Part of financial relations that provides for the needs of reproduction. Finance arises in the reproductive process

Financial relations are very diverse, and for further study it is necessary to classify them, dividing them into separate groups that will have similar properties, differ in homogeneity, and systematize them, identifying the relationships between the constituent elements.

In its entirety, this diversity financial relations forms not a simple summand of elements, but a system, which is an organic collection of interacting elements, all structural subdivisions of which
connected to each other. Despite the fact that each element in the financial system is relatively independent, performing only its own specific functions, nevertheless, all elements interact both with each other and with other systems, and in practice these relationships are important.

In addition, the entire diversity of financial relations in society has an organic integrity capable of development. In the process of identifying the components of financial relations, it is necessary to find the correct classification sign for dividing them into structural groups and subgroups, in accordance with scientific criteria. The first such criterion is the role of the subject in social reproduction, which determines the ways of organizing finances, the availability, order of formation and use financial resources and financial funds.

It is in accordance with their role in social reproduction that subjects of financial relations have differences in their needs for the financial resources they need. Thus, direct participants in social reproduction are organizations and citizens engaged in entrepreneurial activities, producing goods, and providing various types of services. To carry out their activities, they need financial resources that would ensure the production process the required amount Money. Business entities will be characterized by financial relations that ensure the continuity of the process of production of goods and provision of services: making capital investments, depreciation deductions, replenishing the lack of working capital, etc. State authorities and local governments need financial resources to perform their functions - economic, social, political, for financing the constitutional rights of citizens, etc. And for this group of financial relations, which provide financial resources for the performance of the functions of state authorities and local self-government, other forms and methods of organizing finance will be characteristic.

Thus, the first classification feature, according to which the entire variety of financial relations is divided into component parts, is the role of the subject in social reproduction, according to which all financial relations are divided into two large groups, called spheres of the financial system - finances of business entities, as well as state and municipal finances.

Financial relations in society, which are combined into a group with similar properties, exist objectively, since they are generated by the needs of society at a certain stage of its historical development. At the same time, the name of the spheres and links of the financial system of a particular state, its composition, and the presence of certain elements of financial relations in it are influenced by the state, which establishes the so-called organizational and legal forms of functioning of financial relations. The state, in the relevant legislation, establishes their specific types, determines the names of spheres and links of the financial system, carries out various types and methods of regulation, and sometimes establishes prohibitions on certain types of financial relations. For example, in the former Soviet Union, entrepreneurial activities of citizens were prohibited, therefore, the financial relations of citizens engaged in entrepreneurial activities were not present as a separate link in the financial system.

Therefore, further, we will first consider general approaches to the functioning of the financial system as a set of all financial relations, give general groups of financial relations, and then consider the spheres and links of the financial system Russian Federation in accordance with the legislation of the Russian Federation.

In general financial system is presented in Fig. 1.2. It is defined as a set of interconnected areas and links of financial relations.

Rice. 1.2 Spheres and links of the financial system

The presence of precisely these areas within the financial system is objectively determined, since in any society there are business entities that provide the market with goods and services, and any state needs financial resources to carry out its functions.

Each area of the financial system, in turn, also has structural elements and is divided into links. Finance of business entities act as the initial sphere of the financial system; it is in this sphere that the formation of primary financial resources occurs and the processes of distribution and redistribution of value begin. The finances of business entities, with all their diversity, ensure the process of production of goods and provision of services, constant replenishment and increase production assets and funds for non-productive purposes. Further grouping of financial relations within the sphere of finance of business entities is carried out depending on the nature of the activity of the entity, which influences the sources of formation of financial resources and the order of use of funds.

Some organizations pursue profit as the main goal of their activities; they are commercial. In addition to commercial organizations, for the normal functioning of society, organizations are necessary to meet the needs of the population for educational, cultural, scientific, charitable and other socially necessary benefits. Such organizations, as a rule, do not pursue profit as the main goal of their activities and do not distribute the profits between participants; They need financial resources to carry out their statutory activities; accordingly, this also affects the composition of the financial relations to which such organizations are a party.

Except legal entities participants commodity production Citizens engaged in entrepreneurial activities without forming a legal entity can also act.

So inside spheres of finance of business entities groups of financial relations are distinguished in accordance with the nature of the subjects' activities. The sphere of finance of business entities is divided into the following units: finance of commercial organizations, finance of non-profit organizations, finance individual entrepreneurs .

Business entities are formed and operate in certain organizational and legal forms established by law 1 . The specificity of the organizational and legal form will also leave an imprint on the order of formation and use of financial resources of business entities, the formation of certain financial funds. Thus, in the finance level of commercial organizations, the organizational and legal form influences the procedure for forming the authorized capital, the distribution of profits between participants, the degree of financial responsibility to other entities; in some commercial organizations, regulations provide for the creation of special financial funds (for example, the creation of a reserve fund joint stock companies).

The organizational and legal forms of non-profit organizations also influence the organization of finances, for example, the order of formation and use of financial resources, the presence of membership fees in their composition, budget funds, the right to use borrowed funds, etc.

