Financial resources of commercial organizations: sources, types and directions of use. Market of financial resources

Organization professional activity on the stock market

Financial markets

PLAN

CONSCIOUS AND UNCONSCIOUS.

Many knowledge, relationships, experiences, components inner world each person are not realized by them.

The unconscious is an indispensable component of the mental activity of every person.

Unconscious-is a collection mental processes, acts and states caused by influences, the influence of which a person is not aware of.

Unconscious- a form of reflection of reality in which the completeness of orientation in time and place of action is lost, speech regulation of behavior is disrupted.

In the unconscious, unlike consciousness, purposeful control over the actions performed is impossible, and evaluation of their results is also impossible.

In the zone of clear awareness, only a small part of all simultaneously coming from the external and internal environment body signals.

The area of ​​the unconscious includes mental phenomena that occur during sleep (dreams); response reactions, the first are caused by not felt, but actually affecting stimuli (“subsensory reactions”); movements that were conscious in the past, but through repetition have become automated and therefore become unconscious; certain motivations for activity in which there are no conscious goals, etc. + certain pathological phenomena that arise in the psyche of a sick person: delusions, hallucinations, etc.

(unconscious impulses in situations of so-called post-hypnotic states.)

The conceptual analysis of modern scientific understanding of the problem of the unconscious is divided into 2 main areas. directions:

The theory of psychoanalysis (father Z. Freud) consciousness and the unconscious are mutually exclusive elements of mental activity.

The theory of unconscious psychological attitude.

The idea of ​​mental integrity is based on the idea of ​​the fundamental unity of the human personality.

§ 2. Financial institutions

The process of accumulation and placement of financial resources carried out in the financial management system of the country and business entity is directly related to the functioning of financial markets and institutions.

If the task of financial institutions is to ensure the most efficient movement of funds from owners to borrowers, then the task of financial markets is to organize trade in financial assets and liabilities between buyers and sellers of financial resources. Solving this problem is complicated by a number of objective and subjective reasons, since it is necessary to take into account the presence of different, sometimes diametrically opposed interests of the participants financial market, significant risks of fulfilling financial obligations, etc.

Buyers and sellers There are three groups of economic entities in financial markets: households, firms, and the state.

Interaction between sellers and buyers can occur directly or indirectly. In the first case, mutual interests are satisfied through direct financing, in the second - through financing through intermediaries (indirect financing).

With direct financing The buyer, in exchange for a financial commitment, receives funds directly from the seller. These financial obligations can be bought and sold on financial markets. Obligations issued by buyers are called direct obligations and are usually sold in direct borrowing markets. Direct financing occurs through a private placement, where, for example, a firm (the seller) sells an entire issue of securities to one large institutional investor or a group of small investors. The implementation of such operations usually requires professional knowledge of the interests and needs of potential buyers of financial obligations.

Functioning of direct borrowing markets is associated with a number of difficulties that are due to the large-scale wholesale nature of sales, which narrows the circle of possible buyers. Therefore, the movement of funds from entities with a budget surplus to entities with a budget deficit is often indirect.

Indirect interaction presupposes the presence of financial intermediaries (financial institutions) that accumulate free funds of various economic entities and provide them on their own behalf under certain conditions to other entities in need of these funds. Financial intermediaries acquire direct obligations from economic entities in need of funds and convert them into other obligations with different characteristics (maturity periods, interest payments, etc.), which they sell to economic entities that have available funds.

Financial intermediaries are often interested in both economic entities with temporary available funds (lenders) and entities in need of funds (borrowers), since they receive certain advantages and benefits.

From the position of creditors, the benefits of financial intermediation are as follows.

Firstly, intermediaries diversify risk by distributing investments by type of financial instrument between lenders when issuing syndicated (joint) loans, over time and in other ways, which leads to a reduction in the level of credit risk. In the absence of a financial intermediary, credit risk is high, i.e. the risk of non-repayment of principal and interest. The intermediary's net income is determined by the difference between the rate for the loan provided by him and the rate at which the intermediary himself borrows money, minus the costs associated with maintaining accounts, paying salaries to employees, tax payments, etc.

Secondly, the intermediary develops a system for checking the solvency of borrowers and organizes a system for distributing its services, which also reduces credit risk and lending costs.

Third, financial institutions allow you to provide a constant level of liquidity for your clients, i.e. the ability to receive cash. On the one side, financial institutions themselves have the opportunity to hold in cash form a certain share of your assets. On the other side, For some types of financial institutions, the state establishes legislative norms regulating liquidity. Thus, for commercial banks, through reserve standards, the maintenance of minimum cash balances in accounts at the central bank and at the cash desk is legally ensured.

Borrowers also have certain benefits, the main ones of which are the following.

Firstly, financial intermediaries simplify the problem of finding lenders willing to provide loans on acceptable terms.

Secondly, in the presence of a financial intermediary, the loan rate for the borrower under normal economic conditions is most often lower than in its absence. This paradox is explained by the fact that financial intermediaries reduce credit risk for primary creditors (depositors) and can set lower rates for raising funds. These amounts of rates, together with the costs of the intermediary, are not so great that there is a need to increase the placement rate above the level of the rate for direct lending.

Third, financial intermediaries Carry out term transformation by filling the gap between the borrower's preference for long-term loans and the lender's liquidity preference. This is possible due to the fact that not all clients demand their money at the same time, and the receipt of funds to the financial intermediary is also distributed over time.

Fourthly, financial institutions satisfy borrowers' demand for large loans by aggregating large amounts from many clients.

Depending on the purposes of the analysis, as well as on the characteristics of the development of individual segments of the financial market in certain countries, there are different approaches to the classification of financial markets.

One of the most commonly used classifications is shown in Fig. 3.1 (Kovalev, p. 47).

Currency market is a market in which goods are objects that have currency value. Currency values ​​include: (a) foreign currency (banknotes (banknotes, treasury notes, coins that are legal tender or withdrawn but subject to exchange) and funds in accounts In monetary units of a foreign state, international or settlement monetary units); (b) securities (checks, bills), securities (stocks, bonds) and other debt obligations denominated in foreign currency; (c) precious metals (gold, silver, platinum, palladium, iridium, rhodium, ruthenium, osmium) and natural precious stones (diamonds, rubies, emeralds, sapphires, alexandrites, pearls).

As subjects(participants) of the foreign exchange market are banks, exchanges, exporters and importers, financial and investment institutions, and government organizations. An object foreign exchange market (to whom the actions of the subject are directed) - any financial requirement indicated in currency values.

Foreign exchange market entities can perform the following types of transactions:

Cash (spot) - with immediate delivery of currency, most often within two business days after the transaction is concluded;

Urgent (forward) - with the delivery of currency after a clearly defined period of time;

Swaps - simultaneous implementation of purchase and sale transactions with different execution dates;

Hedging (insurance of open currency positions);

Interest rate arbitrage (taking advantage of accepting deposits and re-allocating them for agreed periods at a higher rate).

Gold market- this is the sphere of economic relations associated with the purchase and sale of gold for the purpose of accumulating and replenishing the country’s gold reserves, organizing business, industrial consumption, etc.

Based on the most general division of financial markets into money markets And capital markets the maturity period of the relevant financial instruments lies. In the practice of developed countries, it is believed that if the maturity of an instrument is less than 1 year, then it is a money market instrument. Long-term instruments (over five years) belong to the capital market. Strictly speaking, there is a “border area” from one year to five years when talking about medium-term instruments and markets. In general, they also refer to the capital market. In Russia, in conditions of high inflation, the formation financial markets, long-term instruments often include instruments with a circulation period of more than six months.

Thus, the boundary between short-term and long-term financial instruments, like the boundary between the money markets and the capital market, cannot always be clearly drawn. However, such a division has a deep economic meaning. Money market instruments serve primarily to provide liquid funds for the current activities of economic entities. Capital market instruments are associated with the process of saving and long-term investment.

In the money market, the main instruments are treasury bills, bankers' acceptances, and bank certificates of deposit; in the capital market - long-term bonds, shares and long-term loans.

capital market, in turn, is divided into loan capital market and equity securities market. This division expresses the nature of the relationship between buyers of goods (financial instruments) sold on this market and issuers of financial instruments. If equity securities act as a financial instrument, then these relations are in the nature of property relations, in other cases they are credit relations.

Equity securities are certificates, confirming the right of its holder to a proportional share in the net assets of the organization, to participate in the distribution of profits and, as a rule, to participate in the management of this organization. Issues of ownership of property are determined by legislative acts, as well as the constituent documents of the organization (society).

On loan capital market Long-term financial instruments are circulated, provided on terms of urgency, repayment and payment. It is divided into market for long-term bank loans And debt securities market (also long-term).

On the securities market both securities themselves and their substitutes (certificates, coupons, etc.) are issued, circulated and absorbed. Participants in the securities market can be divided into three groups: (1) issuers - persons who issue securities in order to attract the funds they need; (2) investors - persons who buy securities in order to obtain income, property and non-property rights; (3) intermediaries - persons providing services to issuers and investors to achieve their goals.

Depending on the timing of transactions with securities, the securities market is divided into spot And urgent. In the spot market, securities are exchanged for cash virtually at the time of the transaction. On the derivatives market, derivatives contracts are traded: forwards, futures, options, swaps.

Forward market is a market in which parties agree to deliver securities they actually hold for final settlement by a specified date in the future.

Futures market- this is a market in which trading contracts for the delivery at a certain date in the future of securities or other financial instruments that are actually sold on the financial market are carried out.

Options market is a market in which contracts are purchased and sold with the right to buy or sell certain financial instruments at a predetermined price before the expiration of its validity period. The predetermined price is called the strike price of the option.

Swaps market is a market for direct exchanges of contracts between participants in a securities transaction. It guarantees them the mutual exchange of two financial obligations at a certain point (or several points) in the future. Unlike a forward transaction, a swap usually involves transferring only the net difference between the amounts for each obligation. In addition, unlike a forward contract, the specific parameters of the mutual obligations under swaps are usually not specified and may change depending on the level of interest rates, exchange rates or other factors.

Depending on the forms of organization of transactions with securities, the securities market is divided into exchange and over-the-counter.

Exchange market represents the sphere of circulation of securities in specially created financial institutions for the organized and systematic sale and resale of securities. These institutions are called stock exchanges. Trading on the exchange is carried out only by members of the exchange, and trading can only be carried out by those valuable securities that are included in the quotation list, i.e., have passed the procedure for admitting securities to sale on the stock exchange. The largest stock exchange is located in New York.

OTC market securities market is a system of large trading platforms that trade many types of securities. The activities of these trading platforms are subject to strict rules that are mandatory for all participants in transactions. The volume of transactions carried out in over-the-counter trading often exceeds the volume of transactions in the stock market. Dealers in the over-the-counter market are sometimes called market makers (or "market makers").

The process of bringing newly issued securities to the market is called primary placement; accordingly, it occurs in primary financial markets. Mandatory participants in this market are issuers of chain securities and investors. Purpose primary markets is to attract additional financial resources necessary for investment in production and for other purposes.

Secondary financial markets resemble used car markets; they allow you to receive money from the sale of “used” (i.e. previously issued) securities with the difference that w In the secondary securities market, their prices are usually higher than the prices for the same securities during the initial placement. Secondary securities markets are designed to redistribute existing resources in accordance with the needs and capabilities of market participants. Thanks to the existence of secondary financial markets, the volume of investor purchases of securities in primary markets is increasing.

In development of the classification of financial markets discussed above, mention should be made of markets for insurance policies and pension accounts, and mortgage markets. These are special markets with their own financial instruments and with their own financial institutions - savings institutions operating on a contractual basis. By volume of total financial assets V USA they are now more than V one and a half times higher than the total assets of commercial banks, savings institutions and credit unions.

The investment policy of insurance companies and pension funds is aimed at acquiring long-term financial instruments with maturities that most closely match their long-term liabilities.

The need to allocate mortgage markets as part of the capital market is associated with a number of circumstances. Firstly, Mortgage loans are always secured by real collateral in the form of land or buildings. If the borrower does not fulfill his debt obligations, then the property rights to the collateral are transferred to the creditor. Secondly, mortgage loans do not have standard parameters (different denominations, repayment terms, etc.), and accordingly are difficult to sell on the secondary market. This is evidenced by the fact that the volume of the secondary mortgage market is significantly inferior to the volume of the secondary market for securities placed on long-term capital markets. Third, mortgage markets, unlike other long-term capital markets in developed countries, are strictly regulated by the actions of special government bodies.

§ 2. Financial institutions

From an organizational point of view the financial market can be considered as a set of financial institutions, economic entities that issue, buy and sell financial instruments. Each financial institution is vested with certain powers to conduct certain transactions with a specific set of financial instruments.

