OPFl) (OPFl / OPF).

2.4 Analysis of the level of use of fixed capital

Analysis of the level of fixed capital - one of the types of analysis production resource. The level of use of the fleet of the main technological equipment characterized by general and particular indicators.

The technical condition of the PTO is determined by technical and economic indicators. The most common is the average age of POTO:

Tav.=(t1n1+t2n2+...+tini)/(n1+n2+...+ni)=?(ti+ni)/ ?ni

Where ti - i is the age of the piece of equipment;

ni is the number of equipment with the i-th age;

m - the number of age groups.

For example: as the main technological equipment in the amount of n=10 units. distributed by age as follows: t8=2 units; t10=5 units; t15=3 units

Then Тav.=(8*2+10*5+15*3)/(2+3+5)=11 years.

With an increase in the age of a piece of equipment, the time of its effective operation is reduced as a result of an increase in the time to restore efficiency. So for a unit of equipment operating in one shift, up to 5 years old inclusive, the annual effective time fund is Ф05=2079(1-0.1)=1870 hours.

where 0.1 is the share of time for scheduled repairs.

The write-off of excess equipment has an impact on the growth of production efficiency, since as a result of the write-off from the balance sheet of an industrial enterprise, the cost of this equipment and the increase in profits by the amount of depreciation deductions for decommissioned equipment, the specific profit per 1 ruble of production assets increases.

Meanwhile, in order to plan the operation of the existing equipment fleet, it is important to know the possibilities of its use not only by shifts, but also within the shift. The lower the intra-shift losses, the greater the potential use of equipment for shifts.

The real reserve of intra-shift operating time of the equipment reflects the amount of downtime:

Frvk \u003d Fe (t) (Kzpl-Kef) (1-apt) n,

where Kzpl, Kef are the planned and actual load factors, respectively.

The actual load factor shows the proportion of the time required to produce a certain amount of output in the total operating time of the equipment used to produce this product.

Kef \u003d? SiAi / Fe (t) Krnj,

where: Si - unit cost of the i-th product name, manufactured with j-th group equipment;

Qi - annual volume of production of products of the i-th item;

m - number of product names;

Ф(e)t - annual effective time fund of a piece of equipment for the t-th age group of equipment;

Kp - mode of operation of an industrial enterprise;

nj - quantity j-th equipment groups.

Park of the main technological equipment in the amount of nj=20 units. at age t=7 years, annual fund of time of a piece of equipment for one shift Fe(7)=1760h. and planned load factor Kzpl. - 0.85

To determine the reserve of intra-shift time of equipment, the data given in the table are used.

The annual effective time fund is:

Fe \u003d Fe (t) Kr * nj \u003d 1760 * 1.0 * 2.0 \u003d 35200 h.

Initial data for calculating the intra-shift time reserve

Name of product	Product cost intensity (SEi) h.	Annual volume (Q) years	The cost of the annual program. SEpr, h

actual load factor:

KeF=SEpr/Fe=23500/35200=0.67

Thus, the intra-shift time reserve of the equipment fleet will be:

Fr \u003d Fe (t) (Kzpl-Kef) nj \u003d 1760 (0.85-0.67) * 20 \u003d 6336,

or 27% of the annual requirement.

The annual increase in gross profit may increase by?pval.=Pud. ?Fr=10000*6337=63.3 million rubles

Conclusion.

The functioning of enterprises in a market environment offers the search and development of each of them their own way of development. In other words, in order not only to stay, but also to develop in the market, an enterprise must improve the state of its economy; always have an optimal ratio between costs and production results; seek new forms of capital investment, find new, more effective ways bring products to the buyer, conduct an appropriate product policy, etc. This must be combined with full use internal factors development of production, which in their content and purpose are quite numerous.

Conventionally, they can be divided into three groups:

Factors of resource support of production; these include factors of production, i.e. everything without which the production of products, the provision of services in the quantity and quality required by the market is unthinkable.
Factors that ensure the desired level of economic and technical development of the enterprise.
Factors that ensure the commercial efficiency of production economic activity enterprises.

There is no strictly limited boundary between these groups. For example, most of the means of production are not only necessary condition production of goods and services, but also determines its technical level.

Bibliography:

"Finance, money turnover, credit", edited by Prof. Drobozina L.N., M., UNITI, 1997.
"Finance" ed. Doctor of Economics, prof. Kovaleva A.P., M., "Finance and statistics", 1997.
"Economics of an industrial enterprise" ed. prof. Radionova V.M., M., "Finance and statistics", 1995.
"Finance" ed. prof. Radionova V.M., M., "Financial statistics", 1995.

1.Derivative financial instruments

Derivative financial instrument(derivative) (English derivative) - a financial instrument, the prices or conditions of which are based on the corresponding parameters of another financial instrument, which will be the base one. Usually, the purpose of buying a derivative is not to obtain the underlying asset, but to profit from changes in its price. A distinctive feature of derivatives is that their number does not necessarily coincide with the number of the underlying instrument. Issuers of the underlying asset usually have nothing to do with issuing derivatives. For example, the total number of CFD contracts for shares of a company may be several times greater than the number of issued shares, while this itself Joint-Stock Company does not issue or trade derivatives on its shares.

A derivative has the following characteristics: its value changes following a change in the interest rate, the price of a commodity or security, the exchange rate, an index of prices or rates, a credit rating or credit index, another variable (sometimes called the “base”); its acquisition requires a small initial investment compared to other instruments, the prices of which react similarly to changes in market conditions; calculations on it are carried out in the future.

Essentially, a derivative is an agreement between two parties under which they assume an obligation or the right to transfer a certain asset or amount of money on or before a specified date at an agreed price.

There are some other approaches to the definition of a derivative financial instrument. According to these definitions, the sign of urgency is optional - it is enough that this instrument is based on another financial instrument. There is also an approach according to which a derivative instrument can only be considered one that is expected to generate income due to price differences and is not expected to be used to supply goods or other underlying asset.