In accordance with the organizational and legal form, the finances of commercial organizations are divided into: finances of joint stock companies (open and closed), finances of business partnerships, finances of companies with limited liability, finances of production cooperatives, finances of state and municipal unitary enterprises. A special place among them is occupied by finances of state and municipal unitary enterprises. The financial resources of unitary enterprises are in state and municipal ownership, and the unitary enterprise disposes of them only under the right of economic management or operational management. Despite the fact that the finances of unitary enterprises are in state or municipal ownership, nevertheless, they are not part of the sphere of state and municipal finance, since the financial relations of these organizations are similar to the financial relations of other commercial organizations. In addition, when such organizations are created, a certain property separation of the financial resources transferred to them occurs; it involves not only the organizational allocation of the appropriate funds, but also the recognition of the ownership of the transferred funds to a specific organization, endowing the latter with a set of rights and responsibilities for their management.

As part of finance non-profit organizations in accordance with the organizational and legal form, they are distinguished finances of institutions, finances of consumer cooperatives, finances of public and religious organizations (associations), finances of foundations, etc.

A special place in the finance of non-profit organizations is occupied by finances of budgetary institutions, primarily because it is budgetary institutions that provide the population with the necessary social services in the field of education, healthcare, etc. The specificity of the functioning of the finances of budgetary institutions is due to the fact that one of the main sources of their financial resources are budgetary funds, this is what ensures the close relationship of the finances of budgetary institutions with the sphere of state and municipal finances; the mechanism for the functioning of their financial resources is additionally regulated by budget legislation 2 . Moreover, since it is budgetary institutions that provide the needs of the population for social services, in some textbooks the features of the organization of finances of budgetary institutions, due to their specificity, are considered together with general issues of the functioning of public finances and financing social policy states 3. Nevertheless, the finances of budgetary institutions are included in the finances of business entities, since when they are created and operated by analogy with unitary enterprises, property and financial resources are separated, as well as the budgetary institution is vested with the right to dispose of this property (the right of operational management).

The financial component of individual entrepreneurs appeared in the financial system of our country relatively recently, since only with the beginning of market reforms did citizens of the Russian Federation gain the right to engage in entrepreneurial activities as individual entrepreneurs. Entrepreneurial activity is understood as independent activity carried out at one's own risk, aimed at systematically obtaining profit from the use of property, sale of goods, performance of work or provision of services by persons registered in this capacity in the manner prescribed by law 4 .

Currently, individual entrepreneurs can be lawyers, doctors, detectives, farmers, citizens carrying out their activities in the field of retail, etc. Their financial relations are specific, since their personal income and savings are involved in the economic turnover of entrepreneurs, and vice versa, entrepreneurial income can be used not only for running and expanding the business, but also for personal consumption.

In the huge set of financial relations characteristic of any country, there is a sphere determined by the functioning of state authorities and local self-government. The objective need in this area is due to the fact that state authorities and local governments require financial resources necessary to carry out their activities, to fulfill the economic, social and other functions assigned to them. Therefore, the second area of the financial system is state and municipal finance, through which financial resources are generated from these bodies. The Constitution of the Russian Federation, as well as Federal Laws of August 28, 1995 No. 154-FZ “On general principles organizations of local self-government in the Russian Federation" and dated September 25, 1997 No. 126-FZ "On financial fundamentals local self-government in the Russian Federation" 5 proclaimed the principle of independence of local self-government. In 1998, the Federal Assembly of the Russian Federation ratified the Charter of Local Self-Government adopted by the Council of Europe, which came into force on the territory of the Russian Federation on September 1, 1998 6. Local self-government is one of the manifestations of democracy, which involves independent activities (directly or through local governments) to resolve issues local significance based on the interests of the population, historical and other local traditions. As an expression of democracy, local self-government constitutes one of the foundations of the constitutional system of the Russian Federation. As a result of these changes, the area of financial relations under consideration began to be called “state and municipal finance,” which emphasizes the independence of the latter 7 .

Financial relations within this sphere have the ability to influence other spheres and links of the financial system, influence the volume and structure of social production, and regulate sectoral and territorial proportions. Within this sphere, the identification of structural elements depends on forms of organization state and municipal financial resources in the country.

Any bodies of state power and local self-government cannot exist without the formation and use of appropriate budgets, in which financial resources are accumulated to finance the functions assigned to these bodies. At the same time, budgets always have a multi-purpose purpose. In addition, in some countries, authorities have other financial funds at their disposal, usually narrowly targeted, used as an additional source of financing for certain expenses. Such funds are formed outside of budgets and are called off-budget funds, they are created, as a rule, to finance individual expenses - social protection citizens, priority economic and environmental measures. Thus, the following links are distinguished within the sphere of state and municipal finance: budgets of state authorities and local self-government, extra-budgetary funds.

As part of the sphere state and municipal finance in relation to Russia, the following organizational forms of budgets can be distinguished, which correspond to the level of government or local government: federal budget, budgets of constituent entities of the Russian Federation (regional budgets) and local budgets.

Federal budget is the main instrument for the redistribution of gross domestic product created on a state scale. At the federal level, the main directions are being formed budget policy in the country, the basic principles for building interbudgetary relations are determined.