There are the following types of financial institutions: commercial banks, mutual savings banks, credit unions, insurance companies, non-state pension funds, investment funds, financial companies.

As for financial intermediaries, they can be divided into four groups: deposit-type financial institutions, contractual savings institutions, investment funds and other financial organizations.

The most common financial intermediaries are depository institutions. In developed countries, their services are used by a significant part of the population, since the payment of income from deposit accounts is, as a rule, guaranteed by insurance companies, the reliability of which is ensured by the state. Funds raised by depository institutions are used to issue bank, consumer and mortgage loans. The main institutions of this group are commercial banks, savings institutions and credit unions.

Commercial banks, as a rule, offer the widest range of services for raising funds from economic entities that temporarily have them, as well as for providing various loans and credits.

Bank of Russia issues cash, organizes its circulation, and regulates the volume of loans issued to it. The main tools and methods of such regulation are:

(a) interest rate policy, i.e., the establishment of one or more interest rates for various types of transactions, which largely determines market interest rates both for the capital attracted by commercial banks and for the loans they issue;

(b) establishing standards for required reserves of credit institutions deposited with the Bank of Russia;

(c) purchase and sale of government securities by the Bank of Russia, organization of lending to commercial banks, including through the accounting and rediscounting of bills of exchange;

(d) implementation of currency regulation and currency control in accordance with the Law of the Russian Federation of October 9
(992 No. 3615-1 “On currency regulation and currency control”;
(e) establishing benchmarks for the growth of money supply indicators.

The Bank of Russia registers credit organizations, issues and revokes licenses for banking operations, registers the issue of securities of credit organizations; monitors compliance credit organizations banking legislation. In cases where a violation is detected, he has the right to apply sanctions established by law, up to and including the appointment of a temporary administration. The Central Bank of the Russian Federation can carry out all types of banking operations.

Part of the Bank of Russia's profits goes to the federal budget. The procedure for distribution of profits is established by the Board of Directors of the Bank of Russia. The Bank of Russia, without charging a commission, carries out transactions with the federal budget and the budgets of the constituent entities of the Russian Federation, local budgets, as well as operations to service public debt and operations with gold and foreign exchange reserves.

Along with commercial banks and the Central Bank, there are also non-bank credit organizations who have the right, in accordance with a license from the Central Bank of the Russian Federation, to carry out certain banking operations.

Savings institutions are specialized financial institutions whose main sources of funds are savings deposits And various time consumer deposits. These institutions borrow funds for short periods using checking and savings accounts and then lend them out over the long term against real estate collateral.

Thrifts primarily engage in mortgage lending and real estate financing. In the 1980s Savings institutions in the USA and a number of European countries were granted many of the powers of commercial banks. As a result, there have been major changes in the nature of their activities. The differences between savings institutions and commercial banks began to gradually blur.

Savings institutions (banks) still remain popular in Europe, and especially in the Scandinavian countries. Headquarters international association savings banks is located in Finland, and its branches are in Norway, Sweden, Austria, Germany, Italy, Spain, Great Britain, the USA and other countries.

Although thrifts provide a wide range of loans, mortgages still remain the core of their lending activities. The legislation of Western countries provides significant income tax benefits (profits) of savings institutions (banks) if at least 60% of their assets are related to mortgage financing of housing construction (Kidwell, Nethersall, Blackwell, p. 491). In Russia, legislation does not distinguish between commercial and savings banks.

Credit unions are mutual lending institutions. They accept deposits from individuals and provide loans to union members on terms acceptable to those members. The liabilities of these unions are formed from savings accounts and checking accounts (shares). Credit unions provide their funds to union members in the form of short-term consumer loans.

In these institutions, each member has one vote when making decisions at general meetings of the union, regardless of the number of savings shares (deposits) that he owns in this company. Membership in a credit union generally must meet "general mandatory requirements." Usually they are created on a professional basis (employees of the same companies, industries), or by place of residence (members of the union must live in a certain territory), or on a religious basis (members of the union must profess the same religion), etc.

Credit unions have a number of advantages over other deposit-type financial institutions. As a rule, they are exempt from paying income (profit) tax and are not subject to antimonopoly legislation, which allows them to participate in joint ventures.

In the US, credit unions have a clear organizational structure. All of them are members of one or another parent union (there are 35 of them in the United States). Parent credit unions are members of U.S. Central Credit Union, which is licensed as a commercial bank in the State of Kansas. The U.S. Central Credit Union may make loans to individual credit unions or their parent organizations and is authorized to borrow funds from the central liquidity authority on behalf of the parent unions.

Thus, within the framework of the parent union system, US credit unions can function as a diversified bank. As mutual lending institutions, credit unions do not have share capital. Their net worth consists of reserves, excess capital and retained earnings. They are required to reserve part of their income as security for active operations. Capital requirements for credit unions in the United States are determined at the national level. At the end of 1998, the equity of US credit unions was 10.9% of total assets (Kidwell, Peterson, Blackwell, p. 520).

In Russia, the activities of credit unions have not yet become sufficiently widespread. Their status at the federal level is determined only by clarifications from the Ministry of Justice. Special Law “On Credit consumer cooperatives citizens (credit consumer unions)" was adopted by the State Duma, but was not put into effect. The League of Credit Unions, created in 1994, in 2000 included about 200 credit unions and 4 regional associations of credit unions.

To savings institutions operating on a contractual basis include insurance companies and pension funds. These financial institutions are characterized by a steady flow of funds from insurance policyholders and pension fund account holders. They have the opportunity to invest in long-term, high-yield financial instruments.

In developed Western countries, insurance companies and non-state pension funds are the most “wealthy” financial institutions, whose assets amount to tens and in some cases hundreds of billions of US dollars.

The activities of insurance companies are subject to strict government regulation and self-regulation. The main direction of regulation is licensing, which provides as a mandatory requirement for compliance with the minimum amount of authorized and reserve capital of insurance companies.

According to classical approaches, there are several categories of non-state pension funds. Funds are divided into open ones, in which any citizen can become a participant, and closed ones. The latter, in turn, are divided into corporate, industry, regional and professional.

Over the past 25 years, pension funds in Western countries have developed most rapidly compared to other financial institutions. The functioning mechanism of pension funds is diverse and constantly being improved. This applies to both private and public pension funds.

Private pension funds use different payment methods. There are both pension plans with defined benefits, i.e. the amount of future pensions is set in advance, and pension plans with fixed contributions, where the amount of pension benefits paid depends not only on the amount of the contribution, but also on the amount of profit received by the fund on the amount of the contribution.

It's not just private pension funds that are diverse in the United States. This fully applies to state pension funds, which are formed within the framework of individual pension programs.

The largest and most socially significant public pension fund in the United States is the Elderly Insurance Fund. The funds of this fund are generated through deductions from the wages of workers on the basis of the Federal Law on Insurance Contributions and at the expense of employers by levying a payroll tax. Pension payments, payments for medical care, and disability benefits are also provided from this fund.

Currently in Russia the majority are closed corporate non-state pension funds. The prospects for the development of non-state pension funds are largely related to the specifics of the pension reform. However, without the inclusion of new pension mechanisms - insurance and funded - it is impossible to imagine a future pension system.

Investment funds operate mainly in the form of closed and open-ended investment companies. In different countries there are also special investment funds with a narrow specialization. For example, in the United States there are Real Estate Investment Entities, which are essentially a type of closed-end investment company that deals exclusively with investments in real estate.

Investment funds accumulate investors' resources and invest them in money market and capital market instruments or specialized assets such as real estate. As a rule, investment funds specialize in long-term investments, issuing financial obligations of various denominations, which allows them to quickly sell and buy financial obligations for which there is already a market, or to redeem their shares (investment units) at their current market price. By taking advantage of reduced fees on large-scale transactions, investment funds enable economies of scale in investment management as well as transaction costs.

An investor who wishes to buy or sell shares of this fund carries out the corresponding transactions in the secondary market. The price per share of the fund is determined based on the relationship between supply and demand.

There are two main ways to value closed-end investment fund shares. First is based on the determination of net asset value per share. This ratio is calculated by dividing the total current value of the fund's assets minus the value of the fund's liabilities by the number of outstanding shares. Second way is based on the market valuation of shares. The market price for closed-end investment companies typically ranges from 5% to 20% below their net asset value.

Although closed-type investment companies were popular, they had and have a significant drawback, namely that the market price could differ significantly from the value of the fund's net assets. The investor could not know the value of the share when selling it, since it depends on market conditions and the prevailing premium on the day of the sale.

This drawback of closed-type investment companies was eliminated when creating open-end investment funds. These funds typically guarantee investors the right to redeem some or all of the investor's shares of net asset value per share on any given day, provided that the investor notifies the fund of its intentions to redeem the shares at a specified time in advance of the scheduled date.

In the United States, mutual investment funds (trusts) have developed significantly. They are used to invest in assets that are bought and sold on the market under a certain set of conditions stipulated in the trust deed. The securities purchased typically include government notes or bonds, corporate and municipal bonds, as well as preferred stock and other money market instruments. Since most securities have a fixed income, the income (income) from an investment trust is easily predictable. Mutual investment trusts are characterized by high stability and minimal risks for investors.

To a group of other financial organizations first of all include financial companies, investment banks, venture and hedge funds. Financial refers to companies that provide short- and medium-term loans, leasing loans to individuals and businesses that do not have the opportunity to obtain such a loan anywhere else. Accordingly, loans are often provided with a high degree of risk. Traditionally, a financial company is engaged in consumer lending. In the United States, financial companies have significantly expanded their lending activities in recent years, and most of their lending activities consist of loans to companies, leasing financing of companies, and factoring operations.

Financial companies receive funds through bank loans, sales of commercial paper and issuance of debt. As a rule, these are institutions with a high share of debt capital (the ratio of debt to equity capital can reach 10).

Finance companies can be created in a variety of legal forms, such as partnerships, proprietorship corporations, publicly traded companies, subsidiaries of commercial bank holding companies, insurance companies, etc. Due to their great flexibility, finance companies have successfully adapt to a rapidly changing external environment.

Investment banks perform direct financing functions in financial markets. They are firms that specialize in helping businesses and governments place their issues. valuable securities in the primary markets to finance investments. After the sale of securities is completed, investment banks also form a secondary market for THESE securities, acting as brokers and dealers.

The activities of an investment bank have little in common with the activities of a commercial bank. Investment banks arose in the United States in accordance with the Glass-Steagall Act, which divided the activities of banks into commercial and investment. It should be noted that the law allows commercial banks to engage in certain transactions with securities, such as guaranteed placements, trading in US government bonds and certain state and local government bonds.

In countries where such legislation does not exist, commercial banks provide investment services in the ordinary course of business. Such banks are called universal. They can accept deposits, issue loans, issue securities, provide insurance, engage in brokerage and dealer activities, etc.

In recent years, US commercial banks have been actively trying to adjust the terms of the Glass-Steagall Act and allow them to carry out certain types of investment activities.

Investment banks in the United States own huge assets and occupy a prominent place in the country's financial system.

The activities of investment banks are primarily related to the performance of issuance, founding and intermediary functions. There is no clear definition of the concept of “investment bank” in Russian legislation. Many Russian commercial banks perform issuing and intermediary functions. At the same time, banks registered as investment banks have licenses to carry out a wide range of commercial banking operations. Nevertheless, it is possible to identify the main types of activities of Russian investment banks. These primarily include: (a) performing the functions of brokers, dealers, and depositories; (b) organizing settlements for transactions with securities; (c) formation of emission portfolios; (d) formation of individual portfolios of securities for individual investors; (e) consulting services on investment issues, searches for investors and investment objects.

The functions of an investment bank in Russia are most fully performed by the Central Bank of the Russian Federation: acts as a dealer, purchasing government securities for its own funds; works as a broker on behalf of the government and ensures the functioning of the secondary market for government securities; performs the functions of a depository, clearing and settlement center, being a specialized organization for accounting, storage and settlement of transactions with government securities; carries out operations to service the public debt; organizes the collection and analysis of information on the securities market, and performs other functions characteristic of investment banks.

In the last decades of the 20th century. venture capital firms appeared. The funds of these companies serve as the main source of equity capital for the organization of new enterprises, primarily in the high-tech industries. Venture capital funds are divided into three groups: private independent funds, corporate affiliates and publicly funded small business investment corporations.

Private independent foundations are usually organized in the form of a limited liability partnership.. In the US, these funds are the largest among venture capital firms. Nearly three-quarters of all venture capital funds in the United States manage between $25 million and $250 million, with the largest managing assets in excess of $1 billion (Kidwell, Peterson, and Blackwell, p. 568).

