Financial relations of enterprises. Financial relations of enterprises and organizations

For the occurrence finance as a sphere of economic relations, it is necessary to arise and coincide in time at a certain historical stage a whole set of conditions (or prerequisites), such as:

• education and recognition of individuals for goods, services, land, etc.;
• the existing system of legal norms regarding property relations;
• strengthening the state as a spokesman for the interests of the entire society, acquiring the status of owner by the state;
• the emergence of socially diverse population groups.

All these conditions arise under one general premise: a sufficiently high level of production, increasing its efficiency, growing and exceeding the limits necessary for biological survival.

The formation, distribution and use of monetary income is the main condition for the emergence of finance.

Financial interests are the interests of the owners of monetary income.

For the emergence of finance, a high level of development of the monetary economy, a constant circulation of money in large sizes, formation and use of the basic functions of money. Finance- is the movement of cash income. Financial relations always affect property relations. These are not only monetary relations, but also property relations. The subject of economic relations must always be the owner. It is by distributing and using cash income, of which he is the owner, that each participant in economic relations can realize his interests.

Financial resources

No economic or political decision of any importance can be implemented without a preliminary assessment of the amount of monetary income required for this. The distribution and accumulation of monetary income acquires a targeted character. The concept of “financial resources” arises. Being monetary income, accumulated and distributed for certain purposes, financial resources are used for various social, economic, scientific, cultural, political and other purposes (Fig. 18).

Financial resources- These are accumulated incomes intended for specific needs.

Financial resources serve all stages of the movement of cash income from their formation to use.

Since finances are determined by the movement of cash income, the patterns of their movement affect finances. Income usually passes through three stages (stages) in its circulation (Fig. 19):

Finance, as we see, relates to all stages of the formation, distribution and use of monetary income. Primary income are formed as a result of the sale and distribution of proceeds from the sale of goods and services. Since the production process is, as a rule, continuous, it is necessary to allocate part of the proceeds at the stage of sales of goods to ensure the continuity of the production process.

Primary income is formed as a result of expanded commodity production and is serviced by finance.

Primary distribution is the formation of primary income based on gross receipts.

Secondary distribution of monetary income (redistribution) can occur in several stages, that is, it is of a multiple nature.

As can be seen from the schematic recording of the abstract production process (Fig. 20), any production ends with the primary distribution of monetary income, without which further economic development is impossible. And the distribution of money income ( D") is served by finance. The allocation of financial resources to expand production takes the following forms: payment of current material costs, depreciation of equipment, rent, interest on loans, wages of workers employed in this production. After the primary distribution of monetary income, the processes of redistribution begin, i.e., the formation of secondary income. These are primarily taxes, contributions to insurance funds, contributions to social, cultural and other organizations.

Last stage distribution and redistribution of income - their implementation. Realizable income called final. Part of the final income may not be realized, but directed towards accumulations and savings. However, there is the following financial equality, which is not violated under any circumstances:

ΣA = ΣB + ΣС,

• A- primary income;
• IN— final income;
• WITH- savings and savings.

The distribution process is influenced not only by finances, but also by prices.

Since the process of selling any goods (goods, services, etc.) into monetary income is carried out at certain prices, then price dynamics has an independent impact on the distribution process. The more prices change (both up and down), the more money income fluctuates. These shifts occur especially sharply in conditions of inflation.

Financial resources as part of cash income come in various forms. For the real sector of the economy (production) this is part of the profit, for the state budget - the entire amount of its revenue part, for a family - all the income of its members, etc.

Financial resources- this is the part Money, which can be used by their owner for any purpose at his discretion.

The process of distribution and redistribution of financial resources

Financial resources are offered on the market a large number economic entities and the population. It is clear that potential users (consumers) of these tools are not able to independently install business relationship with every business entity, with every citizen. In this regard, the problem arises of combining scattered savings into significant amounts of financial resources that can be offered for use by a large potential investor.

This problem is solved financial intermediaries(banks, investment and mutual funds, investment companies, savings associations and
etc.), which accumulate free resources, primarily from the population, and pay interest on these resources. Financial intermediaries provide raised resources as loans or place them in securities. Their income consists of the difference between the interest paid on the resources attracted and the interest received on the resources provided.