Differences in the status of different subjects of the Russian Federation (republics within the Russian Federation, territories, regions, etc.), defined by the Constitution of the Russian Federation, determine different types of budgets of subjects of the Russian Federation. These include republican budgets of the republics within Russia, regional budgets, regional budgets, regional budgets of the autonomous region, district budgets of autonomous okrugs and city budgets of cities federal significance- Moscow and St. Petersburg. Currently, as a result of the merger of a number of constituent entities of the Russian Federation, the total number of budgets of the constituent entities of the Federation is 83.

The third level of the budget system of the Russian Federation is local budgets. In connection with the entry into force of the Federal Law of October 6, 2003 No. 131-F3 “On the General Principles of the Organization of Local Self-Government in the Russian Federation,” which provides for a two-tier structure of municipalities, the structure of the budget system of the Russian Federation has also changed. Currently in the Russian Federation, in accordance with Art. 10 of the Budget Code of the Russian Federation, there are two links of local budgets: the first link is the budgets of municipal districts, the budgets of city districts, the budgets of intra-city municipalities of federal cities of Moscow and St. Petersburg; the second link is the budgets of urban and rural settlements.

In the financial system of the former Soviet Union, which included Russia (former RSFSR), did not exist off-budget funds as an independent element of public finance. The state social insurance budget, which was formed since 1938, was part of the State Budget of the USSR. The transition to market relations led to the emergence of a new link in the financial system - extra-budgetary funds. In the 1990s. in conditions of increasing social risks, as well as in accordance with the requirements of international law, state social insurance funds were allocated from the budget system. Thus, the Pension Fund of the Russian Federation, the Social Insurance Fund of the Russian Federation, mandatory funds health insurance and the State Employment Fund of the Russian Federation (which was abolished in 2001).

In addition, in the 1990s. many extra-budgetary funds for economic purposes were created at all levels of government, road funds, environmental funds, financing funds appeared housing construction etc. The Budget Code of the Russian Federation, which came into force, made significant changes regarding the composition of extra-budgetary funds, the mechanism of their formation and use. Thus, currently in Russia there are only the Pension Fund of the Russian Federation, the Social Insurance Fund of the Russian Federation, the Federal and territorial funds of compulsory medical insurance, the funds of which are used as an additional source of financing for social security of the population.

Pension Fund of the Russian Federation- the fund of funds, formed outside the federal budget, is the main material base for pension provision. This is the largest of all state extra-budgetary funds, whose important place in the financial system of the Russian Federation is explained by its social significance (there are about 35 million pensioners in Russia) and the large volume of financial resources mobilized in it.

Social Insurance Fund of the Russian Federation is the second among extra-budgetary funds in terms of the volume of redistributed financial resources; is intended to implement state guarantees for the social security of citizens in the event of temporary incapacity for work due to illness, disability, birth and upbringing of children, etc.

Compulsory health insurance funds provide citizens of the Russian Federation with the opportunity to receive certain types of medical care free of charge.

In particular, in the guaranteed volume of free medical services includes: outpatient care; ambulance health care; treatment of acute diseases; pregnancy and childbirth services, etc.

One of the main legal acts regulating the functioning of state extra-budgetary funds in the Russian Federation is the Budget Code of the Russian Federation. It establishes general issues of the functioning of state extra-budgetary funds, the procedure for cash services, control over their funds and other issues. To determine the quantitative parameters of funds, their income and expenses, the Budget Code of the Russian Federation uses the term “budget of a state extra-budgetary fund.”

In the budgets of the corresponding extra-budgetary funds ( Pension Fund of the Russian Federation, the Social Insurance Fund of the Russian Federation, federal and territorial compulsory health insurance funds) the total amount of income, their composition and structure, and directions for spending funds are approved. The budgets of state extra-budgetary funds are considered and approved in the form of federal laws simultaneously with the adoption of the law on federal budget for the next financial year and planning period.

The grouping of financial relations by spheres and links of the financial system does not remain unchanged, undergoing changes under the influence of revolutionary transformations and the emergence of new types of property. As the economy develops, forms of financial relations change within the country and in the international arena, and business methods improve in society, new types of financial relations may also appear. Despite the fact that the financial system is a set of objectively existing financial relations, nevertheless, the composition of its spheres is influenced by the degree of development of these relations in society and the development of scientific views on the essence of finance. Thus, within the financial system of the USSR, insurance was singled out as one of the areas 8. This was explained by the fact that at that time insurance was considered part of finance as an economic category. With the development of market relations in the country, the
insurance relations themselves, the need for insurance as a method of insurance protection of property and income of individuals and legal entities has increased, new types of insurance have appeared, and demonopolization of the insurance business has occurred. Therefore, we support the point of view that insurance is considered as an independent economic category, despite the close connection of financial and insurance relations, and is not included in the financial system of the Russian Federation 9.

The spheres and links of the financial system discussed above are closely interconnected. The finances of business entities interact with state and municipal finances - when paying taxes and insurance payments to budgets and budgets of extra-budgetary funds, when some organizations receive budget funds to finance their activities, etc. Within the sphere of finance of business entities, there are relationships between organizations in the implementation of financial transactions, which include, for example, paying fines and other sanctions, making share contributions, investing funds, participating in the distribution of profits, receiving dividends, etc.

