Strategy and tactics of financial policy. Great encyclopedia of oil and gas
Depending on the nature of the tasks, financial policy is divided into financial strategy and financial tactics.
Financial strategy- this is a long-term course of the state’s financial policy, defined for the future and providing for the solution of large-scale tasks set by the economy and social development strategy of the country. It is focused on a long period of development and provides for the solution of large-scale problems within the framework of certain economic strategies of the state. In the process of development, the main trends in the development of finance, direction and use are predicted, the principles of organizing financial relations are outlined in accordance with the long-term goals of social economic development The Republic of Belarus.
Financial tactics– this is a set of measures aimed at solving the problems of a specific stage of development of the state on the basis of a developed financial strategy, associated with prompt changes in the forms and methods of organizing financial relations, regrouping financial resources based on the needs of the country. It is aimed at solving the problems of a specific stage of development of the state and is associated with changing the forms and methods of organizing financial relations based on its current needs.
Financial strategy and tactics are closely related. As a financial strategy, one should consider the financial recovery of the economy and the dynamic growth of the gross domestic product, increasing competitive products. Such a recovery can be achieved through reducing the budget deficit, reducing inflation, and strengthening the exchange rate of the Belarusian ruble.
At the present stage of economic development, the financial policy of the Republic of Belarus is aimed at fighting inflation, improving the tax system, creating favorable conditions for foreign economic activity, attracting foreign investment, reducing public debt, providing financial resources for targeted programs, increasing social protection of the population (according to the Socio-Economic Development Program RB).
The main directions of the financial strategy of the Republic of Belarus:
Ensuring sustainable economic growth at a high-quality level, allowing to increase real incomes of the population;
Creation of a tax system that meets the requirements of economic growth and financial stabilization;
Reducing the tax burden;
Increasing the efficiency of government spending and reducing the level of budget expenditures in relation to GDP;
Phased consolidation of government resources in the budget;
Concentration of budget funds in order to implement the most important government programs and activities;
Optimization and improvement of public debt management
Attracting foreign investment into the real sector of the economy.
Financial policy is implemented through the financial mechanism, its levers and incentives.
Financial mechanism is a system of types, types, methods and forms of financial relations established by the state.
Types financial mechanism (depending on the degree of state participation):
Directive financial mechanism associated with the participation of the state in the development and introduction of mandatory financial relations for all subjects in the field of budgetary taxation and the financial market.
Regulatory financial mechanism determines the procedure for financial relations in those areas and parts of the decentralized financial system where the interests of the state are not directly affected.
Kinds financial mechanism (depending on the areas and links of the financial system): budget mechanism, financial mechanism of organizations, financial market mechanism, etc.
Financial mechanism methods ma:
financial support carried out at the expense of own, borrowed and attracted resources.
financial regulation is associated with the regulation of distribution relations in society as a whole, in sectors of the national economy, and in enterprises of various forms of ownership.
taxation
planning and forecasting
management and control
self-financing, etc.
To regulate financial relations in the course of implementing financial policy, the state uses a certain system of financial levers and incentives. Financial levers include: profit, income tax of enterprises and organizations of various forms of ownership, investments, exchange rates and valuable papers, depreciation, price, dividends, social insurance contributions, etc. Financial incentives include rewards for good performance and economic sanctions for violations.
The state is called upon to use finance to fulfill its functions and achieve goals consistent with public needs and interests. And in the implementation of these functions and achievement of goals, financial policy plays a significant role. Financial policy is the policy of using finance in the system of the monetary monetary form of implementing the economic laws of commodity production, in other words, financial policy is the art of redistributing financial resources in the interests of creating conditions for increasing the distribution base, the total volume of available resources, that is, the art of financial management. When implementing such a policy, the main directions for the use of finance and the implementation of practical actions are determined that can help finance fulfill its role in society. These areas are, firstly, the development of scientifically based concepts for the development of finance, which are formed on the basis of studying the requirements of economic laws, a comprehensive analysis of the state of economic development, prospects for the development of the credit system, the needs of the population, and, secondly, the determination of the main directions for the use of finance for the long-term and current period, based on ways to achieve the goal, taking into account international factors, opportunities for growth of financial resources, as well as the implementation of practical actions aimed at achieving the goals. Depending on the duration of the period and the nature of the tasks being solved, financial policy is manifested in financial strategy and financial tactics. Financial strategy is a long-term policy designed for a long period and the implementation of large-scale tasks. Financial tactics are aimed at using finances to achieve short-term, current goals. It is usually implemented by changing the organization of financial relations, moving financial resources, and flexible use of finance as a tool to facilitate the implementation of tasks in the near future.
Financial policy is a set of government activities in the field of finance. Policy presupposes appropriate legal support for the decisions that are made. Only the state is vested with legislative rights. Financial law is a mandatory element of financial policy. We can talk about the financial policy of a region, a certain area (local authorities), because they have certain legal rights.
In the context of the transition to a market economy, the place of financial policy in the general policy of the state is increasing. However, the state’s ability to regulate financial relations in a market economy is reduced (planned economy: prices, wages, etc. were set. Financial policy was one of the important sectors in the general policy of the state). Currently, the state can dictate prices only for natural monopolies, precious metals and weapons. Regulation of the credit sector is only at the level of the Central Bank (previously, the entire credit sector was controlled by the state).
To implement financial policy, a financial mechanism is used, which means forms, methods of organizing financial resources, financial relations that are used to create conditions favorable to economic development. The financial mechanism is an integral part of the more general economic mechanism, the economic management system. In the hierarchical structure of the financial mechanism, two levels are distinguished, forming the financial mechanism of enterprises and organizations and the functioning mechanism public finance. An independent part is the insurance financial mechanism. To implement financial policy, it is necessary to develop and use legal norms, laws, regulations and other relevant acts that establish the rules for organizing financial relations and protect the economic interests of society, groups and individual citizens.
Financial policy, depending on the duration of the period and the nature of the tasks being solved, is divided into financial strategy and financial tactics.
Strategy is a long-term plan. Examples of financial strategy are policy documents, anti-inflationary financial policy, and public sector privatization policy.
Financial tactics are aimed at solving the problems of a specific stage of development of society; they are flexible, agile, and usually the tasks of financial tactics are limited to a year or a slightly longer period of time. Examples: new tasks set in the Federal Budget.
Financial strategy and tactics must be interrelated, but tactics are subordinate to strategy. If the state does not achieve results with the help of tactics, it is necessary to make adjustments to the strategic course (for example, Gaidar’s policy was aimed at a very quick result, but the strategy had to be adjusted).