Derivative financial instruments include: warrants, depository receipts, futures and forward contracts, options, interest rate and currency swaps, etc.

Option (from Latin optio - choice, desire, discretion) - the right to choose, received for a fee. Most often, the term is used in the following meanings: a) the right granted by one of the contracting parties by the terms of the contract to choose the method, form, volume of fulfillment of the obligation assumed by it or even refusal to fulfill the obligation in the event of circumstances arising from the contract; b) an agreement that provides one of the parties concluding an exchange sale and purchase transaction with the right to choose between alternative (variant) terms of the contract, in particular the right to buy or sell securities in a predetermined amount at a fixed price for a certain period; c) the right to buy new securities of the issuer on pre-agreed terms; d) the right to an additional quota when issuing securities; e) a preliminary agreement on the conclusion of a future contract within a specified period.

Option contracts can be based on a wide range of different assets. For example, the underlying asset of an option contract may be other derivatives (a futures contract). Options are used for both hedging and speculative profit.

There are two main types of options - call and put options. Currently, such contracts are traded on many exchanges around the world, as well as outside the exchanges.

call option gives the buyer of the option the right to buy the underlying asset from the seller of the option at the strike price within the specified time frame or to refuse to buy it. An investor buys a call option if he expects the price of the underlying asset to rise. The most well-known option contract is the call option on shares.

put option (putoption) - gives the option buyer the right to sell the underlying asset at the strike price within the specified time to the option seller or refuse to sell it. The buyer buys a put option if he expects the price of the underlying asset to fall.

forward contract is an agreement between the parties on the future delivery of the underlying asset, which is concluded outside the exchange. All terms of the transaction are negotiated at the time of conclusion of the contract. The execution of the contract takes place in accordance with these conditions at the appointed time.

A forward contract is usually entered into for the purpose of actually selling or buying the relevant asset and insuring the supplier or buyer against possible adverse price changes. True, counterparties will also not be able to take advantage of a possible favorable market situation. The forward contract assumes mandatory performance, but the parties are not insured against its non-performance in the event of bankruptcy or dishonesty of one of the participants in the transaction. Therefore, before concluding a contract, partners should find out the solvency and reputation of each other. A forward contract may be concluded for the purpose of playing on the difference in the market value of assets. A person who opens a long position expects an increase in the price of the underlying asset, and a person who opens a short position expects a decrease in its price. So, having received shares under a forward contract at one price, the investor sells them on the spot market at a higher spot price (of course, if his calculations were made correctly and the asset price increased).

futures contract is an agreement between the parties to buy or sell a certain quantity of goods at a specified time at an agreed price. Although the purchase price is specified in such a contract, the asset is not paid for until the delivery date. The parties to the transaction are responsible for the obligatory fulfillment of the terms of the contract. Futures contracts are concluded for assets such as agricultural commodities, raw materials, foreign exchange, fixed income securities, market indices, bank deposits. Futures contracts are concluded only on the stock exchange.

Swap- this is an agreement between two counterparties on the exchange of payments in the future in accordance with the conditions specified in the contract. There are several types of swaps.

Interest rate swap- consists in the exchange of a debt obligation with a fixed interest rate for an obligation with a floating rate. The persons participating in the swap exchange only interest payments, but not face values. Payments are made in a single currency, and the parties, under the terms of the swap, undertake to exchange payments for several years (from two to fifteen). One party pays amounts that are calculated on the basis of a fixed interest rate on the face value fixed in the contract, and the other party pays amounts according to a floating percentage of this face value. LIBOR (London Interbank Offer Rate) is often used as a floating rate in swaps. The person who makes the fixed payments on the swap is usually referred to as the buyer of the swap. The person making floating payments is the seller of the swap. With the help of a swap, the parties involved have the opportunity to exchange their fixed-interest obligations for floating-rate obligations and vice versa. The need for such an exchange may arise, for example, if the party that issued the fixed interest obligation expects interest rates to fall in the future. Then, by exchanging fixed for floating interest, it can relieve itself of part of the financial burden of debt servicing. On the other hand, a company that issues floating-rate bonds and expects interest rates to rise in the future will be able to avoid increasing its debt service payments by swapping floating-rate for fixed-rate.

Currency swap - represents the exchange of face value and fixed interest in one currency for face value and fixed interest in another currency. Sometimes a real exchange of face value may not occur. The implementation of a currency swap can be due to various reasons, for example, currency restrictions on currency conversion, the desire to eliminate currency risks, or the desire to issue bonds in the currency of another country in conditions where the foreign issuer is poorly known in this country, and therefore the market for this currency is not directly available to him. .

Warrant(English warrant - authority, power of attorney) is:

1. a certificate giving the holder the right to buy securities at a specified price within a certain period of time;

2. Warehouse certificate of acceptance of certain goods for storage, that is, a warrant is a document of distribution of goods that is used in the sale and pledge of goods.

Typically, warrants are used for a new issue of securities. A warrant is traded as a security, the price of which reflects the value of the underlying securities.

Warrants have gained popularity among stock speculators because the price of a warrant to buy a stock, for which it is listed on the stock exchange, is significantly lower than the price of the stock itself, so in order to maintain a given position, you need to less money. The term of validity of warrants is quite long, it is possible to issue an indefinite warrant.

depository receipt(Eng. Depositary Receipt) - a document certifying that the securities are deposited in a custodian bank (custody) in the country of the issuer of shares in the name of the depositary bank, and giving the right to its owner to enjoy the benefits from these securities. Except for differences due to changes in the exchange rate, the price of these receipts fluctuates point by point with the change in the price of the underlying securities, except in cases where the participation of foreign investors is limited in the local market.

The most famous types of depository receipts are American depositary receipts (ADR - American Depositary Receipt) and global depository receipts (GDR - Global Depositary Receipt). ADRs are issued for circulation in the US markets (although they are also circulated in European markets), GDRs are issued for circulation in European markets.