Owners of cash savings can transfer their funds to investment companies, or they can directly acquire industrial corporations. But in the second case, they will encounter intermediaries - dealers And brokers, which represent professional participants in financial markets. Dealers carry out transactions independently, on their own behalf; brokers act only on behalf of clients and on their behalf.

Timely financial market offers potential investors wide investment opportunities through the acquisition of monetary obligations of a wide range of business entities. These monetary obligations are called financial instruments. These include: promissory notes, futures contracts, etc. A variety of financial instruments allows money owners to diversify their investment portfolio, that is, invest their savings in the obligations of different companies and banks. These obligations will have different returns, but also varying degrees riskiness. If a company goes bankrupt, investments in other companies will remain. Diversification of an investment portfolio is carried out according to the principle: “you cannot put all your eggs in one basket.”

Financial relations as a sphere of economic activity

Financial relations- these are relations associated with the distribution, redistribution and use of monetary income.

The phenomenon of financial relations as a sphere of economic relations in society arises at the stage of distribution of primary income (Fig. 21).

Financial relations, arising in connection with money and servicing the circulation of money income, concern almost all individuals and legal entities. Main participants in financial relations are producers of any product (real sector of the economy); budget and non-profit organizations; population, state, banks and special financial institutions. In the course of their development, financial relations give rise to credit and exist with them in close relationship (Fig. 22).

Credit relations is part of financial relationships. Both are the result of monetary relations.

Credit relations arise in connection with the provision of one entity to another (individuals and/or legal entities) money on terms urgency, repayment, payment.

The main difference between financial and credit relations is the repayment of funds provided on the terms of urgency, repayment and payment.

Usually isolated three stages of income flow, reflecting the formation of primary, secondary and final income.

Primary income are formed as a result of distribution (work, services). The amount of revenue is divided into a fund for compensation of material costs incurred in the production process (cost of raw materials, equipment, rent), the employee and the owner of the means of production. Thus, during the primary distribution, the income of the owners is formed. In addition, the following circumstance should be taken into account: indirect taxes established by the state are included in primary income. Therefore, at this stage, government revenues are partially generated.

At the second stage, from primary income Direct taxes and insurance payments are paid, and assistance is provided to the disabled. From the newly created funds of funds, in particular, from various levels of government, funds are paid representing the expenses of workers in the non-material sphere, doctors, teachers, notaries, office workers, military personnel, etc.

As a result of this process, a new income structure is formed. It consists of secondary incomes formed during the redistribution of primary incomes.

But doctors, teachers, and employees, in turn, pay taxes and make insurance contributions. These taxes and contributions form funds intended for certain payments. As a result of such payments, tertiary income may be generated. The chain of their formation is almost impossible to trace. The movement of these incomes is a very complex process.

The result of this process, its third final stage, is the formation of final income. They are used to purchase goods and services. A certain portion of income is saved.

The amount of primary income for a certain period necessarily equals the amount of final income plus savings. Distribution and redistribution of income means their formation new structure. Moreover, this structure reflects the economic relations (connections) between economic structures and the state.

At each stage of income generation, funds of funds are formed, i.e. finance. Consequently, it is finance that mediates the processes of distribution and redistribution of income.

The result of the functioning of the financial system is a changed structure of income.

Distribution process added(newly created) cost through is shown in Fig. 1. As can be seen from Fig. 1, as a result of the distribution of primary income of owners (entrepreneurs and workers), the income of workers in the non-material sphere is formed. However, it should be taken into account that in reality distribution processes are much more complex than reflected in Fig. 1. Part of the income of workers in the material sphere is distributed in favor of workers in the non-material sphere directly through the consumption by the former of services provided by the latter. This is how the income of lawyers, notaries, security guards, etc. is formed. In turn, they pay taxes to budgets participating in subsequent redistributions of income.

Finance as monetary relations arises at the stage of distribution. But they are the most important link in everything and have the strongest influence on it.

Control function

Control function consists of constant monitoring of the completeness, accuracy and timeliness of receipt of income and implementation of expenses from all levels and. This function manifests itself in any financial transaction. All these operations must not only be economically feasible, but also not contradict the existing legal norms. The control function of finance is expressed in the formation of funds of funds (budgets and extra-budgetary funds) in accordance with the declared goals and according to the standards established by the legislature. This function involves not only monitoring processes occurring in the financial sector, but their timely adjustment in accordance with the norms of current legislation.

