Finance as an economic category. Financial system: links, spheres of financial relations
Today finance
As economic category
Finance as
centralized funds, decentralized.
The object of finance is financial resources,
The term "finance" comes from the Latin finis - end, end, finish. In the Ancient World and the Middle Ages, in monetary relations arising between the state and the population, the word "finis" meant the final settlement, the completion of the monetary payment. Persons who have paid contributions to various government agencies, received the document - fine. From the name of this document came the Latin term "financia", which meant cash payment... The long process of development of commodity-money relations has changed the content of the phenomenon of finance.
Today finance- This is an objective economic phenomenon, which is a system of formation, distribution, redistribution and use of funds of the subjects of society. On the one hand, this phenomenon acts as an economic category, and on the other, as a subjective cost instrument of activity.
As economic category finance expresses economic relations about the production, distribution and use of gross domestic product and national income. These relations are manifested in the creation and use of targeted funds of funds by various economic entities (the state, business entities, interstate organizations, individuals, etc.).
Finance as subjective value instrument the functioning of economic entities form a specific mechanism for making decisions about the processes of formation and use of funds.
Finance is in the form of money, but not all monetary relations are financial. Monetary relations turn into financial ones when, as a result of the production of goods and the provision of services during their sale, funds of money are created.
Funds of funds created at the level of the state, authorities local government are called centralized funds, and the monetary funds created at the level of economic entities, households - decentralized.
The object of finance is financial resources, representing a set of funds of funds at the disposal of economic entities, the state, households. The sources of financial resources are:
- at the level of business entities - profit, amortization, income from the sale of securities, bank loans, interest, dividends on securities issued by other issuers;
- at the population level - wages, bonuses, allowances to wages social payments made by the employer, travel expenses, income from entrepreneurial activity, participation in profits, transactions with personal property, credit and financial transactions; social transfers, including pensions, benefits, scholarships; consumer credit;
- at the level of the state, local governments - revenues from state and municipal enterprises, income from privatization of state and municipal property, income from foreign economic activity, tax revenues, state and municipal credit, money issue and proceeds from emission valuable papers.
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Exercise 1
Question 1. Finance is:
1. economic category;
2. an economic phenomenon;
3. subjective instrument market economy;
4. cash.
Question 2. Finance as a phenomenon is:
1. money;
2. the unity of the object and the subject;
3. the unity of at least two subjects, object and relations;
4. the unity of at least two subjects, object, relations and state.
Question 3. How does the economic category finance express:
1. the relationship of the planned formation and use of funds of monetary resources of economic entities;
Question 4. Finance as a subjective cost instrument is:
1. monetary funds of economic entities;
3. a deliberate mechanism for the formation and use of funds;
4. a mechanism for making decisions regarding the formation and use of funds.
Question 5. The main meaning of finance is:
1. in ensuring the reproduction of material goods;
2. in the redistribution of funds between legal entities;
3. in the redistribution of funds from the haves to non-producing physical entities;
4. in the provision of goods turnover.
Assignment 2
Question 1. The financial system of society is:
1. a set of spheres expressing the relationship of subjects on the basis of changes in the monetary object;
2. the totality of funds of all subjects;
3.specific form of implementation state budget;
4. the totality of the country's budgets.
Question 2. What sign of the classification of finance does not belong to the main one?
1. subjective;
2. object;
3. formal;
4. social.
Question 3. What is not related to the functions of the financial system?
1. distribution of monetary resources between the subjects of society;
2. control of the movement and use of financial resources of the subjects of society;
3. redistribution of monetary resources between the subjects of society;
4. prevention of losses of the subjects of society.
Question 4. Subject financial system does not include:
1. finances of citizens;
2. formal finance;
3. international finance;
4. finances of organizations.
Question 5. Name the most quantitatively significant sphere of finance:
1. public finance;
2. international finance;
3. finance of citizens;
4. finances of organizations.
Assignment 3
Question 1. What is "politics"?
1. special activity people to protect the interests of society;
2. the concept of relations for the protection and implementation of the interests of some subjects as opposed to the interests of other subjects of society;
3. special activities of state authorities;
4. special activities carried out in order to improve the well-being of the people.