State and municipal finance as a sphere of the financial system are also characterized by close interaction of structural links with each other and with the sphere of finance of business entities. Thus, within the sphere of state and municipal finance, various interbudgetary relations between levels of the budget system and types of budgets. In addition, budgets interact with extra-budgetary funds when transferring funds from the budget to the budgets of extra-budgetary funds for some targeted expenses, when using the balances of the budgets of extra-budgetary funds for the purchase of government securities, etc. There is a close connection between the budgets of state authorities and local governments with finance budgetary institutions, since the financial resources of the latter are formed mainly from the budgets of the budgetary system of the Russian Federation.

Extra-budgetary funds, as part of the sphere of state and municipal finances of the country, have relationships with the finances of business entities - when organizations and individual entrepreneurs pay insurance premiums, taxes and other payments and when business entities receive amounts for certain types of expenses; with the budget - when receiving allocations for some targeted expenses, as well as when using funds from funds if there is a surplus to cover budget deficit; with other extra-budgetary funds - when transferring some funds from one fund to another.

The specifics of each sphere and link of the financial system determine not only the characteristics in the composition and structure of financial resources, the availability and organizational structure of financial funds, but also influence the processes of financial planning and control in different spheres and links of the financial system.

It should be noted that the term “financial system” in economic literature is understood not only as a set of organized and interconnected financial relations in society, but also as a set financial institutions in the country 10, i.e. There are two meanings of the concept “financial system”. In this chapter, the financial system is considered only as a set of financial relations. Financial controls will be discussed in Chapter 3.

1 The organizational and legal forms of functioning of business entities are determined by the Civil Code of the Russian Federation (Civil Code of the Russian Federation).
2 Budget Code of the Russian Federation (BC RF), Art. 6, 69.1, 70, 161, 221.
3 See: Finance / Ed. M. V. Romanovsky, O. V. Vrublevskaya, B. M. Sabanti. - M.: Perspective, 2000. - P. 364
4 In accordance with the Constitution of the Russian Federation (Article 12), local government bodies are not included in the system of state government bodies.
5 These federal laws are now no longer in force.
6 the federal law dated 04/11/1998 No. 55-FZ “On the ratification of the European Charter of Local Self-Government.”
7 Before these transformations in society, this area of the financial system was called “public finance” (see: Finance / Edited by V.M. Rodionova. - P. 218.
8 See: Finance / Ed. V.M. Rodionova. - P. 20, 167.
9 See: Insurance / Ed. V.V. Shakhova. - M.: UNITY, 1997. -S. 17, 18.
10 See: Financial and Credit Encyclopedic Dictionary / Under general. ed. A.G. Gryaznova. - M.: Finance and Statistics, 2002. - P. 1021-1023; Finance / Ed. M.V. Romanovsky, O.V. Vrublevskaya, B.M. Sabanti. -WITH. 36.

(Materials are based on: A.G. Gryaznova. E.V. Markina Finance. Textbook. 2nd ed. - M.: Finance and Statistics, 2012)

1. Financial support for the reproduction process

State and local finance are monetary relations that develop between state authorities and local governments, on the one hand, and legal entities and individuals, on the other hand, in the process of cost distribution and redistribution of national income (partially national wealth) in connection with the formation, distribution and use of centralized monetary funds that meet the needs of the state and local government in solving economic, political and social problems.

An important role in the reproduction of all components of GDP belongs to the finances of enterprises and public finances.

Enterprise finance is the main tool for regulating reproductive proportions at the micro level, i.e. at the level of an individual enterprise. With their help, the reproduction of the structure of the industrial product is regulated, and financing of the needs of expanded reproduction is ensured. Regulation of the reproductive process is also carried out using bank loan, insurance systems, depreciation policy, budget when using the taxation mechanism, provision of tax benefits, allocation of budget subsidies.

Functioning in the sphere of material production, enterprise finance serves the circulation of production assets.

However, normal functioning of the economy is possible provided that each industry and its structural divisions are organically connected with other industries. On this basis, the necessary proportionality of the structure of social production is achieved, which ensures its balanced development as a whole. In a market economy, with a decrease in government intervention in regulating the economy, coordinated functioning of different parts of the economy is achieved various forms regulation.

One of the forms of economic regulation is self-regulation, which is characterized by the formation of financial potential in different parts of the sphere of material production. In conditions of financial independence, each business entity can create sources of expanded reproduction using its own financial resources, as well as attracting funds from other enterprises on a shareholder or share basis, using bank loans, receipt under certain conditions budget allocations. Financial resources generated from various sources make it possible to invest in new production and expand operating enterprises, finance applied science and implement its results in production, etc.

However, the market mechanism for regulating the economy is not always effective, since it is not always able to ensure the redistribution of income in accordance with the goals of the state. Along with self-regulation, government intervention in the economy has a great influence on the structural restructuring of the economy. Such intervention is necessary in connection with financial support for priority areas of the economy, development of production and social infrastructure, territorial distribution of resources to equalize the level of economic and social development individual regions, etc. State intervention in the economy occurs through the mechanism of taxation, provision of tax benefits and allocation of budgetary allocations, subsidies and subventions, financing of social activities, as well as insurance and lending. Due to centralized funds, the needs of expanded reproduction at the macro level are met, i.e. at the level of the entire national economy.