The practical expression of the control function of finance is the system. This control ensures the validity of the formation of budget system revenues and the expenditure of budgetary funds and extra-budgetary funds. Financial control divided into preliminary, current and subsequent. Preliminary control is carried out at the stage of developing forecasts of budget revenues and expenses and preparing draft budgets. Its purpose is to ensure the correctness of budgetary indicators. Current control is responsible for the timeliness and completeness of the collection of planned income and the targeted expenditure of funds. Subsequent control is aimed at verifying the reporting data.

Stimulating function

Stimulating function finance is associated with the impact on processes occurring in the real economy. Thus, during the formation of budget revenues, tax benefits may be provided for certain industries. The purpose of these incentives is to accelerate the growth rate of technologically advanced products. In addition, the budgets provide for expenses that can ensure structural restructuring of the economy through financial support for high-tech technologies and the most competitive industries.

Finance, understood in the broad sense of the word, includes all monetary funds, including loans. Therefore, credit relations are part of finance. is the movement of the loan fund.

One can also define credit as a system of economic relations regarding the transfer from one owner to another for temporary use of values ​​(including money). Credit relations have their own specifics. A loan is associated with the transfer of a fund of funds for temporary use on the terms of repayment, urgency, payment, and security. These conditions distinguish credit relationships from other financial relationships.

An organization (enterprise) (French organization, from the Latin organiso - I give a harmonious appearance) is an independent economic entity that has the rights of a legal entity, produces products, goods, provides services, performs work, engages in various types economic activity, the purpose of which is to meet social needs, generate profit and increase capital.

An organization (enterprise) can carry out any of the types entrepreneurial activity or all types at the same time.

In the process of entrepreneurial activity, organizations (enterprises) have certain economic relations with their counterparties: suppliers and buyers; partners in joint activities; unions and associations; financial and credit system, etc., accompanied by cash flow.

The material basis of finance is money. However, a necessary condition for the emergence of finance is the real movement of funds: their accumulation, expenditure and use at all levels of management. It is due to mutual settlements between economic entities, with the budgetary and credit systems, in the process of which centralized and decentralized funds of funds are created and used.

In foreign literature, finance is viewed as cash flows(processes related to the movement of money).

In the works of domestic scientists, the essence of finance is usually expressed as a set of economic relations that arise during the formation, distribution and use of funds of funds. Behind Lately Other definitions of the content of finance appeared, closer to foreign ones. Ambiguous interpretation definitions indicate the complexity and multifaceted nature of finance. The object of finance is not only the processes that arise during the movement of funds, but also the economic relations that mediate them. The finances of organizations (enterprises) are a set of monetary relations that mediate economic relations associated with the organization of production and sales of products, performance of work, provision of services, formation of financial resources, implementation investment activities.

As an economic category, finance of organizations (enterprises) is a system of financial or monetary relations that arise in the process of forming fixed and working capital, cash funds of an organization (enterprise) and their use. They are distributive and redistributive in nature and have a direct impact on the reproduction process.

The finances of organizations (enterprises) are an independent link in the financial system serving material production and services. It is in this link of the financial system that a significant part of the country’s national income is formed, they are distributed within organizations and partially redistributed through budget system and a system of extra-budgetary funds.

The sphere of financial relations of organizations (enterprises) is diverse and has significantly expanded and changed with the development of real market relations, the introduction of the Civil Code of the Russian Federation. Depending on the economic content, financial relations of organizations (enterprises) can be grouped into the following areas:
arising between the founders at the time of creation of the organization (enterprise) during the formation of the authorized (share, share) capital. In turn, the authorized (share, share) capital serves as the initial source of formation production assets, acquisition of intangible assets;
between individual organizations (enterprises) related to the production and sale of products, the emergence of newly created value. These include financial relations between the supplier and the buyer of raw materials, materials, finished products, etc., relations with construction organizations during the period of investment activity, with transport organizations during the transportation of goods, with communications companies, customs, foreign companies, etc. These relationships are fundamental in economic activity, since the gross domestic product and national income are created in the sphere of material production. They account for the largest volume of payments, from their effective organization the financial result of enterprises’ activities largely depends; between organizations (enterprises) and their divisions - branches, workshops, departments, teams - in the process of financing expenses, distribution and redistribution of profits, working capital. This group of relations influences the organization and rhythm of production;
between organizations (enterprises) and their employees in the distribution and use of income, the issue and placement of shares and bonds of an enterprise, the payment of interest on bonds and dividends on shares, the collection of fines and compensation for material damage caused, and the withholding of taxes from individuals. Their organization affects the efficiency of use labor resources;
between organizations (enterprises) and higher-level organizations, within financial and industrial groups, within a holding company, with unions and associations of which the organization (enterprise) is a member. These relationships arise in the formation, distribution and use of centralized target monetary funds and reserves to finance targeted industry programs, conduct marketing research, research work, organize exhibitions, provide financial assistance on a return basis for implementation investment projects and replenishment of working capital during reorganization. This group of relations, as a rule, is associated with intra-industry redistribution of funds and is aimed at supporting and developing organizations (enterprises);
between organizations (enterprises) and the financial system of the state when paying taxes and other obligatory payments to budgets different levels, the formation of extra-budgetary funds, the provision of tax benefits, the application of penalties, and the receipt of allocations from the budget.

