The modern financial system has. Problems of development of the modern financial system of the Russian Federation
Since the emergence of the financial system in Russia, there have been discussions about the problems of determining its fundamental points. In the aggregate of all problems, a discussion about the measure of social orientation stands out. financial system, a problem related to the limits and methods of state intervention in the financial processes of private and public financial institutions, the extent of their transparency, the importance and need for control of their activities by society.
The main steps in this area may be the tightening of control over operations in the financial market, in particular, over the formation of debt of state corporations, over the cross-border movement of capital, over the issue of financial instruments.
It is required to carry out a whole range of measures that should affect the reduction of the shadow element in the movement of financial and credit resources to the real sector of the economy from financial institutions, corruption costs and administrative barriers. The implementation of such measures should help expand the availability of loans and increase the share of long-term lending, in addition to raising the efficiency of using budgetary sources of financing.
Due to the impact of the global economic crisis, the Russian financial market is going through one of the most difficult periods of its development. The crisis revealed problematic aspects of the functioning of the Russian securities market, which are associated with the need to strengthen market institutions, improve legal regulation, further development of the judicial system. It should be noted that the country's leadership promptly set the task for the regulators financial market on the need to develop tools for regulating the financial market. One of the options for solving this problem is the creation of an International Financial Center in Moscow.
The development of the securities market in Russia has received a powerful impetus in recent years with the advent of the REPO market, the importance of which can hardly be overestimated. Operations in the REPO market allow refinancing transactions with securities, and contribute to increasing the liquidity of the Russian stock and bond market. A well-functioning REPO market is a special element of the money market, with the help of which the Bank of Russia can effectively carry out refinancing operations as part of its monetary policy.
The Central Bank of Russia plays an important role in regulating transactions in the financial market. Recently, amendments have been made to the Federal Law "On the Securities Market" at the initiative of the Central Bank.
The development of the financial market in Russia, the ultimate goal of which is to attract investment, is impossible without the modernization of the judicial system. Currently, there are serious difficulties in resolving disputes in the financial market. This is due to imperfection legislative framework, the lack of necessary professional knowledge of judges and significant bureaucracy in the consideration of cases.
Thus, the solution of urgent problems of regulation of the Russian financial market will bring it closer to European standards.
Other problems of the Russian financial system are problems in the public sector:
A high degree of concentration of financial resources in the federal budget of the country, which reduces the importance of regional and local budgets;
The current practice of formation of territorial budgets, in which the mechanism of centrally established norms for deductions to local budgets is preserved;
A downward trend in spending without adequate revenue support, resulting in subsidies to previously balanced local budgets;
Adoption federal authorities the power of such decisions that are addressed to lower management structures, but are not accompanied by sufficient financial resources;
The dominant role of regulatory revenues in the structure of revenues to regional and local budgets and the low share of tax payments assigned to the territories.
Shortfalls in tax payments, the main reasons for which were: deterioration of macroeconomic and financial indicators compared to those adopted in the budget; growth of non-payments in the national economy; direct tax evasion, concealment by many taxpayers of their income (the impossibility of controlling all small and medium-sized enterprises).
These problems are solved by:
Theoretical development and substantiation of the principles of building the budget system of the Russian Federation.
Creation of a real budgetary mechanism that allows to translate the developed principles into practice.
Development and adoption of regulations on the delimitation of powers and functions between authorities at different levels, the distribution of costs between the links of the budget system and types of budgets in accordance with the powers and functions of authorities at different levels.
Creation of a new system of interbudgetary redistribution of financial resources based on the use of various forms of financial assistance to the subjects of the Federation and local governments.
Development of new principles for the preparation, consideration, approval and execution of the budget at each level of management.
Monetary policy should be aimed at stimulating economic growth and investment, taking into account the experience of other countries.
So, we can say that only with an integrated approach to the problem of improving and stabilizing the financial system of Russia, it is possible to achieve the desired results, i.e. to form a modern socially oriented financial system that functions properly in the conditions of market relations.
1.20. Modern financial system of Russia, characteristics of its spheres and links. Prospects for the development of the Russian financial system.
The basis of the financial system of the state are centralized public finances (budgetary system, state credit, financial resources of the Central Bank). Decentralized finance includes:
1) finances of organizations (commercial and non-commercial organizations).
2)finance of financial intermediaries (banks, insurance companies).
3) household finances.
Financial system- a set of various spheres of financial relations, in the course of which funds of funds are formed and used; financial system- a system of forms and methods of formation, distribution and use of funds of funds and enterprises.
The financial system of the Russian Federation includes the following links:
Centralized finance: 1) State budget system; 2) Extra-budgetary special funds; 3) State loan; 4) Insurance funds;
Decentralized finance: 5) Finance of enterprises of various forms of ownership.
budget system The Russian Federation includes 3 links: the federal budget; budgets of national-state and administrative-territorial formations; local budgets. All budgets function autonomously. The budget system is the main link in the financial system (it accounts for more than 40% of all financial resources).
Extrabudgetary funds- funds of the federal government and local authorities related to the financing of expenses not included in the budget. Formation of off-budget funds is carried out at the expense of obligatory earmarked contributions. The main amounts of deductions are included in the cost and are set as a percentage of the wage fund. Extra-budgetary funds have a strictly designated purpose. The total number of off-budget funds is over 40. The main ones in terms of size and significance are social funds (Pension, Medstrakh, Social Insurance).
State loan reflects credit relations regarding the mobilization by the state of temporarily free funds of enterprises and the population on the basis of repayment to finance public expenditures. Individuals and legal entities act as lenders, while the government acts as a borrower. The need to use state credit is due to the impossibility of meeting the needs of society at the expense of budget revenues. The mobilization of huge financial resources results in a large public debt.
insurance fund provides compensation for possible losses from natural disasters and accidents, and also contributes to their prevention. Currently, along with state insurance organizations, insurance is carried out by non-state Insurance companies.
Enterprise Finance are the basis of the country's financial system, because serve the process of creating and distributing the social product and national income. The security of centralized monetary funds with financial resources depends on the state of the finances of enterprises.
