Financial resources: classification and sources of formation

Размещено на http://www.allbest.ru/

Lutsk National Technical University

Financial resources: classification and sources of formation

Забедюк М.

ФІНАНСОВІ РЕСУРСИ: КЛАСИФІКАЦІЯ ТА ДЖЕРЕЛА ФОРМУВАННЯ

У статті досліджено сутність поняття «фінансові ресурси», зокрема, існуючі підходи до його трактування. Здійснено систематизацію фінансових ресурсів згідно класифікаційних ознак. Висвітлено джерела формування фінансових ресурсів. Розглянуто елементи системи забезпечення підприємства фінансовими ресурсами. Виявлено основні проблеми забезпечення суб'єктів господарювання фінансовими ресурсами в сучасних умовах.

Ключові слова: фінансові ресурси, власні фінансові ресурси, позикові фінансові ресурси, прибуток, грошовий потік.

Забедюк М.С.

ФИНАНСОВЫЕ РЕСУРСЫ: КЛАССИФИКАЦИЯ И ИСТОЧНИКИ ФОРМИРОВАНИЯ

В статье исследована сущность понятия «финансовые ресурсы», в частности, существующие подходы к его трактовке. Осуществлена систематизация финансовых ресурсов согласно классификационных признаков. Освещены источники формирования финансовых ресурсов. Рассмотрены элементы системы обеспечения предприятия финансовыми ресурсами. Выявлены основные проблемы обеспечения субъектов хозяйствования финансовыми ресурсами в современных условиях.

Ключевые слова: финансовые ресурсы, собственные финансовые ресурсы, заемные финансовые ресурсы, прибыль, денежный поток.

Problem setting and its relationship with important scientific and practical tasks. In a transformational economy, the availability of sufficient financial resources is a prerequisite for the successful functioning of any business structure regardless of the sphere of activity, sectoral orientation and organizational and legal status. At the same time, the importance of financial resources in the financial and economic activities of economic entities is due to their ability to transform into material, intellectual, technical, innovative and other types of resources.

Sufficiency of financial resources provides financial stability of the enterprise, its solvency, stabilization of volumes of production, as well as the possibility of its expansion, sufficient level of provision of material resources. The most important in the production process is ability to recover financial resources in volumes that will be bigger than invested ones.

Recent research and publications analysis. The problems of the formation and use of financial resources of enterprises are investigated in the works of such scholars as Blank I.A., Buryakovskii V.V., Vasilik O.D., Voznyuk G.L., Grinova V.M., Zavgorodniy A.T., Zaremba N.V., Zyatkovsky I.V., Korobova M.Y., Moiseenko I.Y., Oparina V.M., Pavlyuk K.V., Poddierogin A.M., Smovzhenko T.S., Shilo V.P., Yaroshevich N. B. and others.

At the same time, there is no common view on the definition of the financial resources and the task of efficient use of financial resources remains unsolved.

The purpose of the article is to study existing views on the definition of concept “financial resources” and sources of their formation, systematize the financial resources according to their classification features.

The main results and their rationale. The main objective of forming the financial resources of an economic entity is the absolute satisfaction of its financial needs that, in its turn, ensures its development for the future. Financial resources that are formed at the enterprise level provide an opportunity for production, investment, working capital formation, creation of funds for economic stimulation, fulfillment of obligations to the budget, financial and credit system, suppliers and employees, and the implementation of inter-economic payments. At the same time, their movement mediates the movement of material and labor resources that are necessary components of the organization of the production process.

In the general sense, financial resources are funds held by enterprises and intended to fulfill their financial obligations [1].

Oparin V.M. defines financial resources as the sum of funds directed to fixed assets and working capital of the enterprise [2]. According to Buryakovsky V.V., financial resources are money resources accumulated in the funds of the intended purpose for the implementation of certain expenses [3]. In our opinion, these definitions too narrow the meaning of financial resources.

Following views present more wide definitions of meaning and functions of financial resources. Thus, according to Fedosov V.M., financial resources constitute the total amount of own, borrowed and drawn capital used by enterprises for the formation of their assets and the implementation of production and economic activities in order to receive profits [4, p. 193].

In particular, Vasilik O.D. defines financial resources as monetary accruals and incomes created in the process of distribution and redistribution of gross domestic product and are concentrated in appropriate funds to ensure the continuity of expanded reproduction and satisfaction of other social needs [5, p. 283].

At the enterprise level, financial resources are cash income and receipts that are at the disposal of an economic entity and are intended to meet financial obligations, the cost of extended reproduction and socio-economic incentives for employees [6].