Financial policy is an element of the superstructure, and finance is an element of the base, which means that financial policy cannot be carried out while ignoring the main features of the financial category and the historical development of finance.
Financial law has a great influence on financial policy. The successful implementation of measures envisaged by the state in the field of finance is successful only if the relevant regulatory documents are adopted. Financial law can have both positive and negative influence on financial policy. Financial law regulates financial relations between the state on the one hand, business entities and the population on the other hand. Other financial relations, in particular, relationships between enterprises and within enterprises, are regulated by administrative and civil law. For effective implementation of financial policy important has a mechanism for its financial regulation. This regulation is carried out by the executive branch, because it has a deployed apparatus to carry out this policy. However, the bulk of regulatory documents in a democratic society are adopted by Parliament, which means that the financial policy of the executive branch is adjusted by the legislature through regulations.
In a democratic society, the executive branch can only do what is written in the law, therefore, in Western practice, Parliament entangles the executive branch with a network of laws (USA - 7000 laws, Belgium - 3000). Before the start of Gorbachev’s reforms, about 100 laws were adopted in Russia per year, during his reign - 200, now about 100 per year. What is not covered by law is regulated by documents adopted executive branch(Presidential Decrees, Government Decrees, departmental instructions). World practice shows that effective parliamentary control prevents wrong decisions. adopted by the executive branch, because it is more strongly influenced by various lobbying groups.
The modern financial policy of the Russian state covers a very wide range of activities, because Since 1991, radical economic reform has been carried out. 3 main directions of the state’s financial policy:
1) A set of measures. ensuring the transition to a market economy.
2) A set of measures related to economic stabilization.
3) Social support of the population.
The relationship between these areas of financial policy does not exhaust all the tasks (there are tasks to improve budget system etc.). In 1991, the priority was the transition to a market economy; in 1992, there was an economic crisis and a sharp rise in prices; the question arose no longer about market reforms, but about reducing the decline in production and inflation, i.e. number two. On the eve of elections and referendums, social issues come first.
Financial policy aimed at creating a market economy.
25 public credit management
Public credit management is one of the areas of the state’s financial policy, related to ensuring its activities as a borrower, lender and guarantor. This is a set of government actions related to servicing and repaying public debt, issuing and placing new loans, maintaining the secondary debt market, and regulating the public credit market. These activities are regulated and carried out by the Ministry of Finance of the Russian Federation and the Central Bank of the Russian Federation, which determine the total volume of the budget deficit, the volume and nature of loans necessary to finance it, develop credit policy and its institutional support.
Management of public credit is aimed at achieving economic, social and political goals, which are determined by trends in social progress and the current state of the country's economy. The main economic goals include ensuring economic stabilization and growth of production, maintaining its competitiveness in the world market; social goals imply ensuring social stability and social progress; political goals are formulated based on the idea of maintaining stable functioning political system and ensuring national security. Achieving these goals is to a large extent connected with the management of public debt, especially external debt, the state of which, as world practice shows, largely determines not only the economic independence of the country, but also the preservation of its national sovereignty, which is especially important for modern Russia.
Accordingly, the tasks that the public credit management system in transition period Russia is designed to solve are determined and ranked:
a) minimizing the cost of debt for the borrower;
b) effective use of raised funds, creation of an appropriate accounting and control system;
c) strengthening the investment nature of loans;
d) regulating the volume of borrowed obligations of the state and maintaining their course;
e) raising funds on the most favorable terms for the issuer;
f) determining the priorities of the state’s credit policy, ensuring timely repayment of loans provided.
In the system of actions for managing public credit, the most important thing is the servicing and repayment of public debt, since all expenses of this kind are carried out at the expense of budgetary funds, creating an additional burden for it, and untimely payments lead to an increase in the amount of debt due to penalties. Only in the case of investment loans, servicing and repayment of obligations are carried out at the expense of income from the project.
Servicing public debt involves, firstly, carrying out operations to place debt obligations, secondly, paying income on them and, thirdly, repaying the debt in whole or in part according to the plan or making contributions to the sinking fund. Debt repayment involves full repayment of the principal amount of the debt and interest on it, as well as fines and other payments associated with late repayment of the debt.
Servicing of public debt is carried out by the Bank of Russia and its institutions, unless otherwise provided by the Government of the Russian Federation. The Bank of Russia performs the functions of a general agent for servicing public debt free of charge. Payment for the services of agents for placement and servicing of public debt is carried out from the federal budget.
From the investor’s point of view, the most acceptable is the timely receipt of income and repayment of the loan, calculation of the principal amount of the debt and interest on it. However, in the face of a significant increase in public debt and budget deficit, the government is forced to resort to in various ways debt regulation. Such methods traditionally include refinancing, consolidation, conversion, loan unification, exchange of bonds using a regressive ratio, etc.
Conversion, consolidation, unification of government loans and exchange of government bonds are usually carried out only in relation to domestic loans. As for deferring the repayment of obligations, this measure is also possible in relation to external debt. Deferment of repayment of an external loan, as a rule, is carried out in agreement with creditors, and this operation does not necessarily involve the suspension of interest payments on the loan.
The life of a country burdened with external and internal debts will require a competent strategy and skillful use of the credit environment in choosing the best option for economic development.
Public debt management includes the following measures: efficient use of borrowing funds; finding funds to pay off debt; neutralizing the negative consequences of public debt.
Many countries have special services for managing public debt. Their task is to prevent it from exceeding GDP by more than 2.5 times. It is believed that a large amount will not allow the country to solve its problems, and all its efforts will be aimed only at paying off the debt.
61. LOAN CAPITAL MARKET
To define the modern capital market, it is necessary to turn to the concept of loan capital as an economic category.
Loan capital is money lent for a certain percentage subject to repayment.
The form of movement of loan capital is a loan.
Loan capital is a special historical category of capital that arises and develops under capitalist conditions production method.
The main sources of loan capital are monetary capital (money) released in the process of reproduction. These include:
– depreciation fund of enterprises intended for renewal, expansion and restoration production assets;
– part of the working capital in cash, released in the process of selling products and implementing material costs;
– funds generated as a result of the gap between receiving money from the sale of goods and paying wages;
– profit used to update and expand production;
– cash income and savings of all segments of the population;
– monetary savings of the state in the form of funds from the ownership of state property, income from production, commercial and financial activities of the government, as well as positive balances of the central and local budgets.