One of the main tasks of the Ministry of Finance in developing the Federal Budget of Russia for 2015-2017 was to provide a margin of safety for the budget in the face of declining revenues and economic growth. This dictates the need to ensure a surplus or a small budget deficit. The budget deficit for the three-year period is planned at the level of 0.6% of GDP (for comparison: in the European Union, a budget deficit of 3% of GDP is considered normal).
We need to cut costs and live within our means. To save money, the government reduced part of the costs, part was postponed to the period after 2017. This primarily affected the costs of rearmament of the army, a significant part of which was shifted by a couple of years. Also, the authorities were forced, for example, to limit the indexation of salaries of state employees by the level of inflation. In total, more than a trillion rubles of expenses will be redistributed during the three-year period.
At the same time, the budget provides for substantial expenditures on programs to support new territories - Crimea and Sevastopol. In addition to intergovernmental transfers, they will receive money for infrastructure and stimulating economic development. First of all, this is the Kerch Bridge, these are roads, new infrastructure that has not been updated there for decades, these are industrial parks, various clusters, and so on. Next year, 104 billion rubles will be spent on this, and then expenses will be increased to 130 billion rubles. In addition, the authorities supported the regions Far East- increased funding for infrastructure facilities, for which they allocated 7, 15 and 20 billion rubles over the years.
The continuation of sanctions and current oil prices, coupled with the devaluation of the ruble, threatens Russia with a slide into a deep recession in 2015, which may force the Bank of Russia to abandon the free float of the currency and return to interventions and control over capital flows, experts from the Higher School Development Center write in the next review. economy.
The Russian economy has been stagnant since the end of 2013, and the conflict with the West and the sanctions imposed on the Russian Federation over Crimea and interference in the affairs of Ukraine against the backdrop of falling oil prices and the depreciation of the ruble only exacerbate the problems.
As of mid-November, the ruble has depreciated by a third compared to the beginning of the year against the dollar and by 23 percent against the euro. In October alone, the Central Bank spent $30 billion to support the exchange rate, and in early November, the Bank of Russia announced a transition to free exchange rate formation.
According to the head of the Bank of Russia, in a stressful scenario, the Central Bank of Russia is ready in 2015 to allocate currency operations 85 billion dollars. The stressful macroeconomic scenario of the Central Bank, according to Nabiullina, assumes that the price of oil in 2015-2017 will be equal to $60 per barrel. However, its implementation is unlikely, the head of the Bank of Russia believes.
According to her, even under a crisis scenario of development Russian economy The Central Bank expects the ruble to strengthen in 2015 and inflation to reach 4 percent in 2017. For 2015, the Central Bank predicts inflation at 8 percent. The total cost to the Russian economy from mutual sanctions could reach 3 percent of GDP in three years, HSE experts calculated based on estimates from the Bank of Russia.
In 2014, the net capital outflow, according to the Bank of Russia, could amount to $128 billion, which is $67 billion higher than in 2013.
Russian Finance Minister Anton Siluanov said that the net outflow of capital from Russia in 2014 could amount to $120-130 billion. In early October, the ministry expected that over $90 billion, but not more than $100 billion, could be withdrawn from the country by the end of this year. At the same time, in early November, the Higher School of Economics reported that since the beginning of the year, the outflow of capital from the Russian Federation has already exceeded $110 billion.
In an interview with Bloomberg, Finance Minister Anton Siluanov said that our economy will slide into recession only if the price of oil will fall up to $60 per barrel. "If oil prices drop to $60 per barrel, then growth will be negative," he said. Siluanov said that the government would take a stricter approach to the budget and use anti-crisis tools. The minister assured that "all social obligations will be fulfilled, no one intends to revise them." At the same time, "secondary priorities will be deferred to a later date."
According to Siluanov, the fall in oil prices and the deterioration of the economic situation will not be as serious as in 2008-2009, and the economy will recover when it manages to adapt to new conditions. “Most likely, the price of oil will fluctuate next year in the range of $80-$90,” the minister predicts.
"Financial system of the Russian Federation"
Introduction
financial market economy
It is believed that the concept of the financial system is the development of a more general definition - finance. In theory, a system is what solves a problem. As problems of modern society, which the financial system is designed to solve, we can name:
insufficient pace of economic development;
development imbalances economic system;
lagging behind in adapting to changes in external commodity and financial markets;
low level of satisfaction of the needs of the individual, etc.
There are two main types of systems: closed and open. A closed system has rigid fixed boundaries, its actions are independent of the environment surrounding the system. An open financial system is characterized by fairly frequent and intense interaction with the external environment. Financial resources, information are objects of exchange with the external environment through the permeable boundaries of an open system. The openness of the financial system in market conditions is due to the variety of forms of ownership, in particular, joint-stock ownership.
The variety of forms of ownership opens up the possibility of creating a number of financial instruments: leasing, franchising, pledge, mortgage, etc. This openness is determined by the ability to freely sell and buy currency, securities, make foreign economic insurance transactions, participate in the activities of international financial institutions etc.
The definition is known: "the financial system is a system of forms and methods of formation, distribution and use of funds of the state and enterprises." In another work, three interrelated areas are distinguished in the total set of financial relations: the finances of economic entities (enterprises, organizations, institutions), insurance, and public finances.
We will consider the financial system as a form of organization of monetary relations between all subjects of the reproduction process for the distribution and redistribution of the total social product.
The topic of the course work is very relevant for today, since a reliable financial system is the core in the development and functioning of a market economy and a necessary prerequisite for the growth and stability of the economy in the state. This system is the basis that mobilizes and distributes the savings of society and facilitates its daily operations. A market economy that operates according to market principles includes many elements, but the most important thing is to create a sound financial system. Once a sound financial system is in place, money and capital markets can develop, especially primary and secondary markets for national government securities.
The purpose of the course work is to reveal the essence and structure of the modern financial system in the market economy of the Russian Federation and its development trends.
Course work defines the following tasks:
identification of the main functions;
disclosure of the main areas and links of the financial system;
consideration of the state and development of the financial system in recent years.
1. Essence and structure of the financial system
.1 Concept and functions of the financial system
The state controls society and consists of a number of structures: political, economic, social, religious, etc.
The basis of the economic structure is the relations that have arisen in the state, in which four subjects participate: the state, the region, the economic entity, and the citizen. Each entity has its own rights and obligations. Entering into relations with each other, they participate in commodity-money relations, which leads to the creation of the financial system of the state.