The financial condition of organizations (enterprises) and the formation of the revenue base of budgets at different levels depend on the organization of this group of relations:
between organizations (enterprises) and banking system in the process of storing money in commercial banks, organizing non-cash payments, receiving and repaying loans, paying interest on loans, buying and selling currency, and providing other banking services.

The financial condition of enterprises also depends on the organization of these relations:
between organizations (enterprises) and insurance companies and organizations arising from the insurance of property, certain categories of workers, commercial and entrepreneurial risks;
between organizations (enterprises) and investment institutions during the placement of investments, privatization and other economic entities.

Each of the listed groups has its own characteristics, scope of application, and methods of implementation. However, they are all two-way in nature and their material basis is the movement of funds, thanks to their use, cash flows are formed, they are accompanied by the formation of the authorized capital of the organization (enterprise), the circulation of funds begins and ends, the formation and use of monetary funds for various purposes, financial reserves, etc. the overall financial resources of the organization.

Functions of finance. The essence of finance is most fully manifested in its functions.

There is no consensus among economists regarding the functions of finance of organizations (enterprises). In the economic literature, there is currently a wide dispersion in the definition of functions, both in their number and in content. There is unity in only two functions: distribution and control. Many literary sources indicate the following functions: formation of capital, income and funds; use of income and funds, resource-saving, control, etc. Obviously, the listed functions have the same nature and purpose in their content - providing the necessary sources of financing for the activities of the organization (enterprise). Most economists recognize that enterprise finance performs three main functions: the formation of capital and income of the organization (enterprise); distribution and use of income; test.

All functions closely interact with each other.

When finance performs the function of capital formation, the initial capital of the organization (enterprise) is formed and increased; attracting funds from various sources in order to generate the volume of financial resources necessary for business activities, accompanied by the movement of funds. In modern conditions, not all funds of an enterprise are of a stock nature. The enterprise independently resolves the issue of forming cash funds and reserves.

The distribution and use of income at the level of organizations (enterprises) is manifested in the distribution of revenue from the sale of products and income from other activities in value terms according to areas of use, determining the main cost proportions in the process of distributing income and financial resources, ensuring an optimal combination of interests of individual producers, enterprises and organizations and the state as a whole.

The objective basis of the control function is the cost accounting of costs for the production and sale of products, performance of work, provision of services, generation of income and cash funds of the enterprise and their use. With the help of this function, control is exercised over the timely receipt of revenue from the sale of products and the provision of services, the formation and targeted use of funds and, in general, the financial resources of the organization, changes financial indicators, compliance with tax laws, etc.

Finance is based on distribution relations that provide sources of financing for the reproduction process and thereby link together all phases of the reproduction process: production, exchange and consumption. However, the amount of income received by an organization (enterprise) determines the possibilities for its further development. Effective and rational management of the economy predetermines the possibilities of its further development. Conversely, disruption of the uninterrupted circulation of funds, increased costs of production and sales of products, performance of work, and provision of services reduce the income of the organization (enterprise) and, accordingly, the possibilities for its further development, competitiveness and financial stability. In this case, the control function of finance indicates the insufficient impact of distribution relations on production efficiency, shortcomings in the management of financial resources, and the organization of production. Ignoring such evidence may lead to bankruptcy of the enterprise.

The implementation of the control function is carried out using financial indicators of enterprises, their assessment and development necessary measures to improve the efficiency of distribution relations. The control function is carried out both directly in the organization and by its owners, counterparties, credit and government authorities.