Over the past 20-30 years, savings of the population, especially the working class, have been increasingly used as a source of loan capital. This trend is typical for the USA, England, Canada, Germany, France, Italy, Japan and other countries. As a rule, household savings are embodied:
– in bank deposits,
– in the reserves of pension funds, insurance companies,
– in the purchase of various securities.
Modern market structure loan capital characterized by two main features: temporary; institutional.
Based on time, they are distinguished:
– money market, which provides loans for periods ranging from several weeks to one year,
– directly the capital market, where funds are issued for longer periods; from one to five years (medium-term loan market) and from five or more years (long-term loan market).
On a functional and institutional basis, the modern loan capital market implies the presence of two main links:
– credit system (a set of various credit and financial institutions);
– securities market.
The latter in turn is divided into:
– the primary market where new issues of securities are bought and sold,
– exchange (secondary), where previously issued securities are bought and sold,
– an over-the-counter market where securities are sold that cannot be sold on the stock exchange. The over-the-counter market is also called the street market.
Temporary and functional-institutional characteristics of the loan capital market are characteristic of all countries. At the same time, the state of the national market is judged on an institutional basis, i.e. by the presence of two main tiers: the credit system and the securities market.
The most developed capital markets are the USA and countries Western Europe and Japan. These countries have extensive, flexible capital markets with well-developed two main tiers and an extensive network of various financial institutions. At the same time, the capital market in the United States is in a privileged position, since these characteristics are presented in it much brighter and deeper.
The increase in the scale of accumulation of money capital under capitalism led to the development of the loan capital market. Under the influence of supply and demand, the movement of loan capital occurs: capital accumulated in the form of cash is converted directly into loan capital.
The loan capital market as an economic category expresses socio-economic relations that are determined by the laws of capitalist economics, which ultimately form its essence, i.e. connections and relationships both within the market itself and in interaction with other economic categories.
Money capital is released in the process of reproduction. It is sent there in the form of loan capital through the market, and then returns again to the lender (banks and other financial institutions).
The essence of the loan capital market does not depend on what kind of money capital is used on it: one’s own or someone else’s, accumulated, i.e. it makes no difference whether the banker conducts his business only with his own capital or only with the capital deposited with him.
In turn, the essence of this market predetermines the specific role it plays in the modern mechanism of state-monopoly capitalism.
The loan capital market promotes:
– growth of production and trade turnover,
- movement of capital within the country,
– transformation of cash savings into capital investments,
– implementation of the scientific and technological revolution,
– renewal of fixed capital.
In this sense, the market mediates the various phases of reproduction and is a kind of support for the material sphere of production, from where it draws additional monetary resources.
The economic role of the loan capital market lies in its ability to unite small, scattered funds in the interests of all capitalist accumulation.
This allows the market to actively influence the concentration and centralization of production and capital.
The unification of small capitalists and increased concentration in the market itself were initially facilitated by banks, which were “cashiers of industrial capital,” and subsequently by all other types of financial institutions and stock exchanges.
Characterizing the role of credit in a capitalist economy, the following main provisions are usually distinguished:
- the unification of scattered individual monetary capital and savings of all classes of society in the hands of loan capitalists;
– savings in public distribution costs;
– equalization of the rate of profit;
– creation of joint stock companies.
The increased role of the loan capital market in the economy is manifested in three main directions:
– provision of loan capital to the private sector, the state and the population, as well as foreign borrowers;
– accumulation of free cash capital and cash savings of the population;
– concentration of fictitious capital.
The accumulation and unification of individual monetary capital is carried out not only by private financial institutions, but also by the securities market.
An important feature of the loan capital market is the increased influence on the process of internationalization of the world economy by ensuring the migration of capital.
In addition, the capital market plays a major role in the structural restructuring of the capitalist economy, especially in such industrialized countries as the USA, Western European countries and Japan.
In the post-war years, credit and financial institutions contributed to the creation of powerful military concerns (such as McDonell-Douglas) and conglomerates in the United States. The banking house of Rothschild contributed to the centralization of capital in the French mining industry. Three presenters commercial bank participated in the reorganization of the Krupp concern in Germany.
Market resources finance industries that are the engines of scientific and technological progress. It should be noted that even military concerns, stably financed by the state, in a number of cases are forced to resort to the services of the loan capital market (in the USA it has been repeatedly used by such well-known giants of military production as Lockheed, General Dynamics, Chrysler and etc.).
It is important to find out to what extent economic growth allows increasing monetary savings in the loan capital market and to what extent the market provides the economy with capital, i.e. whether its dependence on credits and loans coming from the market is high. In most industrialized countries, relatively high rates of economic growth in the post-war years (until the mid-70s) contributed to a high rate of accumulation and the degree of accumulation of monetary savings by the loan capital market.
Industry and other sectors of the economy developed mainly through self-financing (internal sources: profit and depreciation), but with the involvement of borrowed funds, especially during the period of cyclical recovery. A certain balance has emerged between internal and borrowed sources of financing (70 and 30%, respectively). The only exception was Japan, where the share of borrowed funds for almost all post-war years was over 60%. Thus, the economy was more dependent on the loan capital market than in other countries. From about the mid-60s. in the USA a similar trend also gradually began to emerge, and in the 70s. it intensified sharply. However, the reasons for this process for the United States and Japan are radically different.
The loan capital market performs a macroeconomic function. In a modern capitalist economy, money capital accumulates mainly in the form of money loan capital (although the private hoarding of gold simply means the accumulation of money capital as an anachronism in the form of metallic money). Therefore, the accumulation of money capital is important not in itself as a separate process, but primarily from the point of view of its impact on the entire course of capitalist reproduction, i.e. in the macroeconomic aspect.
In this regard, the accumulation of monetary capital closely interacts with real accumulation, which is a completely different process. Most of the money capital is formed through the savings of the population, and their size plays a significant role in the formation of the national rate of real accumulation, the share of capital investments in the gross national product and national income.
Huge masses of money capital, accumulated and mobilized through loan capital markets, create a certain illusion that the volume of money capital is potentially equal to the volume of loan capital. This appearance occurs primarily in those countries where there is an extensive credit system.
It is the storage of funds in the accounts of various financial institutions, in securities, as well as their expression in monetary form that can create the appearance of blurring the boundaries between money and loan capital, especially in the conditions of state-monopoly capitalism, when such boundaries are increasingly blurred with development credit system.
With a developed credit system, practically all money capital, in whatever sense we use this term, is loaned out, adds to the quality of the monetary form the quality of alienation through a loan, and becomes loanable money capital.