By definition, the financial system is a set of financial relations. By their nature, financial relations are distributive, and the distribution of value is carried out, first of all, by subjects. Subjects form special-purpose funds depending on what role they play in social production: whether they are direct participants in it, whether they organize insurance protection or carry out state regulation. It is the role of the subject in social production that acts as the first objective criterion for the classification of financial relations.
The financial system within a particular country includes:
the state financial subsystem, which ensures the receipt of funds in the budget and their spending;
the banking subsystem, which contains financial institutions that provide settlements, loans, investments, cash transactions;
a subsystem for the circulation of government securities, which serves to raise funds in the secondary securities markets.
There are a number of reasons why, in different countries financial institutions differ significantly from each other. These include the level of accessibility and complexity of technology and different sizes, as well as the difference in the historical, cultural and political development of a particular state. The functions of the financial system are also transformed over time, that is, they are subject to change. Functions in financial institutions can change significantly, as well as expand.
Analyzing the main function of the financial system, which is the efficient allocation of financial resources, at the most general level, we can talk about six basic or key functions of this system:
Providing ways to move economic resources in time, across state borders and from one sector of the economy to another.
Provide ways to manage risk.
Provide settlement methods that facilitate trade.
Providing a mechanism for pooling financial resources and separating ownership in different enterprises.
Provision of price information to coordinate the decentralized decision-making process in different sectors of the economy.
Providing ways to solve the incentive problem.
The first function, the movement of resources in time and space, means that the financial system provides ways to move economic resources in time, from one geographical region to another, as well as from one sector of the economy to another.
Student loans, home loan, retirement savings and investment in production capacity- all these operations lead to the movement of resources from one point in time to another. The financial system plays a very important role in the movement of resources in space. Sometimes the capital needed to carry out a business project is very far from the place where it could be used with the greatest efficiency. Thus, for example, households in Germany can raise capital by saving money, which, quite possibly, could be most effectively used somewhere in Russia. And the financial system provides a number of mechanisms that facilitate the movement of monetary resources from Germany to Russia. The efficiency of the economy is greatly enhanced by all sorts of innovations, thanks to which scarce monetary resources flow from where they do not bring high income, and are used where they give high profit.
Like the movement of monetary resources, risks also move - the second function. There are intermediaries in the financial system, such as insurance companies, that specialize in risk transfer activities. They collect special insurance premiums from clients who want to reduce their risks and transfer them to investors who, for a certain fee, agree to pay insurance claims and bear the risk.
Often, capitals and risks are linked together and transferred through the financial system at the same time, as a result of which the financial flow also characterizes the flow of risks.
The third function of the financial system is to enable payments to be made in ways that encourage the exchange of goods, services, and assets. This is one of the most important functions of the financial system, as it provides people and firms with efficient ways to make payments in the process of purchasing goods and services.
One example of improving the efficiency of the payment system is the replacement of such means of payment as gold with paper money. Today, gold is a scarce resource that is used in medicine and jewelry, and paper money is the main means of payment. Compared to gold, the authenticity of paper money is easier to verify and much more convenient to use in everyday life, for example, to carry in your pocket. In addition, printing money is a much less expensive process than mining, melting down and minting gold coins. The efficiency of settlements has increased even more due to the subsequent emergence of alternative means of making payments: checks, credit cards and electronic payment systems.
The fourth function of the financial system provides a mechanism for pooling funds to establish a large-scale enterprise or to share capital. large enterprises shares among a large number of owners.
In the modern economy, the minimum investment required to run a full-fledged business often exceeds the financial resources of an individual and even a large family. The financial system provides an opportunity (for example, through stock markets or banks) to pool household funds into larger capital, which is then used by firms in need of them.
Through the financial system, individual households are able to participate in investments that require large sums of money by pooling their resources and then subdividing their shares in the total investment.
For its fifth function, the financial system provides price information that helps to harmonize independent decisions made in various sectors of the economy.
Newspapers, radio and television report daily information about the prices of securities and interest rates. Of the millions of people who receive this information, relatively few are professional securities traders. However, very often people who are very far from the stock market use information based on securities quotes to make financial decisions.
Solving the psychological problems of incentives is the sixth function of the financial system. These problems arise because the parties to contracts often do not have the ability to constantly monitor each other and control each other. There are three types of problems associated with incentives. They have received the following names: the problem of "moral hazard", the problem of "bad choice" and the problem of "principal-commission agent".
The problem of moral hazard or irresponsibility arises when the possession of an insurance policy causes the insured party to take more risk or be less willing to prevent an event leading to a loss. It is the irresponsibility of one of the parties that often causes such problems. Another problem that arises due to the uneven amount of information of the parties to the transaction is the problem of adverse selection. It lies in the fact that people who buy insurance against a particular type of risk are usually much more exposed to this risk than the general population. The problem of the relationship between the committent and the commission agent is that the commission agent often makes decisions that are different from those that the committent would have made if he had all the knowledge that the commission agent has and would make decisions on his own. As a result, a contradiction often arises between the interests of commission agents and committents.
1.2 Characteristics of the spheres and links of the financial system
The financial system is the totality of links and spheres; a set of institutions of the financial system that exists in the enterprise, in the state, etc. The first area where finance is needed is the state. The system by which the government collects and spends money is called public finance. In addition to the state, there are various types of enterprises, therefore, the second area is called enterprise finance. It is a tool by which a company raises funds. The third area is other finance (including insurance finance).
Links of the 1st sphere: 1. The state budget (huge financial resources are concentrated in it). 2. Extra-budgetary funds (funds that are concentrated in the hands of non-governmental, but state-owned organizations).3. State loan.
Links of the II sphere (finances of enterprises): 1) finances of enterprises operating on a commercial basis; 2) finances of institutions and organizations that carry out non-commercial activities; 3) finances of public associations (trade unions, political parties, public funds).
Insurance is a specific area that has its own links: 1) Social insurance (all methods); 2) Personal insurance; 3) Property insurance; 4) Liability insurance; 5) Business risk insurance.
1.3 General government finance
Let's take a closer look at public finance. They include the budgetary system (state budget), state off-budget trust funds, state credit, state insurance fund.