Through the mechanism of taxation, provision of tax benefits and allocation of budget subsidies, the state encourages enterprises to implement options for the development of their activities that satisfy the interests and needs of the entire society. At the same time, state intervention in the economy has its limits: excessive state intervention in the form of providing unjustified benefits and budget subsidies can lead to a weakening of economic incentives and a decrease in the efficiency of the entire market mechanism.

Forms of financial support for the reproduction process

Financial support for the reproduction process is carried out in three forms: self-financing, lending and government financing.

Self-financing is based on the use of business entities’ own financial resources, and if they are insufficient, credit resources or borrowed funds are used in the form of issuing securities.

Lending is a way of financing the reproduction process through bank loans provided on terms of urgency, payment and repayment.

State funding is provided mainly on a non-repayable basis from budgetary and extra-budgetary funds.

In practice, all of the above forms of financial support for reproduction costs are applied simultaneously.

Financial incentives

One of important tools regulation of the economy are financial incentives. As part of the financial incentives for economic development and growth of its efficiency, we can highlight: priority and most effective areas for investing financial resources; budget incentives, tax benefits and sanctions.

Investment

There are the following main directions for investing financial resources:

a) financing the structural restructuring of the economy in order to develop the highest priority areas;

b) financing and financial support for high-tech technologies and industries based on national raw materials;

c) financing of new promising competitive industries, directions and individual productions;

d) financing costs associated with the development of non-production infrastructure, reproduction of the workforce, improving its skills, development of science, professional training and orientation to new technologies.

Fiscal incentives

Increasing the efficiency of the economy and its individual sectors can be ensured through a system of budgetary incentives in the form of tax breaks, full or partial exemption from certain taxes. Stimulating nature of the system budget financing consists of supporting highly effective or socially significant projects.

Financial benefits and sanctions

The system of financial benefits and sanctions also has a stimulating value. Benefits can be provided to finance activities for the development of new high-tech industries, the development of scientific and technological progress, and environmental protection measures. The benefit may be full or partial exemption from taxes on corporate profits. A system of sanctions can be applied for violation of contractual terms, settlement and financial discipline.

Economic growth is possible only in conditions of a sharp increase in investment resources, strengthening the purchasing power of the ruble, and reducing the tax burden on enterprises.

2. Financial resources and sources of their formation

The material embodiment of the objective economic category “finance” and the carrier of financial relations are financial resources.

While the term “financial resources” is widely used, its interpretation varies. In Russia, it was first used in the preparation of the country's first five-year plan, which included a balance of financial resources, and in the preparation of the GOELRO plan.

Since finance is an economic relationship mediated by money, financial resources should be understood only as resources that have a monetary form, as opposed to material, labor, natural and other resources. Thus, we can draw the first and important conclusion that financial resources exist only in in cash.

However, financial resources are only part of the monetary resources used by state authorities and local governments, as well as by business entities and the population. In addition to financial resources, monetary resources include credit resources, cash income of the population, and working capital of enterprises.

Financial resources always have an owner or a person to whom the owner has delegated the rights to dispose of them. Financial resources cannot be outside of property relations. And only that part of the monetary resources that is owned or disposed of by state authorities and local governments, economic entities and serves the process of social reproduction (expanded reproduction, material incentives for workers, social needs and other public needs) refers to financial resources.

Financial resources

Financial resources are part of the monetary resources owned or disposed of by the state, local governments and business entities and used by them for the purposes of expanded reproduction, meeting the socio-cultural needs of the population and for the state and local governments to perform the functions and tasks assigned to them

In theory and practice, financial resources are divided into centralized funds (state budget, extra-budgetary funds) and decentralized financial resources ( cash funds enterprises). Financial resources are also allocated by the state, regions, local governments, and enterprises.

Financial resources of society consist of financial resources of economic entities, financial resources of the federation and federal subjects, financial resources municipal authorities management and financial resources of insurance companies.

Financial resources are created in the process of distributing the total social product and national income.

Sources of formation of financial resources of society

National income (based on the distribution and redistribution of national income, centralized funds of funds are created; the part of national income that is formed and remains at the disposal of enterprises creates decentralized funds of funds);

Part of the national wealth (previously accumulated funds: from the sale of gold reserves, sales of energy resources, foreign exchange reserves, insurance reserves, etc.);

Cash income of organizations and enterprises in the production sector. First of all, these include profit, which acts as one of the forms of value of the surplus product.

Depreciation charges formed at the expense of part of the cost of fixed production assets;

Contributions of enterprises to state extra-budgetary funds social funds, property and personal insurance;

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Borrowed and attracted funds (in the form of bank loans, commercial loans, accounts payable; funds received from the issue of securities, etc.);

Receipts from the population (taxes, fees, proceeds from loans and lotteries);

Income from foreign trade operations, external government loans and borrowings, income from securities, purchased externally financial market, foreign investment and humanitarian aid.

The main source of financial resources of society are national income, profits of organizations regardless of ownership, sinking fund, insurance funds.

The sources of financial resources at the disposal of state authorities and local self-government are the gross domestic product (its parts: the amount of indirect taxes, national income), as well as part of the value of national wealth in the form of previously accumulated funds and receipts from foreign economic activity.