However, neither state-monopoly capitalism nor an extensive credit system can identify the essence of money and loan capital. The latter is only a derivative of money capital, a part of it, albeit a significant one. Loan money capital should be considered from the point of view of accumulation in the loan capital market, while money capital arises in the process of capital circulation and serves as the basis for the emergence of loan capital. Therefore, money capital is a broader concept in qualitative and quantitative terms.
Monetary capital cannot always be placed for deposit on the loan capital market - many firms hold large funds in cash for various special purposes (absorption of competitors, bribery, election campaigns), without reflecting them on their deposits. In addition, in the context of permanent monetary and financial turmoil in the world, hoarding of gold and silver by private individuals has increased.
This also shows certain differences between money and loan capital, although in modern conditions the scale of the loan capital market does not always make it possible to clearly define the boundaries between these concepts.
Functions of the loan capital market
The functions of the loan capital market are determined by its essence and the role it plays in the capitalist economic system, as well as by the tasks of reproducing capitalist production relations.
It is worth highlighting five main functions of the loan capital market.
The first is servicing commodity circulation through credit.
The second is the accumulation, or collection, of monetary savings (accumulations): enterprises, population, state, foreign clients.
The third is the transformation of monetary funds directly into loan capital and its use in the form of capital investments to service the production process.
These three functions began to be actively used in industrialized countries in the post-war period.
The fourth function should include serving the state and the population as sources of capital to cover government and consumer expenses (given the huge role of the loan capital market in covering budget deficits and financing housing construction through mortgage credit lending within the framework of state-monopoly capitalism).
In all four cases, the market acts as a kind of intermediary in the movement of capital.
The fifth function is to accelerate the concentration and centralization of capital for the formation of powerful financial and industrial groups.
The specified functions of the loan capital market are aimed at:
- maintaining the capitalist mode of production,
– ensuring the functioning of the economic system of state-monopoly capitalism.
Reflecting the accumulation and movement of money capital, the loan capital market is organically connected:
– with the movement of value in its monetary form,
– with the formation and use of various monetary funds in the form of credit resources and securities.
Through the capital market as an economic category, you can:
– measure and determine the movement, volume, direction of funds used for the development of capitalist social reproduction,
– establish the class spectrum of the use of money capital, its impact on socio-economic (relations.
The development of national loan capital markets is determined by a number of factors:
– economic development,
– traditions of functioning of the credit system and the securities market,
– the level of production accumulation and personal savings.
However, the dominant factor remains the economic development of the country (this concept includes not only the potential of industry and other sectors of the economy, but also the volume of accumulation of monetary capital within the entire economy and its divisions). This criterion is best met by the United States, Western European countries and Japan, where there are developed, flexible and powerful markets for loan capital.
At the same time, there are certain differences between the loan capital markets of these countries. Thus, in the United States this market is the most powerful, it is distinguished by its ramifications, the presence of two powerful links - the credit system and the securities market, a high level of accumulation of monetary capital, and widespread internationalization.
Currently, the loan capital market in the United States largely determines market conditions both in the capital markets of these countries (through interest rates, migration cash flows, fluctuations in securities prices) and on the global capital market.
The capital markets of Western European countries differ from the American market, first of all: by a smaller volume of transactions, insufficient development of individual credit and financial institutions, and the relative limitation of the securities market.
89. MONETARY AND FINANCIAL MECHANISM OF FOREIGN ECONOMIC RELATIONS
In the current economic conditions, an important role belongs to the monetary and financial mechanism of foreign economic relations and the form of organization of international monetary relations, enshrined in interstate agreements.
In the conditions of internationalization of economic life, a sharp expansion of foreign trade, scientific, technical and other intercountry relations in the second half of the 20th century. The world monetary system has undergone significant changes.
The world monetary system is based on the function of world money. They serve as the world's means of payment, the world's means of purchasing and the material embodiment of social wealth. For a long time historical period Gold acted as world money. However, in practice, international payments have always been carried out in the most powerful and stable currencies in the world. This was explained not only by the fact that it was inconvenient to pay in gold (since each time you had to cast a piece of gold of the corresponding weight and incur the costs of sending it from one country to another and insuring it), but also by the fact that the development of foreign trade turnover significantly outstripped the extraction of precious metals. In the 19th century and before the First World War, international payments were carried out mainly in British pounds sterling. After the Second World War, the US dollar became the main currency of the Western world. There was demonetization of gold, i.e. the process of gradual loss of monetary functions. With the development of credit relations, credit money - bills, banknotes, checks - gradually replaced gold, first from domestic monetary circulation, and then from international monetary relations.
In modern conditions, gold performs the function of world money indirectly through transactions in the gold markets, where gold can be used to purchase the necessary currencies and, accordingly, goods. Gold acts as a necessary insurance fund for the state and individuals.
In addition to the US dollar and other freely convertible currencies, the EURO, a monetary unit used by the countries of the European Union, is used as world money.
An important element of the monetary system is the exchange rate. An exchange rate is the price of one country's currency expressed in the currency of other countries or in international currency units. The formation of exchange rates is based on the cost proportions of exchange - the international values of a certain amount of goods and services represented by one or another monetary unit. In practice, the cost proportions of currency exchange are reflected in the form of the ratio of the purchasing power of currencies. This fully applies to the conditions of the gold standard, under which banknotes of the National Bank were exchanged for gold. After the complete demonetization of gold and the introduction of fiat credit money into national and international payment circulation, the mechanism that ensures that exchange rates correspond to the ratios of their purchasing power has undergone significant changes. However, the essence of this pattern remained unchanged.
The abolition of the gold content of currencies and the transition to so-called floating rates did not change either the very essence of the exchange rate as an economic category, or its function in the reproduction process. The exchange rate retains an objective cost basis, which acts as the purchasing power of comparable currencies on the world market. Currencies are compared according to the international values of a certain amount of goods and services represented by one or another monetary unit.
Exchange rates are formed on the global foreign exchange market depending on supply and demand, which depend on many factors. First of all, the position of the currency of any country is determined by the state of its economy.
The exchange rate also depends on the relative rates of inflation in different countries, on the growth rate of labor productivity and its correlation between countries, on the growth rate of GNP (the basis of the commodity content of money), the place and role of the country in world trade, and the export of capital. The higher the inflation rate in a country, the lower the exchange rate of its currency. It is these fundamental factors that primarily determine the exchange rate of a country. Long-term trends in the development of the exchange rate are a reflection of the progress of the reproduction process in the national economy and the country’s role in the world economy.