The state budget is a form of formation and use of a centralized fund of funds to ensure the functions of public authorities. It is the main financial plan of the country, approved for each year as a law. A significant share of the national income is concentrated in the state budget to finance the main areas of the national economy, socio-cultural events, the defense of the country, the maintenance of the state apparatus, etc. With its help, the national income is redistributed, which makes it possible to purposefully influence the pace and development of social production and society in in general.
Off-budget funds are funds from the federal government and local authorities associated with the financing of expenses not included in the budget. Extra-budgetary funds have a strictly designated purpose:
Pension Fund of the Russian Federation;
RF Social Insurance Fund;
State Employment Fund;
compulsory health insurance funds.
The state credit system reflects credit relations regarding the mobilization by the state of temporarily free funds of enterprises, organizations and the population on the basis of repayment to finance public expenditures.
The insurance system provides compensation for possible losses from natural disasters and accidents, and also contributes to their prevention.
The interaction between the subsystems of the financial system is carried out, as a rule, through the mediation of institutions of the banking system.
Each subsystem, in turn, is divided into links depending on industry affiliation, ownership, nature of activity, etc. The relationship of the financial system is based on the finances of economic entities (enterprises), financial support for reproduction costs, carried out in three forms:
self-financing;
lending;
public funding.
1.4 Business finance
The finances of economic entities are an integral part of the unified system of finances. An economic entity is an artificial formation created by a group of individuals or legal entities. This association allows not only to unite the entrepreneurial efforts of different people in one direction, but also to limit the scope of responsibility for the consequences of the activities of such a team. Usually, the founder is responsible for the results of the company's activities only to the extent of his contribution to the authorized capital.
However, the legislation also allows the creation of such forms of association as a general partnership. Its participants (general partners), in accordance with the agreement concluded between them, are engaged in entrepreneurial activities on behalf of the partnership and are liable for its obligations with all their property. Moreover, one person can be a participant in only one full partnership.
On the issue of economic entities, there is no consensus in the economic literature. What is included in the system economic relations that determine the finances of business entities. Some scholars believe that finance cannot include monetary relations arising from the sale and purchase of goods, as well as from monetary remuneration, which affects the financial relations of an enterprise, but does not itself serve as an element of these relations. However, scientists - supporters of the reproductive concept of finance refer to the mentioned relationships as financial ones, since they recognize the existence of financial relations in production and exchange. So, during the exchange, income is formed, from the sale of products from which the supplier enterprise forms consumption and accumulation funds. The progress of implementation may be accompanied by the application of financial sanctions in case of non-compliance with the requirements of supply contracts, the formation of mutual types of debts of the supplier and the buyer. Monetary relations arising from wages, payment of bonuses, are accompanied by the formation and expenditure of special funds: wages, consumption, working capital (in terms of costs for work in progress, stable liabilities). Proponents of the reproductive concept believe that financial relations are present at all stages of the circulation of production assets of enterprises.
In this regard, we can conclude that the finances of economic entities also perform a reproductive sub-function within the distribution function. Its content is to ensure the correspondence between the movement of material and monetary resources in the process of their circulation with simple and expanded reproduction.
Business entities are divided into two groups according to the results of their activities. The main goal of the first is to make a profit, this is a group of commercial organizations. The main goal of the second is not to make profit and distribute it among the founders, it is a group of non-profit organizations.
Commercial organizations include, in particular, the so-called enterprises of the real sector of the economy (industry, Agriculture…), enterprises of the financial sector (banking, investment, insurance companies), services.
Non-profit organizations include religious organizations, political parties and movements, charitable and other foundations. They can engage in entrepreneurial activities only if this contributes to the achievement of statutory goals.
The finances of economic entities, in comparison with the finances of other subjects of society, are most regulated, since, being artificial formations, they must be completely controlled by the founders, as well as by the authorities. The main document of financial reporting is the balance sheet of the company. However, it should be borne in mind that finance is a category that is constantly developing and becoming more complex, mirroring the development and complexity of the economy. Therefore, with the development of the economy in the field of finance, phenomena will constantly, again and again arise that have not previously been encountered and, accordingly, not subject to regulation.
Of the economic entities, the most overregulated are banks, which are obliged to draw up, in particular, daily balance sheets. A perfectly justified measure, given that the failure of one bank can lead to the bankruptcy of all its clients. Another difference in the banking industry is that the failure of one bank undermines the credibility of the entire industry as a whole.
A high degree of regulation a high degree accountability. Indeed, the authorities tax authorities, statistical authorities…) can collect almost any information from business entities.
cash fund
Commercial organizations have two cash funds - a profit fund, that is, the result of economic activity, and a depreciation fund, that is, funds officially withdrawn from taxation in order to update fixed assets.
There may be an erroneous impression that the company has another cash fund, in the income of which the proceeds from the work performed and the sale of property, and in the expenses - all expenses. It can be called "company budget". But this fund of money does not belong to the company, since the company cannot dispose of it as arbitrarily as the profit fund. In particular, the revenue side of such a "budget" consists of funds belonging to customers and, if the company does not fulfill its obligations to supply goods, then these funds must be returned to the owners. Also, the authorized capital is not the cash fund of the company. Funds of the Criminal Code are the property of the founders.
Commitments
The presence of obligations is a natural situation for business entities. Moreover, this is not only attracting loans, but also obtaining a deferred payment for already received goods. Therefore, a company with a large amount of liabilities may, ceteris paribus, look preferable to a company with a small amount of liabilities.
In addition, a large amount of liabilities reduces the current size of the cash fund, which can be considered an indirect protection against the fact that the bank servicing the company's accounts will go bankrupt. At the same time, the growth of obligations also has a negative side - an increase in the risks of their non-fulfillment, an increase in the cost of servicing them.
The debt to the company is called accounts receivable. A company's debt to third parties is called accounts payable. It is generally accepted that overdue debt is debt, the term of which exceeded three months.
The difference between the obligations of economic entities and other entities of the company is the completeness of accounting for obligations. So, companies keep records of liabilities not in the amount of current debt (that is, not in the amount of the principal amount of the debt), but in full, that is, the principal amount of the debt plus interest that has not yet been accrued, but will only be accrued for the entire loan period.