The use of financial resources is carried out mainly through special-purpose monetary funds, although a non-fund form of their use is also possible. The stock form of using financial resources has some advantages: it ensures the concentration of resources in the main directions of economic development, makes it possible to more fully link public and personal interests and more actively influence production. In market conditions, the financial resources of state authorities and local self-government are mainly formed and used in stock form. Such funds include budgets of the corresponding levels and state extra-budgetary social funds.

Financial resources of business entities

The composition of financial resources of business entities is influenced by the following factors:

Fields of activity (material production or non-production sphere);

Method of farming (commercial or non-commercial basis);

Organizational and legal form;

Industry specifics.

The main sources of formation of financial resources of business entities include:

Own funds;

Involved funds.

Sources of formation of financial resources of a commercial organization

TO own sources formation of financial resources of commercial organizations include:

Share capital (in joint-stock companies), share contributions (in consumer societies, production cooperatives), authorized contributions (at the time of establishment of the enterprise);

Net revenue from core activities (this is revenue from sales of products, work performed, services provided; revenue from investment activities; revenue from financial activities);

Non-operating income (fines, penalties, penalties received for violating the terms of contracts; assets received free of charge; proceeds to compensate for losses caused to the enterprise, etc.);

Operating income (income from provision for a fee for temporary possession and use of the organization’s assets; proceeds from the sale of fixed assets and other assets other than cash (except foreign currency), products, goods; income related to participation in authorized capitals other organizations, including interest and other income on securities, etc.);

Extraordinary income (receipts arising as a result of extraordinary circumstances economic activity(natural disaster, fire, accident, etc.), insurance compensation, as well as the cost of material assets remaining after the write-off of assets unsuitable for restoration and further use).

The attracted sources of formation of financial resources of a commercial organization include:

Borrowed funds(long-term and short-term loans banks and organizations);

Accounts payable;

Budget subsidies;

Foreign investment.

The main source of formation of financial resources of an operating commercial organization is net revenue from core activities, primarily net revenue from the sale of products (works, services), which generates gross income and profit, as well as depreciation charges.

Use of financial resources of a commercial organization

The financial resources of a commercial organization are used in the following areas:

Payment of taxes and fees to the country's budget system (budgets different levels and state extra-budgetary social funds at the federal and territorial levels);

Payment of interest for using the loan;

Repayment of loans;

Insurance payments;

Financing of capital investments;

Increase in working capital;

Financing of research and development work;

Fulfillment of obligations to the owners of a commercial organization (for example, payment of dividends);

Material incentives for employees of the organization;

Financing the social needs of the organization’s employees;

Charitable purposes;

Sponsorship;

The form of use of financial resources of business entities is currently less regulated by the state. Procedure for using financial resources commercial organizations is determined by their constituent documents, and therefore a combination of stock and non-stock forms is possible here. Part of the resources of business entities can be directed to the formation of funds for special purposes (for example, economic and material incentives, reserve funds). The use of financial resources to fulfill financial obligations to budgets of various levels, state extra-budgetary social funds, banks, insurance organizations, and the payment of penalties is carried out in non-fund form.

Financial resources non-profit organization

To carry out the statutory activities of a non-profit organization and its expansion, its financial resources are formed. The composition of the sources of financial resources of a non-profit organization, as well as the mechanism for their formation and use depends on its organizational and legal form and type of activity.

Sources of financial resources for a non-profit organization

Founders' contributions and membership fee;

Income from business and other income-generating activities;

Budget resources;

Free transfers of individuals and legal entities;

Other sources.

Use of financial resources of a non-profit organization

The financial resources of a non-profit organization are used to achieve the main goal of its creation:

Expenses for remuneration of employees;

Expenses for operating the premises;

Expenses for purchasing equipment;

Payments to the country's budget system (budgets of different levels and state extra-budgetary social funds);

Capital investments;

Major repairs of buildings and structures;

Financial resources of individual entrepreneurs

Individual entrepreneurs operating without forming a legal entity, as well as legal entities, generate financial resources.

The sources of financial resources for individual entrepreneurs are:

Personal savings;

Income received as a result of business activities;

Borrowed funds.

Financial resources of individual entrepreneurs are used for:

Business expansion;

Payments to the budget and state off-budget social funds;

Expenses for remuneration of employees;

Charitable contributions and donations;

If business activity is terminated, all income received is directed to the entrepreneur’s personal consumption.

Literature

Van Horn J.K. Fundamentals of financial management: Trans. from English / Ch. ed. series by Ya.V. Sokolov. –M.: Finance and Statistics, 1999.

Vakhrin P.I., Neshitoy A.S. Finance: Textbook. – 4th ed., revised. and additional - M.: Publishing and trading corporation "Dashkov and Co", 2005.

Voznesensky E.A. Finance as a cost category. – M.: Finance and Statistics, 1985.

Gusev S.I., Shvetsov Yu.G. Development Federal Treasury in the public financial management system. – M.: Finance and Statistics, 2006.

Concept and signs of finance

Finance – economic relations expressed in monetary form and arising regarding the distribution and redistribution of value gross product and part of the value of the country’s national wealth through the formation and expenditure of centralized and decentralized financial resources.

The term "finansia" arose in the 13th-15th centuries in Italy and initially meant any cash payment. Subsequently, the term gained international distribution and began to be used as a concept associated with the system of monetary relations between the population and the state regarding education state funds Money.