2.Management of the fixed capital of the enterprise

2.1. The concept and essence of the fixed capital of the enterprise.

Fixed capital characterizes that part of the organization's capital, which it invests in non-current assets. Non-current assets include: a) fixed assets; b) intangible assets; c) long-term financial investments; d) construction in progress and other non-current assets.

For the vast majority of organizations, fixed assets are the main part of non-current assets. In terms of material composition, fixed assets are represented by fixed assets.

fixed assets- this is a set of material and material values used as means of labor and acting in kind for a long time both in the sphere of material production and in the non-productive sphere.

They include: buildings, structures, transmission devices, working and power machines and equipment, measuring and control instruments and devices, computer equipment, vehicles, tools, production and household equipment and accessories, working and productive livestock, perennial plantations, on-farm roads and other fixed assets. Fixed assets also include capital investments for land improvement (reclamation, drainage, irrigation and other works) and leased buildings, structures, equipment and other objects related to fixed assets. Capital investments in perennial plantings, land improvement are included in fixed assets annually in the amount of costs related to the areas accepted for operation, regardless of the completion of the entire range of works.

As part of fixed assets, land plots owned by the organization, objects of nature management (water, subsoil and other natural resources) are taken into account. Completed capital expenditures on leased buildings, structures, equipment and other items related to fixed assets are credited by the lessee to their own fixed assets in the amount of actual expenses, unless otherwise provided by the lease agreement.

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Introduction

The gradual transition from a centrally planned economic system to a market one raises the question of how the enterprise's economy should be managed in a new way. Traditional structures and ways are changing. At present, the leaders of the enterprise, studying and shaping what is called civilized forms of market relations, become a kind of "architects" for the development of new economic relations and methods of conducting the enterprise's economy.

Market conditions constantly raise questions that need to be addressed. The success of an enterprise is determined both by the general conditions of management and the ability of the manager to effectively use production factors.

In market conditions, each enterprise must look for its own development path, new forms of capital investment and methods of work. The successful implementation of these conditions largely depends on the forms of resource support of the enterprise and the nature of its use, in particular, on the provision of the enterprise with fixed and working capital, labor force.

Long-term world experience confirms that market relations cannot objectively develop without the participation of the state.

The development of market relations as a self-regulatory system is limited and subject to contradictions, so the state must regulate this process in order to mitigate social contradictions and influence the economy with the accelerated development of priority sectors using financial and economic levers, i.e. through public investment, soft loans, subsidies, etc.

1 . Kafed: concepts, types, artstructures, sources of formation

1.1 Sobecoming fixed capital

As you know, the basis of any production process is human labor, which presupposes the availability of means and objects of labor as a necessary condition for its activity. Together, all these three elements constitute the productive forces of society. In the process of production, knowledge of the means and objects of labor is not the same. The decisive role belongs to the means of labor, i.e. the totality of material means by which the worker affects the object of labor, changing its physical and chemical properties.

The fixed capital of an industrial enterprise includes the means of labor, which repeatedly participate in the production process. Gradually wearing out, they transfer their value to the created product in parts over a number of years in the form of depreciation.

According to its economic content, fixed capital is homogeneous. At the same time, it differs in terms of production and technical content, the role of production and the period of reproduction.

The theoretical basis for the classification of fixed capital by type is the division of labor instruments proposed by K. Marx, depending on their role in production. Of all the means of labor, the leading group is mechanical means that characterize the technical equipment of production and the production capacity of an industrial enterprise. K. Marx refers to the second group the means of labor "necessary in general in order for the process to be carried out."

Buildings - architectural and construction objects designed to perform certain technical functions;

Structures;

Transfer devices - devices with the help of which various types of energy are transmitted, as well as liquid and gaseous substances;

Machinery and equipment, including:

power machines and equipment;

working machines and equipment used directly to influence the object of labor or to move it in the process of creating products or providing services;

measuring and control devices;

Computer Engineering;

other machines and equipment.

Vehicles designed to transport goods and people;

Tools of all kinds and fixtures attached to machines;

Production inventory;

Household inventory.

The composition of fixed capital does not take into account the means of labor that are not put into operation, low-value and quickly wearing out (with a service life of up to 1 year) tool.

The active part of the fixed capital is the leading one and serves as the basis for assessing the technical level and production capacity.

The passive part is auxiliary and ensures the operation of active elements.

1.2 Issources of formation and use of fixed capital

Depreciation is a gradual transfer of the value of fixed capital to manufactured products, services rendered in order to accumulate funds for the further full restoration of fixed capital. Depreciation is calculated using norms that are set as a percentage of the value of fixed capital.

The objectivity of the rate of depreciation depends on the standard service life. If the established norm is overestimated, then physical wear and tear occurs before the value of fixed capital is transferred to finished products.

In theory and practice, there are several types of fixed capital valuation. The initial cost is determined by the acquisition cost (price), transportation and installation costs, for capital construction - the estimated cost of the facility put into operation.

Residual value is that part of the cost of fixed capital that is not transferred to finished products as a result of the fact that the further use of this technique is not economically feasible.

Liquidation of cost (Tsl) is the cost of selling dismantled equipment. With Tsltst., losses are credited to the loss, and when evaluating the effectiveness of new equipment, instead of the written off loss, they are added to the cost of the introduced equipment.

Changes in the value of fixed capital are directly related to depreciation. Tools of production eventually wear out and become unsuitable for further operation.

2. Enterprise fixed capital management

2.1 Efficiency in the use of fixed capital

The efficiency of the use of fixed capital is evaluated by means of general and particular indicators. The most general indicator reflecting the level of use of fixed capital is capital productivity.

The method of calculating the return on assets for own products makes it possible to exclude the influence of a change in the share of purchased products and semi-finished products. Despite the positive aspects of this method, it also does not accurately reflect the level of use of fixed capital. The fact is that society is not interested in the volume of gross or own production, but in the newly created value.

