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Файл:Английский для экономистов. Учебное пособие
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• использование прибыли, оставляемой в распоряжении
организации (чистой прибыли) на фонды потребления, накопления и другие
цели, предусмотренные в ее финансовом плане;
• контроль за соблюдением соответствия между движением
материальных и денежных ресурсов в процессе индивидуального
кругооборота фондов, т. е. состоянием ликвидности, платежеспособности и
финансовой независимости организации от внешних источников
финансирования.
Финансы
организаций являются исходной основой всей финансовой
системы страны. Они занимают определяющее положение в этой системе,
поскольку охватывают важнейшую часть всех денежных отношений в сфере
общественного воспроизводства, где создается общественный продукт,
национальное богатство и национальный доход – основные источники
финансовых ресурсов страны.
Финансовые ресурсы организации – это совокупность всех денежных
средств и поступлений,
имеющихся в распоряжении хозяйствующего
субъекта.
На уровне предприятия финансовые ресурсы используются на
образование денежных фондов целевого назначения (фонд оплаты труда,
фонд развития производства, фонд материального поощрения и проч.),
выполнение обязательств перед государственным бюджетом, банками,
поставщиками, страховыми фондами и другими предприятиями. Финансовые
ресурсы используются также для финансирования затрат на приобретение
сырья, материалов
, оплату труда и т. д.
Финансовые ресурсы организаций формируются за счет собственных
средств и привлеченных средств. Основным источником формирования
собственных финансовых ресурсов организации является прибыль.
Прибыль – это денежное выражение накоплений, создаваемых
предприятиями любой форма собственности. Как экономическая категория
она характеризует финансовый результат деятельности предприятия.
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Прибыль выполняет две функции: во-первых, основного источника
финансовых ресурсов для расширенного воспроизводства; во-вторых,
источника доходов государственного бюджета.
В прибыли сконцентрированы экономические интересы государства,
хозяйствующих субъектов и каждого работника. Прибыль характеризует все
стороны финансово-хозяйственной деятельности предприятий, поэтому рост
прибыли хозяйствующих субъектов свидетельствует об увеличении
финансовых резервов и укреплении финансовой
системы государства.
Наряду с прибылью на предприятиях имеются и другие источники
формирования финансовых ресурсов за счет собственных средств: денежные
фонды (уставный, амортизационный, фонд развития производства,
резервный и др.).
Первоначальное формирование собственных средств происходит в
момент создания предприятия и образования его уставного капитала.
Источником формирования здесь служат инвестиционные средства
учредителей предприятия.
В дальнейшем собственные средства пополняются
за счет прибыли, выпуска ценных бумаг и операций на финансовом рынке,
дополнительно поступающие средства.
Основу собственного капитала предприятия составляет уставный
капитал, зафиксированный в его уставных учредительных документах. Он
является необходимым условием образования и функционирования любого
юридического лица.
Уставный капитал – это стартовый капитал, необходимый
предприятию для осуществления
финансово – хозяйственной деятельности с
целью получения прибыли.
Уставный капитал является имущественной основой деятельности
предприятия, определяет долю каждого участника в управлении
предприятием и гарантирует интересы его кредиторов.
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Part 2
SHORT-TERM BUSINESS LOANS AND DEBT FINANCING
Both debt and equity financing have a rightful place in all but the smallest of
businesses. If we focus on debt financing, most small businesses have traditionally
gotten most of their business loans from commercial banks in the form of term
loans. Those term loans may have short, intermediate, or long maturities. The
different lengths of maturities signify not only different time periods in which the
firm can repay the loans, but different purposes for the loans as well.
Small businesses most often need short-term loans instead of long-term debt
financing. Most term loans, classified as short-term, usually have a maturity of one
year or less. They must be repaid to the lender within one year. Most short-term
loans are often repaid much more quickly than that, often within 90-120 days.
Term loans with short maturities can help you meet an immediate need for
financing without requiring you to make a long-term term commitment.
Short-term loans are helpful to businesses that are seasonal in nature such as
retail businesses who have to build up inventory for the holiday season. Such a
business might need a short term loan to buy inventory well in advance of the
holidays and not be able to repay the loan until after the holidays. That is the
perfect use for the short-term business loan.
Other uses for short-term business loans are to raise working capital to cover
temporary deficiencies in funds so you can meet payrolls and other expenses.
You may be waiting on credit customers to pay their bills, for example. You
may also need short-term business loans to pay your own bills; i.e. to meet your
own accounts payable (what you owe your supplier) obligations. You may just
need a short-term loan to even out your cash flow, particularly if your company is
a cyclical business.
In order to qualify for a short-term loan, you will have to present
comprehensive documentation to your lender, whether it is a bank, a credit union, a
mutual bank, or some other type of lender. The lender will want, at least, a record
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of your payment history for other loans you may have had, including payment
histories to your suppliers (accounts payable) and your company's cash flow
history for perhaps the last 3-5 years. You should also be prepared to hand over
your income statement for the same amount of time if the lender requests it. All
documentation should be in a professional format.