Activity hedge funds V Lately undergoes significant changes. Traditionally, a hedge fund was a manager that invested both short and long, buying shares (long) and selling borrowed shares (short).

Typically, hedge funds are formed as a limited partnership between the fund manager, who acts as the principal, and investors, who are its passive limited partners. The goals of a hedge fund are to achieve a consistent rate of return above the market average while reducing the risk of loss. To do this, hedge funds form investment pools using a variety of financial models to carry out transactions in financial markets. In the United States, hedge funds had over $300 billion under management in 1998. The performance of hedge funds depends greatly on the investment qualifications of their managers.

In the US, a hedge fund is a private, unregistered investment pool., open to a limited number of accredited investors. An accredited investor is an individual who has a net worth of at least $1 million or income in excess of $200 thousand annually for the last two years, provided that the same income will be provided at the end of the current year. An accredited institutional investor is a financial institution that has a net worth of at least $5 million.

Hedge funds- very flexible investment structures that use a variety of financial instruments, show considerable latitude in choosing and changing investment strategies and have few restrictions in implementing these strategies. At the same time, the activities of these funds are associated with high risks. An example of this is the situation with Long Term Capital Management (LTCM). The company was founded in 1994, and by 1998, with just $4 billion in share capital, it managed more than $200 billion in capital.

The August 1998 crisis in Russia contributed to the fact that the yield on US Treasury securities fell sharply and the spread between the yield on corporate and government bonds increased significantly. For a fund with more leverage, this scenario turned out to be disastrous. He lost 40% of his capital in August 1998 alone. Only thanks to the intervention of the US Federal Reserve System was the company saved through injections
in the amount of $3.7 billion (Kidwell, Peterson, Blackwell, p. 572). High risks hedge funds result in high fees for hedge fund managers, which can reach up to 20% of the fund's profits.

Features of finance of commercial organizations and factors that determine them

The primary distribution of the value of gross domestic product (GDP) occurs in the sphere of finance of business entities and primarily with the help of finance of commercial organizations, i.e. this element can be considered as the initial one for the entire financial system.

Article 34 of the Constitution of the Russian Federation guarantees the right of citizens to use their abilities and property to carry out business and other economic activities.
Entrepreneurial activity is recognized as independent activity carried out at one's own risk, aimed at systematically obtaining profit from the use of property, from the sale of goods, performance of work or provision of services (Article 2 of the Civil Code of the Russian Federation). Entrepreneurial activity can be carried out by legal entities, as well as individuals without forming a legal entity .

In conjunction with civil legislation (Article 50 of the Civil Code of the Russian Federation), the main purpose of creating and operating a commercial organization as a legal entity will be to generate profit, which determines the content of its financial relations with other entities. Commercial organizations enter into a variety of financial relationships:

• with other organizations and individuals: regarding the attraction and receipt of sources for the formation of financial resources (raising funds on an equity and debt basis, receiving insurance compensation and other income in the order of redistribution: interest, dividends, the amount of financial sanctions for violation of contractual obligations, etc.); regarding the use of financial resources (allocation of financial resources into various assets; distribution of profits between owners; use of financial resources for charitable and other social purposes);
• with the state and municipalities: regarding the fulfillment of obligations by a commercial organization to budgets of various levels and state extra-budgetary funds (tax and non-tax payments), as well as the receipt of budget funds by a commercial organization within the framework of state financial support;
• with employees of the organization regarding payments made from profits (bonuses, loans for the purchase of housing, durable goods, etc.)

Finance of commercial organizations- ϶ᴛᴏ a system of relations associated with the formation and use of financial resources of commercial organizations in order to ensure their activities and resolve issues of a social nature.

The following principles of organizing finance in the field of commercial activity can be distinguished:

1. obtaining and maximizing enterprise profits;
2. optimization of sources of financial resources;
3. ensuring the financial stability of commercial organizations, incl. use of various mechanisms to protect against business risks (insurance, hedging, creation of financial reserves);
4. creating investment attractiveness;
5. responsibility for the management and results of financial economic activity. The material was published on http://site

These principles are determined by the main goal of a commercial organization - making a profit, as well as the desire of any business entity not only to maintain, but also to expand its participation in the market.

Commercial organizations operate in different areas: material production, trade and sales activities, provision of services, incl. informational and financial. Let us note the fact that in modern conditions, in order to reduce business risks, organizations are diversifying the areas of their activities, inter-industry mergers are taking place within the framework of integration processes, but the influence of the industry factor on the finances of commercial organizations in the Russian Federation remains. This is due to the fact that, according to Russian legislation, certain types of commercial activities are prohibited from being combined with other types of activities: for example, insurance companies cannot provide banking services, carry out production and trading operations, etc.; in some cases, specializing in one type of activity can give the greatest effect.

Industry factors that influence the specific organization of finance will be the seasonality of production, the duration of the production cycle, the peculiarities of the turnover of production assets, the degree of risk of entrepreneurial activity, etc. For example, agriculture (especially crop production) is characterized by the influence of natural and climatic factors on the production process, which determines its seasonal nature and the high need for insurance protection. In these conditions, the attraction of borrowed funds for the formation of financial resources, the creation of reserve funds and insurance play an important role. It is worth saying that construction, as well as certain industries with a long production cycle (for example, shipbuilding), is characterized by the presence of large volumes of work in progress, which also determines the need to generate financial resources through borrowed funds.

Natural and climatic factors can predetermine the receipt of rental income in relatively favorable business conditions (extractive industries). As a rule, in these conditions in many countries, income equalization within one industry is carried out on the basis of rental payments to the budget.

Industries with a relatively low level of profitability (agriculture, housing and communal services) have limited opportunities in expanding sources of financial resources, incl. through the issue of securities.

For industries with a high degree of occupational risk for workers (coal, chemical, gas industries, etc.), higher rates for social insurance against industrial accidents and occupational diseases are provided.

Finally, high degree risk is also inherent in the activities of financial intermediaries (insurance companies, credit organizations), which determines higher requirements for the amount of equity capital, the creation of specific financial reserves and the use of other mechanisms to ensure financial stability (for example, for insurance companies - reinsurance)

Industry factors also determine the size of a commercial organization. Thus, the steel industry, mechanical engineering and other branches of heavy industry usually involve large-scale enterprises, and trade, consumer services, and innovation activities are traditionally carried out through medium and small businesses. Based on all of the above, we come to the conclusion that industry characteristics can predetermine the organizational and legal form of a commercial organization, and, in turn, is another factor influencing the financial mechanism of the organization.

The organizational and legal form of a legal entity is established by the Civil Code of the Russian Federation (Chapter 4 Financial planning and forecasting) Based on Art. 50 of the Civil Code of the Russian Federation, legal entities that are commercial organizations can be created in the form of business partnerships and societies, production cooperatives, state and municipal unitary enterprises. Various organizational and legal forms determine the features of the formation of financial resources at the time of creation of the organization, distribution of profits, financial responsibility of founders and participants.

Thus, financial resources at the time of creation of joint-stock companies are formed from funds received from the placement of shares; partnerships and cooperatives - from the placement of shares; unitary enterprises - at the expense of budget funds. It is worth saying that business companies have the opportunity to attract financial resources by placing debt securities.

The organizational and legal form influences the features of profit distribution: in joint stock companies, part of the profit is distributed in the form of dividends among shareholders; the profit of unitary enterprises can go to the budget not only in the form of tax, but also non-tax payments (unless the owner makes a different decision); in production cooperatives, part of the entrepreneurial income (profit) is distributed among the members. All commercial organizations traditionally form reserves through deductions from profits, but for joint-stock companies it is legally established minimum size reserves (at least 15% of the authorized capital), the amount of contributions to the reserve fund (at least 5% of net profit) and the direction of its use (covering losses, repaying company bonds and repurchasing shares in the absence of other sources) Production cooperatives deduct part of business income to indivisible fund.

In general, the finances of commercial organizations as a link in the financial system, regardless of organizational, legal and industry characteristics, have the following features:

• financial resources are owned by commercial organizations (with the exception of unitary enterprises);
• financial management of a commercial organization is focused on achieving its main goal - making a profit;
• limited government regulation of the finances of commercial organizations compared to other parts of the financial system. State regulation of the formation and use of financial resources of commercial organizations is associated with the determination of tax obligations, as well as obligations arising from the possible use of budget funds (subsidies, subventions, state and municipal orders, budget investments, budget loans)

Sources and types of financial resources of commercial organizations

Financial resources of a commercial organization are the totality of cash income, receipts and savings of a commercial organization used to support its activities, develop the organization or maintain its place in the market, as well as to solve certain social problems.

Sources of financial resources when creating a commercial organization. At the time of creation of a commercial organization, the following are formed: authorized capital (share capital - for partnerships, mutual fund - for production cooperatives, authorized capital - for a unitary enterprise) through contributions from the founders. The authorized (share) capitals of partnerships and limited liability companies are divided into shares, the authorized capitals of joint-stock companies - into shares; However, they are formed through contributions from founders and participants for the acquisition of these shares and shares. The authorized capital can be paid in cash and other property. Certain types of activities provide for legal regulation of the share of the authorized capital in monetary form (for example, banking activities). The mutual fund of a production cooperative is formed from shares of participants, which can also be in monetary and non-monetary form. The authorized capital of a unitary enterprise is formed through capital expenditures of the budget at the current level, as well as the direct transfer of buildings, structures, equipment, and land plots. Under this Russian legislation, joint participation of the Russian Federation, a constituent entity of the Russian Federation, or a municipality in the creation of one enterprise is prohibited. It is the monetary part of payment for the authorized capital (share capital, authorized or share fund) that is considered as sources of financial resources at the time of creation of the organization.

Sources of financial resources in the process of functioning of a commercial organization.

1. The main source of formation of financial resources of a commercial organization will be revenue from the sale of goods (works, services) related to the statutory activities of the organization. Increasing revenue from product sales is one of the main conditions for the growth of financial resources of commercial organizations. Such an increase can be determined by an increase in the production and sales of goods (works, services), as well as an increase in prices and tariffs. In conditions of competition and elastic demand, traditionally the relationship between these two factors is inversely proportional: raising prices can lead to a reduction in sales volume, and vice versa. It is worth saying that in order to maximize profits, a commercial organization is forced to look for the optimal relationship between price and production volume. The structure of sales revenue is determined by labor productivity, labor and capital intensity of production, and the availability of modern technologies that allow the economical use of various types of resources.

2. The activities of a commercial organization are also related to the sale of property, when morally (sometimes physically) obsolete equipment and other property are sold at residual value, and stocks of raw materials and supplies are sold. The share of this source in the total amount of sources of financial resources of a commercial organization depends on many factors: the type of activity of the organization (for example, high-tech, knowledge-intensive production requires constant updating of equipment), the specific situation (the organization can sell part of the property to pay off accounts payable) Today, in conditions of constant improvement information technologies, almost all organizations update computer equipment and software for it, selling retiring assets.

3. In the course of its activities, a commercial organization receives not only revenue from sales, but also non-operating income. Such income includes: receipts related to the provision for temporary use of funds and other property for a fee (including interest on loans provided by the organization, interest on bank deposits, etc.); proceeds related to participation in the authorized capitals of other organizations (including interest and other income on securities); profit received as a result joint activities under a simple partnership agreement; fines, penalties, penalties for violation of contract terms; proceeds to compensate for losses caused to the organization (including insurance compensation); profit of previous years identified in the reporting year; amounts of accounts payable and depositors for which the statute of limitations has expired; exchange rate differences on transactions in foreign currency; the amount of revaluation of assets.

Non-operating income of different organizations does not match in composition. For example, if in the charter of one organization the leasing of property is recognized as a statutory activity, then the resulting rent receipts will be taken into account as sales revenue. If rental activities are not provided for in the organization’s charter, then the receipt of rent is classified as non-operating income.

Factors influencing the share of non-operating income in the sources of financial resources of a commercial organization will be the degree of differentiation of its assets, the profitability of investments in these assets, the degree of reliability of economic relations with suppliers and customers, etc. In conditions of frequent violation of obligations by transaction partners, the organization can receive significant amounts fines, penalties, penalties provided for in these agreements. It is worth saying that the completeness of receipt of financial sanctions also depends on the qualifications of the organization’s legal service in the preparation of final contracts, as well as, if necessary, during legal proceedings.

4. Let us note the fact that in modern conditions, part of the financial resources of a commercial organization is attracted through its participation in the financial market as a borrower and issuer. It is important to note that one of the most important values ​​of the financial market is expanding the capabilities of business entities in choosing sources of financial resources.