The essence of any economic category, including the financial system, is manifested in its functions. Function (from Lat. .function- execution, implementation) - external manifestation of the properties of an object (phenomenon) in a given system of relations.

In the economic literature there are various theoretical ideas about the functions of the financial system. This is due primarily to the specific approaches to defining finance and the financial system of existing economic schools and directions, which, in turn, is associated with specific historical and country-specific features of the functioning of financial systems.

Financial systems are characterized by dynamic development, during which their structural forms are modified, new financial instruments and services emerge that correspond to the goals and objectives of the functioning of financial systems at one stage or another. social evolution. Financial systems different countries may have certain differences due to the influence of many factors, including the economic model used, the scale of the country, the degree of development financial institutions and the level of competition among them, the use of innovations and technologies, cultural, historical, geographical, demographic and other factors. In countries with administrative economies, the functions of the financial system are reduced mainly to the distribution of financial resources, and institutions play the role of a state lever. Economically developed countries the functions of the financial system are more differentiated and diverse.

In Western economic literature, where the institutional approach to determining the essence of the financial system predominates, according to which the financial system is considered as a set of institutions that accumulate and provide funds, taking into account the assessment of assets and risk management, such functions of the financial system as information, control and monitoring, risk management, accumulation of savings, reduction of distribution costs, settlement and payment services, etc.

Thus, R. Levin includes among the functions of the financial system the information function, control and monitoring, risk management, accumulation of savings, reduction of distribution costs; R. Merton and 3. Body - payment and settlement, pooling of resources and allocation of shares in an enterprise, temporary, inter-industry and inter-country redistribution of economic resources, risk management, information, overcoming or mitigating problems associated with information asymmetry. At the same time, R. Merton and Z. Body believe that the main function of the financial system is the temporary, intersectoral and intercountry redistribution of economic resources.

The work of J. Stiglitz shows the following composition of the functions of the financial system: transfer of resources (capital) from saving agents to borrowers and investors; agglomeration of capital, since projects require more capital than one or a group of savers can have; project selection; monitoring the use of project funds; ensuring the fulfillment of contracts (returns); transfer, division, aggregation of risks, diversification of risks.

In the domestic economic literature, a number of authors (A. G. Gryaznova, L. A. Drobozina, E. V. Markina and others), in accordance with the traditional understanding of the categories “finance” and “financial system”, derive the functions of the financial system from the functions of finance, highlighting the distribution and control.

Some researchers believe that the financial system has other functions: operational, stimulating, redistributive, reproductive.

According to other researchers (V.N. Gorelik, A. Z. Dadashev, D.G. Chernik), the financial system is designed to ensure, firstly, the distribution and redistribution of gross domestic product through a complex of commercial, financial and fiscal operations , affecting the pace and direction of socio-economic development of the state; secondly, coordinated interaction between government authorities, business entities and the population in the process of formation and use of centralized and decentralized funds of funds, creating prerequisites for the transition to a higher level business activity.

Analysis of the presented positions indicates that the main function of the financial system is distribution. This approach corresponds to that accepted in both domestic and Western economic literature. The financial system does not perform other functions if it does not perform the main one.

The composition of these other functions is determined by representatives of various scientific schools in different ways, based on theoretical ideas about the essence of the financial system.

• - distribution, covering the movement of economic resources in time and space;
• - regulatory, including financial regulation of the economy, managing the risks of economic activity and the liquidity of financial assets, reducing distribution costs, ensuring optimal ways making payments;
• - mobilization, ensuring the accumulation of savings;
• - control, which involves control and monitoring of cash income and funds;
• - informational, aimed at mitigating information asymmetry.

Characteristics of the functions of the financial system

The key function of the financial system is distribution.

The distribution function of the financial system is manifested in the process of distribution and redistribution between various economic entities of the gross domestic product, its most important component - national income, part of the national wealth, as well as external receipts in the form of external government loans, foreign investments, other interstate transfers and is realized through the movement of financial resources in time and space.

With the improvement of distribution and redistribution mechanisms, the development of financial markets, the network of financial intermediaries, and the range of financial instruments, the forms of its implementation are becoming more diverse.

The movement of financial resources over time is associated with the existence of a time gap between the receipt and use of funds by economic entities. With the help of financial instruments, priorities are realized in the formation and use of financial resources over time, the synchronization of financial flows, a more uniform distribution of the tax burden in time, diversification of insurance and other risks, and investment of capital.