Your qualifications for a short-term loan will help determine whether or not
the loan will be secured by collateral or whether it will be an unsecured, or
signature, loan.
In a normal economy, interest rates on short-term loans are higher than
interest rates on long-term loans. In a recessionary economy, however, interest
rates may be low and short-term loan rates may be lower than long-term loan rates.
Short-term loan rates are usually based on the prime interest rate plus some
premium. The bank or other lender determines the premium by determining what
risk your company is to them.
They do this by looking at the documentation you provide them in order to
qualify for a short-term loan.
Short-term loan interest rates can be calculated in a number of ways. You
want to get your lender to calculate the interest rate in the way most affordable to
you. Take a look at the different ways short-term interest rates can be calculated
and use this as your guide when talking to a bank loan officer. Also, be sure that
you are knowledgeable about the current prime interest rate so you can talk
intelligently to the bank loan officer as you negotiate the interest rate on your
short-term loan.
It is possible for a start-up company to secure a short-term loan. This is
because short-term loans are less risky than long-term financing simply due to the
fact of their maturity.
Start-up firms have to present extensive documentation to the lender, such as
projected cash flow statements for the next 3-5 years along with projected financial
statements for the same time period. They have to explain where their revenue will
be coming from and how it is expected to be paid.
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Most start-up companies will only qualify for secured loans from a lender. In
other words, the start-up firm would have to offer some sort of collateral to secure
the loan with the lender.
The availability of short-term loans to small businesses is absolutely
essential in order for our economy to operate smoothly. Without short-term
financing, small businesses literally cannot operate. They can't buy their inventory,
cover working capital shortages, expand their customer base or operations, or
grow. When commercial banks tightened up their lending policies during the Great
Recession and afterward, small businesses and the economy suffered because of
these very issues.
EXERCISES
1. Sum up the main ides of the text and retell it in Russian.
2. Fill in the missing words from the box into the text below.
wait working purchased invaluable funds collateral many
bank companies operations essentials meet term profits losses
cases sources analysis routes
A constant flow of 1)__________ capital is an intrinsic component of a
successful business. This is especially true considering the outflow that is a part
and parcel of every cycle: salaries and wages need to be paid; raw materials need
to be 2)__________ and equipment need to be serviced; funds are needed for
marketing, advertising, and other general overhead costs; reserves are required till
the customers make their payment. Working capital is truly the lifeline for any
company.
The question arises as to how does a business acquire 3)__________ for
working capital. There are two types of financing: short term and long term.
Banks can be an 4)__________ source of short term working capital finance.
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By entering into an overdraft agreement with the bank, the bank will allow
the business to borrow up to a certain limit without the need for further discussion.
The bank might ask for security in the form of 5)__________ and they might
charge daily interest at a variable rate on the outstanding debt. However, if the
business is confident of making the repayments quickly, then an overdraft
agreement is a valuable source of financing, and one that 6)__________ companies
resort to.
Many banks and non-banking financial institutions provide invoice
discounting facilities. The company takes the commercial bills to the bank which
makes the payment minus a small fee. Then, on the due date the )__________
collects the money from the customer. This is another popular method of financing
especially among small traders. Businesses that offer large terms of credit can
carry on their operations without having to 7)__________ for the customers to
settle their bills.
There are many 8)__________ that insist on the customer making an
advance payment before selling them goods or providing a service. This is
especially true while dealing with large orders that take a long time to fulfill. This
method also ensures that the company has some funds to channelize into its
9)__________ for fulfilling those orders.
Many companies, especially those that sell television sets, fans, radios,
refrigerators, vehicles and so on, allow customers to make their payments in
installments. Since many of these items have become modern day 10)__________,
their customers might not come from well-to-do backgrounds or the cost of the
product might be too prohibitive for immediate payment. In such a case, instead of
waiting for a large payment at the end, they allow the customers to make regular
monthly payments. This ensures that there is a constant flow of funds coming into
the business that does not choke up the accounts receivable numbers.
Relying purely on short-term funds to 11)__________ working capital needs
is not always prudent, especially for industries where the manufacture of the
product itself takes a long time: automobiles, aircraft, refrigerators, and computers.
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Such companies need their working capital to last for a long time, and hence they
have to think about long 12)__________ financing.
Many companies opt for a full-fledged long term loan from a bank that
allows them to meet all their working capital needs for two, three or more years.
Rather than making dividend payments to shareholders or investing in new
ventures, many businesses retain a portion of their 13)__________ so that they
may use it for working capital. This way they do not have to take loans, pay
interest, incur 14)__________ on discounted bills, and they can be self-sufficient
in their financing.
In extreme cases when the business is really short of funds, or when the
company is investing in a large-scale venture, they might decide to issue
debentures or bonds to the general public or in some 15)__________ even equity
stock. Of course, this will be done only by conglomerates and only in cases when
there is a need for a huge quantum of funds.
Companies cannot rely only on limited 16)__________ for their working
capital needs. They need to tap multiple avenues. They also need to constantly
evaluate what their needs are, through 17)__________ of financial statements and
financial ratios, and choose their working capital channels judiciously. This is an
ongoing process, and different 18)__________ are appropriate at different points in
time. The trick is to choose the right alternative as per the situation.