When calculating the return on assets for net or conditionally net products, the influence of various material consumption can be eliminated. However, this does not take into account changes in the assortment, the share of products with high profitability, the cost and quantity of processed raw materials and materials. Despite this, the methods for calculating the return on assets for net and conditionally net products, as well as profits, are the most used, as they allow you to more clearly and methodologically clearly take into account the influence of various factors and eliminate their artificial impact on the efficiency of the use of fixed capital.

In the process of material production, it is important to improve the use of equipment, i.e. reduction of integral and intra-shift losses of equipment operation time.

Conclusion

The functioning of enterprises in a market environment offers the search and development of each of them their own way of development. In other words, in order not only to stay, but also to develop in the market, an enterprise must improve the state of its economy; always have an optimal ratio between costs and production results; find new forms of capital investment, find new, more effective ways to bring products to the buyer, pursue an appropriate product policy, etc. This must be combined with the full use of internal factors in the development of production, which are quite numerous in their content and purpose.

Conventionally, they can be divided into three groups:

Factors of resource support of production; these include factors of production, i.e. everything without which the production of products, the provision of services in the quantity and quality required by the market is unthinkable.

Factors that ensure the desired level of economic and technical development of the enterprise.

Factors that ensure the commercial efficiency of the production and economic activities of the enterprise.

There is no strictly limited boundary between these groups. For example, most of the means of production is not only a necessary condition for the production of goods and services, but also determines its technical level.

capital core management efficiency

Bibliography

"Finance, monetary circulation, credit", ed. prof. Drobozina L.N., M., UNITI, 1997

Finance, ed. Doctor of Economics, prof. Kovaleva A.P., M., "Finance and statistics", 1997

"Economics of an industrial enterprise" ed. prof. Radionova V.M., M., "Finance and statistics", 1995

Finance, ed. prof. Radionova V.M., M., "Financial statistics", 1995

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Introduction 2

1. Theoretical aspects of studying the fixed capital of an organization 5

1.1 The concept and essence of the fixed capital of an enterprise 5

1.2 Types of accounting and methods for assessing fixed capital, indicators of its use 10

1.3 Capital Efficiency 12

2. Analysis of fixed capital management on the example of Vesa LLC 18

2.1 Characteristics of the enterprise 18

2.2 Analysis of the efficiency and intensity of the use of fixed capital of the enterprise 21

Conclusion 24

References 28

Introduction

Subject term paper"Peculiarities of managing the fixed capital of an organization."

The relevance of the chosen topic is due to the fact that the purpose of any commercial organization is making a profit. For this, it is necessary to increase the efficiency of production, the competitiveness of products and services based on the introduction of scientific and technological progress, effective forms of economic management and production management, overcoming mismanagement, and enhancing initiative and entrepreneurship.

Most of the production capacity, retail space, production lines, equipment is used inefficiently. Under the current taxation procedure, this situation leads to an increase in the cost of maintaining and maintaining the existing material and technical base, an increase in the tax burden, and a decrease in the competitiveness of consumer cooperation organizations in comparison with other market entities.

Thus, fixed capital, as the most important production factor, due to the low efficiency of its use, becomes one of the sources of losses. The situation is aggravated by the high degree of depreciation of fixed assets, insufficient attention to such elements of fixed capital as intangible assets and long-term financial investments. Under these conditions, it is necessary to search for new approaches to the management of fixed capital.

Formation information society in Russia strengthens the role and importance of fixed capital as an element that contributes to the creation of conditions for the formation of a new quality of economic growth, increasing its social orientation. The changes taking place in the production forces and production relations, characterized by the formation of a knowledge-based economy, make it possible to define fixed capital as an expression of an artificially created, including an intellectual system, consisting of various subsystems, structural and human capital, capable of generating income for its owner and increasing the wealth of society, contributing to the effective development of the economic system without depleting resources, having the ability to improve the living conditions of a person, radically changing the content of his work. New technologies, which are the result of shifts in the field of R&D, and, consequently, a condition for the formation of a new technological order, change not only the natural-material content of fixed capital as an element productive forces, they require the development of labor resources, human abilities, changes in working capital, and, consequently, the development economic relations. Changing all these elements of the economic system and their interrelation leads to the economic growth of the entire economic system.

The issues of fixed capital management, its formation and effective use are reflected in the works of domestic and foreign scientists, among them: Andreev S.I., Babkov I.A., Balabanov I.T., Blank I.A., Vakhrin P.I. ., Vorotilov V.A., Dornbush R., Ivanov E.A., Kantor E.L., Marx K., Raitsky K.A., Notkin A.I., Samuelson P., Sergeev I.V., Smagin S.N., Smith A., Fisher S., Khachaturov T.S. and etc.

The object of the course work is fixed capital.

The subject is the features of fixed capital management.

The purpose of the course work is to study the features of the management of fixed assets of the organization.

In accordance with the goal, it is necessary to solve the following tasks:

To uncover theoretical aspects essence and features of fixed capital.

Consider the types of accounting and methods for assessing fixed capital, indicators of its use.

Uncover the efficiency of using fixed capital

To analyze the effectiveness of the use of fixed capital on the example of Vesa LLC.

When writing a term paper, such methods as the study and analysis of literature, the analytical method, the generalization method were used.

The theoretical basis was the educational materials of domestic and foreign authors in the field of studying fixed capital, and information from Internet servers was also analyzed.

The structure of the course work: introduction, two chapters, conclusion.

The introduction reflects the relevance of the study of the chosen topic, the goal, objectives, object and subject of research, methodology and theoretical base.

The first chapter of the course work discusses the theoretical aspects of the management of fixed assets of the enterprise.

The second chapter describes the activities of Vesa LLC and analyzes the efficiency of using the fixed capital of this organization.

The conclusion contains the results of the study, conclusions on the tasks.

1. Theoretical aspects of studying the fixed capital of an organization

1 The concept and essence of the fixed capital of an enterprise

For the implementation of economic activities, organizations use property, the component of which is fixed capital.