An operating commercial organization (joint stock company) can raise funds on the financial market through additional issue of shares. Recently, among the largest Russian issuers (Gazprom, Gazinvest, Sibneft, MTS, Wimm-Bill-Dann, Alfabank, Sberbank, etc.), the practice of raising funds on a debt basis has become widespread - by issuing bonds (so-called “corporate bonds”). or long-term bills. In this regard, it should be borne in mind that the additional issue and issuance of debt securities are aimed not only at national, but also at foreign investors (many of the above-mentioned issuers issue securities denominated in foreign currencies, which are quoted on the world's largest stock exchanges)

The high loan interest rate and strict collateral requirements make bank loans inaccessible to many commercial organizations as a source of financial resources.
It is worth noting that the situation is especially difficult for small and medium-sized enterprises. Today, several programs are in place (including within the framework of a loan from the European Bank for Reconstruction and Development) to ensure the availability of bank loans for small and medium-sized businesses. It is important to note that, however, with all this, the source of formation of financial resources is insignificant in volume for small and medium-sized enterprises.

Raising funds on the financial market of a commercial organization is traditionally associated with the implementation of its large investment projects, incl. with the expansion of the organization's activities.

The significance of the sources of financial resources of a commercial organization related to the functioning of the financial market is determined by the investment attractiveness of this organization, its organizational and legal form (raising funds from all segments of the financial market is possible only by a joint-stock company), and the level of profitability in the financial market. Commercial organizations also take into account that with the growth of borrowed sources of financial resources, the risk of insolvency and, consequently, loss of financial stability increases.

5. Funds from budgets go to commercial organizations as part of state support for their activities (see Chapter 5 of the textbook Financial regulation of socio-economic processes) In the conditions of market transformations, the share of budget funds in the sources of financial resources of enterprises has decreased significantly. It is important to note that, however, with all this, commercial organizations can receive budget funds in the form of subventions and subsidies, investments, budget loans from budgets of different levels. The provision of budget funds to commercial organizations is strictly targeted and traditionally carried out on a competitive basis. Sometimes budget funds are difficult to allocate from other sources of financial resources of a commercial organization. Thus, budget funds received in the form of payment for a state or municipal order are reflected as sales revenue.

6. Financial resources can be generated from proceeds from the main (“parent”) companies, the founder (founders). In the process of functioning of a commercial organization, it may receive funds from the founder (founders), for example, when making a decision to increase the authorized capital. In holdings and financial and industrial groups, the redistribution of funds is usually systematic and complex: from the parent company to other participants, and vice versa, as well as between participants. The functioning of inter-industry and intra-industry R&D funds is also based on the redistribution of funds between organizations participating in the creation of such funds.

The structure of all sources of formation of financial resources of commercial organizations in the Russian Federation is shown in Fig. 7.1. These diagrams indicate that, with a wide variety of such sources, the largest share is occupied by revenue from sales of products (works and services)

Due to the listed sources, the following forms and types of financial resources of a commercial organization are formed: cash income; cash savings; cash receipts.

1. Cash income commercial organization - ϶ᴛᴏ:

• profit from the sale of goods (works, services);
• profit from the sale of property, the balance of non-operating income and expenses.

Figure No. 7.1. Structure of sources of formation of financial resources of commercial organizations

Profit from the sale of goods (works, services) is defined as the difference between the proceeds from sales (reduced by the amount of value added tax, excise taxes and other similar taxes) and the costs of producing goods (works or services). Let us note the fact that in modern financial statements distinguish between gross profit (revenue from sales “minus” costs without management and commercial expenses) and profit (loss) from sales (including management expenses):

1. Sales proceeds (minus VAT, excise taxes and other similar payments)
2. Cost of goods (works or services) sold (excluding administrative and commercial expenses)
3. Don't forget that gross profit (page 1 - page 2)
4. Administrative and commercial expenses
5. Profit (loss) from sales (page 3 - page 4)

Profit from the sale of property is defined as the difference between the proceeds from the sale of property and the costs associated with such sale.

Finally, the balance (profit or loss) on non-operating transactions is defined as the income received from such transactions, reduced by the costs associated with their implementation.

Profit will be the most important indicator of the financial and economic activity of the organization; analysis of its absolute value, dynamics, relationship with costs or sales revenue is used to assess the financial condition of the organization, incl. when making decisions about investments, bank loans.

2. Cash savings as a form of financial resources, they are represented by depreciation, reserve and other funds formed from the profits of previous years.

As is known, the cost of fixed assets and other depreciable property is transferred to the cost of newly created products (goods, services) gradually, accumulating for their further reproduction. This process is accompanied by regular depreciation charges. There are several ways to calculate depreciation. It is worth saying that the following methods are used for accounting:

• linear;
• reducing the balance;
• write-off of cost based on the sum of numbers of years of useful life;
• write-off of cost in proportion to the volume of work (services) produced

For tax purposes, depreciable property is combined into ten groups depending on the useful life (Article 258 of the Tax Code of the Russian Federation). For buildings, structures, transmission devices, the useful life of which is 20 years and above, the linear method of calculating depreciation is applied. For other fixed assets, for tax purposes, a commercial organization has the right to choose the depreciation method between linear and non-linear. In relation to individual items of depreciable property, correction factors (2-3) may be applied (Article 259 of the Tax Code of the Russian Federation)

Based on all of the above, we come to the conclusion that the share of cash savings associated with depreciation in the composition of financial resources is determined by the cost and type of depreciable property, the time of its operation, and the chosen methods of calculating depreciation.

The relationship between profit (as the total profit from the sale of goods (work, services), profit from the sale of property and the balance of non-operating income and expenses) and depreciation as the main types of financial resources of a commercial organization is clearly shown in Fig. 7.2.

Figure No. 7.2. Structure of the main types of financial resources of commercial organizations

Due to deductions from profits, a commercial organization can form reserve funds: to pay off debt obligations, to compensate for damage that occurred as a result of unforeseen events (see Chapter 3 of the textbook Financial Management) Note that the term “fund” in this case is conditional name, since accumulation usually does not occur in a separate bank account, but by maintaining or increasing the non-declining balance of funds in the main account (or main accounts) of the organization.

3. Cash receipts act in the form of budget funds; funds raised on the financial market; funds received through redistribution from the main (“parent”) company, from a higher organization, due to intra- and inter-industry redistribution.

Directions for using financial resources

Since the main task of a commercial organization will be to maximize profit, the problem of choosing the direction of using financial resources constantly arises: investments to expand the main activities of a commercial organization or investments in other assets. As is known, the economic significance of profit is associated with obtaining results from investments in the most profitable assets.

The following main directions for using the financial resources of a commercial organization can be identified:

• Capital investments.
• Expansion of working capital.
• Carrying out research and development work (R&D)
• Paying taxes.
• Placement in securities of other issuers, bank deposits and other assets.
• Distribution of profits between the owners of the organization.
• Stimulating employees of the organization and supporting their family members.
• Charitable purposes.

If the strategy of a commercial organization is related to maintaining and expanding its position in the market, then capital investments are required (investments in fixed assets (capital)). Capital investments are one of the most important areas for using the financial resources of a commercial organization. In Russian conditions, it is very important to increase the volume of capital investments due to the need to update equipment, introduce resource-saving technologies and other innovations, since the percentage of not only moral, but also physical wear and tear of equipment is very high.

The unfavorable situation in the Russian Federation in the field of investments in the real sector of the economy (as capital investments in production sectors of the economy are called) is caused by the following reasons:

• high inflation rates characteristic of the 1990s did not allow enterprises to fully carry out the expanded reproduction of fixed assets, since sales proceeds due to differences in prices traditionally did not even cover the costs of raw materials, materials, and fuel;
• external investors invest exclusively in those sectors that provide quick returns (trading activities, raw materials industries, production of building materials)

Investments in fixed assets of a commercial organization are made from the following sources: depreciation, profit of a commercial organization, long-term bank loans, budget loans and investments, proceeds from the placement of shares on the financial market, proceeds from the placement of long-term securities. Bank credit will not be the main source for investment in fixed assets, since for credit institutions issuing long-term loans, it is extremely important to maintain liquidity to have liabilities of the same terms and amounts. Limited budget funds also do not allow us to consider budget revenues as an important source of capital investment. Due to the insignificant capacity of the Russian financial market, only a small number of commercial organizations can attract financial resources for capital investments in the financial market. Except for the above, an additional issue of shares is fraught with the danger of losing control over the management of the organization. Consequently, among the sources of capital investments, the main ones at present for Russian commercial organizations will be profit and depreciation.

In addition to the expanded reproduction of fixed assets, part of the organization's profit can be used to expand working capital - the purchase of additional raw materials. It is worth saying that for this purpose short-term bank loans can also be attracted, funds received through redistribution from the main (“parent”) company, etc. can be used.

It is important to know that the participation of a commercial organization in scientific research is of great importance for business development. It is appropriate to note that the experience of foreign countries shows that organizations that carry out innovations are less susceptible to the risk of bankruptcy and ensure a high level of profitability. The material was published on http://site
Consequently, part of the profit of a commercial organization, as well as funds received through targeted financing (for example, budget funds), can be intended for research and development work (R&D)

In domestic literature, the non-monetary form of fixed and working capital is traditionally called ϲᴏᴏᴛʙᴇᴛϲᴛʙgenerally fixed and working capital.

As already noted, deductions from profits can be directed to industry and inter-industry R&D funds. It must be remembered that such deductions reduce the tax base for income tax.

Profit as monetary income of a commercial organization is subject to taxation. It is worth saying that in order to determine the taxable base for the income tax of an organization, income from the sale of goods (work, services) and property rights, as well as non-operating income, is reduced by the actual expenses incurred. Taxable income includes only income accepted for tax purposes. Income that is not taken into account when determining the tax base (for example, income in the form of targeted financing) is not subject to taxation. Similarly, expenses are divided into: a) reducing the tax base and b) made from profits remaining at the disposal of the organization. Today it is possible to carry forward losses to future periods. Based on all of the above, we come to the conclusion that in practice a situation is possible when, although a commercial organization has profits according to financial statements, it may not have taxable profits according to tax accounting data.

Russian tax legislation sets the corporate income tax rate at 24% (for non-residents - 20%); for income in the form of dividends - 6% (for non-resident organizations on Russian securities and resident organizations on securities of foreign issuers - 15%); for income from state and municipal securities issued after January 20, 1997 - 15%. In general, we can talk about a relatively low income tax rate (for comparison: in Germany the maximum corporate income tax rate is 50%). It is extremely important to note that the introduction of Chapter 25 of the Tax Code of the Russian Federation “Organizational income tax” implies a reduction in tax benefits provided for by previous legislation.

Small enterprises can switch to a simplified taxation system, which replaces the payment of corporate income tax, corporate property tax and unified social tax with a single tax. The object of taxation is either income received (they are taken into account in the same way as when determining the taxable base for corporate income tax), or income reduced by expenses. In the first case, the tax rate is 6%, in the second - 15%.

If the activities of a small enterprise are subject to a single tax on imputed income in a constituent entity of the Russian Federation, then the enterprise is obliged to switch to paying such a tax, the rate of which is 15%. The single tax on imputed income also replaces the corporate income tax, corporate property tax, and the single social tax. Organizations producing agricultural products can switch to paying a single agricultural tax (agricultural tax). The mechanism for its application is similar to the single tax under a simplified taxation system.

For further savings, a commercial organization can invest not only in its own production, but also in other assets. Such assets may be shares in the authorized capital of other organizations (including shares of other issuers); debt securities (bonds, bills, including state and municipal securities); bank deposits; transfer of funds to other organizations on the basis of loan agreements; acquisition of property for further leasing, etc. These investments can vary in terms of duration: from several hours (such services are offered by banks for short-term investments) to several years. The structure of investments by terms is determined by the structure of the organization's obligations by terms; in this case, it is impossible to place resources in long-term assets while having short-term obligations.
It is worth noting that the main principles for the placement of temporarily available financial resources will be the liquidity of assets (they should easily be converted into means of payment at any time) and diversification (in market conditions of unpredictability of investments, the greater the likelihood of saving funds, the larger the set of assets in which investments are made)

It is important to note that one of the main differences between commercial organizations and non-profit organizations is essentially that the profit received by commercial organizations is distributed among the owners of the organization. Joint stock companies pay dividends to owners of common and preferred shares; partnerships and limited liability companies distribute profits based on their share of participation in the authorized (warehouse) capital. The profit of unitary enterprises, unless the owner makes a different decision, can come in the form of non-tax revenues to the current budget. The size and regularity of dividend payments on shares and equivalent payments, along with other factors, determine the investment attractiveness of a commercial organization.