Strict regulation of economic entities also applies to influence. In any case, if the shareholders make the appropriate efforts, they can make the use of "Influence ..." relatively objective, amenable to their control. In this case, the traditional disadvantages of "Influence ..." - susceptibility to emotions, arbitrariness - will be minimized.
"Influence..." applies to the finances of subsidiaries and associates. This means, in particular, intervention in the spending of funds, the formation of a tariff policy, the implementation of a procurement policy, a policy tax optimization.
However, if the insolvency or bankruptcy of the company is caused by the founders or other persons who have the right to give instructions binding on this legal entity, or otherwise have the ability to determine its actions, such persons, in the event of insufficient property of the company, may be subject to subsidiary liability under his obligations.
Finance Evaluation Criteria
From the point of view of the owners of commercial organizations, the criterion for assessing finances is data on the amount of profit, as well as information on the amount of funds that they can receive in the event of a sale or liquidation of the company.
In addition, relative indicators are used that characterize the intensity of the use of the initially invested funds and the current financial condition companies, for example, the amount of profit per one ruble of fixed assets, per share, per ruble of authorized capital, per ruble of revenue.
2. State and trends in the development of the financial system of the Russian Federation
.1 Contemporary Issues development of the financial market in Russia in the context of globalization
Financial markets have always had a significant impact on the level and pace of socio-economic development. In the context of globalization, they are turning into a particularly powerful factor of economic, political and other influence on public life.
By providing external financing resources, the financial market forms investment and innovative support for social reproduction. Also, the development of financial markets is accompanied by a sharp increase in new derivatives and speculative transactions, which, given the global nature of financial capital, creates large-scale threats to social development.
In the context of the growing involvement of the Russian financial market in the global financial system, the problem of developing a sound strategy for its development, which makes it possible to ensure the necessary stability of the market in the face of negative external and internal influences, becomes actual.
The peculiarities of the Russian financial market include a significant asymmetry of its structural and functional organization. This is expressed primarily in the non-diversified nature of the financial market, the low share of freely traded shares, the dominance of companies and banks with state participation, and high dependence on foreign capital.
The asymmetry of the financial market reduces its attractiveness for both Russian and foreign investors. For domestic participants, it is excessively isolated from the real sector, for foreign participants it is too risky and undiversified.
Despite the positive developments, the Russian financial market remains predominantly speculative. Thus, the share of the credit market in investments in fixed assets is about 10%.
Due to the existing structural and functional characteristics, the Russian financial market turned out to be very sensitive to external factors. The high dependence on external conditions allowed the world crisis to quickly spread to the territory of Russia.
In the conditions of economic development, state regulation of the financial market ensures the integrity, balance and stability of the entire financial system of the country. Direct state regulation is carried out through the creation of a system of legal norms, the implementation of which is ensured by state bodies. Indirect is the implementation of tax and monetary policy, management state property etc.
Recently, the issue of improving the regulation of the financial market has been increasingly raised, which is especially important in the period of overcoming the consequences of the crisis and the decline in the pace of development. domestic economy. In addition, the solution of the tasks defined by the strategy for the development of the financial market of the Russian Federation for the period up to 2020 also requires improving the quality of state regulation and involving the entire investment potential in circulation,
2.2 Problems in the implementation of project finance in Russia
One of the most effective ways implementation of large-scale long-term projects is the use of project financing, which allows you to optimally distribute risks among numerous project participants. In the works of domestic and foreign authors, there is no single approach to the definition of the term "project financing". Moreover, it is necessary to recognize the fact that within our country the very method of project financing used to organize the financing of investment projects is periodically understood and interpreted insufficiently correctly. Project financing is often confused with the concept of "investment credit", "project financing".
For example, project finance is understood as a modern form of long-term international lending. This is not about irrevocable subsidies, but about lending to investment projects for a certain period.
The most complete interpretation of project financing seems to be the provision of financial resources to the company for the implementation of an investment project in the form of borrowed funds and equity participation of investors in the activities of the project company, when the result of the project acts as collateral, and repayment of borrowings is carried out at the expense of project cash flows.
Project financing is still quite a rare banking service due to the fact that project financing is a highly costly mechanism and carries increased risks. However, if this is an interesting and profitable project, implemented by a team of professionals who also have experience in creating a successful business from scratch, banks may make an exception. In 2010, the scale of bank project financing continues to grow, as the projects most often financed are natural resources, energy projects, large infrastructure projects and projects in telecommunications networks. Examples of the implementation of project financing are projects - Blue Stream, Western High-Speed Diameter, Sakhalin-1,2,3, etc.
In a crisis, there are a number of problems of project financing.
First, it is the volume and mechanisms of financing energy and infrastructure projects. Financing should be provided to stabilize the labor market and address the energy deficit in the economy.
Secondly, the interaction of public and private structures in the process of implementing existing and initiating new projects.
Thirdly, under the conditions financial crisis the share of the private sector in project financing has slightly decreased, the share of state guarantees has increased.
Fourth, it is important to form a mechanism for stimulating and guaranteeing investors and owners. Such a policy should lead to an increase in various preferential terms to attract resources to Russia and improve the investment climate.
During 2008-2010 certain steps were taken to solve these problems. In 2008 an anti-corruption plan was adopted; and the Law on Foreign Investment came into force, clarifying the legal regime in key sectors.
The solution of all the problems raised and the borrowing of Western experience in project financing allows us to more actively develop and use the advantages of this form of financing in solving the investment tasks set in Russia.
2.3 Current trends in the development of national banking systems
At the end of XX - beginning of XXI centuries. there was a rapid and deep globalization of the world economy, in particular, the process of globalization developed at a faster pace in the financial sector. As a result, thanks to the decisions taken at the Jamaica Monetary Conference, a global financial system was formed, characterized by the absence of strict control and regulation of liquid and huge financial flows moving around the world, directed by economic entities to the most profitable industries in different countries.
Banks of developed countries began to play a significant role in the new global financial system. The main trend of the past decades has been to strengthen and improve the activities of banking institutions in developed countries by expanding, diversifying and increasing business value.