Fixed capital is the part of the advanced capital invested in non-current assets.

Fixed capital is a part of the financial resources (own and borrowed capital) of an organization invested for the acquisition or creation of new fixed assets for production and non-production purposes. This is a materialized part of equity and borrowed capital used in the process of production and sale of products, goods, works, services in order to generate income. A significant segment of the fixed capital is fixed assets (funds) - a part of the property used as a means of labor in the process of manufacturing products, performing work and providing services, or for managing an organization for a period exceeding 12 months. Fixed capital also includes intangible assets, long-term financial investments that currently provide income to the organization or will generate income in the future. All listed items and fixed assets are combined in the balance sheet in section I "Non-current assets".

Main capital - monetary value fixed assets as material assets having a long period of operation.

The main capital of the enterprise can be received through the following channels:

) as a contribution to authorized capital enterprises;

) as a result of capital investments;

) as a result of a gratuitous transfer;

) due to rent.

The main sources of information for the analysis of the formation and placement of capital of an enterprise are the accounting balance sheet, profit and loss statements, changes in capital, cash flows, the intended use of funds received, an appendix to the balance sheet and other forms of reporting, primary and analytical accounting data. , which decipher and detail individual balance sheet items.

The components of fixed capital are:

intangible assets;

capital investments;

long-term financial investments;

fixed assets.

Intangible assets of the enterprise are characterized by:

lack of material (physical) form;

long-term use;

ability to generate income.

As can be seen from this listing, the composition of intangible assets is very large. In addition, intangible assets often lead to some problems.

When accounting for intangible assets, as in the case of tangible assets, the main problematic issues are the determination of the initial cost, period beneficial use and method of calculating depreciation. The initial cost of intangible assets is usually equal to the cost of their acquisition, including the cost of legal registration and other expenses. There are cases when intangible assets are acquired in exchange for the issue of new shares. In this case, their value is estimated at the level of the market value of the issued block of shares. Intangible assets are amortized by periodically charging a portion of their cost to period costs over their useful lives.

Fixed assets - a part of the property used as a means of labor in the production of products, performance of work or provision of services, or for the management of the organization for a period exceeding 12 months. Items used for a period of less than 12 months, regardless of their value, are not related to fixed assets and are accounted for by the organization as part of the funds in circulation. Useful life - the period during which an item of property, plant and equipment generates income or serves to fulfill the objectives of the enterprise. For certain groups of fixed assets, the useful life is determined based on the number of products or other natural indicator of the amount of work expected to be received as a result of using this object.

Fixed assets include buildings, structures, working and power machines and equipment, measuring and control instruments and devices, computers, vehicles, tools, production and household inventory and accessories, perennial plantings and other fixed assets. Fixed assets also include capital investments for land improvement (drainage, irrigation and other land reclamation works) and leased fixed assets. Fixed assets also include land plots and objects of natural resources (water, subsoil and other natural resources) owned by the organization.

As part of fixed assets, enterprises reflect various material values used as means of labor in kind for a long time in the production of products, in the performance of work or the provision of services, or for the management needs of organizations. In addition, it is assumed that these funds should generate economic benefits (income) and that they are not bought for resale in the future.

Organizations use a single standard classification of fixed assets, according to which fixed assets are grouped according to the following criteria: industry, purpose, types, ownership, use.

Grouping fixed assets by industry (industry, Agriculture, transport, etc.) allows you to obtain data on their cost in each industry.

By appointment, the fixed assets of the organization are divided into production fixed assets of the main activity, production fixed assets of other industries, non-productive fixed assets.

By types of fixed assets of organizations are divided into the following groups: buildings, structures; working and power machines and equipment; measuring and regulating instruments and devices; Computer Engineering; vehicles; tool; production and household inventory and accessories; working, productive and breeding stock; many summer plantings; internal roads, etc.

Fixed assets also include capital investments for radical land improvement (drainage, irrigation and other reclamation work) and leased fixed assets.

As part of fixed assets, land plots owned by the organization, objects of nature management (water, subsoil and other natural resources) are taken into account. The classification of fixed assets by type forms the basis of their analytical accounting. According to the degree of use, fixed assets are divided into those in operation, stock (reserve), stages of completion, additional equipment, reconstruction and partial liquidation, conservation. Depending on the existing rights to objects, fixed assets are divided into: belonging to the organization on the basis of ownership (including leased); located at the organization in the operational management or economic management; leased by the organization.

Long-term financial investments as part of the firm's fixed capital represent its investments on a long-term basis in government securities, shares, bonds and other securities of other enterprises. They include the firm's investments in subsidiaries and affiliates, as well as in other organizations, loans granted to organizations for a period of more than 12 months, and the cost of property transferred on a long-term lease under the right of financial leasing (i.e. with the right to buy or transfer ownership of the property at the end of the lease term).

Capital investments in progress include the costs of construction and installation works, purchase of buildings, equipment, vehicles, tools, inventory, other durable material objects, other capital works and costs for design and survey, exploration and drilling, costs of land acquisition and resettlement in connection with construction, etc.

1.2 Types of accounting and methods for assessing fixed capital, indicators of its use

In everyday practice, fixed assets are recorded and planned at historical cost - the cost of acquiring or creating fixed assets. Machinery and equipment are accepted on the balance sheet of the enterprise at the price of their purchase, including the wholesale price of this type of labor, the cost of delivery and other procurement costs, the cost of installation and installation.

Depreciation is calculated on the basis of historical cost, as well as the utilization rates of the funds.

Replacement cost - the cost of reproduction of fixed assets at the time of their revaluation, i.e., it reflects the costs of acquiring and creating means of labor in prices, tariffs in force during the period of their revaluation, reproduction.

Residual value - the difference between the original cost and accrued depreciation. It allows you to judge the degree of depreciation of the means of labor, to plan the renewal and repair of fixed assets.

Liquidation value - the value of the remaining elements of fixed assets at the time of their liquidation, less the costs of their liquidation.