The financial resources of a commercial organization can be a source of expenses associated with stimulating employees and supporting their family members. At the expense of profits, many organizations currently not only pay bonuses to employees, but also pay expenses for education, healthcare, and health-related services ( GYM's, sanatoriums, etc.), purchase housing; make additional payments to state benefits for children; conclude agreements on voluntary medical insurance for employees and members of their families, and additional pension benefits. Thus, among non-state pension funds, the largest share in terms of the size of pension reserves and additional pensions is occupied by the so-called corporate funds created by a commercial organization or related commercial organizations.

Financial resources of organizations (profits, revenues) can currently also be used for charitable purposes. Funds are transferred to orphanages, boarding schools, healthcare institutions, directly to individual citizens, and support is also provided to cultural, art, scientific and educational institutions. Considering the main goal of the activities of commercial organizations is to extract maximum profit, this type of use of financial resources cannot be large-scale. It is important to note that, however, with all this, many social service institutions, theaters, museums, and educational institutions receive funds from large commercial organizations.

Features of financial management of commercial organizations

Financial management of a commercial organization is the process of creating a financial mechanism for organizing its financial relations with other entities. It is worth noting that it includes the following main elements:

• financial planning;
• operational management;
• financial control.

1. Financial planning. When developing financial plans for a commercial organization, the planned costs of the activities carried out are compared with the available opportunities, and directions for effective investment of capital are determined; identification of on-farm reserves for increasing financial resources; optimization of financial relationships with counterparties, the state, etc.; the financial condition of the enterprise is monitored. The need for financial planning of a commercial organization can be caused not only by the internal need for effective management of financial resources, but also by the external one - the desire of creditors and investors to have information about the profitability of upcoming investments.

A variety of methods are used to draw up financial plans and forecasts for a commercial organization:

• normative,
• economic and mathematical modeling,
• discounting, etc.

The normative method can be used in estimating future tax liabilities and the amount of depreciation charges. It is appropriate to note that optimization of sources of financial resources and assessment of the influence of various factors on their possible growth are carried out using the method of economic and mathematical modeling. When making long-term decisions, the discounting method is used, which involves assessing the future return on investments and the impact of inflationary factors on it.

A market economy is characterized by uncertainty, so the most difficult thing when developing financial plans and forecasts for a commercial organization will be the assessment of possible risks. When managing risks, it is extremely important to identify, classify, assess their size and impact on decisions made, and determine possible measures to reduce risk (insurance, hedging, creating reserves, diversification). Today, standard methods for assessing risks in various fields of activity and development exist and can be widely used mechanisms for their minimization.

A specific feature of financial planning for a commercial organization will be the absence of any mandatory forms of financial plans and forecasts. Requirements for the composition of indicators of financial plans and forecasts can be determined by: management bodies of commercial organizations (for example, a meeting of shareholders of a joint-stock company); the body that regulates the securities market and determines the composition of the information presented in the prospectus; credit institution. However, different credit institutions have different forms of technical justification for a loan application, which reflect forecast financial indicators.

Today, the process of developing financial plans and forecasts for a commercial organization is commonly called budgeting. When budgeting, financial plans are developed and linked to each other:

• cash income and expenses of the organization (financial plans of enterprises were traditionally developed in the form of a balance of income and expenses);
• assets and liabilities (balance sheet forecast traditionally linked to the timing of liabilities and investments);
• cash flows (in a centrally planned economy, such financial plans were called a cash plan, which reflects cash receipts and upcoming expenses in cash, and a payment calendar (an assessment of upcoming receipts and payments in non-cash form))

The balance of cash income and expenses as the main financial plan of a commercial organization traditionally contains four sections:

1. income;
2. expenses;
3. relationship with the budget system;
4. settlements with credit institutions.

Forecasts of income and expenses, assets and liabilities, and cash flows may be contained in the business plan of a commercial organization. A business plan demonstrates the strategy of the financial and economic activities of the organization; on its basis, creditors and investors make decisions about providing it with funds. The financial part of the business plan contains the following calculations: forecast of financial results; calculation of the need for additional investments and the formation of sources of financing; discounted cash flow model; calculation of the profitability threshold (break-even point)

2. Operational management. It is important to know that analysis of the implementation of financial plans and forecasts is of great importance for managing the finances of a commercial organization. In this case, it is not always a mandatory condition that the planned financial indicators be actual. Of greatest importance for effective management is identifying the reasons for deviations from planned (forecast) indicators. Data on the actual implementation of financial plans is analyzed not only by special divisions of the organization, but also by the management bodies of a commercial organization.

To take operational management decisions on financial issues, it is important for the organization’s management not only to have financial plans and forecasts, but also to receive extensive information about the state of the financial market, financial condition counterparties for transactions, possible changes in market conditions, tax reform. In large organizations, special analytical centers are created to collect such information. A commercial organization can also buy such information - in particular, analytical reviews on financial markets will be one of the services of modern commercial banks. Consulting services that influence financial decision-making can also be provided by audit firms.

Commercial organizations resort to the services of management companies and other participants in the securities market when placing financial resources in securities, placing their own securities on the market, carrying out cash and forward transactions in various segments of the financial market.

A credit institution traditionally acts as the parent company in a financial-industrial group, ϲᴏᴏᴛʙᴇᴛϲᴛʙthe financial management functions of all organizations included in this group, to a greater extent concentrated on her. The parent company of a financial-industrial group optimizes financial flows between participants, manages risks, and determines the strategy for allocating financial resources of organizations included in the group.

3. Financial control. State financial control over commercial organizations of non-state forms of ownership is limited to issues of fulfillment of tax obligations, as well as the use of budget funds, if the commercial organization receives such funds as part of state assistance. It is important to know that internal financial control, as well as audit control, are of great importance for the effective financial management of a commercial organization.

On-farm financial control can be carried out by special units created in commercial organizations that carry out inspections and analysis of documents. On-farm financial control also occurs in the process of approval by the head of the organization (heads of departments) of documents formalizing financial and business transactions. Commercial organizations included in holdings and associations are inspected by parent (“parent”) companies, which also have special control services.

To obtain reliable information about the financial condition of a commercial organization and identify existing reserves, its management can initiate an audit and survey. Certain types of activities, organizational and legal forms, high levels of assets and revenue from sales of products (works, services), participation of foreign capital require a mandatory audit report on the reliability of the financial statements of a commercial organization. Based on all of the above, we come to the conclusion that audits of a commercial organization can be both proactive and mandatory.

A feature of the internal and audit control of a commercial organization will be its focus on assessing the effectiveness of management decisions made, as well as identifying reserves for the growth of financial resources.

Based on all of the above, we come to the conclusion that financial management of a commercial organization includes management elements similar to other parts of the financial system, but with this there are specifics of financial planning, operational management and organization of financial control.

Control questions

1. Name the main groups of relations that determine the finances of commercial organizations. Define the finances of commercial organizations.
2. What are the principles of organizing finance in commercial activities?
3. What factors influence the financial mechanism of a commercial organization?
4. Define the financial resources of a commercial organization.
5. Indicate the sources of formation of financial resources of a commercial organization.
6. Name the types of financial resources of a commercial organization.
7. For what purposes can the financial resources of a commercial organization be used?
8. What is the dilemma in choosing directions for using the financial resources of commercial organizations?
9. What are the specifics of financial planning for a commercial organization?
10. What are the features of control over the financial activities of a commercial organization?

Tasks for independent work

1. Make a table reflecting the influence of industry, organizational and legal factors on the features of the financial mechanism of various commercial organizations.
2. Using the example of financial statements of a specific commercial organization, determine the structure of sources and types of financial resources. Give possible reasons for this structure.
3. Name what decisions a commercial organization can make regarding the use of financial resources when profitability in financial markets increases.
4. Formulate special principles for managing the finances of a commercial organization.

1.6. financial market

Modern understanding of the nature of the financial system is not limited to reducing it to superficial forms of accumulation, distribution and redistribution of financial flows. The financial system is a certain institutional arrangement that ensures the transformation of savings into investments and the choice of directions for their subsequent use in the productive sector of the economy.

The distribution of resources is carried out by financial markets and financial institutions that perform various intermediary services.

For a modern market economy, the financial market is the “nerve center” of the economy. This is an extremely complex structure with many participants - financial intermediaries operating with various financial instruments and performing various functions in servicing economic processes and management.

In its most general form, the financial market can be defined as

set of economic relations arising between its

participants regarding the purchase and sale of financial instruments

and financial services. It should be noted that the concept of the financial market as such is not enshrined in the legislation of the Russian Federation (hereinafter referred to as the legislation of the Russian Federation). The latter contains only the concept of “financial services market”. Yes, Art. 3 of the Federal Law dated

June 23, 1999 No. 117-FZ “On the protection of competition in the financial services market” defines the financial services market as “the sphere of activity of financial organizations on the territory of the Russian Federation or

its part, determined based on the place of provision of financial

services It is clarified that “a financial service is

This is an activity related to the attraction and use of funds from legal entities and individuals, namely: carrying out banking operations and transactions, providing insurance services and services on the securities market, concluding financial lease agreements (leasing) and agreements on trust management of funds or valuables securities, as well as other financial services.” Thus, the financial market mediates the set of economic relations that arise between its participants regarding the purchase and sale of financial instruments and financial services.

The financial market is an extremely complex system in which money and other financial assets and obligations of market participants have become isolated from their material basis and have acquired the ability to circulate independently.

The essence of the financial market is revealed by the functions that it performs in economic system(Fig. 1.8).

In general, all functions of the financial market can be divided into general market and specific. General market ones are inherent in any market as a kind of organizing principle. The content of specific functions is determined by those features that the financial market has in relation to the markets for products, goods, non-financial services, etc. Let's look at the functions of the financial market in more detail. First - general market ones, then - specific ones.

The general market functions of the financial market include the following.

Pricing. It is implemented by concentrating the demand for financial services and instruments, on the one hand, and their supply, on the other. This ensures the process of formation of market prices for individual financial instruments and services that most objectively reflect the relationship between supply and demand.

The market pricing mechanism complements government pricing and is subject to certain government regulation.

Market intermediation between sellers and buyers of financial instruments and services. A number of special financial intermediaries operate on a professional basis in the financial market,

carrying out and facilitating interaction between sellers and buyers. At first glance, it may seem that direct interaction between sellers and buyers is more profitable from a financial point of view

vision. However, in developed economies this is not the case. For sellers on

financial market, due to special financial intermediaries, financial and other risks are reduced, the search for suitable

buyers, providing solutions to liquidity problems. For buyers, the advantages of having financial intermediaries are expressed, firstly, in solving the problem of finding buyers; Secondly,

financial intermediaries transform the timing and volume of provision of financial instruments and services, filling the gap between the liquidity preferences of sellers and buyers; thirdly, thanks to a decrease in financial and other

risks, the cost of financial instruments and services themselves becomes cheaper.

Optimization of transaction costs. Optimization is achieved through the so-called economies of scale, as well as through the concentration of financial transactions and a large number of transactions carried out in the organized sector of the market, standardization

certain types of contracts, etc.

Ensuring asset liquidity. In a market economy, the overwhelming majority of financial assets of enterprises, the state and other economic entities are sold through a system of various financial market institutions. In the process of this free sale, it becomes possible to convert a variety of financial assets directly into cash.

Specific functions Transfer of savings of economic agents from an unproductive form to a productive one. Free capital, in the form of savings of the state, enterprises and households, is involved through the financial market mechanism by its individual participants for subsequent effective use in the country's economy.

Redistribution of accumulated free capital between its final consumers. The mechanism of functioning of the financial market ensures the identification of the volume and structure of demand for individual financial assets and its timely satisfaction in the context of these categories of consumers who temporarily need to attract capital from external sources.

Ensuring the most efficient use of free capital. The mechanism of the financial market assumes that the final directions of use of free capital are predetermined primarily from the standpoint of ensuring a high level of profitability. In other words, free capital is redistributed by the market itself into the most efficient sectors of the economy.

Insurance (hedging) of price and financial risks of market participants. The financial market has developed its own mechanism for insuring price and financial risks through a system of special financial instruments. This mechanism, in conditions of instability in financial and commodity markets, allows us to minimize the financial and commercial risk of sellers and buyers of financial assets and real goods associated with changes in their prices. In addition, classic insurance services have become widespread in the financial market system.

Financing the budget deficit on a non-inflationary basis. By releasing individual financial market instruments into circulation, the state as an economic entity has the opportunity to influence the composition and volume of the money supply in the country, redistributing its structure between certain monetary aggregates. Thus, the state receives financial resources to implement its functions and programs, without actually resorting to additional emission of funds.

Change and redistribution of ownership rights to individual assets. These processes become possible thanks to the purchase and sale on the financial market of various financial instruments that fix the title of property.