Zagorodniy A.G. and Voznyuk G.L. consider financial resources as summation of centralized and decentralized funds at the disposal of economic entities, which are a source of industrial and social development [7].

In our opinion, it is precisely the function of stimulating employees and socio-economic development as a whole is a key factor in the role of financial resources both in enterprises and in the economy as a whole.

Investigation of the views of scientists on the definition of the economic nature of financial resources makes it possible to highlight the following main characteristics of financial resources of enterprises:

- Financial resources have a stage of creation;

- Financial resources reflect the relation to the property;

- Financial resources have sources of formation and purpose of use;

- The structure of financial resources depends on the sources of formation and directions of use.

Also, it is necessary to highlight that the financial resources perform the following functions:

- Ensuring extended reproduction and financing of nationwide expenditures;

- Ensuring the continuity of extended reproduction and meeting other public needs;

- Fulfillment of statutory goals of the enterprise;

- Formation of added value;

- Source of compensation for retirement and capital repair of fixed assets.

On the next stage of the study of financial resources should be considered the sources of their formation.

Taking into account scientific approaches [8 - 10] the sources of financial resources formation are presented in Table 1.

Table 1

The sources of financial resources formation

The main task of each economic entity is determining the optimal balance of composition and structure of financial resources. After all, the effectiveness of management and the prospects of development depend on it.

The choice of forms and methods for providing financial resources is determined taking into account such factors as: the ratio of own and borrowed capital that determines the financial condition of the enterprise; the value of the involved capital; efficiency of capital use; the level of risk of various sources of funding; economic interests of investors and borrowers.

Mechanism of providing the enterprise with financial resources has multilevel structure (Fig. 2).

Fig. 2. The structure of the financial support system of the enterprise

The main forms of financial support are: self-financing (own funds of the enterprise); lending (commercial, bank and state loans); state support (on irrevocable and gratuitous basis);

additional warranty coverage (bank guarantees, insurance, letter of credit, etc.); innovative financing (factoring, forfaiting, leasing, concession, etc.).

Financial instruments of financial support of the enterprise are: loan instruments and debt instruments (promissory notes, bond issues); pricing; stock (forward, futures, options, swap contracts); foreign exchange (exchange rate regime and currency quotation); depreciation rates.

Financial impact levers are: incentives (incentive funds, tax incentives, budget financing of priority sectors of the economy); sanctions (fines, penalties, restrictions); financial norms; conditions and the procedure for the formation of revenues; conditions and the procedure for the formation of revenues.

Conclusions. The current practice shows that the business entities have significant problems concerning providing with financial resources. These problems are related to:

- Peculiarities of conducting of production-economic and financial activity of enterprises;

- Imperfection of the state regulatory policy concerning the formation of financial resources of enterprises;

- Lack or insufficiency of sources of financial resources;

- Increased competition for limited financial resources;

- Low rates of investment and innovation development;

- High degree of financial risks.

Thus, while functioning in market conditions business entities have to elaborate new approaches to the formation of their financial resources. The entrepreneurs are forced to show initiative and ingenuity in finding sources of financial resources for their own functioning, development and their effective use.

References

1. Financial resources, available at: https://uk. wikipedia.org /wiki/ Financial resources

2. Moiseenko I.E. (2000), “Financial planning at the enterprise”, Finance of Ukraine, Vol. 9., pp. 15 - 18.

3. Buryakovsky V.V. (1998), Finances of enterprises, Thresholds, Dnipropetrovsk.

4. Blank I.A. (2006), Financial management, Nika-Center, Elga, Kiev.

5. Vasilik O.D. (2002), Theory of Finance, NiOS, Kyiv.

6. Financial resources of the enterprise, available at: http://lubbook.org/ book 281 glava 3 TEMA 1.2. Ponjattia, sutnist .html

7. Zagorodniy A.G. (2002), Financial Dictionary, 4th ed. Knowledge, Kyiv.

8. Sources of formation and directions of use of financial resources of the enterprise, available at: http://naub.oa.edu.ua/ 2014/dzherela-formuvannva-ta-naprvamv-vvkorvstannva-finansovvh-resursiv-pidprvi emstva/

9. Zaremba N.V., Sources of formation of financial resources, available at: http://www.rusnauka.com/ 12 KPSN 2010/Economics/ 63036.doc.htm

10. Poyda-Nosyk N.N. (2010), Management of the cost and structure of the company's capital as an element of financial security, Finance of Ukraine, Vol. 6., pp. 117 - 124.

Размещено на Allbest.ru