Question 2. What is not the reason for the existence of the policy?
1. variety of forms of ownership;
2. the variety of needs of economic agents;
3. limited life values;
4. division of society into many economic entities.
Question 3. Arrange as you expand the following types of policies: financial (1), income (2), financial regulation policy (3), socio-economic (4).
1. 1, 2, 3, 4;
2. 3, 2, 1, 4;
3. 2, 3, 4, 1; 1
4. 4, 3, 1, 3.
Question 4. Which of the following policies does not apply to the main areas?
1.individual;
2. state;
3. international;
4. industry.
Question 5. Informal politics is:
1.policy implemented by citizens;
2. unspoken policy;
3. prohibited policy;
4. the policy implemented by legal entities.
Assignment 4
Question 1. Financial management is:
1. the totality of all bodies and organizations involved in financial management;
3. scientifically grounded management system for financial relations, value flows and funds of the organization;
4. system of interaction of financial relations, flows and funds of funds.
Question 2. The objects of financial management are not:
1. monetary funds;
2. cash flows;
3. categories and financial leverage;
4. budgetary relations.
Question 3. The reasons for financial management does not include:
1.the subject's desire to lead;
2. the presence of an economic entity (organization);
3. the action of commodity-money relations;
4. variety of forms of ownership.
Question 4. Strategic financial management is carried out by:
1. first persons (owner) of the organization;
3. control structures;
4. all members of the organization.
Question 5. Financial management tactics are engaged in:
1. control structures;
2. second persons (performers);
3. first persons (owner) of the organization;
4. all members of the organization.
Assignment 5
Question 1. Forecasting finance is:
1. the subjective activity of people to create forecasts;
2. a mechanism for predicting the state of finances of a particular economic entity in the future, for one or another perspective;
3. a scientifically grounded management system for financial relations, value flows and funds of the organization;
4. the process of developing and adopting targets for the financial activities of economic entities.
Question 2. Does not apply to forecasting methods:
1. extrapolation;
2. modeling;
3. software-targeted;
4. method of expert assessments.
Question 3. Planning is:
1. the totality of all bodies and organizations in charge of financial management;
2. a set of objects and subjects of financial management;
3. scientifically grounded management system of financial relations, value streams and funds of the organization;
4. the subjective process of the development and adoption of targets for the financial activities of economic entities.
Question 4. The objects of financial planning do not include:
1. monetary funds;
2. cash flows;
3. economic categories;
4. budgetary relations.
Question 5. Financial planning is not engaged in:
1. citizen;
2. designer;
3. Minister of Finance;
4. entrepreneur.
Assignment 6
Question 1. Give the correct definition of financial control:
1. one of the stages of financial management;
2. a set of activities of the subjective activity of people for the observation, comparison, verification and analysis of the movement of cash resources;
3. a set of actions to check the activities of business entities;
4. form of implementation of the control function of finance.
Question 2. What is not related to the main reasons for the need to control socio-economic processes?
1.the absence of a 100% probability in a certain development of processes;
2. the importance of preventing the emergence of crisis situations;
3. desire to develop the success of a specific activity;
4. identification of financial irregularities.
Question 3. The following does not apply to public financial violations:
1. inappropriate use of monetary resources;
2. unprofitable activities of organizations;
3. secret borrowing of funds of some subjects from others;
4. corruption.
Question 4. What is not related to the main tasks of financial control?
1. checking the costs of all parts of the financial system;
2. compliance with the rules of accounting and reporting;
3. prevention of theft and identification of reserves for the effective use of funds;
4. checking the correctness and timeliness of the receipt of income.
Question 5. What is not the main type of financial control?
1. preliminary control;
2. comprehensive control;
3. current control;
4. final control.
Assignment 7
Question 1. In the real economy, the financial market acts as:
1. economic phenomenon;
2. economic category;
3. value instrument;
4. institutional game.
Question 2. The financial market is:
1. a system for the sale and purchase of monetary (financial) instruments;
2. the mechanism of monetary circulation;
3.system economic relations;
4. mechanism of market circulation.