The result of a better use of fixed assets is, above all, an increase in the volume of production. Therefore, a generalizing indicator of the effectiveness of fixed production assets should be based on the principle of commensuration of manufactured products with the totality of fixed assets used in its production.

This will be an indicator of output per one ruble of the value of fixed assets, capital productivity. To calculate it, the formula is used:

FOTD = T / F,

where T is the volume of marketable or sold products, rub.;

F - the average annual cost of fixed production assets.

The average annual cost of fixed production assets is determined as follows:

F = F1 + (FVIN × n1) / 12 - (FSEL × n2) / 12

where F1 - the cost of fixed production assets of the enterprise at the beginning of the year, rub.;

FVVOD, FVYB - the cost of fixed production assets introduced (retired) during the year;, n2 - the number of full months from the moment of input (retirement).

The capital intensity of production is the reciprocal of capital productivity. It shows the share of the value of fixed assets attributable to each ruble of output. If the return on assets should tend to increase, then the capital intensity should tend to decrease.

The efficiency of the enterprise is largely determined by the level of capital-labor ratio, determined by the ratio of the cost of fixed production assets to the number of workers in the enterprise.

This value must continuously increase, since technical equipment and, consequently, labor productivity depend on it.

Another important indicator of the efficiency of fixed assets is the return on assets, which is the overall level of profitability of funds, which characterizes how much profit is received per ruble of fixed assets.

FR \u003d P / OPF,

where P - profit from sales, rub.;

OPF - the average annual cost of fixed assets, rub.

1.3 Efficiency in the use of fixed capital

) indicators of extensive use of fixed assets, reflecting the level of their use over time;

The indicators of extensive use of fixed assets include the coefficient of extensive use of equipment, the coefficient of shift work of equipment, the coefficient of equipment load.

The coefficient of extensive use of equipment is defined as the ratio of the actual number of hours of operation of the equipment to the number of hours of its operation according to the norm.

The equipment shift ratio is defined as the ratio of the total number of machine-shifts worked by the equipment to the number of machines.

The equipment load factor is defined as the ratio of the shift ratio of work to the planned shift of equipment.

The coefficient of intensive use of equipment is defined as the ratio of the actual performance of the equipment to the planned one.

The coefficient of integral use of equipment is defined as the product of the coefficients of extensive and intensive use of equipment and comprehensively characterizes its operation in terms of time and productivity (power). General indicators of fixed capital are capital productivity, capital intensity, capital-labor ratio, profitability of fixed production assets. The general indicators of the efficiency of the use of fixed capital include:

) production of products (goods, works, services) in comparable prices net of taxes: by 1 (100.1000) rubles. the average residual value of the entire fixed capital, including 1 (100, 1000) r. average residual value of fixed assets. At the same time, the average cost of fixed assets of the main activity, intangible assets, IBE at residual value, i.e. its real value. The average cost of each of the terms is determined as the sum of the values at the beginning and end of the year, divided by 2;

) the volume of sales of products (goods, works, services) in current prices, net of taxes, attributable to 1 (100.1000) rubles. the average residual value of the entire fixed capital, including 1 (100.1000) rubles. average residual value of fixed assets;

) profit from sales (goods, works, services) attributable to 1 (100.1000) r. average residual value of fixed capital, including 1 (100.1000) rubles. average residual value of fixed assets;

) net profit attributable to 1 (100.1000) r. of the total fixed capital, including 1 (100.1000) r. average residual value of fixed assets;

) profit from ordinary activities attributable to 1 (100, 1000) r. of the total fixed capital, including 1 (100, 1000) r. fixed assets;

) use of the average annual production capacity.

In practice and in theoretical studies, as a generalizing indicator of the effectiveness of the use of fixed assets of the main type of activity, the indicator "capital productivity" is used, which shows how many rubles of products produced over a certain period of time fall on the ruble of the cost of fixed production assets. This indicator is calculated by the formula:

Fo \u003d VP / Fsr,

where VP is the volume of manufactured products, thousand rubles;

Фср - the average residual value of fixed assets of the main activity, thousand rubles.

The generalizing indicators of the efficiency of the use of fixed capital also include the degree of use of production capacity. Ermolovich L.E. proposes to determine the indicators of its use (K.m.) taking into account the sold and manufactured products:

c.m. = Sold products without taxes, thousand rubles / Average annual production capacity, thousand rubles 100.

Such an approach to assessing the level of use of production capacity is due in a market economy to the fact that the indicator of sold products is used to determine general indicators of the efficiency of an enterprise.

Using the indicator of conditionally net production, one can determine the utilization rate of the average annual production capacity in terms of the amount of wealth created at the enterprise.

The capital-labor ratio is defined as the ratio of the value of fixed assets to the number of workers in the enterprise who worked on the shift with the largest number of working hours. The profitability of fixed production assets characterizes the amount of profit attributable to one ruble of fixed capital, and is defined as the ratio of profit to the value of funds. In addition to those listed, there are other indicators of the use of fixed assets, including indicators technical condition fixed assets, age, structure of funds, etc.

Thus, in the first chapter of the course work, the theoretical aspects of the features of fixed capital management were considered.

Fixed capital is a monetary value of fixed assets as material assets with a long period of operation.

The components of fixed capital are: intangible assets; capital investments; long-term financial investments; fixed assets.

The financing of fixed capital comes down to two options. The first of them is based on the fact that the entire volume of this capital is financed by equity capital. The second option is based on mixed financing - at the expense of own and long-term borrowed capital.

2. Analysis of fixed capital management on the example of Vesa LLC

1 Characteristics of the enterprise

OOO "Vesa" is one of the enterprises in Murmansk, engaged in retail trade.

The main specialization of the enterprise under study is the sale of light industry goods. It should be noted that light industry is one of the most natural areas for the formation and development of small businesses.

In accordance with the volume of economic turnover of the enterprise and the number of its employees, the enterprise can be classified as a small business.