The exchange rate of a currency is directly affected by the state of its balance of payments, intercountry differences in interest rates in the money markets of different countries, the degree of use of a given country’s currency in the European market and in international payments, confidence in the country’s currency and other factors. Highest value Among the latter factors is the state of the balance of payments. When the balance of payments improves, the exchange rate rises because the demand for that currency increases. When the balance of payments deteriorates, that is, when it becomes scarce, the exchange rate falls, since there is no demand for such a currency. However, in the context of gold currencies and currencies with a fixed gold content, deviations of the exchange rate from parity were insignificant.
They occurred within the so-called golden points (golden points are understood as the limits of deviations of the exchange rate from parity. Such deviations under the gold standard and the Bretton Woods agreements amounted to ±1%.).
Entrepreneurs did not buy currency at a rate significantly higher than parity, but preferred to pay by sending gold. Therefore, deviations of the exchange rate from parity could be within the cost of sending gold from one country to another and insuring it.
Thus, the formation of the exchange rate and its dynamics are a multifactor process.
The level of exchange rates and their fluctuations have a significant impact on all areas of world economic relations - foreign trade, the movement of long-term and short-term capital, external debt - and in general on the country's external payment positions.
List of sources used
On banks and banking activities: Federal Law of December 2, 1990 No. 395-1, as amended. Federal Law dated December 27, 2009 No. 352-FZ // SZ RF. 1996. No. 6. Art. 492.
On the Central Bank of the Russian Federation (Bank of Russia): Federal Law dated July 10, 2002 (as amended on July 29, 2004) // SZ RF. 2002. No. 28. Art. 2790; 2004. No. 31. Art. 3233.
On the procedure for establishing the debt value of a unit of par value of a target debt obligation of the Russian Federation: Federal Law of July 6, 1996 No. 87-FZ // Russian newspaper. July 12, 1996
On the procedure for transferring government securities of the USSR and the certificate and the Savings Bank of the USSR into target debt obligations of the Russian Federation: Federal Law of July 12, 1999 No. 162-FZ // Rossiyskaya Gazeta. July 18, 1999
Money, credit, banks / Ed. O.I. Lavrushin. M., 2010.
Finance. Money turnover. Credit / Ed. L.A. Drobozina. M., 8 FINANCIAL SYSTEM OF THE COUNTRY: CONCEPT, PRINCIPLES OF BUILDING THE SPHERE AND DEVELOPMENT LINKS IN MARKET CONDITIONS Enterprise financial service FINANCIAL SYSTEM: ESSENCE AND CONTENT
Depending on the duration of the period and the nature of the tasks being solved, financial policy is divided into financial strategy and financial tactics.
Financial strategy is a long-term course of financial policy, designed for the future and providing for the solution of large-scale tasks determined by the economic and social strategy. In the process of its development, the main trends in the development of finance are predicted, concepts for their use are formed, and principles for organizing financial relations are outlined. The choice of long-term goals and the drawing up of target programs in financial policy are necessary to concentrate financial resources on the main directions of economic and social development.
Financial tactics are aimed at solving the problems of a specific stage of development of society through timely changes in the ways of organizing financial connections and regrouping financial resources.
Financial policy strategy and tactics are interconnected. Strategy creates favorable conditions for solving tactical problems. Tactics, identifying critical areas and key problems in the development of the economy and social sphere, through timely changes in the methods and forms of organizing financial relations, allows us to solve the problems outlined in the financial strategy in a shorter period of time with minimal losses and costs.
For many years, Russia was in conditions of an acute systemic crisis. The decline in industrial production, a sharp reduction in the effective demand of enterprises and the population, and a narrowing of the money supply led to massive impoverishment of large sections of the population.
An analysis of the main trends in financial policy in the 20th century, unresolved problems and unjustified financial instruments allows us to identify the following strategic lines of Russia’s financial policy in the 21st century:
1. Ensuring the unity of the goals and instruments of financial policy and the goals of economic development, improving the political system, the material well-being of citizens, and their spiritual level. Without ensuring economic growth, it is impossible to solve a single important task of financial policy.
2. Increasing the efficiency of financial regulation will not only have an external focus on other areas of the economy (labor market, foreign trade, etc.), but also internal discipline, orderliness of financial instruments, their close interaction with monetary instruments. Without improving financial regulation in the 21st century. Financial crises will become more frequent, which will disrupt the functioning of commodity markets and affect the stability of the democratic system.
3. Successful implementation of the above strategic lines will occur in the context of the integration of the Russian financial system into the international financial system. In order not to lose our role in the formation of economic policy, to find ways to take into account Russia’s national interests in this process, it is necessary to train in new financial technologies, master modern knowledge in the field of public finance, corporate finance, financial management, and put it at the same level as the education system in natural sciences, engineering.
The basic, supporting structure of the financial policy strategy should be the strengthening of the ruble and increasing confidence in financial, banking and credit institutions. It is necessary to gradually move away from the practice of dividing money turnover into autonomous parts that develop according to their own rules: ruble, dollar, and the shadow component of money turnover, which stands apart and is in no way regulated by financial and monetary instruments. With a weak, unstable ruble, constantly dependent on the number of dollars that will come from the MICEX, it is impossible to solve the problem of restoring unified management of money circulation.
4. To ensure the commodity and resource supply of the ruble, the following tasks must be solved simultaneously:
moderately increase the production of fuel and energy resources that provide high financial returns, although requiring large one-time costs;
create mobile and liquid reserves of oil, gas, energy capacity, and valuable metals;
significantly increase (2-3 times) the share of food and light industry, which are characterized by high capital turnover;
develop the aviation and automotive industries based on new technologies, attracting foreign direct investment and creating favorable conditions for the relocation of transnational companies to Russia.
5. If the commodity supply of the ruble is in a more or less satisfactory condition, about half is imported, then its resource supply is much better than that of many countries, even with a strong currency. Russia has proven (profitable) mineral reserves worth $42 trillion and proven reserves worth more than $140 trillion.
6. It is important to create reliable financial instruments that make it possible to turn minerals into liquid resources, which are taken into account when determining the money supply and the volume of credit in collateral transactions. This will require creating reliable financial technologies providing national security countries.
The security of the ruble does not end there. It is necessary to create a fund of economic assets, including other resources (land, unfinished construction, etc.). To do this, it is necessary to classify economic assets and inventory all Russian property, including foreign ones, determine their value and liquidity, develop a balance sheet for these assets and conduct an international audit.
7. We need a system of measures aimed at stimulating demand for rubles. Considering that the ruble exchange rate is formed on the MICEX, it is in this space that it is necessary to purposefully create demand for rubles. As one of the options, it is advisable to introduce the sale of domestic goods (oil, gas, etc.) - potential carriers of currency - for rubles. In this case, those foreign buyers who need such goods will accumulate rubles, and after purchase, convert them into dollars and other hard currencies.