Shortcomings in the past functioning of national banks were revealed during the global financial crisis of 2007-2009, as a result of which the total volume of losses in the global financial system amounted to 2.2 trillion. US dollars,
The main such drawback was the weakening of control over the activities of banks in different countries, which made it possible to develop and implement financial innovations in the form of highly profitable financial products backed by highly overvalued assets, and, as a result, taking on high risks.
As a result, the following main trends in the development of national banking systems have emerged.
First, strengthening state control and regulation not only for reliable and high-quality activities banking institutions but also for the systemic stability of the national banking sector. At the national level, many countries have already adopted a set of legislative acts that establish more stringent requirements for the activities of banking institutions. At the international level, the Basel Committee on Banking Supervision has developed a reform of the global banking sector, called Basel III.
Secondly, the time of crisis demonstrated the resilience of the national economies of developing countries. This means that their financial institutions did not reduce the scale of their activities during the crisis, but, on the contrary, increased their influence and continue to develop. Accordingly, there is a risk that the banks of developed countries may be forced out of the global financial arena.
Thirdly, there is currently a balance in the world between the consumption of financial resources and their savings. In the global financial system, the bulk of capital is accumulated in the banking systems of developing countries, which is subsequently used in developed countries. Developing country banks are overflowing with deposits, while developed country banks are short of depositors and rely on volatile financial markets to raise funds.
The inevitable increase in government spending by developing countries and their need for capital will cause high volatility in financial markets and an imbalance in the consumption of financial resources and their savings in the global financial arena.
As a result, it is the banking institutions of developing countries that will continue to strengthen their role in the global financial arena, gradually crowding out the banks of developed countries. However, this threatens the world economy with new financial shocks.
2.4 The role of plastic cards in the Russian payment turnover
Now in Russia there is a formation of "industry" of plastic cards. All over the world, millions of trade, hotel and various service enterprises are involved in the sphere of plastic cards circulation; the number of users of such cards is approaching 500 million. Almost all banks in developed and developing countries work with cards. An analysis of the development of this "industry" shows that bank plastic cards are developing most successfully. And this is understandable, because the card itself is a payment instrument that crowns the system, which is based on settlement and payment relations, i.e. non-cash payments carried out on a modern technical and technological basis. An important role is played by the resource base of banks, which allows to constantly develop and improve the technological and technical base. This, in turn, enables banks to constantly improve and expand the range of services provided to their customers. As you know, the dominant settlement and payment systems have become "European", "VISA" and "America Express", which are transnational corporations. The payment instruments of these systems are used in many countries of the world - both in internal and external payment transactions.
The purpose of the development of card circulation is to reduce the amount of cash monetary circulation through various forms and methods of non-cash payments and ensuring their protection. This can be done by creating a specialized system of settlement and payment relations, integrated into the Western European settlement and payment system. Within the framework of international systems, Russian banks can use international payment instruments; the same payment instruments in rubles can be used in the internal payment turnover, which, by the way, is already actively used by leading Russian commercial banks. This can be an essential technical element in the practical implementation of full convertibility. Russian ruble.
Remains complex issue regarding the transition to chip cards (that is, equipped with microprocessors). Undoubtedly, “chip technology” has a future, and most importantly, it allows you to dramatically expand the circle of plastic card users (since the pre-paid money will be fixed on the card), not to resort to authorization in different modes. The breakthrough of a large volume of plastic cards into the settlement and payment turnover does not mean that other payment instruments have become of secondary importance. Our main form of payment is still cash. Cash circulation generates huge costs associated with printing paper money, minting coins, issuing them into circulation, processing, transportation and storage. It is possible to reduce cash circulation, reduce the costs associated with servicing the retail settlement and payment turnover, only when using a variety of payment methods in this turnover. These are, first of all, advance payments, debit and credit cards, credit checks (in particular, Eurochequecard), bank and traveller's checks. At the same time, it is always necessary to clearly understand what space can effectively fill this or that means of payment. The system of advance payments, like plastic cards, is connected with the circulation of personal income. It consists in the fact that the bank automatically credits to the current account of the client or debits from it amounts according to a pre-concluded agreement.
A big problem creating an "industry" of plastic cards - providing it with expensive technological equipment purchased in developed countries. It would be cheaper for Russian consumers to create this equipment in Russia according to the VISA and Europe standards. For these purposes, an investment company with the participation of Western banks and firms is needed to select from among the numerous conversion enterprises those that could manufacture the appropriate equipment and means of communication. The market for the sale of such equipment in Russia is provided for many years to come.
2.5 Priorities in the development of the Russian banking system in the context of financial globalization
The intensive development of the Russian banking system in recent years was determined by the process of transformation of the planned economy into a market one.
As a result of the financial crisis, the Russian banking system suffered significant losses. The crisis led to a decrease in the number of credit institutions and the concentration of banking capital. In order to overcome the consequences of the financial difficulties of banks that emerged during the crisis, the Central Bank of the Russian Federation implemented a comprehensive program of restructuring the banking system.
Thus, the priority of the current stage of development of the Russian banking system is to ensure sustainability. Therefore, in my opinion, the next stage of sustainable development will be built on this basis. Sustainable development, understood as the desire to ensure the successful functioning of the organizational system (including the bank) in the long term, is a key component of management both for individual banks and for the Russian banking system as a whole in the medium term. Without solving these problems, ensuring the stability and efficiency of the Russian banking system will be a difficult task.
The successful development of the Russian banking system should be based on positive international experience. The most important aspect in this regard is the adaptation of international standards and best international practice of bank business to the realities of the Russian banking system.
Conclusion
Financial systems arose with the birth of class society and developed as part of the political, social and economic system of the state.
The history of economic development and finance shows that during periods of relative prosperity and sustainable development, states use a liberal approach to revive business activity, and during periods of crises and increased social tension, the role of the state and public finance in social and economic transformations is enhanced.
Broad and narrow interpretations of the subject of finance are possible, associated with the use of the provisions of systems theory, known as aggregation and decomposition procedures in research.
An argument in favor of the fact that finance covers all stages of the reproductive process may be that the movement of funds is both spatial and temporal. At the same time, movement in time exists objectively and always regardless of the will of economic entities. Such movement objectively ensures the redistribution of funds even when there is no spatial movement.