The financial system facilitates the movement of financial resources not only in time, but also in space - between economic entities, regions, and countries. The processes of globalization of economic relations, reflecting radical changes in the world and national economies, are accompanied by increased interconnection of financial systems and spatial expansion of financial capital. Breakthrough in development information technologies and communication tools, implementation of worldwide computer networks, integration trading systems into a single “electronic” global market lead to high mobility of financial capital.

In the context of the introduction of innovations, the strengthening of the global nature of modern financial markets and the interconnection of financial systems, the processes of movement of financial resources in time and space are accelerating while reducing transaction costs and increasing the efficiency of financial transactions. The global market has a complex, high-tech network of communication channels, resource flows and information that encircles the entire world; it operates around the clock, in all time zones, in the form of organized exchange platforms and electronic trading systems, which provides the ability to access financial resources in real time from anywhere on Earth, make transactions without intermediaries, and provide a full package of financial services to all categories investors.

The regulatory function of the financial system shows in which direction the redistribution of financial resources occurs, the formation of reproductive, sectoral and territorial proportions. Its action is aimed at ensuring sustainable rates socio-economic development through the use of financial methods and instruments of macroeconomic regulation, managing the risks of economic activity and the liquidity of financial assets, implementing cost-effective projects, and ensuring optimal methods for making payments.

In the field macroeconomic regulation impact on economic and social processes carried out through budget, tax, customs, investment and monetary policies by concentrating financial resources in some segments of the economy and limiting the growth of financial resources in others. It is aimed at preventing possible or eliminating existing imbalances, ensuring the development of advanced technologies, and achieving social stability.

In part risk management of economic activity The regulatory function of the financial system provides the opportunity for economic entities to reduce the risks of their activities by attracting the services of specialized institutions and financial market instruments. Institutions that take on these risks use various shapes and risk management practices appropriate to their role in the financial system. The main institutional element of the financial system that ensures the implementation of the function under consideration is traditionally insurance organizations, which, by agreement of the parties, assume risks and pay insurance claims. State extra-budgetary funds, problem solving provision social protection population, use methods of redistribution of national income in favor of unprotected social groups of the population. Investment companies that manage funds of funds contribute to the diversification of investors' risks while maintaining and increasing investments, etc. To manage risks, methods such as insurance, diversification and hedging are used, as well as a range of techniques that allow you to transfer risk, prevent or compensate for damage, and avoid risk completely or partially.

The regulatory function of the financial system in terms of liquidity management of financial assets provides the opportunity to change the form of a financial asset depending on the requirements of an economic entity to the degree of its liquidity. Different categories of financial assets traded on the market have different levels of liquidity. It is known that money has the greatest liquidity. Stocks are considered less liquid than bonds; long-term securities are less liquid than short-term ones; corporate securities are less liquid than government securities. Currency, securities, and precious metals ensure the circulation, storage and accumulation of financial assets, as well as the efficiency of their use. The implementation of the function under consideration contributes to the choice by economic entities of the most suitable forms of storage and use of their financial assets, reducing time and simplifying business transactions.

The regulatory function of the financial system contributes, among other things, to the implementation cost-effective projects by selecting acceptable methods and sources of financing. The effectiveness of a project largely depends on its financing model. The choice of methods and sources of financing is determined by a number of factors, and first of all, the degree of availability of certain sources of financing and their cost. The regulatory function of the financial system provides economic entities implementing the project with the opportunity to choose the optimal financing model, which involves the best combination of methods and sources of financing while minimizing the weighted average cost of financial resources.

Implementation of the regulatory function of the financial system in making settlements and payments consists of providing settlement services that mediate the movement of financial resources between economic entities. As scientific and technological progress develops, new payment systems are being introduced and more and more advanced means of payment are being used, which increases the speed of movement of financial resources and the scale of their spatial movement. With the development of payment systems, traditional bilateral settlement service relationships within the framework of a contract are being transformed into a network structure of relationships built on a multilateral basis.

The control function of the financial system involves control and monitoring at all stages of the formation and use of monetary income and funds and objectively reflects the progress of the distribution process. It manifests itself in monitoring compliance with legislation, the distribution of gross domestic product, part of the national wealth, external revenues, as well as the expenditure of financial resources for their intended purpose. Financial control is aimed at ensuring the development of production, accelerating scientific and technological progress, improving the quality of work in all spheres and levels of the economy, stimulating, rational and thrifty expenditure of material, labor, financial resources and natural resources, reducing unproductive expenses and losses, curbing mismanagement and waste.