Main features of finance:

The presence of monetary relations between two entities, i.e. money acts as the material basis for the existence and functioning of finance (where there is no money, there can be no finance);

Subjects have different rights in the process of monetary relations: one of them (the state) has special powers:

In the process of monetary relations, a national fund of funds is formed - the budget, i.e. finances are of a stock nature;

Regular receipt of funds into the budget cannot be ensured without giving taxes, fees and other payments a state-priority character, which is achieved through the legal rule-making activities of the state and the creation of an appropriate fiscal apparatus.

Thus, finance represents economic relations associated with the formation, distribution and use of funds of funds in order to perform the functions and tasks of the state, as well as meet the social and other needs of society.

Prerequisites for the emergence of finance

The following prerequisites for the emergence of finance can be distinguished:

1. It was in central Europe that, as a result of the first bourgeois revolutions, although monarchical regimes were preserved, the power of monarchs was significantly curtailed and, most importantly, the head of state (monarch) was separated from the treasury. A nationwide fund of funds arose - a budget that the head of state could not use individually.

2. The formation and use of the budget has become systematic, i.e. systems of state revenues and expenditures with a certain composition, structure and legislative support arose.

3. Taxes in cash acquired a predominant character, whereas previously state revenues were formed mainly through taxes in kind and labor duties

Finance functions

Financial relations cover two areas:

Economic monetary relations associated with the formation and use of centralized state monetary funds accumulated in the state budget system and government extra-budgetary funds;

Economic monetary relations mediating the circulation of decentralized monetary funds of enterprises.

Finance is an integral part of monetary relations, therefore their role and significance depend on the place monetary relations occupy in economic relations. However, not all monetary relations express financial relations.

Finance differs from money both in content and in the functions performed.

Money is a universal equivalent, with the help of which the labor costs of associated producers are primarily measured, and finance is an economic instrument for the distribution and redistribution of gross domestic product (GDP) and national income, an instrument for controlling the formation and use of funds of funds.

Their main purpose is to ensure, through the formation of cash income and funds, not only the needs of the state and enterprises for funds, but also control over the expenditure of financial resources.

Finance expresses the monetary relations that arise between the subjects of these relations (the state, enterprises, organizations, citizens, etc.).

The main material source of monetary funds is the country's national income, which represents the newly created value or the value of the gross domestic product minus the tools and means of production consumed in the production process.

Finance affects production, distribution and consumption and is objective in nature. They express a certain area industrial relations and belong to the basic category, although they largely depend on the financial policies pursued by governments.

According to its material content, finance- these are trust funds of funds, which together represent the country’s financial resources, the main condition for the growth of which is an increase in national income.

The essence of finance is manifested in its functions:

Distribution

Test

Distributive function manifests itself in the distribution of national income, when the so-called basic or primary income is created. However primary income have not yet formed the funds necessary for economic development. Further distribution or redistribution of national income is necessary, as a result of which secondary (production) income is formed. These are incomes received in non-productive sectors, taxes (income tax individuals and etc). Secondary incomes serve to form the final proportions of the use of national income.

The ultimate goal of the distribution of national income is to develop the productive forces and create market structures economy.

Control function manifests itself in control over the distribution of gross domestic product among the relevant funds and their expenditure for their intended purpose.

One of the important tasks of financial control is checking strict compliance with legislation on financial matters, timeliness and completeness of fulfillment of financial obligations to budget system, tax service, banks, as well as mutual obligations of enterprises and organizations for settlements and payments.

The control function of finance is also manifested through the multifaceted activities of financial authorities.

In addition to distribution and control functions, finance also performs a regulatory function. This function is associated with government intervention through finance ( government spending, taxes, state loan) in the process of reproduction.

The functions of finance are implemented through a financial mechanism, which is part economic mechanism. The financial mechanism includes a set of organizational forms of financial relations in national economy, the procedure for the formation and use of centralized and decentralized funds of funds, methods of financial planning, forms of financial and financial system management, financial legislation.

The role of finance in the process of expanded reproduction

Expanded reproduction includes the continuous renewal and expansion of production assets, growth of GDP and its main part - national income, reproduction of the labor force and production relations. It is carried out using economic levers, commodity-money, financial and credit relations. An important role in the reproduction of all components of GDP belongs to public finance and corporate finance.

The role of finance can be reduced to 3 main areas:

1. Financial support for the needs of expanded reproduction means covering all costs using financial resources (own funds, borrowed or attracted sources)

2. Financial regulation of economic and social processes. Changing the growth rate of individual structural units to restructure production in accordance with the needs of society.

3 types of economic regulation:

Self-regulation, i.e. regulation of the economy by the market mechanism

State

Regulation of the economy through the finances of enterprises (the enterprise itself determines the proportions between consumption and accumulation of funds)

3. Financial incentives effective use everyone economic resources carried out using the following methods:

Through effective investment of financial resources

Through the creation of incentive funds

Through the use of fiscal incentives

Through the use of financial sanctions

As usual, we are talking about trust funds of business entities and the state.

Foreign scientific thought does not consider finance so broadly. In foreign literature, finance is usually divided into:

public;
personal;
corporate.

So, considering finance in a broad sense, the following understanding has been formed in the Russian scientific community: Finance is a system of relations in society against the background of the formation and use of funds in accordance with the functions and role of the category of each element of the system.