8. The potential of the ruble is weakened due to a large outflow of capital, unlicensed export of capital, concealment of part of the foreign exchange earnings from exports of products in accounts in offshore banks, transfer of advance payments for the supply of imported products without receiving the corresponding goods. Only partly capital flight can be explained by motivational reasons. Preventing capital flight and its repatriation will contribute to the strengthening of the ruble.
9. It is necessary to implement a number of measures to strengthen depositors’ confidence in banks, build a long-term policy of savings and investments, increase the deposit rate, develop a deposit insurance system, allow foreign banks to attract deposits from the public, subject to their possible use in Russia for investment purposes with short loan repayment periods .
10. It is necessary to develop a national program for expanding product exports with appropriate budgetary, tax and credit instruments to support exports, as well as ways to intensify diplomacy with clear government priorities.
11. The task of ensuring a balanced budget remains a strategic objective of financial policy for the next 10-15 years. However, the methods for achieving it will undergo major changes. The main thing is to achieve high quality budget development so that fiscal instruments contribute to expanding the structure and increasing the volume of goods and services, the sale of which will generate the greatest revenues.
12. An organizational development block has been created in the budget, including the scientific, innovation and investment spheres. As the economic growth policy is implemented, it must include investment projects with more long periods payback. The high quality of the budget is determined not only by the sustainability of revenues and high tax collection, but also by the well-functioning system of its execution. And here it is important to debug the treasury system, improve the vertical system of financial control, especially large transactions, and ensure a unified accounting system for budget expenses.
13. One of the issues of financial strategy is the question of the balance of budgets different levels. It is necessary to debug the system within the framework of the Budget Code of the Russian Federation, the concept of interbudgetary relations, compliance with the golden rule of budget policy - 50:50, and gradually increase the share of financial resources of regional budgets.
14. The most important part of financial policy is tax policy. It is necessary to continue codifying taxes, making tax policy realistic, taking into account the financial situation of enterprises, the need for their recovery, and at the same time observing the imperative nature of financial relations and the mandatory nature of tax payments. For taxes to have an impact on economic growth, it is necessary to combine uniform tax rates with a possible differentiated treatment of their use by providing discounts to companies that expand the market for their products, reduce prices, or invest their income in investments. It is necessary to simplify the taxation system for small businesses and make it a tool for its development.
15. The strategic objectives of financial and monetary policy include the task of increasing the monetization rate of the economy. In the next five years it is necessary to increase M2 to 30% of GDP and by 2015 to 50%. Keeping it high specific gravity in the M2 structure of cash, insufficient binding of funds in non-cash payments, hoarding of rubles, dollars and other foreign currencies narrow economic basis increases in the money supply (M2) increase the imbalance between the supply and demand of money.
16. One of the most difficult tasks in the coming years will be the task of establishing the functioning of the stock market. This market, formed in conditions of high inflation, budget deficit, and continuous increase in domestic debt, is “accustomed” to operating at high levels of dividends. The stock market has not completely overcome the default syndrome. A way out of this situation is seen in several directions.
Firstly, it is necessary to issue a short-term financial instrument with a moderate income, not designed for dodgy financial speculators, but aimed at the average resident of our country who agrees to take less risks, keep their savings with a return on time and with moderate dividends that will be above average Sberbank Dividend rates (by 0.5 -1 point) and will not be supported by state guarantees.
Secondly, it is necessary to issue financial instruments with maturities of 1, 2, 3, 5 years, gradually increasing the share of five-year obligations secured by economic assets and with sufficient liquidity. They must be exchanged for gold, convertible currency, and possibly for real estate (housing, land, etc.). It is important to show confidence in the volume of their output.
Thirdly, it is necessary to introduce state regulation of interest rates - deposit and credit - for a period of 3-5 years, to eliminate the 2-3-fold excess of the latter over the former. Deposit rates should not be strictly oriented toward exceeding the inflation rate. Most of the population strives to preserve their savings and does not want to take risks, counting on high dividends.
Fourthly, for the flow of funds into investments, it is advisable to significantly strengthen the investment focus in the activities of stock and currency exchanges, including in the field of high technologies, establishing a listing of shares of enterprises and investing funds in investment projects.
17. To strengthen the investment and innovation-oriented financial policy, serious changes are needed in the activities of the banking system. Different schemes can be used: the creation of a group of investment banks (development bank, etc.), in a number of universal banks - a branch investment activities from purely commercial. In this case, it is necessary to take into account the development trends of the global financial system.
In conditions of economic recovery and stabilization of the entire financial and banking system, some investment functions will be performed by Insurance companies, which could insure political risks, pension funds and other financial institutions.
18. Implementation of the most important strategic line of financial policy in the 21st century. involves the active use of international standards in financial regulation, including such new ones as codes of financial and monetary policy, criteria for the reliability of the financial sector, standards for managing corporate finance, accounting, and bankruptcy procedures.
Thus, to stabilize the economy and solve the financial problem it is necessary:
Ensure that budgets are balanced and approved on the basis of a real forecast of macroeconomic indicators;
Implement a set of measures to expand the tax base;
Establish upper limits on the profitability of government borrowing, expand the Bank of Russia’s operations on the open market;
Stabilize the exchange rate of the ruble through strengthening control by the Bank of Russia over foreign currency accounts and operations of commercial banks, creating prerequisites for the conversion of cash foreign currency by individuals into ruble assets;
To form a system of trust management of state property in Russia and abroad;
Reform the treasury budget execution system, ensuring its transparency, increasing its status, and expanding its scope;
Orient monetary policy towards regulating interest rates.
It is important to pursue coordinated financial, monetary and socio-economic policies aimed at the interests of broad sections of the population who create national wealth and have enormous intellectual potential. The success of financial policy lies in the plane of macroeconomic growth based on the development of the real sector of the economy, leading to the expansion of the tax base, and the strengthening of Russia's geopolitical and strategic positions.
State financial policy
- this is a special form of state activity aimed at mobilizing financial resources, their rational distribution and use for the implementation of its functions.
Financial policy appears in the form of forms and methods of mobilizing financial resources and using them for various needs of the state: economic development, social protection population, the need for financial legislation, practical actions in the field of finance of various government agencies.
Financial policy, as a way of influencing finance on the economic and social development of society, is integral part economic policy of the state.