There is a close relationship between prices, wages, loans with the possibility and intensity of sources of financial resources, the time value of financial flows. The presence of such a close relationship can make it possible to classify price, salary, credit as relatively independent categories, but included in the sphere of financial relations.
Taxes are a backbone financial instrument that formally and directly ensures the inclusion of prices, salaries, loans, and insurance in the sphere of finance.
The composition of decentralized finance, in addition to monetary relations that mediate the circulation of the monetary funds of enterprises, can also include monetary distribution and redistribution relations within financial and industrial groups, holdings, as well as the finances of entrepreneurs without forming a legal entity, investment activities citizens to maintain or change their social status.
Finances play a different role in the activities of organizational and production systems operating in the commodity market as part of a sales strategy or marketing strategy.
There is an ever closer connection between financial relations and property relations, which is reflected, in particular, in the development of procedures for privatization, financial leasing, pledge, conversion of debt securities, etc.
Thus, having familiarized ourselves with the general issues of the structure of the financial system of the Russian Federation, we can say that finance is monetary relations that arise in the process of distribution and redistribution of the value of the gross social product and part of the national wealth in connection with the formation of cash income and savings from business entities and the state and using them for expanded reproduction, material incentives for workers, satisfaction of social and other needs of society. The essence of finance is manifested in its functions: distribution, control and regulation. An important specific feature of finance that distinguishes them from other distribution categories is that financial relations are always associated with the formation of cash income and savings that take the form of financial resources.
List of sources used
.Finance: Textbook / Ed. M.V. Romanovsky, B.M. Sabanti. M.: Prospect: Yurayt, 2000.
.Banking: Proc. allowance / Ed. G.N. Beloglazova, L.P. Krolivetsky. St. Petersburg: Peter, 2002.
.Lomtatidze O.V. The state as a factor influencing the behavior and development of financial markets / finance and credit. 2009. No. 27. - With. 47.
.Gvardin S. Development and regulation of the financial market / Financial newspaper. 2009. Oct. (No. 41). - With. 12.
.Goloshchapov D.N. Globalization of the financial market and inflation / Finance and credit. 2009.№5. - With. 71-74.
.KoksharovA. Where is the weak link. / Expert - 2010, No. 40
.Kulikov A.G. Money, credit, banks. 2009 p. 198 25
.Organization of the Central Bank: Proc. allowance / Ed. G.N. Beloglazova, N.A. Savinsky. St. Petersburg: SPbGUEF, 2000.
.Edited by A.M. KOVALEVOY, Moscow "Finance and statistics", 2005
.Molyakov D.S., Shokhin EZH Theory of enterprise finance. - M.: Finance and statistics, 2000
.en.wikipedia.org/wiki/Financial_system
.Balabanov A., Balabanov I. Finance. St. Petersburg: Peter, 2002.
.Krushvits L. Financing and investment. St. Petersburg: Peter, 2000.
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What is the financial system of Russia?
An analysis of the patterns of development of finance in different conditions of social reproduction indicates the presence of common features in their content. This is due to the composition of objective causes and conditions for the functioning of finance. Among these conditions, two are distinguished: the development of commodity-money relations and the existence of the state as the subject of these relations. Unlike such value categories as, for example, money, credit, wage fund, and others, finance is organically linked by the functioning of the state.
However, the common features of all financial relationships do not include certain differences between them.
In this regard, the financial system is a combination of various spheres (links) of financial relations, each of which is characterized by features in the formation and use of funds of funds, a different role in social reproduction.
The financial system of the Russian Federation includes the following links in financial relations: state budget, extra-budgetary funds, state credit, insurance funds, stock market and finance of enterprises of various forms of ownership.
All of the above financial relations can be divided into two subsystems. These are national finances that meet the needs of expanded reproduction at the macro level and finances of economic entities used to provide the reproduction process with monetary funds at the micro level.
The division of the financial system into separate links is due to differences in the tasks of each link, as well as in the methods of formation and use of centralized and decentralized funds of funds. National centralized funds of monetary resources are created through the distribution and redistribution of the national income created in the branches of material production.
The important role played by the state in the field of economic and social development leads to the need to centralize a significant part of the financial resources at its disposal. The forms of their use are budgetary and extrabudgetary funds that meet the needs of the state in solving economic, political and social problems. Other forms and methods of formation and use of monetary funds are used by the credit and insurance links of the financial system. Decentralized cash funds are formed from the cash income and savings of the enterprises themselves.
Despite the delimitation of the scope of activity and the use of special methods and forms of formation and use of monetary funds in each individual link, the financial system -- one system, as it is based on a single source of resources for all links.
The basis of a unified financial system is the finances of enterprises, since they are directly involved in the process of material production. source of centralized public funds cash is the national income generated in the sphere of material production.
National finance plays a leading role: in ensuring certain rates of development of all sectors of the national economy; redistribution of financial resources between sectors of the economy and regions of the country, production and non-production areas, as well as forms of ownership, individual groups and strata of the population. Effective use financial resources is possible only on the basis of an active financial policy of the state.
National finances are organically linked with the finances of enterprises. On the one hand, the main source of budget revenues is the national income generated in the sphere of material production. On the other hand, the process of expanded reproduction is carried out not only due to own funds enterprises, but also with the involvement of a nationwide fund of funds in the form of budget allocations and the use of bank loans. With a lack of own funds, an enterprise can attract funds from other enterprises on a joint-stock basis, as well as on the basis of operations with securities - borrowed funds. Through the conclusion of contracts with insurance companies, business risks are insured.
The interconnection and interdependence of the constituent links of the financial system are due to the single essence of finance.
Through the financial system, the state influences the formation of centralized and decentralized monetary funds, accumulation and consumption funds, using taxes, state budget expenditures, and state credit for this.
Fin. system is a set of spheres and links of financial relations and their management bodies.
There are 2 areas of the RF FS:
The sphere of centralized finance- this is a set of FS links involved in the process of formation, distribution and use of budgetary and extrabudgetary funds. cash funds; and municipal government cash funds. This is a budget system; state and municipal credit.
The field of decentralized finance- this is a set of FS links involved in the process of formation, distribution and use of separate funds of funds of individual business entities and individuals. These are the finances of state and municipal enterprises, organizations, corporations and agencies that are self-financing; business finance; finance of non-profit enterprises; finances of individual entrepreneurs; household finance.