Optimization of capital turnover. By ensuring the mobilization, distribution and effective use of free capital, satisfying the needs of individual economic entities in the shortest possible time, the financial market helps to intensify economic processes, accelerate the turnover of capital used, each cycle of which generates additional profit and an increase in national income.

The concept of “financial market” is to a certain extent collective and generalized. In actual practice, it characterizes an extensive system of individual types of financial markets, depending on one or another classification criterion that serves as the basis for differentiation (Fig. 1.9).

on a regional basis

local market

regional market

national market L world market

according to the urgency of transactions

b spot market L derivatives market

according to the terms of circulation of financial instruments h primary market L secondary market

DIFFERENTIATION OF FINANCIAL MARKETS ACCORDING TO CLASSIFICATION CHARACTERISTICS

■ by type of circulating assets

credit market

stocks and bods market

currency market

gold market

and precious metals insurance market

by period of existence and circulation periods of financial instruments

Money market

Capital market

by degree of organization [organized market L unorganized over-the-counter market

Rice. 1.9. Classification of financial markets

Loan capital market (or credit market). A market in which the object of purchase and sale are free credit resources and financial instruments servicing them, the circulation of which is carried out on the principles of repayment and payment.

Stocks and bods market. The objects of purchase and sale in this market are all types of securities issued by the state, enterprises and financial institutions. In countries with developed economies, the securities market is the most extensive type of financial market in terms of the volume of transactions performed and the variety of financial instruments traded on it.

Currency market. A market in which the object of purchase and sale is foreign currency and financial instruments servicing transactions with it. It allows you to satisfy the needs of business entities in foreign currency to carry out foreign economic transactions, ensure the minimization of associated financial risks, and establish the real exchange rate.

Market of gold and other precious metals. The object of purchase and sale are precious metals. In this market, operations are carried out to insure financial assets, ensure the reservation of these assets for the acquisition of the necessary currency in the process of international payments, and carry out financial speculative transactions. The same market satisfies the need for pro-consumption of precious metals and their private hoarding. The versatility of the gold market is due to the fact that it is not only a generally recognized financial asset and the safest means of reserving free financial resources, but also a valuable commodity for a number of manufacturing enterprises.

Insurance market. A market in which the object of purchase and sale is insurance protection in the form of various insurance products offered.

Money market. The market for cash and non-cash funds, as well as the market for financial instruments with a circulation period of up to one year. The functioning of this short-term segment of the financial market allows economic entities to solve problems of both replenishing the lack of monetary assets to ensure current solvency, and the effective use of their free balance. Financial assets traded on the money market are the most liquid, they have the lowest level of financial risk, and the pricing system for them is relatively simple. The money market serves the sphere of circulation; capital functions on it as a means of circulation and payment, which determines the types of financial instruments in this market.

Today, money circulation in any developed country is represented not only by banknotes and coins, but also by funds in bank accounts, which can either be converted into cash or be easily used for non-cash payments. Therefore, economists often use the concept of “money supply” instead of the term “money.” To measure its composition and structure, monetary aggregates are used: МІ, М2, МЗ (depending on the complexity of the movement of funds, their “constraint” in the process of transformation into cash). The composition and quantity of monetary aggregates used vary across countries.

According to the classification used in the United States, monetary aggregates are presented as follows (in descending order of liquidity):

Ml - cash (banknotes and coins), demand deposits, traveler's checks, other checkable deposits;

M2 - Ml plus non-checking savings deposits, time deposits (up to $100 thousand);

MZ - M2 plus time deposits over 100 thousand dollars, certificates of deposit, etc.

In macroeconomic analysis, the aggregates Ml and M2 are most often used. Sometimes the cash indicator MO or C (from the English currency) is highlighted as part of Ml.

IN Russian practice According to the Bank of Russia methodology, the MO aggregate includes cash, i.e. metal coins and banknotes directly circulated in the state. The composition of the Ml aggregate takes into account the MO aggregate, as well as:

a) demand deposits of private individuals in Sberbank of Russia;

b) deposits in commercial banks;

c) funds in current and special non-financial accounts

The M2 money supply covers a wider area

in the economic system and reflects money as a sufficiently liquid means of accumulation, suitable for use in calculations.

In addition to the assets of the Ml aggregate, it includes assets that have a fixed nominal value and can be converted into cash or deposits for making payments.

Unlike the assets of the Ml aggregate, the assets of this group cannot be directly transferred from one person to another, although they have fairly high liquidity. According to the methodology of the Bank of Russia, urgent deposits stored in Sberbank of Russia are added to this aggregate.

The M3 monetary aggregate includes the M2 aggregate, as well as certificates of deposit, long-term securities and long-term time deposits (from 90 to 360 days).

Capital market. In this market, marketable financial instruments and financial services with a maturity of more than one year are sold and purchased. The capital market serves the process of expanded reproduction: capital functions as a self-increasing value.

The functioning of the capital market allows economic entities to solve the problems of generating investment resources for the implementation of real investment projects and effective financial investment (implementation of long-term financial investments). Financial assets in this market segment are, as a rule, less liquid; they are characterized by the highest level of financial risk and, therefore, a higher level of profitability.

The presented division of the financial market into the money market and the capital market in modern conditions is becoming increasingly conditional, since market financial technologies and the conditions for issuing many financial instruments provide a relatively simple and quick way to transform individual short-term financial assets into long-term ones and vice versa.

Characterizing certain types of financial markets according to both characteristics discussed above, it should be noted that these types of markets are closely interrelated with each other and operate in the same market space. Thus, all types of markets, distinguished by the type of assets traded on them, can be simultaneously classified as both the money market and the capital market. For example, some instruments of the securities market, such as bills, checks, treasury bills, belong to the money market, and instruments such as shares, long-term bonds and a number of others belong to the capital market. That part of the securities market whose instruments belong to the capital market is called the stock market.

Organized (exchange) market. Trading on this market is conducted by a trade organizer specially created for these purposes on an ongoing basis according to rules strictly established by this organizer between specially selected (usually licensed) participants. In an organized financial market, a high concentration of supply and demand is ensured in a single place, the most objective price system for individual financial instruments and services is established, and the quality of the offered instruments and services is checked. This market is represented by a system of currency and stock exchanges, trading on which is carried out in instruments that have passed the procedure of high-quality selection and admission to trading - the listing procedure. Bidding participants are specialized financial institutions operating on the basis of a special permit - license. The pricing and trading procedure is transparent and public; the exchange guarantees trading participants the execution of transactions concluded on its platform.

An unorganized over-the-counter (or "street") market.

This market involves the purchase and sale of financial instruments and services, transactions for which are not registered on the stock exchange. This

the market is characterized by a higher level of financial risk.

This circumstance is due, firstly, to the lack of a procedure for quality selection of traded financial instruments

and services (on the exchange this procedure is called listing), and secondly,

the absence in concluded transactions of an intermediary in the form of an exchange, which would assume the risks of non-execution of transactions on the part of counterparties. At the same time, this market provides circulation of more wide range financial instruments and services, satisfies

the need of individual investors for financial instruments with a high level of risk, and, accordingly, bringing a higher

income. In the financial market mode, a certain part is carried out with securities and the main

volume of credit and insurance transactions.

The local financial market is represented mainly by the operations of commercial banks, insurance companies, unorganized securities traders with their counterparties - local business entities and the population.

Regional financial market. Market functioning

on a regional (republic) scale and, along with local unorganized markets, including a system of regional stock and currency exchanges.

The national financial market includes the entire system of financial markets in the country, all their types and organizational forms.

The global financial market is an integral part of the global financial system, into which the national financial markets of countries with open economies are integrated.

Spot market. Market with immediate execution of transactions. Concluded transactions are executed either on the day of the transaction or over the next few days, but not more than five.

Derivatives market. It differs in that the fulfillment of obligations under completed transactions may lag behind the day of their conclusion by more than five days. The subject of circulation in this market are,

as a rule, stock, currency and commodity derivatives (arbitrary financial instruments).

Primary market. In this market, the process of alienation of securities to their first buyers takes place. Typically this occurs as a result of emissions. This placement is usually organized by an underwriter (investment dealer), who, alone or with a group of co-underwriters, purchases the entire (or main) volume of issued securities for the purpose of their subsequent sale to final investors.

Secondary market. Here further transactions for the purchase and sale of previously issued and placed securities are concluded. The secondary market covers the majority of the exchange and over-the-counter turnover of securities. The secondary market ensures constant liquidity of traded securities and distribution of financial risks.

The above classification of financial markets can be significantly deepened through the appropriate segmentation of each type of these markets. Thus, within the credit market there are usually such segments as the interbank credit market and the credit market for non-bank financial and credit organizations. In turn, each of these segments can be divided into even narrower micro-segments: the short-term and long-term loan market, the mortgage loan market, etc.

Within the stock market, there are such main segments as the stock market, the corporate and government bond market, the derivatives market, etc.

Within the foreign exchange market, there are the US dollar market, the euro market, the Japanese yen market, etc.

The insurance market segments are the property (asset) insurance market and the liability insurance market. Within each of them, segments of the compulsory and voluntary insurance market, as well as separate micro-segments by type of insurance product, can be distinguished.

Within the framework of gold and other precious metals, it is customary to distinguish the following main segments: gold market, silver market, platinum market.

Segmentation of various types of financial market in the most general form is presented in Fig. 1.10.

Already from the above classifications it becomes clear that the securities market is the most important component of financial markets.

It is obvious that the concept of “financial markets” is broader than the concept of “securities markets”. For example, financial markets include direct bank loans, intra-company loans, redistribution of financial resources through public and private pension systems, and accumulation of resources in the insurance business.

currency market

US dollar market

euro market

market of other foreign currencies

insurance market

property (asset) insurance market

liability insurance market market of other insurance products

market for gold and other precious metals gold market

silver market

platinum market

FINANCIAL MARKET

credit market

bank loan market

interbank loan market

commercial loan market

credit market for non-bank financial and credit organizations

stock market

Stock market

bond market

market for other debt securities (bills, treasury bills, etc.)

L derivatives market

Rice. 1.10. Main segments of various types of financial markets

The most important role in the movement of funds within the financial system is played by financial intermediaries (institutions), who interact in the financial market with economic entities, the population and each other. In essence, their role comes down to the accumulation of small, often short-term savings of many small owners (investors) and the subsequent long-term investment of the accumulated funds.

The main suppliers of resources to the financial market include insurance companies, households, and mutual investment funds. The main consumers of resources in the financial market include central government bodies and enterprises - producers of goods and services.

Since central and local governments must finance their activities before revenues from taxation and other sources come in, and the activities of these categories of borrowers occur on a large scale, it is not surprising that governments are the largest borrowers. Of course, the fact that governments and local governments are the largest borrowers also means that they are also the primary providers of capital at maturity when loans are not rolled over or increased. Such borrowing takes different forms depending on the maturities and, accordingly, attracts different categories of capital providers for different reasons.

The length of government borrowing depends largely on the reason for the need for funds and the period of time that the government expects will be sufficient to repay the loan. At the same time, the state can use this system in order to show the market as a whole what the main trends should be for the implementation of the state's financial policy, and in particular the policy in the field of interest rates.

Thus, states can issue short-term debt instruments in order to smooth the cash flows of their own resources at the present time. This is done regardless of the reasons why the state has an urgent need for funds, either in order to pay on time for goods and services in case of shortage of money in the treasury, or in order to increase the short-term monetary resources of the state for some other reason.

The government may use short-term forms of borrowing to control short-term bank interest rates. For example, if the government believes that it needs to become more competitive in the international market, then it may raise interest rates. Because of this, it may issue new short-term debt and offer higher interest rates, thereby signaling to the market that overall interest rates are starting to rise. The government may also use the issuance of such debt instruments to control the money supply in the financial system. Issuing short-term loans subject to purchase by buyers essentially removes the money supply from circulation, leaving less funds available to be used to purchase goods and services, and it also controls a country's ability to spend money on consumer goods.

The government can also borrow money to finance short-term projects or to finance the purchase of various assets. For policy reasons, the government, even if it has some long-term projects, may continue to borrow short-term funds in order to balance the market forces of demand, in particular to allow the corporate sector to obtain long-term loans. In other words, in cases where companies have been awarded long-term projects, or the government seeks to create incentives for construction (which requires long-term financing), it may limit itself from competing for long-term resources by using the short-term borrowing market. The important thing for investors in this situation is that the creditworthiness of the companies is unlikely to be as high as the creditworthiness of the government.