The organizational form of Vesa LLC is a limited liability company.

In a limited liability company, the participants are not liable for its obligations and bear the risk of losses associated with the activities of the company, to the extent of the value of their contributions.

The company was founded by one person who is guided in its activities by the Charter, the Memorandum of Association and the legislation of the Russian Federation.

The main constituent documents of Vesa LLC:

Certificate of state registration.

Certificate of entry into the Unified State Register of Legal Entities.

Certificate of registration with the tax authority.

Lease agreement (certificate of ownership).

The authorized capital of the company is formed in accordance with the provisions federal law"On Limited Liability Companies". The founder of the company is individual, whose share in the authorized capital is 100%.

The research organization employs 5 people.

The company is headed by a general director who is authorized to make all final decisions regarding the activities of Vesa LLC. Directly reporting to the director are: commercial director, Chief Accountant. The commercial director organizes the work of employees, concludes deals, purchases the necessary goods, and performs any other actions on behalf of the company by proxy of the general director.

Organizational structure of the enterprise under study is shown in Figure 2.1.

Fig. 2.1 Organizational structure of Vesa LLC

The organizational structure of the firm can be described as linear. The linear management system lies in the fact that all functional divisions of the enterprise report directly to one leader. This management system is typical for small privately owned enterprises.

The linear organizational structure belongs to the simplest type of bureaucratic structures, it embodies the principles of centralism and unity of command. The head is endowed with all kinds of powers and exercises sole leadership. The head is fully responsible for the results of the activity of the object entrusted to him.

LLC "Vesa" refers to small businesses.

Constant updating of the range contributes to attracting new customers and retaining existing ones. Producing countries represented in the store are Italy, Germany, Russia, Poland, France, USA. The most active buyers are young women aged 20 - 35 years.

The main factors influencing the purchase of clothing are quality and price, and underwear is no exception. As a rule, the potential buyer has an income level above average, and the most bought trademarks are from such producing countries as Italy and France. The main competitors of LLC "Vesa" are stores: "New Style", "Butterfly", "Julia", "Prince".

Today Vesa LLC products satisfy the market interests: there is a growing demand for underwear of the following well-known brands: LILLY ECLIZIA, KRIS LINE, SIELEI, COTONELLA, NATURANA.

As a rule, Internet sites of firms-suppliers, firms-manufacturers, transport companies serve as information resources for Vesa LLC.

2.2 Analysis of the efficiency and intensity of the use of fixed capital of the enterprise

fund capital accounting organizational

The main sources of information on the state of fixed capital in an organization are: form No. 1 (section 1 of the organization’s balance sheet “Fixed assets and other non-current assets”), Appendix No. 5 to the balance sheet, form No. 11 “Information on the availability and movement of fixed assets (funds ) and other non-financial assets”, inventory cards, depreciation journal, acceptance and transfer certificates, lease agreements, audit reports.

The analysis of fixed assets covers: their presence and structure, condition and movement, the labor force of funds and the effectiveness of their use.

When analyzing fixed assets, such sources of information as the annual financial report (balance sheet) and other accounting statements are used.

Calculation and analysis of performance indicators for the use of fixed assets is made in Table 2.1.

Table 2.1. Calculation and analysis of performance indicators for the use of fixed assets of Vesa LLC

Indicators				Change
1. Proceeds from the sale of products, thousand rubles.
2. Profit from the sale of products, thousand rubles.
3. Net profit, thousand rubles.
4. Profit of the reporting year, thousand rubles.
5. Average residual value of fixed assets, thousand rubles.
6. Indicators of the efficiency of the use of fixed assets:
6.1. Sales of products attributable to 1 p. fixed assets (p.1 / p.5), r.
6.2. Profit from the sale of products per 1 p. fixed assets (p. 2 / p. 5), r.
6.3. Net profit per 1 p. fixed assets (p.3 / p.5), r.
6.4. Profit of the reporting year for 1 p. fixed assets (line 4 / line 5), r.

Thus, the increase in sales proceeds led to an increase in sales by 1 p. fixed assets by 0.12 rubles, the return on fixed assets increased in 2009. in terms of profit from the sale of products from 0.30 to 0.50 rubles.

The rate of return on assets characterizes the amount of proceeds from the sale attributable to the ruble of fixed assets. The formula for calculating the return on assets is as follows:

where BP - sales proceeds, OS - average annual cost of fixed assets

Fo 2008 = 1160000/ 1450000 = 1.10.

Fo 2009 \u003d 2200000 / 1800000 \u003d 1.22.

As you can see, at the analyzed enterprise, the return on assets of fixed production assets increased by 0.12 rubles.

The capital intensity, respectively, amounted to:

Femk.2008 = 1450000 / 1160000 = 0.90.

Fem.2009 = 1800000/2200000 = 0.82.

Capital intensity, that is, the number of fixed production assets per 1 p. the volume of production decreased by 0.08 p. and compiled in 2009. 0.82 p.

To increase the efficiency of the use of fixed capital, fixed production assets, it is necessary to increase the degree of their utilization, especially their active part, the effective renewal of funds (i.e. renewal on time - not earlier than the equipment effectively performs its functions, but not later than the standard period activities of equipment and other elements of fixed capital), the use of progressive equipment, modern technologies, qualified and disciplined workers.

Conclusion

Thus, based on the above material, the following conclusions can be drawn.

The first chapter of the course work was devoted to the theoretical aspects of studying the features of managing the fixed capital of an enterprise.

Fixed capital is a monetary value of fixed assets as material assets with a long period of operation. The components of fixed capital are: intangible assets; capital investments; long-term financial investments; fixed assets.

Intangible assets include: patents, copyrights, trademarks and trademarks, licenses, privileges and technologies, organizational expenses, goodwill, research and development expenses, deferred expenses.

Capital investments (capital investment) imply making decisions on long-term, risky investment of funds in the assets of the enterprise. These decisions are made in the internal social environment of the firm and affect all aspects of the life of the enterprise (including the company's employees).