Question 3. The financial market is not classified by:
1. objects;
2. to subjects;
3. form of functioning;
4.size.
Question 4. What is not related to the functions of the financial market?
1. mobilization (accumulation) of free funds;
2. issue of financial instruments;
3. distribution of free financial resources;
4. redistribution of financial values.
Question 5. The financial market does not include:
1. loan market;
2. the gold market;
3. the securities market;
4. insurance market.
Assignment 8
Question 1. Economic essence insurance is that it is:
1.economic relations on education and distribution of monetary funds;
2. joint participation of the insured in the formation of funds;
3.relationship about the formation of a special insurance fund and its use for payments on insurance events;
4. monetary relations about the distribution of insurance resources.
Question 2. An insurer is an entity that:
1.participates in an insurance relationship;
2. is engaged in insurance activities on the basis of a license;
3. concludes insurance contracts;
4. enters into insurance contracts and participates in the creation of insurance funds.
Question 3. Insurable interest is:
1. interest of an individual and a legal entity in the problems of insurance;
2. the amount of insurance liability determined by the insurance contract;
3. the measure of material interest in insurance, expressed in the sum insured;
size 4 insurance premium which the policyholder pays to the insurer.
Question 4. The following does not apply to state off-budget social insurance funds:
1. Mandatory Health Insurance Fund;
2. Federal Ecological Fund;
3. Pension Fund Russia;
4. Fund social insurance.
Question 5. The characteristics of voluntary insurance include:
1. setting tariffs through an agreement between the insurer and the insured;
2. establishment of insurance rates according to a unified state methodology.
3. the possibility of using income for other commercial activities;
4. determination of insurance rules by state authorities.
Assignment 9
Question 1. Credit is:
1.economic phenomenon;
2. economic category;
3. subjective cost management tool;
4. mechanism for using monetary resources.
Question 2. How the economic category of credit expresses the totality of relations:
1. about the mobilization and use of temporarily free funds;
2. on the use of borrowed funds by various economic entities;
3. regarding the withdrawal of funds from economic entities;
4. associated with the formation, distribution and use of funds of funds.
Question 3. What is a loan fund?
1. a set of funds transferred by one economic entity to another on a gratuitous and irrevocable basis;
2. a set of funds withdrawn by one economic entity and directed to the needs of another economic entity;
3. a set of funds transferred for a fee in the form of interest for temporary use on a returnable basis;
4. a set of temporarily free funds of economic entities.
Question 4. An obligatory objective element of the loan is not:
1.the creditor;
2. the borrower;
3. a loan;
4. principles of credit.
Question 5. The principles of credit do not apply:
1. security;
2. chargeable;
3. urgency;
4. return.
Assignment 10
Question 1. WBF are monetary funds that provide:
1. the continuity of the process of social reproduction;
2. meeting the needs of citizens;
3. satisfaction of specific needs of economically "subjects of society;
4. expansion of production.
Question 2. WBFs express relationships:
1. between economic entities regarding the formation and use of part of the product of society;
2. between non-state legal entities and the state regarding the formation and use of a part of society of another product;
3. between subjects of society regarding the formation and use of a part of the social product;
4. between citizens and the state regarding the formation and use of a part of the social product.
Question 3. WBFs are not classified by:
1.status;
2. the intended purpose;
3. cost;
4. by the time of action.
Question 4. State VBFs do not exist:
1. subjective;
2. federal;
3. regional;
4. local.
Question 5. There are no WBFs:
1. economic;
2. political;
3. spiritual;
4. social.
Assignment 11
Question 1. Institutional finance acts as:
1. economic category;
Question 2. What relationship does institutional finance express?
1. the relationship of the planned formation and use of the fund of monetary resources of economic entities;
2. relations regarding the formation and use of funds of funds;
3. relations about the circulation of monetary resources;
4. relations about the functioning of loan capital.
Question 3. As a subjective financial instrument, institutional finance is:
1. the monetary fund of economic entities;
2. plan of income and expenses of economic entities;
3. the mechanism for the formation and use of the monetary fund;
4. coordinated process of functioning of the state fund.