In order for the government to pay for other large contracts and to repay long-term borrowings, it may need longer-term funds. Thus, the state uses this part of the market to finance large national and international projects and programs. The placement and redemption by the government of its short-term obligations (Treasury bills) affects the state of the money supply in the country. The government's issuance of short-term obligations reduces the money supply in circulation, while the government's purchase of short-term obligations increases the money supply in circulation.

The securities market is an important part of both the money market and the capital market, which together make up the financial market. The securities market allows governments and businesses to expand their sources of financing beyond self-financing and bank loans. Potential investors, in turn, with the help of the securities market, have the opportunity to invest their savings in a wider range of financial instruments, thereby gaining greater choice.

If a securities market exists, the investor can gain direct access to the enterprise, and in the same way, the enterprise can directly turn to the investor as a source of financing. This relationship is called the primary market. The depositor - now an investor - wants to be able to quickly realize his investment. In this regard, the securities market, through the use of intermediaries and the formation of financial institutions, creates a secondary market that contributes to solving such problems.

There is no single model that ensures the successful functioning of the securities market. In practice, it is neither possible nor desirable to copy the securities market simply because it functions well in other countries. It is also important to understand that securities markets are constantly evolving due to changes in national situations, economic policies, technological developments, regulatory measures and the emergence of new products and cost structures. Thus, it can be argued that markets are not finally formed and frozen structures, but constantly developing organisms.

The main purpose of the securities market is to create a mechanism for attracting investment into the economy by building relationships between those who need funds and those who want to invest excess income. The purpose of the securities market, like all financial markets, is to provide a mechanism for attracting investment into the economy by establishing the necessary contacts between those who need funds and those who would like to invest excess income. At the same time, it is very important that the securities market ensures the presence of a mechanism that facilitates the effective transfer of investments (decorated in the form of certain securities) from hand to hand, and such transfer must have legal force.

The securities market will fulfill its objectives of continuously supporting economic growth only if there is complete freedom of movement for such investments. This freedom is called liquidity. Liquidity is realized only when there are enough buyers and sellers to meet the demands of supply and demand, and trading systems are also needed that allow buyers and sellers to find each other relatively easily.

The securities market is based on information flows of acceptable quality, from which one can learn about the availability of investment products and about interested borrowers and lenders. Thus, one of the main roles of the securities market is to ensure that the information provided is accurate, correct and meaningful. This helps maintain confidence and trust between borrowers, lenders, investors and the public.

The second participant after the state in terms of the scale of borrowing is the corporate sector. An industrial enterprise or commercial firm also from time to time experiences the need to attract additional financial resources. From the point of view of financial management, companies in any situation are not recommended to attract new resources only by issuing new shares among company owners. For a company, when it comes to attracting financing, the most important thing is the cost of additional capital.

In terms of cost and the various ways a company can raise additional capital, it should be remembered that a high ratio of debt to equity makes a company susceptible to adverse market changes and may result in its inability to service its debt.

The key factors influencing decision-making on ways to attract additional capital by enterprises are: the amount of total current payments on raised funds (borrowing price);

capital raising period;

the impact of attracted capital on changes in the structure of the company’s total capital;

the total cost of preparing and conducting the issue (in the case of issuing securities).

Just like governments, companies may need to borrow money to finance short-term or long-term projects. It is clear that it will be a long time before the development project begins to bring any benefit. The company may also need funds to acquire some other company or business. However, unlike the government, the company has the right to issue shares in addition to raising loans. A company must also consider how much cash it currently has. Of course, it is very good if a company has a lot of valuable assets and has many orders, but without money, it will not be able to pay for the raw materials to produce the products required to fulfill orders, and will not be able to pay wages to staff and, accordingly, will not be able to receive profit.

Therefore, like the government, a company must determine how long it will need funds for and how long it will be able to repay that debt. Accordingly, it is important for a company to manage its finances by planning not only for current capital needs, but also forecasting cash flow needs, including loan repayment capabilities.

A company must consider the cost of raising capital. Although in theory a company can exist indefinitely as a legal entity, in practice this will only be possible if it has positive cash flows. To obtain a loan, a company may have to provide collateral or a guarantee that it can repay the loan. This means that the company will risk losing some of its assets if it fails to repay its debt or repays it late; some assets may be confiscated for their subsequent sale and debt repayment. If assets that are vital to the production of goods or services are lost, this could lead to the closure of the business. This practice applies to all forms of borrowing, regardless of whether they were obtained from a bank or through the securities market.

A company can also raise funds for an indefinite period of time by issuing shares. In this case, the cost of capital in terms of payment of dividends on shares is controlled by the company itself. If a company has not made a profit, it is not required to pay dividends. Under such conditions, it may be that it is always less risky for a company to raise capital through a further issue of shares. However, the consequence of such actions may be to dilute the ownership rights of the company's shareholders (unless, of course, they can afford to subscribe to a new issue each time), and this may be unacceptable to controlling shareholders.

The factors influencing the cost of capital for a company are determined not only by the loan rate and repayment period, but also by the impact that raising capital will have on the future welfare of the enterprise. Therefore, when determining financing needs, it is necessary to evaluate the ratio between debt and equity in the company's capital structure. If debt far exceeds equity, a company may become susceptible to adverse changes in the market and the company's inability to service its debt. At the same time, a small proportion of debt relative to equity can result in slower earnings growth and result in a stock market glut in the company's shares, which in turn can lead to a fall in the share price and leave the company open to a takeover.

The source of funds for investment is savings, i.e. funds that were not spent on consumer needs. Investments can come from the government, private individuals, financial institutions and foreign sources. Since the government does not set aside funds specifically for later investment in securities market instruments, the focus must be on individuals and financial institutions (both domestic and foreign) as the main providers of capital.

Individuals can save using a wide variety of investment products, but usually only the pooling of individual savers' small amounts into a large sum can meet the needs of government and corporate borrowers. Although some individual investors invest directly in securities, the majority prefer indirect investing.

In the financial market and in the securities market in particular, the process of transforming savings into investments occurs through special intermediaries. The three most common types of financial intermediaries are:

1 Deposit type (commercial banks, savings and loan associations, mutual savings banks, credit unions);

contract-savings type (life and property insurance companies, non-state pension funds);

investment type (mutual funds or unit trusts, or open-end investment funds), trust funds, closed-end investment companies (or closed-end investment funds).

Investing in the financial market, in which various financial institutions participate as intermediaries between suppliers and consumers of investments, is called indirect investment.

Investing in the financial market, in which legal entities or individuals who are not financial intermediaries independently invest temporarily free funds in tangible or financial assets, is called direct investment.

Investing in the financial market, in which funds invested by a large number of investors (mostly small ones) are combined into a single fund (pool) under the management of a professional manager for their subsequent investment in order to obtain investment income, is called collective investment. Forms of collective investment include mutual funds, credit unions, joint-stock investment funds, investment banks, and non-state pension funds.

CONTROL QUESTIONS

Describe the components of production costs.

How does the supply schedule change when the supply of goods (services) on the market increases?

How does the demand schedule change when the demand for goods (services) on the market increases?

What does a shift in the supply schedule mean when the supply of goods and services on the market increases?

What does a shift in the demand schedule mean when the demand for goods and services in the market decreases?

What is the name of the model of a market economy in which there is only one manufacturing company on the market, a unique product is produced and significant control over prices is exercised?

Who are the main suppliers of resources to the financial market?

What is the name of investing in the financial market, in which various financial institutions participate as intermediaries between suppliers and consumers of investments?

List financial institutions that are classified as investment-type financial intermediaries.

List financial institutions classified as deposit-type financial intermediaries.

List financial institutions related to financial intermediaries of the contract-savings type.

What sources of raising additional funds can an enterprise use to finance its needs for permanent capital?

List the financial instruments that are usually classified as capital market instruments.

Indicate those segments of the financial market in which the process of exchange of financial assets does not take the form of purchase and sale of securities.

List the main forms of payment of current income on bonds.

Which financial instruments provide a guaranteed payment of current income?

List derivative financial instruments, the underlying assets of which can be stocks and bonds.

What is the name of the method of reducing the total risk of a portfolio of financial assets (securities), which consists in distributing investments among the various assets included in it?

What does the net national product measure?

Which indicator measures the total income of enterprises and households received in the form of payment for the resources provided (land, labor and capital) for the production of a national product?

How much does national income differ from net national product?

What indicators must be subtracted from the national income indicator to determine the personal income indicator?

What indicator is equal to the sum of expenditures on consumption and savings?

Introduction

The concept of the financial market and its importance in economics

Financial market of developed countries

Russian financial market - main directions of development

Conclusion

Introduction

The rapid process of formation of the global financial system is closely associated with education in the middle of the 20th century. free international capital market. Having replaced national capital markets, which, as a rule, were quite strictly regulated by governments and central banks of countries, came the system of international financial institutions and the global financial system.

Abandonment in the 1970s. XX century governments of most countries of the world with developed market economies from the previously reigning policy of a fixed exchange rate(in other words, maintaining a certain price of national money in relation to the currencies of other countries) undoubtedly contributed to the rapid development and expansion of the global capital market. Since that time, foreign currency exchange rates began to be determined primarily by the demand for them (the willingness to give for them a certain number of national monetary units by economic entities in an increasingly global world economy).

The global financial system consists of the following important components:

· International Gold and Foreign Exchange Reserve System;

· World financial markets;

· Loans, grants and financial assistance from international organizations and foreign states.

As for the subject structure of international finance, it should be presented in the form of private and public finance. The subjects of public finance are:

sovereign states;

nations and peoples who are fighting to create an independent state;

interstate institutions and supranational organizations, etc.

The main subjects of international private finance are national and foreign legal entities and individuals, states, as well as state institutions and various organizations.

As the global financial system and global economy take shape, state influence on the country’s socio-economic development is gradually decreasing.

The formation of a financial system outside the borders of the state accelerated the movement of powerful financial flows, which had the opportunity to quickly penetrate global financial flows. Global finance is also classified into real (which serves the reproduction cycle), as well as virtual (which mediate the movement of stock values, as well as derivative financial assets).

The concept of the financial market and its importance in economics

The financial market has a leading place in the supporting financial system of any state. Its individual sectors (such as credit, stock, insurance, etc.) make it possible, using market levers, to coordinate the activities of the entire financial system. These sectors carry out the movement of financial resources in the process of distribution and redistribution of the total social product, as well as the formation and use of monetary funds of the main subjects of financial relations. Along with other types of markets (such as, for example, the labor market, the market for real goods), the financial market acts as one of the most important attributes of any developed market economic system.

The main subjects of any financial market are the state, business entities, households, financial and credit institutions, as well as various financial intermediaries.

Thanks to financial intermediaries, direct connections are provided between the main subjects of financial relations. It is thanks to financial intermediaries that the latter receive significant assistance in the formation and effective use of funds.

The category of main financial intermediaries includes savings and commercial banks, various credit unions, investment companies, insurance companies and pension funds, and stock exchanges.

Financial intermediaries, being in the middle between lenders and borrowers, can, if necessary, pool the funds of several lenders in order to meet the significant needs of borrowers, taking on significant potential risks (such as, say, liquidity risk, interest rate risk, credit risk), receiving for their services a certain commission.

The main purpose of any financial market is to ensure the effective distribution of financial resources between end consumers.

Table 1 - Financial market structure

Segments of the financial marketComponent elementsMoney marketThe circulation period of financial assets does not exceed 1 year. This includes the money market, the market for deposits, certificates, interbank loans Capital market The circulation period of financial instruments exceeds 1 year. This includes, for example, the credit market, the securities market, the bond and stock market. Foreign exchange market Market of American dollars, euros, Swiss francs, pounds sterling, etc. Insurance market Market of property insurance, personal insurance, liability insurance and business risks. Real estate market Market of land plots, various real estate, etc. Market of precious metals and stones Gold market, platinum, silver, etc. Market for audit services Mandatory audit of banking groups, credit institutions, holdings

From an economic point of view, the financial market is complex system economic relations, associated, in the most general understanding, with acts of issuing stock values, their placement, as well as acts of purchase and sale of various financial assets.

From an organizational point of view, the financial market should be considered as a certain set of economic entities, as well as financial institutions that issue and purchase and sell financial assets.

Thus, the financial market is a market in which the purchase and sale of various financial assets is carried out:

foreign currency;

Money;

valuable papers;

bank loans;

precious metals;

insurance market instruments;

fixed-term contracts, etc.

The stock market is one of the most important sectors of the financial market. It is an integral part of the capital market (equity and loan). Its macroeconomic function is to accumulate temporarily released funds of funds, as well as to redistribute these monetary resources among business entities, industries and sectors of the economic system, individuals, as well as national economies as a whole. In the stock market (also called the securities market), there is an overflow of financial resource flows through the issue (this applies to the primary market), as well as the purchase and sale (secondary market) of securities.