Links of the financial system of the Russian Federation:
- budget system (c). The current RF BS is three-level. This is the federal, the budget of the subjects of the Russian Federation, local. For the purposes of planning budgetary resources, a consolidated budget is compiled - a statistical consolidated budget that combines financial resources from all levels of the budget system. The budget system plays a decisive role in the intersectoral and interterritorial redistribution of funds to equalize the levels of economic and social development of the regions. The federal budget and the consolidated budgets of the constituent entities of the Russian Federation form the consolidated budget of the Russian Federation, and the budget of the constituent entity of the Russian Federation and the budgets of municipalities on its territory form the consolidated budget of the constituent entities of the Russian Federation. As an independent link in the system of centralized finance, special extra-budgetary funds are allocated, these include: Pension Fund; social insurance fund; compulsory health insurance fund. The federal budget and the budgets of social off-budget funds are developed and approved as federal laws;
- state and municipal credit (c). The main tasks of the state loan include: financing the budget deficit; implementation of international and regional financial and credit policy; support for social priority sectors and activities;
- finances of state and municipal enterprises (e);
- finance of commercial enterprises (e). This is a system of economic relations associated with the formation, distribution and use of monetary resources of individual economic entities in the process of carrying out economic activities aimed at making a profit, as the main goal of the activity.
- finances of non-commercial enterprises (e). These are relations associated with the formation, distribution and use of financial resources in the process of implementing social, public, educational, religious and other tasks not related to making a profit. Their financial resources are formed at the expense of voluntary contributions and donations, proceeds from the founders, budgetary funds and others;
- IP finance (e) combine the features of the finance of commercial organizations and personal finance, while the emphasis is shifted towards commercial finance, since the activity of an individual entrepreneur is connected, first of all, with commercial activities aimed at making a profit at one's own peril and risk;
- household finance (e). The system of formation and use of monetary incomes of certain groups of persons living in the same premises and leading a common household for the purpose of joint consumption and accumulation is least regulated by the state.
Prospects for the development of links
In the field of business finance: improvement of bankruptcy legislation (accelerating the restructuring of uncompetitive enterprises), antimonopoly law, tax legislation (reducing the tax burden, reducing the number of taxes, reducing social insurance contribution rates, reducing the tax debt of enterprises), lowering barriers to investment in the economy, reducing administrative intervention in the household. activities, improving the efficiency of state. regulation, it is necessary to stop lending to enterprises and provide guarantees at the expense of federal budget- transfer it to special agencies, insurance companies, banks.
Finance budget. institutional : setting strict cost estimates, monitoring the obligations of budgetary institutions.
Budget: liquidation of expenditure obligations of the federal budget that are not secured by sources of financing, the allocation of budget funds to solve priority tasks, the reform of pensions. systems, liquidation of credit. debt feder. budget, optimization of the list of budget organizations and recipients of budget funds, completion of the formation of a system of support for the regions, restructuring of public debt, ensuring the openness of all budgets and the progress of their use.
14. Financial policy of the state: its content, structural elements, significance and tasks at the present stage. Financial mechanism, its role in the implementation of financial policy.
The financial policy of the state is a set of state measures for the use of financial relations for the fulfillment by the state of its functions.
Financial policy plays an important role in the development of productive forces and their rational distribution throughout the country. It contributes to the provision of financial resources targeted programs, concentrating funds on key areas of economic development, stimulating the growth of production efficiency; increasing the interest of all regions in the development of the economy, the use of local raw materials. The financial policy contributes to the strengthening and development of economic ties with all countries of the world, providing conditions for the implementation of joint activities.
1. Development of a general concept of financial policy, determination of its main directions, goals, main tasks.
2. Creation of an adequate financial mechanism.
3. Management of the financial activities of the state and other economic entities.
The financial policy consists of the following main components:
1) tax policy - principles of construction tax systems: horizontal and vertical equality, tax neutrality, the convenience of tax collection for the government, the minimum disincentive effect from the introduction of a particular tax, the difficulty of tax evasion;
2) budgetary policy - expressed in the structure of the expenditure part of the budget, in the distribution of expenditures between budgets of different levels, in the sources and methods of covering the budget deficit;
3) monetary policy - part of the socio-economic policy aimed at combating inflation, unemployment and ensuring stable rates of economic development;
4) pricing policy - is reduced to the regulation of prices and tariffs for monopoly goods and services;
5) customs policy - a symbiosis of tax and pricing policies, limiting or expanding access to the domestic market and services from the country;
6) social policy related to solving the problems of financial support for the rights of citizens of the Russian Federation, covers the following areas: pension, migration financial assistance to certain social groups of the population;
7) investment policy related to the creation of conditions for attracting domestic and foreign investment, primarily in the real sector of the economy;
8) policies in the field of international finance.
The objectives of the financial policy are:
1. providing conditions for the formation of the maximum possible financial resources;
2. establishing a rational distribution and use of financial resources from the point of view of the state;
3. organization of regulation and stimulation of economic and social processes by financial methods;
4. development of a financial mechanism and its development in accordance with the changing goals and objectives of the strategy;
5. Creation of an effective and maximally business-like financial management system.
The implementation of the goals and objectives of the financial policy is carried out through the use of various methods of organizing financial relations at the centralized and decentralized levels, which together determine the content of the mechanism for achieving the goals and objectives of the financial policy or financial mechanism.
financial mechanism- a set of ways to manage financial relations.
There are two types of financial mechanisms:
1. directive - is developed for financial relations in which the state is directly involved: taxation, state credit, budget expenditures, financial planning;
2. regulatory - they will determine the basic rules of conduct in such a sphere of finance, where the interests of the state are not directly affected, this establishes only the general procedure for the use of financial resources remaining after paying taxes and other obligatory payments.
In general, the financial mechanism of an enterprise contains the following hierarchically subordinate blocks:
1) legal regulation enterprise finance;
2) the internal regulatory system that has developed at the enterprise;
3) methods of financial management;
4) financial instruments;
5) financial leverage and incentives;
6) financial indicators, standards and elements;
7) information base of financial management.
The main financial methods are:
1) financial planning;
2) financial and management accounting;
3) financial regulation;
4) financial analysis and control.