3. Read the following article and make a rendering of it in English.
Финансы – это система экономических (денежных) отношений,
выражающихся в образовании доходов (денежных фондов, ресурсов),
осуществлении расходов (распределении и перераспределении фондов и
ресурсов) и контроле эффективности названных процессов. Финансовый
менеджер играет важную роль, определяя задачи предприятия и его политику
в обеспечении финансовых успехов.
327
Первостепенная задача финансового менеджера – планировать
привлечение и использование средств так, чтобы максимизировать стоимость
предприятия. Другими словами, управляющий финансами принимает
решение о выборе источников финансовых средств и их использовании. В
деятельность финансового менеджера входит:
Финансовый анализ и планирование. Фин.анализ находит широкое
применение в управленческой практике, он может выступать как инструмент
управления
текущей деятельностью, т.к. позволяет выявить существующие
там проблемы, оказывающие влияние на показатели фин.отчетности.
Фин.анализ используется также в процессе управления инвестициями,
начиная от принятия инвестиционных решений и заканчивая оценкой
результатов инвестирования. Фин.анализ используется акционерами для
оценки результатов деятельности руководства предприятия. Показатели,
полученные при проведении фин.анализа используются
при
прогнозировании будущих результатов деятельности ее акционерами,
инвесторами и кредиторами.
Part 3
ALTERNATIVE SOURCES OF LONG-TERM FINANCE
This article was published in the Spring issue of Historic House: The
Historic Houses Association Magazine and is reproduced by kind permission.
Financing for landed estates has traditionally taken the form of loan facilities
provided by a bank and secured against property in the form of a legal mortgage.
The onset of the financial crisis triggered a significant reduction in the overall
number and value of mortgages and many estates continue to find that banks are
either less willing to lend or unable to lend in the larger sums and on the longer
maturities desired by some estates. As a result, many estates are increasingly
looking to alternative sources of capital to meet their long-term financing
328
requirements. One alternative source of funding which has proved attractive in
recent years is the private placement market.
There are several factors which have impaired the traditional use of the bank
loan market as a means of raising long-term finance and encouraged borrowers to
look for alternatives:
•New capital and regulatory restrictions on banks introduced in the wake of
the financial crisis mean that they are typically less willing than before to lend
substantial sums on the long-term basis which borrowers are seeking.
•Interest rates continue to remain at historically low levels such that, even
where banks are prepared to lend, they are not prepared to do so on a fixed interest
rate. Instead, they prefer to lend on shorter maturities (providing an opportunity for
them to reset margins) and/or to offer floating interest rates (which can expose
borrowers to interest rate rises, which can be mitigated by hedging arrangements
but at a cost and on fairly bank-friendly terms).
•The ongoing obligations and financial covenants under bank loan facilities
have become more onerous in recent years, whereas alternative funders are more
willing to offer less stringent covenant packages.
•There has been an accelerated growth in the number of alternative non-bank
debt capital investors in the market. These are typically insurers, pension
providers, and debt funds, who have cash (but are receiving low interest rates on
deposits), who may have long-term fixed liabilities for which they will require
longer-term investments, and who have the internal infrastructure to enable them to
provide the long-term debt funding required by borrowers.
•Depending on the financial strength and credit-worthiness of the estate, it
may be possible to obtain unsecured debt. This clearly contrasts with the bank loan
market where security over land and other assets will usually be a fundamental
condition to the provision of any loan facilities.
What is a private placement?
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A private placement is a private debt arrangement (often in the form of
bonds or notes) between a borrower and a non-bank lender or a small group of
non-bank lenders.
Historically a form of financing much used in the United States, private
placements are increasingly being used in Europe as a means of raising alternative
finance and diversifying borrower capital structures.
Whilst UK borrowers can look to US investors directly for this type of
funding (particularly where large sums of liquidity are being sought), many UK
pension funds and insurance companies are now offering this type of finance as a
means of bridging the funding gap created by the recent reduction in available
bank funding.
What are the key commercial terms of a private placement?
The commercial terms of the private placement will be crucial in ensuring
both a positive uptake from the investment community and managing the estate’s
risk over the life of the private placement.
It would be common for an estate to appoint an experienced financial adviser
to provide guidance on the appropriate commercial terms for the private placement
and to facilitate discussions between the estate and potential investors.
Key upfront matters for estate management teams to consider will include
the following:
•Quantum: how much is the estate looking to raise? Generally the private
placement market will only be open to those estates looking to raise a minimum of
£10 million.
•Tenor: one of the key attractions of private placements is that their maturity
tends to be longer than ordinary bank loan debt. A term of anywhere between 10
and 30 years would be normal (although it is possible for maturities to extend
beyond even 30 years). For estates this can enable funding to be procured for large-
scale, long-term capital projects (e.g. new developments, new estate activities, new
visitor attractions etc.) and can also enable estates to align their funding needs with
the maturity of trusts affecting their landowning families.
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