Question 4. What is the main element of institutional finance:
1. financial market;
2. state-owned enterprises;
3. budgetary system;
4. the budget of physical economic entities.
Question 5. The methods of redistribution of monetary resources do not include:
1. straight;
2. indirect;
3. hidden;
4. vowels.
Assignment 12
Question l. The budget should be seen as:
1. economic category;
2. economic category and subjective value instrument;
3.subjective financial instrument market economy;
4. the subjective method of economic management.
Question 2. What relationship does the budget express?
1. relations regarding the planned formation and use of the fund of monetary resources of economic entities;
2. relations regarding the formation and use of funds of funds;
3. relations about the circulation of monetary resources;
4. relations about the functioning of loan capital.
Question 3. What is not related to the characteristic properties of the budget?
1. purposefulness;
2. spontaneity;
3. orderliness;
4. scientific character.
Question 4. What is the most favorable budget outcome?
1. equality of income and expenses;
2. excess of expenses by income;
3. excess of expenses of income;
4. Failure to meet the budget for revenues and expenditures.
Question 5. The state budget expresses the relationship:
1.between state bodies and economic entities regarding the formation and use of public finance s resources;
2. between economic entities regarding the use of state financial resources;
3. economic entities regarding the formation and use of funds;
4. economic entities regarding the formation of state financial resources.
Assignment 13
Question 1. A budget device is understood as:
1. organization and principles of building the budgetary system of the Russian Federation;
2. organization of building the budgetary system;
3. budget mechanism RF;
4. mechanism for drawing up and executing the budget.
Question 2. What does not apply to the principles of a budgetary device?
1. unity;
2. balance;
3. independence;
4. self-sufficiency.
Question 3. Protected budget items include:
1. items of the current budget;
2. budget items subject to mandatory implementation;
3. budget items not subject to sequestration;
4. budget expenditure items approved for mandatory execution by law.
Question 4. What is not among the factors that determine the unity of the budgets of the Russian Federation?
1. the unity of the administrative and political system of the Russian Federation;
2. the unity of the legal system;
3.unity budget classification and regulatory documents;
4. unity of territorial and national interests.
Question 5. What is not an element of the anti-deficiency mechanism?
1. change in tax rates;
2. mechanism for sequestering expenses;
3. setting the limit for the deficit;
4. the procedure for covering the deficit.
Task 14
Question 1. The purpose of the functioning of the finance of commercial organizations is:
1. production of products that meet the needs of economic entities of society;
2. making a profit by the owners of organizations;
3. provision of cash resources for employees;
4. elimination of unemployment.
Question 2. The principle of commercial settlement of organizations is not:
1.profitability;
2. competition;
3. independent financial control;
4. material responsibility and interest.
Question 3. What does the principle of economic independence of commercial calculation mean?
1. the organization independently chooses sources of income;
2. the organization independently determines the organizational structure;
3. the organization independently determines the directions of the use of funds;
4. the organization independently determines the scope of its activities.
Question 4. What does not belong to the own resources of commercial organizations?
1. depreciation deductions;
2. funds received from the additional issue of shares;
3. funds received from the placement of bonds;
4. payables.
Question 5. Non-current assets do not include:
1. fixed assets;
2. intangible assets;
3. long-term financial investments;
4. cash.
Task 15
Question 1. Finance individuals- This:
1. abstract concept;
2. economic category;
3. the phenomenon of a market economy;
4. subjective management tool.
Question 2. What are the finances of citizens as an economic category?
1. monetary funds of the population;
2. the relationship between economic entities regarding the formation and use of funds;
3. relations between economic entities regarding the formation and use of funds of individuals;
4. the mechanism of functioning of the population's monetary resources.
Question 3. The purpose of the finance of citizens is:
1. ensuring the development of personality;
2. financing of human reproduction;
3. financing of human development and reproduction;
4. creating personal savings.
Question 4. Functional mechanism finance of citizens consists of:
1. use of funds;
2. formation and use of funds;
3. formation, use and reproduction of monetary funds;
4. formation, use, reproduction and interaction of monetary funds.
Question 5. Indicate the specific investment fund finance of citizens:
1. insurance fund;
2. basic production assets;
3. labor force fund;
4. revolving production assets.