Functions

The functions of finance are understood in different ways economic schools in their own way, depending on the interpretation and concepts inherent in them. In Russian scientific literature, the Moscow and St. Petersburg concepts stand out. According to Moscow finance, it performs the following functions:

distribution (distribution and redistribution of gross domestic income);
control (monitoring the progress of distribution for legality);
regulatory (the impact of the state through taxes, government loans, financing of some enterprises, implementation of tax policy);
stabilizing.

The St. Petersburg concept considers functions in a different way:

formation of budget revenues;
implementation of budget expenditures;
control over budget execution.

Russian financial system

The financial system is a complex of various spheres of financial relations interacting with each other. The Russian financial system consists of two subsystems:

state and municipal finances;
finance of enterprises and organizations.

For clarity, let’s present the financial system of the Russian Federation graphically (Figure 1)

Finance is always subordinated to the goals and objectives of the entities organizing them. From this point of view, the interpretation of S.Yu. Witte, who was the Minister of Finance before the 1917 revolution, is interesting. He called finance “the totality of state property,” and the science of finance “the ways to best satisfy the material needs of the state.”

Financial support for the reproduction process is the covering of reproduction costs using financial resources, accumulated by business entities and the state. Financial resources are funds generated at the disposal of the state, federal subjects, municipalities, business entities and the population, formed in the process of distribution and redistribution of part of the value of GNP.

The formation of financial resources and their rational use have great value, since financial resources are the most important monetary source for expanding production. A decrease in the volume of financial resources may limit the possibilities of targeted influence of finance on economic development and solving current economic and social problems. It leads to a reduction in the scale of investment in the production and social spheres, a reduction in the consumption fund as part of the national income used. The lack of financial resources leads to an imbalance in the natural, material and cost structure of social production, various kinds of imbalances and “disconnections”.

The volume and structure of financial resources are directly related to the level of production development and its efficiency. The larger the scale of production and the higher its efficiency, the more equal conditions the amount of funds mobilized and used. - In turn, the amount of financial resources invested in production creates the prerequisites for its growth and improvement. Depending on where and in what volumes financial resources are directed, the possibility of providing production with additional capacity is formed. And this leads to an increase in the technical level of production, creating preconditions for an increase in labor productivity in the relevant sectors of the economy.

All elements of the value of the gross social product participate in the formation of financial resources, but the main one source is national income, and mainly that part of it that is represented by net income. It is the growth of net income and its main financial form - profit - that determines high or low growth rates of financial resources. In addition to the value of the gross domestic product, income from foreign economic activity can be an important source of financial resources, provided that it is organized sufficiently effectively. Financial resources are also formed from the part of the national wealth involved in economic turnover (carry-over balances of budget funds used to cover current year expenses; reserve funds of insurance organizations; funds from the sale of the country’s gold reserves; proceeds from the sale of excess property, etc.). To generate financial resources, borrowed and attracted funds can be used (bank loans; accounts payable; funds received from the issue of shares and bonds, etc.).

The variety of financial relations that arise in the process of cost distribution determines the presence of different types of financial resources. The main ones are: profit, various types of taxes and fees, insurance payments, depreciation. The possibilities for their growth are determined not only by the overall size of the gross domestic product, but also by its structure and the dynamics of its constituent elements.

Financial resources are necessary, first of all, for business entities. They are forming decentralized financial resources used on the costs of expanding production (providing services) and satisfying the social and cultural needs of workers. Targeted funds formed from decentralized financial resources are used for the maintenance and acquisition of fixed and working capital, wages, payment of taxes and fees, depreciation charges, financing of scientific and technical achievements, carrying out environmental protection measures, meeting social needs, and charitable needs; repayment of debts and payment of interest on them, formation of reserves, etc. The implementation of these costs through the use of financial resources makes it possible to provide funds for the reproduction process at the micro level.

The needs of social production at the macro level are met through centralized financial resources. The forms of their use are budgetary and extra-budgetary funds, the funds of which are allocated for economic development, financing of social and cultural events, and meeting the needs of defense and administration.

In recent years, the state of the country's financial resources has been characterized not only by a high degree of centralization, but also by an acute shortage at both the macro and micro levels. In this regard, the problem of finding real reserves for the growth of financial resources has become extremely acute. The systematically growing needs of enterprises (organizations) and the state required an ever-increasing volume of them, meanwhile their mobilization became increasingly problematic due to the growing crisis in the economy, low production efficiency, deterioration in the financial results of foreign economic activity and other reasons.

To ensure uninterrupted financing of reproduction costs, it is of great importance financial reserves. Financial reserves are capable of ensuring a continuous circulation of funds in social reproduction even in the event of huge losses or the occurrence of unforeseen events. Financial reserves can be created by business entities themselves at the expense of their own financial resources (self-insurance), by their management structures (based on regulatory contributions), by specialized insurance organizations (by the insurance method) and by the state ( reserve funds in budgets of different levels). The formation of large financial reserves in the hands of business entities is ineffective from an economic point of view. It is more appropriate to form reserves using the budget method and the insurance method, since here a higher turnover of reserved funds is achieved.

Part of financial relations that provides for the needs of reproduction. Finance arises in the reproductive process

Categories

Functions

Russian financial system