Long-term financial investments as part of the firm's fixed capital represent its investments on a long-term basis in government securities, shares, bonds and other securities of other enterprises.

Fixed capital management includes the analysis of the fixed capital of the enterprise, ensuring the effective use of the fixed capital of the enterprise, the formation of principles and optimization of the structure of the sources of covering the fixed capital. Financing of the fixed capital comes down to two options. The first of them is based on the fact that the entire volume of this capital is financed by equity capital. The second option is based on mixed financing - at the expense of own and long-term borrowed capital.

The main indicators of the efficiency of the use of fixed capital can be combined into four groups:

) indicators of extensive use of fixed assets, reflecting the level of their use over time;

) indicators of intensive use of fixed assets, reflecting the level of use in terms of capacity (productivity);

) indicators of the integral use of fixed capital, taking into account the combined influence of all factors - both extensive and intensive;

) generalizing indicators of the use of fixed production assets, characterizing various aspects of the use (state) of fixed capital in the whole enterprise.

Improving the use of fixed capital in the enterprise is achieved by:

) release of the enterprise from excess fixed capital (or its lease);

) timely and high-quality implementation of planned preventive and overhauls;

) acquisition of high-quality fixed assets;

) increasing the level of qualification of service personnel;

) timely renewal of fixed assets in order to prevent excessive moral and physical deterioration;

) improving the quality of raw materials and materials;

) increasing the level of production automation;

) increasing the level of concentration, specialization and combination of production;

) introduction of new equipment and progressive technology - low-waste, waste-free, energy- and fuel-saving;

) improving the organization of production and labor in order to reduce the loss of working time and downtime in the operation of machinery and equipment.

In the second chapter of the course work, the activities of the enterprise Vesa LLC were characterized and the management of fixed capital was analyzed.

LLC "Vesa" specializing in the sale of underwear in the city of Murmansk. Constant updating of the range contributes to attracting new customers and retaining existing ones. Producing countries represented in the store are Italy, Germany, Russia, Poland, France, America. The company employs 5 people. The organizational structure is linear, which is typical for small businesses.

Analysis of the efficiency and intensity of use of the fixed capital of Vesa LLC for 2008 - 2009. showed that the increase in sales proceeds led to an increase in sales by 1 p. fixed assets by 0.12 rubles, the return on fixed assets increased in 2009. in terms of profit from the sale of products from 0.30 to 0.50 rubles.

The return on assets of fixed production assets increased by 0.12 rubles. Capital intensity, that is, the number of fixed production assets per 1 p. the volume of production decreased by 0.08 p. and compiled in 2002. 0.82 p.

It should also be noted that in Vesa LLC, production is capital-intensive, since per 1r. products account for more than 1 p. fixed production assets.

Increase the efficiency of the use of fixed capital can effective management enterprise as a whole, quality management.

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INTRODUCTION 4
CHAPTER 1. THEORETICAL ASPECTS OF MANAGEMENT OF THE CAPITAL OF THE ENTERPRISE 6
1.1. The concept and essence of the fixed capital of an enterprise 6
1.2. Principles and methods of fixed capital management. 8
1.3 Tasks and main stages of fixed capital management 12
CHAPTER 2. MANAGEMENT OF FIXED CAPITAL
OOO KAMENSKOE 15
2.1. Organizational and economic characteristics of Kamenskoye LLC 15
2.2. Assessment of the structure and changes in the fixed capital of Kamenskoye LLC 20
CHAPTER 3. WAYS TO IMPROVE THE WEALTH MANAGEMENT POLICY 28
3.2. Proposals for improving the capital management of Kamenskoye LLC 28
3.2 Evaluation of the effectiveness of the proposed activities 30
CONCLUSION 33
REFERENCES 35

Introduction

Capital is the stock of economic goods accumulated through savings in the form of money and real capital goods. They are involved by its owners in the economic process as an investment resource and a factor of production in order to generate income. Their work in the economic system is based on market principles and is related to time, risk and liquidity factors.
The concept of non-current assets fixed capital are identical.
Fixed capital includes fixed assets, as well as outstanding long-term investments, intangible assets and new long-term financial investments.
Fixed assets at the enterprise can be received according to such channels as:
— contribution to the authorized capital of the enterprise;
- as a result of capital investments;
- as a result of a gratuitous transfer;
as a result of a lease.
For operating enterprise the use of fixed assets includes, first of all, the following stages:
- inventory of existing and used fixed assets in order to determine obsolete and worn-out components of fixed assets;
- assessment of the conformity of the existing technical inventory of the technology and the production enterprise;
- the choice of the volume and structure of fixed assets. Then there is a process of reinstallation of the existing technical equipment, acquisition, delivery and assembly of new technical equipment.
the main objective reproduction of fixed assets - the achievement of enterprises by fixed assets in their quantitative and qualitative composition, as well as maintaining them in working order.
In the process of reproduction of fixed assets, the following tasks are solved:
- coverage of fixed assets written off for various reasons;
- increase in the volume of fixed assets in order to expand the volume of production;
- improvement of the specific, technological and age structure of fixed assets, more precisely, an increase in the level of production.
Fixed capital in material form is the production and technical potential of the enterprise, and in value form- economic potential.
Therefore, the study of its impact on production, the effective parameters of its application is of practical interest.
The object of work is the fixed capital of the enterprise.
The subject of the work is the management of fixed assets.
The purpose of the work is to analyze the management of fixed capital at the enterprise Kamenskoye LLC.
To achieve this goal, it is necessary to perform the following tasks:
- to study the concept and essence of the fixed capital of the enterprise;
- to consider the principles and methods of managing fixed assets .;
— consider the tasks and main stages of fixed capital management;
- to characterize the activities of Kamenskoye LLC;
— evaluate the structure and change in the fixed capital of Kamenskoye LLC;
— develop proposals for improving capital management;
— Evaluate the effectiveness of the proposed activities.

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Overall volume: 34