Task 16
Question 1. International finance is:
Question 2. What is international financial policy?
Question 3. What is a financial asset in the global market?
Question 4. What is not typical of market
The term "finance" comes from the Latin finis - end, end, finish. In the Ancient World and the Middle Ages, in monetary relations arising between the state and the population, the word "finis" meant the final settlement, the completion of the monetary payment. Individuals who paid contributions to various government bodies received a document in their hands - fine. From the name of this document, the Latin term "financia" came from, which meant a cash payment. The long process of development of commodity-money relations has changed the content of the phenomenon of finance.
Today finance- This is an objective economic phenomenon, which is a system of formation, distribution, redistribution and use of funds of the subjects of society. On the one hand, this phenomenon acts as an economic category, and on the other, as a subjective cost instrument of activity.
As economic category finance expresses economic relations about the production, distribution and use of gross domestic product and national income. These relations are manifested in the creation and use of targeted funds of funds by various economic entities (the state, business entities, interstate organizations, individuals, etc.).
Finance as subjective value instrument the functioning of economic entities form a specific mechanism for making decisions about the processes of formation and use of funds.
Finance is in the form of money, but not all monetary relations are financial. Monetary relations turn into financial ones when, as a result of the production of goods and the provision of services during their sale, funds of money are created.
Funds of funds created at the level of the state, local authorities are called centralized funds, and the monetary funds created at the level of economic entities, households - decentralized.
The object of finance is financial resources, representing a set of funds of funds at the disposal of economic entities, the state, households. The sources of financial resources are:
- at the level of business entities - profit, amortization, income from the sale of securities, bank loans, interest, dividends on securities issued by other issuers;
- at the level of the population - wages, bonuses, wage supplements, payments of a social nature made by the employer, travel expenses, income from entrepreneurial activities, participation in profits, transactions with personal property, credit and financial transactions; social transfers, including pensions, benefits, scholarships; consumer credit;
- at the level of the state, local authorities - income from state and municipal enterprises, income from the privatization of state and municipal property, income from foreign economic activity, tax income, state and municipal credit, money issue and income from the issue of securities.
2. FUNCTIONS OF FINANCE AS A MANIFESTATION OF THEIR ESSENCE
1. Distribution function finance is that:
- through the distribution and redistribution of the newly created value, national needs are provided, sources of financing are formed public sector economy, a balance of budgets and extrabudgetary funds within the framework of the unified budgetary system of the Russian Federation;
- the newly created value is subject to distribution in order to fulfill monetary obligations enterprises to the budget, banks, counterparties. Its result is the formation and use of centralized funds of funds, the maintenance of the non-productive sphere of the economy.
The main objects of implementation of the distribution function of finance are obligatory payments to the budget and extra-budgetary funds, as well as sources of financing. budget deficit... The process of redistribution of income between different levels of budgets plays a special role.
2. Control function finance is the implementation of ruble control over real money turnover, in which the state is a member, the formation of centralized funds of funds. Ruble control has two forms:
- control over changes in financial indicators, the status of payments and settlements;
- control over the implementation of the financing strategy.
In the first case, a system of sanctions and incentives is applied, using measures of a coercive or incentive nature. In the second case, we are talking about the implementation of a long-term financial policy, in which the main attention is paid to the anticipation of changes and the early adaptation of the order and conditions of financing to them. Constant changes and updates in the financial system require an adequate response to this from all branches of government.
The control function of finance always has a specific form of manifestation. It can be directed to a budget of a certain level, an extra-budgetary fund, an enterprise or an institution, etc.
The control function of state and municipal finance implemented in the following main areas:
1) control over the correct and timely transfer of funds to centralized funds;
2) control over compliance with the specified parameters of centralized funds, taking into account the needs of industrial and social development;
3) control over the targeted and efficient use of financial resources.
Many modern economists identify other functions of finance. They are subjective and serve as management tools.
Regulatory function closely related to the intervention of the state with the help of finance in the reproduction process.
Stimulating function state and municipal finance is to ensure the development of various spheres of public life through a system of benefits and economic programs.