The main goal of financial policy is the optimal distribution of gross social product between industries National economy, social groups of the population, territories. On this basis, sustainable economic growth, improvement of its structure, and creation of conditions for the development of economic units of different forms of ownership should be ensured. In these conditions, the creation of reliable social guarantees for the population is also important.
Financial policy helps to provide resources for targeted programs, concentrate funds on key areas of economic development, stimulate growth in production efficiency, and use local resources.
When developing a financial policy, it is necessary to take into account a number of requirements that it must meet:
– financial policy should be developed on the basis of a scientific approach, which presupposes compliance of financial policy with laws social development;
– taking into account the specifics of specific historical conditions, each stage of development of society, the peculiarities of the internal situation and the international situation, the real economic and financial capabilities of the state;
– a thorough study of previous economic and financial experience, world experience, new trends and progressive phenomena;
– adherence to an integrated approach in developing and implementing financial policy.
– taking into account many factors with multivariate calculations using the method of imposing financial measures on the specific economic situation in the country, forecasting results when developing the concept of financial policy;
– the availability of extensive and reliable information about the financial potential, the objective capabilities of the state, the state of affairs in the economy, the comprehensive use of mathematical modeling and electronic computer technology, etc.
The effectiveness of financial policy is higher the more it takes into account the needs of social development, the interests of all layers of society, and specific historical conditions.
PRINCIPLES OF FINANCIAL POLICY
When developing the financial policy of the state, it is necessary to take into account certain principles of financial policy. The principles of the state's financial policy in each specific case, in each individual state, may change over a certain period.
The first principle of financial policy can be formulated as constant assistance in the development of production, maintaining entrepreneurial activity and increasing the level of employment.
The second principle of the state's financial policy is the mobilization and use of financial resources to ensure social guarantees. More precisely, this principle can be formulated as the search and constant improvement of forms and methods of mobilizing and using financial resources for the purposes of social guarantees and other types of needs of citizens.
The third principle of financial policy is the influence through financial policy on rational use natural resources, banning technologies that threaten the health of citizens. On the one hand, the state requires production structures to compensate for the costs of updating the natural environment, and on the other, using financial sources, it requires the closure of hazardous industries and the introduction of advanced resource-saving technologies.
UNITS OF FINANCIAL POLICY
In order to better understand the content, objectives and requirements for financial policy and to divide the spheres of financial relations based on their essence and content, one should distinguish as independent components of financial policy: tax policy, fiscal policy and monetary policy.
Tax policy, as an integral part of financial policy, realizes the interests of the state. Its main purpose is to withdraw part of the gross domestic product for public needs, mobilize these funds and redistribute them through the budget.
Fiscal policy (fiscal policy) as component financial policy is associated with the distribution of the state fund of funds and its use according to sectoral, target and territorial purposes. Or more briefly, using government spending to influence macroeconomic conditions.
Monetary relations, which represent the basis of the state's financial policy, are regulated with the help of the state's monetary policy (monetary policy). Monetary policy can be described as the actions by which the government attempts to influence macroeconomic conditions by increasing or decreasing the money supply.
FINANCIAL STRATEGY AND TACTICS
The main subject of financial policy is the state. It develops a strategy for the main directions of financial development of society for the long term and determines tasks for the coming period, means and ways to achieve them. Depending on the nature of the tasks, financial policy is divided into financial strategy and financial tactics.
The financial strategy is focused on a long period of development and provides for the solution of large-scale problems within the framework of certain economic strategies of the state. Financial tactics are aimed at solving the problems of a certain stage of development of the state and are associated with changing the forms and methods of organizing financial relations based on its current needs.
Financial strategy and tactics are closely related. As a financial strategy, one should consider the financial recovery of the economy and the dynamic growth of the gross domestic product, increasing the competitiveness of products. Such goals can be achieved through reducing the budget deficit, reducing inflation, strengthening the hryvnia exchange rate, i.e. financial tactics.
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At the core modern concept strategic management lies theory of competitive strategy and competitive advantage, developed by US scientist M. Porter in the 80s. XX century Economic strategy the author interprets it as a generalized management plan focused on achieving the company’s goals by identifying and implementing long-term competitive advantages.
An important role in strategic management is also played by the differentiation of types of enterprise development strategies by their levels. In the system of this management, there are usually three main types of strategies - corporate strategy, functional strategies and strategies of individual economic units (business units).
Corporate strategy determines the development prospects of the enterprise as a whole. It is aimed at fulfilling the mission of the enterprise and ensures the implementation in the most comprehensive manner main goal functioning of the enterprise - maximizing the welfare of its owners.
At the corporate level, strategy covers such important issues as the choice of types of economic activities (types of business), ways to ensure long-term competitive advantages of the enterprise in the relevant product markets, various forms of conglomerate reorganization (mergers, acquisitions), principles for the distribution of all main types of resources between individual strategic areas management and strategic economic units. The development of corporate strategy is mainly carried out by senior managers of enterprise management.
Functional Strategies enterprises are formed, as a rule, according to the main types of its activities in the context of the most important functional divisions of the enterprise. The main strategies at this level include: marketing, production, financial, personnel, innovation. The functional strategies of an enterprise are aimed at detailing its corporate strategy (implementation of its main goals) and at providing resources for the strategies of individual business units. The development of basic functional strategies is carried out by managers of the main functional divisions of the enterprise.
Strategies of business units (business strategies) enterprises are usually aimed at solving two main goals - ensuring the competitive advantages of a particular type of business and increasing its profitability. Strategic decisions made at this level are usually related to the creation of new products, expansion or reduction of existing product lines, investments in new technologies, and the amount of advertising fees. The development of strategies at this level is carried out by heads and managers of strategic business units with the advisory support of managers of functional departments of the enterprise.
Financial strategy is one of the five functional elements of strategic management (production, marketing, innovation, human resources and finance).
Being part of the overall economic development strategy of the enterprise, which primarily ensures the development of operational activities, the financial strategy is subordinate to it. In relation to the operating strategy, the financial strategy is subordinate. Therefore, it must be consistent with the strategic goals and directions of the enterprise’s operating activities. Financial strategy is considered as one of the main factors in ensuring the effective development of an enterprise in accordance with its chosen corporate strategy.
At the same time, the financial strategy itself has a significant impact on the formation of the strategic development of the operating activities of the enterprise. This is due to the fact that the main goals of the operating strategy are to ensure high rates of product sales, increase operating profit and increase competitive position enterprises are associated with development trends of the corresponding product market (consumer or production factors). If the development trends of the commodity and financial markets (in those segments where the enterprise carries out its economic activity) do not coincide, a situation may arise when the strategic goals for the development of the enterprise’s operating activities cannot be realized due to financial restrictions. In this case, the enterprise's operational strategy is adjusted accordingly.