The mobilization function of the financial system provides the opportunity to generate savings, accumulate wealth and income. It is implemented through the accumulation of capital and its accumulation with the help of financial institutions in the interests of market participants and society as a whole. This function Using savings, it makes it possible to counter inflation and crisis processes in the economy, ensure the stability and liquidity of the national currency, and generate resources for their further investment.

The function of broad financial information performed by the financial system facilitates the adoption of optimal decisions by economic entities thanks to information support.

In Russia, the function of broad financial information is implemented through various printed publications, statistical reference books and databases on the financial sector, the financial condition of organizations, structures providing financial services, etc. The most accessible and timely information is provided by Internet resources, where changes in quotes, exchange rates, exchange rates and other financial indicators. Among the most famous Internet resources are Alpari.ru; cbr.ru; ru.investing. corn; stocknavigator.ru; vedi.ru. In addition, a number of companies operating in the financial market provide information in the form of analytical reviews and reports: “Alfa Capital. Analytics"; “Market analysis from VTB 24”; "Investment cafe. Market Pulse"; Interfax; RosBusinessConsulting (RBC); "VTB 2 4. Te ha nal i: j Fo rex"; "Nord-Capital. Analytics"; "Prime-TASS"; "Finam"; "Finmarket"; "Rating agency AK&M"; "Alpari. Analytics Forex"" "Forexpf. Forex"; « FusionMedia. Market Review"; "TeleTrade. Expert opinions"; " TeleTrade. Technical analysis”, etc.

Information is an important factor determining the direction of movement of financial resources. Such information includes interest rates, exchange rates, stock prices, stock market indices, prices, tariffs, etc. Thus, the dynamics interest rates in financial markets it acts as an indicator of economic development, indicating its general trend, and market valuation of certain assets - a key tool for minimizing the risks of operations associated with the movement of capital. Detailed analysis and accounting of financial information contribute to the adoption by economic entities of business decisions, the effectiveness of which is largely determined by the completeness, reliability and timeliness of this information. However, information is imperfect; in addition, its asymmetry is generated by the actions of economic entities themselves. In this regard, the activities of the infrastructure institutions of the financial system make it possible to simplify the process of obtaining and processing information for all participants in economic processes and thereby reduce the level of information asymmetry.

Finance represented economic relations associated with the formation, distribution and use of centralized and decentralized funds of funds in order to perform the functions and tasks of the state and ensure conditions for expanded reproduction.

Financial relationships can arise between:

1) state and legal, individuals(paying taxes);

2) between individuals and legal entities (student payment for training);

3) between legal entities (rent of one enterprise of a building owned by another enterprise);

4) between individual states (international financial relations).

Main features of finance:

1_monetary relations between two subjects, i.e. money acts as the material basis for the existence and functioning of finance (where there is no money, there can be no finance);

2) subjects have different rights in the process of these relations: one of them (the state) has special powers;

3) in the process of these relations, a national fund of funds is formed - the budget (hence, we can say that these relations are of a fund nature);

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

24. The essence of finance and its functions

Finance– a system of relations in society regarding the formation and use of monetary funds in accordance with the functions and roles of the categories included in finance.

Finance includes:

1) State / finance (state budget, taxes, state credit, extra-budgetary funds, finance of state enterprises, state insurance)

2) Credit system (operations of the Central Bank, operations of commercial banks, issue of money, commercial insurance system, investment funds, commercial pension funds)

3) Finance of industries (finance of organizations in the production sector, finance of enterprises in the non-production sector, finance of other economic entities)

4) Financial market (transactions with securities, operations with precious metals and stones, real estate transactions, other transactions)

5) international finance (finance of transnational corporations)

Finance – economic relations that arise between economic entities in the process of formation, distribution and use of funds of funds.

Finance functions

The functions of any economic category characterize the type or types of activities carried out with its help. The functions of finance characterize the form of their expression public importance; Financial functions include: 1. distribution; 2. control; 3. cumulative; 4.regulating; 5.stabilization

At the micro level, finance does the following. Features:

1.formation of financial resources

2.use of financial resources

3. regulation of cash flows