Fiscal function of finance connected with supporting unprofitable, but necessary sectors of the economy. It is carried out using a variety of methods and techniques (investment, taxation, limiting, etc.).
3. ROLE OF FINANCE IN SOCIO-ECONOMIC DEVELOPMENT OF SOCIETY
The role and importance of finance changed to different stages development of society. In market conditions enterprises are endowed with greater independence in the distribution of proceeds from sales, the use of financial resources. With the primary distribution with the help of finance, funds are created for the replacement of the means of production consumed in the production process. At the same time, enterprises can choose one of several methods of calculating depreciation, the form of non-cash payments when paying for raw materials, calculate the optimal stock of working capital, and choose a strategy for financing core activities.
After deducting from the cash proceeds of the fund for reimbursement of expenses, payment of certain tax payments, a wage fund is created at the enterprises, and the rest of the proceeds is the net income (profit) of the enterprise. After paying tax payments levied to the budget, enterprises can distribute the remaining net profit at their discretion. With the help of finance, enterprises create targeted funds of funds used for social and economic development.
In the course of secondary distribution or redistribution, the state budget and extra-budgetary funds are formed. With the help of these funds, financial regulation and stimulation of production is carried out, national programs are financed, the maintenance of the non-production sphere, defense and management, the concentration of monetary resources is achieved in the main areas of scientific and technological progress. Serving the process of distributing national income, finance acts as an important economic lever for improving the proportions between the accumulation fund and the consumption fund, as well as within them. With the help of finance, financial resources are redistributed between the territories of the country, sectors of the economy, and divisions of social production. By realizing a redistribution between industries, finance contributes to the accelerated development of priority industries, which, in turn, ensure the development of scientific and technological progress. The redistribution of funds between territories contributes to the equalization of their economic and social development.
Social development of society is impossible without the participation of finance, since funds for financing all social activities were obtained through the distribution of national income through the budget and social extra-budgetary funds. The entire non-production sphere is financed from the budget, funds are allocated for social security.
IN modern conditions the role of finance in the socio-economic development of society is manifested in the following main areas:
- activation of the policy of accumulating domestic capital;
- the use of budgetary and tax policies for the development of the economy and its strengthening;
– governmental support production investments and financing of investment programs that ensure the preservation and development of the country's scientific and technological potential;
- use for the purposes of industrial investment opportunities of the financial market;
- strengthening the social orientation of the state budget;
- achieving social justice in relation to various categories, strata and social groups of citizens.
4. GENERAL DESCRIPTION OF FINANCIAL RESOURCES
Financial resources are the most important source of expanded reproduction, socio-economic development of society. Increasing the volume of financial resources- one of the most important tasks of the financial policy of the state. A decrease in the volume of financial resources has a negative effect on the development of society, leads to a reduction in investment, a decrease in consumption funds, and generates imbalances in the distribution of the social product and national income. The influence of financial resources on the economic development of society is not one-sided. In turn, the composition and volume of financial resources depend on the level of economic development of the state, on the efficiency of production. The economic growth serves as the basis for increasing the volume of financial resources, and the amount of financial resources allocated for the expansion and development of production, contributes to an increase in its efficiency.
It is necessary to distinguish between centralized financial resources of the state and decentralized financial resources of enterprises. Decentralized financial resources are formed in the form of various state funds, primarily the budget and extra-budgetary funds, the funds of which are used to carry out the most important functions of the state, such as the development of the national economy, financing of social and cultural events, ensuring the needs of defense and maintaining the political superstructure of society. The sources of centralized financial resources are national income and partly national wealth if it is drawn into economic turnover and effective use, borrowed and borrowed funds.
The main sources of financial resources of enterprises are profit and depreciation, as well as borrowed and borrowed funds. The volume of decentralized financial resources depends on the same factors as the volume of centralized ones, but their value is also influenced by the degree of centralization. The emergence and development of the financial market gives economic entities new opportunities to expand the composition of financial resources and increase their volume by issuing securities, using borrowed funds from various credit institutions and commercial loans, placing temporarily free funds on deposits in commercial banks and etc.