The whole variety of operating strategies, the implementation of which is designed to ensure the financial activities of an enterprise, can be reduced to the following basic types:
Types of operating strategy
Limited (or concentrated) growth. This type of operating strategy is used by businesses with stable assortment products and production technologies that are weakly influenced by technological progress. The choice of such a strategy is possible in conditions of relatively weak fluctuations in the product market conditions and a stable competitive position of the enterprise. The main types of this basic strategy are:
Strategy for strengthening competitive position;
Market expansion strategy;
Product improvement strategy.
Respectively financial strategy enterprises in these conditions are aimed primarily at effectively ensuring reproduction processes and asset growth, ensuring a limited increase in production volumes and sales of products. In this case, strategic changes in financial activities are minimized.
Accelerated (integrated or differentiated) growth. This type of operating strategy is usually chosen enterprises located in early stages his life cycle, as well as in dynamically developing industries under the influence of technological progress. The main types of this basic strategy are:
Vertical integration strategy;
Backward integration strategy;
Horizontal “diversification” strategy;
Conglomerate diversification strategy.
Financial strategy in this case wears the most complex nature due to the need to ensure high rates of development of financial activities, its diversification according to various forms, regions, etc.
Reduction (or compression). This operating strategy is most often chosen by enterprises located in the last stages of its life cycle, and also in the stage of financial crisis. It is based on the principle of “cutting off the superfluous,” which involves reducing the volume and range of products, withdrawing from certain market segments, etc. The main types of this basic strategy are:
Structure reduction strategy;
Cost reduction strategy;
"Harvest" strategy;
Elimination strategy.
Financial strategy enterprises in these conditions designed to ensure effective disinvestment and high flexibility in the use of released capital in order to ensure further financial stabilization.
Combination (or combination). Such an enterprise operational strategy integrates the considered Various types private strategies of individual strategic zones management or strategic economic units. This strategy is typical for the largest enterprises (organizations) with wide industrial and regional diversification of operating activities. Respectively financial strategy of such enterprises (organizations) is differentiated in the context of individual objects of strategic management, being subordinated to various strategic goals of their development.
Research results show that when developing a financial strategy enterprises it is advisable to highlight the following dominant spheres ( directions) development financial activities:
Strategy for the formation of financial resources of the enterprise. Goals, objectives and the main strategic decisions of this part of the financial strategy should be aimed at financial support for the implementation of the enterprise’s corporate strategy and are accordingly subordinate to her.
Strategy for the distribution of financial resources of the enterprise. The parameters of the strategic set of this part of the financial strategy should be, On the one side aimed at financial support for the implementation of individual functional strategies and strategies of business units, and on the other, make up the basis for the formation of areas of investment activity enterprises from a strategic perspective.
Strategy for ensuring the financial security of an enterprise. The goals, objectives and most important strategic decisions of this part of the financial strategy should be aimed at formation and support of the main parameters of the enterprise’s financial balance in the process of its strategic development.
Strategy for improving the quality of financial management of an enterprise. The parameters of the strategic set of this part of the financial strategy are developed by the financial services of the enterprise and are included as an independent block in the corporate and individual functional strategies of the enterprise.
The process of developing and implementing the financial strategy of the enterprise is carried out in the next stages.
1. Determination of the general period for the formation of a financial strategy.
2. Study of factors of the external financial environment.
3. Assessing the strengths and weaknesses of the enterprise, which determine the features of its financial activities.
4. Comprehensive assessment of the strategic financial position of the enterprise.
5. Formation of strategic goals for the financial activities of the enterprise.
6. Development of target strategic standards for financial activities.
7. Making major strategic financial decisions.
8. Evaluation of the developed financial strategy.
9. Ensuring the implementation of the financial strategy.
10. Organization of control over the implementation of the financial strategy.
Object of financial management capital and cash flows. These cost categories are of strategic importance, since their condition largely determines the competitive advantages and economic potential of a joint-stock company. An organization with sufficient equity capital (more than 50% of total capital) and positive balance cash flows (cash inflows are higher than their outflows) has the potential to attract additional cash resources from the financial market.
Hence, financial strategy- this is a long-term course of financial policy, designed for the future and involving the solution of large-scale problems of the organization.
In the process of developing a strategy, they forecast the main trends in the development of finance, form a concept for their use, and outline the principles for organizing financial relations with the state (tax policy) and partners (suppliers, buyers, investors, lenders, insurers, etc.).
At strategic planning outline alternative paths for the development of the organization, using the forecasts of experienced specialists (managers). It should be noted that ensuring the long-term development of an enterprise in the interests of its owners (shareholders) involves:
Formation of the optimal amount of authorized capital;
Attracting additional sources of financing from the capital market (in the form of loans and borrowings);
Accumulation of cash funds formed as part of the proceeds from the sale of products (works, services);
Formation of retained earnings allocated for capital investments;
Attracting special targeted funds;
Accounting and control of capital formation, income and cash funds.
Based on the adopted strategy, specific goals and objectives of production and financial activities are determined and operational management decisions are made.
The most important directions for developing a financial strategy for an enterprise the following:
Analysis and assessment of financial and economic condition;
Development of accounting and tax policies;
Formation of credit policy;
Management of fixed assets and choice of depreciation method;
Working capital and accounts payable management;
Management of current costs, product sales and profits;
Determination of pricing policy;
Selection of dividend and investment policies;
Assessment of the corporation's achievements and its market value (price).
However, the choice of a particular strategy does not guarantee the receipt of predicted income due to the influence external factors, in particular the state of the financial market, tax, customs, budget and monetary policies of the state.
An integral part of the financial strategy is long-term financial planning, which determines the main parameters of the enterprise’s activities: volume and cost of sales, profit and profitability, financial stability and solvency.
Financial tactics- this is the solution of particular problems of a specific stage of development of an enterprise by timely changing the methods of organizing financial relations, redistributing monetary resources between types of expenses and structural divisions.
Given the relative stability of the financial strategy, financial tactics should be flexible, which is explained by the variability of market conditions (demand and supply for resources, goods, services and capital).
The strategy and tactics of financial policy are closely interrelated. A correctly chosen strategy creates favorable opportunities for solving tactical problems.
Financial policy should be carried out by professionals - chief financial managers (directors) who have all the information about the company's strategy and tactics. For acceptance management decisions use the information provided in accounting and statistical reporting and in operational financial accounting, which serves as the main source of data for determining indicators used in financial analysis and intra-company financial planning.