Securities primarily include titles to property (stocks) and fixed income debt (bonds).

From an institutional point of view, the stock market is a certain set of various financial and credit institutions, primarily stock exchanges. It is through the latter that the main movement of capital occurs.

The stock market also includes over-the-counter trading systems.

The securities market is classified into primary and secondary, as well as exchange and over-the-counter.

The primary securities market is a market servicing the issue, as well as the initial placement of stock values. As mentioned earlier, the secondary serves as a securities market for the circulation of previously issued stock assets. Securities that are already listed on the exchange market are traded, that is, they have been able to obtain admission to official exchange trading. As is known, the conditions for obtaining a stock exchange quotation are established by the exchange and can be quite complex for some issuers, which is why there is and has received serious development of the over-the-counter market on which securities that have not been listed are traded.

Table 2 - Main stock indices

CountryIndicesUSA Dow Jones Index, Standard Poors 500Japan Nikkei, TopixGreat Britain FTSEGermany DAXFrance CAC 40Switzerland Cpedit Suisse

The capital market acts as one of the main types of financial market. With its help, many companies have the opportunity to find powerful sources of financing their activities by:

· placement on the stock market and receipt of investment funds;

· investing received financial resources in fixed assets, as well as current assets;

· generating cash flow as a result of effective operation;

· payment of taxes provided for by law;

· payments to creditors and investors of part of the remaining profits;

· directing part of the profit to the capital market in the form of financial investments.

As an economic entity, the exchange provides certain premises for transactions with securities, providing settlement and information services, gives certain guarantees, imposes restrictions on trading in securities, and most importantly, receives commissions from transactions.

A large concentration of buyers and sellers on one trading platform ensures a relatively objective determination of the value of a financial instrument listed on an exchange, this determines the informational value of exchange trading and the financial market as a whole

Financial market of developed countries

The financial market occupies a central place in modern economic science.

In the conditions of the objective process of globalization of the world financial market, as well as the continuous evolution of its subsystems, two main and, at the same time, opposite trends can be named:

concentration of exchange trade turnover, integration of exchanges first on a national and then on an international scale;

dispersion of the market due to the formation of alternative trading systems that enter into competition with the largest stock exchanges.

As a result of global processes, the formation and further development a unified global multi-level accounting and clearing system with rapidly developing electronic trading mechanisms and a variety of stock market instruments.

Thus, electronic commerce implies the automation of the entire process of buying and selling financial assets, the integration of electronic systems into huge network structures, thanks to which a previously unprecedented level of market globalization occurs.

The creation and development of its own stock market was one of the main aspects of market transformations in Russia in the 90s. The integration of the Russian economy into the global economy presupposes, among other things, the presence of broad connections between the Russian stock market and the world market.

The British stock market has held a fairly strong position in the world for many years (even centuries!), namely, third place after the USA and Japan in terms of capitalization. The UK stock market ranks first in terms of the volume of international transactions with stock market instruments.

Traditionally, the structure of the German stock market has a high share of the bond market, which is approximately 4 times higher in turnover than the stock market. Another specific feature of the German stock market is the very low share of the population in the share capital. Thus, only 6% of the population act as shareholders. Banks play a special role in the German economy. It is banks, and not the issue of shares, that mostly satisfy companies' needs for long-term financial resources.

It is worth noting that in Germany there are very strict restrictions on the acquisition of controlling stakes. So, for example, “hostile” takeovers of companies are practically excluded here.

The regulation of stock markets in various developed European countries has its own characteristic features.

For example, in the UK, regulation of the stock market, following long-standing traditions, is carried out by professional market participants themselves.

In the Asian region, Japan undoubtedly plays a dominant role. Thus, the capitalization of the Japanese stock market is 10% of the world market.

The Japanese economy has historically established the power of banks, as well as powerful financial groups associated with them. Unlike Europe or the USA, if a Japanese company acquires shares of another company, it counts not so much on dividends, but rather on the possibility of a strategic partnership, obtaining orders, loans, innovative solutions, etc. with its help.

A Japanese company will hold onto its partner’s falling shares until the last minute in order to maintain “good relations,” while, for example, an American private investor will try to get rid of them as soon as possible at the slightest threat of a fall.

At the present stage, the development of the Russian financial system is associated with the application and study of advanced foreign experience. So, for example, various extra-budgetary and budgetary trust funds began to be created, similar to those that exist in other countries.

Even at the dawn of market reforms, the state monopoly on property and personal insurance and bank loans was eliminated.

Thus, the Russian financial system is increasingly acquiring features that are inherent in developed market relations.

The formation and development of financial institutions is taking place at the level of local government, the bodies of which, according to the Constitution of the Russian Federation, are not included in the system of government bodies.

It should also be taken into account that the financial system of the Russian Federation is characterized by certain specific features that reflect economic and political conditions, priorities and traditions unique to this country.

In terms of ownership structure, Russia is closer to the German (wholesale) model, with a predominance of large stakes in the structure of equity capital and predominantly debt financing. Accordingly, in Russia the very concept of investor protection must be changed, which must include:

protection of the rights of holders of debt securities;

protecting the rights of majority shareholders against attempts by minority owners to put undue pressure on them, destroying the business;

Protection of wholesale minority shareholders (having Capital Shares of 2-15%) from unlawful actions of controlling shareholders;

ensuring fair conduct of business in the securities market, in particular in the form of combating manipulation and insiderism.

Russian financial market - main directions of development

Until 1990, complete control over financial flows in Russia was exercised by the state.

Since the financial market is a mechanism for the redistribution of capital, one of the primary tasks of the government of the “new” Russia was to create conditions for the functioning of this area of ​​the economic system.

This process began in the first half of 1991 after the adoption of Resolution of the Council of Ministers of the RSFSR No. 601 of December 25, 1990 “On approval of the Regulations on joint stock companies.”

The first stage was characterized by the following main processes:

the emergence back in 1990 of the first open joint-stock companies that began issuing shares in open sale with initial placement in 1991 (Russian Commodity and Raw Materials Exchange, Menatep Bank);

For the first time, government bonds appeared on exchange trading in March 1991 (stock department of the Moscow Commodity Exchange);

widespread distribution of joint stock companies and the release of their shares for free sale;

the emergence of numerous exchanges in 1991, as well as the beginning of the functioning of other market institutions (investment companies, etc.) in 1992.

Main events second stage development of the Russian stock market steel:

the emergence of a system of privatization legislation in 1992-1994;

formation of an organized government securities market in 1993-1995.

Concerning third stage development of the Russian stock market, the following main features are characteristic here:

the emergence in the mid-90s of qualitatively new legislation that regulated the main institutional and regulatory aspects of the functioning of the securities market (the entry into force of the Laws of the Russian Federation “On Joint Stock Companies” and “On the Securities Market”, as well as the Civil Code of the Russian Federation);

positive qualitative changes in 1994-1996, which were associated with infrastructure development;

general positive trends and significant reserves in the development of market capitalization and its liquidity.

In 2008, the conditions for the development of the financial market were noticeably complicated by the fact that its conditions worsened due to the aggravation of crisis phenomena in the global economy.

At the present stage, the main task is:

formation of anti-crisis management;

qualitative changes in market infrastructure;

development of the real sector of the economy;

avoiding imbalance between the real and financial sectors of the economic system;

stabilization of the exchange rate;

development of the insurance market, etc.

The main body regulating banking activities in the Russian Federation can without a doubt be called the Central Bank of the Russian Federation. It is he who carries out continuous supervision over compliance by credit institutions with banking legislation, regulations of the Bank of Russia, in particular the mandatory standards established by them.

The legislation of the Russian Federation allows professional participants in the securities market to create self-regulatory organizations.

The main legislative acts that regulate the activities of the Russian financial market:

· Civil Code of the Russian Federation, parts 1 and 2 (1995 - 1996);

· Law “On Banks and Banking Activities” (2003);

· Law "On the Central Bank of the Russian Federation" (2002);

· Law "On the privatization of state and municipal enterprises in the RSFSR" (1991);

· Law “On Commodity Exchanges and Exchange Trading” (1992);

· Law “On Currency Regulation and Currency Control” (2003);

· Law "On Joint Stock Companies" (1996);

· Law "On the Securities Market" (1996);

· Presidential decrees on the development of the securities market;

· decrees of the Government of the Russian Federation (mainly related to the regulation and development of the government securities market in all their varieties).

The Federal Commission for the Securities Market is designed to regulate the Russian securities market, which ensures the implementation and protection of the rights of investors, as well as the freedom of activity of market participants in the context of legally established rules. Also, this regulatory body pursues state policy in the field of development of the securities market, monitoring the activities of market participants and issuers and ensuring the disclosure of information on the stock market.

In carrying out its functions, the Bank of Russia is guided by the Constitution of the Russian Federation, as well as the Federal Law “On the Central Bank of the Russian Federation (Bank of Russia)” and other federal laws.

The Bank of Russia acts as the main body for banking regulation and supervision of the activities of credit institutions.

Regulation of credit organizations is a system of measures through which the state, through the Central Bank, ensures the stable and safe functioning of banks, preventing destabilizing processes in the monetary sphere.

The main goal of banking regulation and supervision is to maintain the stability of the banking system and protect the interests of creditors and depositors.

At the present stage of development of market relations in Russia, the financial market has the following features:

· sharp differentiation of the degree of development by region;

· limitation on the range of tools used;

· the predominant position of commercial banks in the financial market as the main agents;

· insufficient readiness, based on the economic potential of commercial banks themselves, to work in an active financial market;

· the narrowness of the financial market, due to its two sectors - the foreign exchange market (US dollars) and equity securities (government short-term and long-term obligations).

For the Russian Federation, one of the most important strategic tasks is the development of the financial market, which is designed to perform a number of important functions in the market mechanism:

ensuring payments in the economic system with minimal transaction costs for all participants in the transaction;

attracting temporarily available funds, as well as ensuring a sufficient level of lending in the economic system with minimal costs for lenders and borrowers;

diversification of risk between lenders, borrowers and financial intermediaries;

ensuring the flow of capital into the most promising sectors of the economic system;

the ability to adequately assess the state of individual companies and the economy as a whole based on indicators in the financial market;

the ability to influence the level of inflation and economic activity.

In the context of globalization of the world economy, the national financial market of developed countries is becoming part of the world financial market. At the same time, between the financial institutions existing in the West and their Russian analogues there are significant differences. The leading role in modern Western financial markets is played by institutional investors, which include insurance companies, pension funds and collective investment institutions (investment and mutual funds).

The system of financial institutions and markets in our country was created almost anew, and the peculiarities of its formation left their mark on the development of the Russian economy. The closure of savings of the real sector of the economy in export raw materials industries leads to overaccumulation of capital, combined with its persistent deficit in manufacturing industries, and the financial market does not ensure the flow of capital into these industries.

Although the domestic corporate bond market is a fast-growing segment of the Russian securities market, it cannot provide a sufficient volume of long-term investments.

In addition to financial aspects (relative cheapness of borrowing abroad), the ratio of the internal and external segment is affected by the underdevelopment of infrastructure and significant administrative barriers. Serious obstacles to attracting investment resources (both internal and external) are the insufficient development of the financial market, imperfect corporate development, and insufficient transparency of companies' activities (primarily in relation to finances and ownership structure). The weakness of the banking system, the insurance market, the foreign exchange market, and the non-state pension market reduces the possibility of using various financial instruments and mechanisms necessary for the normal functioning of the economy in a global competitive environment.

The use of clear and precise procedures for the supervision of financial institutions should be ensured.

Conclusion

In parallel with the process of liberalization and deregulation of the financial sector in all developed countries, phenomena of the opposite direction are also observed: supervision mechanisms over banks and other financial institutions have been strengthened, legal norms have been introduced aimed at combating the laundering of “dirty money”, and provisions have been tightened to prevent transactions using insider money. information, fraud and deception of investors in transactions on the stock market. An effective system of international coordination has been established in the field of monitoring this market and control over the activities of its participants, both within regional associations, primarily the European Union, and on a global scale.

The process of globalization of the stock market is developing in two main directions. One direction is the rapid growth of quantitative parameters characterizing the size of international financial borrowings and the volume of foreign direct and portfolio investments. Another direction lies in institutional changes, which are manifested in the removal of various kinds of restrictions on the cross-border movement of capital, and on the other hand, in establishing cooperation between financial institutions of different countries, up to their complete merger.

Currently, some positive trends can be observed in the Russian securities market: the tendency towards investment participation in already existing businesses with the aim of its effective development is becoming more and more clear, foreign direct investment is growing, the share of municipal and regional securities is increasing, and risks are decreasing.

List of sources used

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