The formation and use of financial resources can be carried out not only in stock, but also in non-stock form. Centralized financial resources are formed and used mainly in the form of funds of funds, which include, for example, the budget, social insurance fund, road fund, fund for the reproduction of the mineral resource base and other extra-budgetary and special funds, consolidated in the budget. At the enterprise level, financial resources can be created and used both in stock and non-stock forms.
The volume of financial resources of the state and enterprises is in direct dependence, since the source of the formation of state budgetary and extra-budgetary funds is the gross domestic product created by economic entities.
5. FINANCIAL RESOURCES OF THE STATE AND THE ENTERPRISE, THEIR COMPOSITION AND STRUCTURE
Financial resources of the state are part of the financial resources of the national economy, which include the financial resources of the production and non-production spheres, as well as the population. The main sources of the formation of financial resources of the state are national income, borrowed and borrowed funds, income from foreign economic activity of the state, and in part - national wealth. Most of the financial resources of the state are concentrated in the centralized fund of state funds - the state budget, which makes it possible to finance the execution of its functions by the state.
In recent years, the financial resources of the state have been largely replenished through government borrowings in the domestic and foreign financial markets. This method of increasing the volume of financial resources can be considered effective, provided that there are opportunities for timely repayment of public debt.
Financial resources are the material basis for the functioning of the state, and most of them are created during the distribution of the national income. Financial resources are mobilized in state centralized funds by tax and non-tax methods, and the overwhelming part is accumulated by the state through taxes.
Part financial resources of enterprises includes own, borrowed and borrowed funds. The own financial resources of enterprises include profit, depreciation charges, authorized and additional capital, as well as the so-called stable liabilities of the enterprise, including sources of financing that are constantly in the turnover of the enterprise, for example, reserves formed in accordance with the constituent documents of the enterprise or legislation. TO borrowed funds include loans from commercial banks and other credit organizations, other loans. Attracted financial resources are funds raised by issuing shares, budgetary allocations and funds from extra-budgetary funds, as well as funds from other enterprises and organizations raised for equity participation and for other purposes.
The structure of financial resources of enterprises differs depending on the organizational and legal form of the enterprise, its industry affiliation and other factors.
Despite the differences in the composition and structure of financial resources of individual enterprises, in their total volume by manufacturing enterprises the largest share is occupied by own funds.
The structure of financial resources changed along with the development of the economy. In a command-and-control economy, the share in the composition of financial resources domestic enterprises borrowed funds from the state budget and loans State bank USSR, enterprises did not have the opportunity to use such sources of financial resources as issuing securities, attracting foreign investment, loans from commercial banks. The development of the financial market gives enterprises new opportunities to expand the composition of financial resources and increase their volume.
6. FINANCIAL MARKET, ITS STRUCTURE AND ROLE
Financial market- This is a market in which the redistribution of temporarily free funds between various economic entities is carried out by making transactions with financial assets.
Different authors include different components in the composition of the financial market. The most commonly cited sectors of the financial market are the securities market and the credit market. Quite often, the financial market includes markets: foreign exchange, gold, insurance.
When analyzing trends in the development of the financial market, practitioners, as a rule, analyze segments such as the securities market, credit and foreign exchange markets.
When identifying segments of the financial market, it is assumed that their common property is the redistribution of temporarily free funds, which makes it possible to combine these segments under the general name “Financial market”. At the same time, each of these segments has its own characteristics, which distinguishes them into separate constituent parts of the market.
So, in the securities market, transactions are made with such a specific product as securities, through their purchase and sale or other civil transactions. The issuer, through the issue of securities, attracts additional funds, and the investor, purchasing these securities, expects to receive income or pursues other goals (for example, when purchasing common shares- to acquire the right to vote in the management of the company). In this case, the investor can sell these securities on the market.
Acts of purchase and sale are not carried out on the credit market, and by concluding loan agreement, neither the lender nor the borrower can sell it. Credit organizations attract temporarily free funds, and then lend them out, thus realizing their redistribution. A distinctive feature of this market is the fact that redistribution in this case is carried out on the principles of lending, that is, repayment, maturity and payment, and through intermediaries, mainly through banks. Business entities can lend to each other directly, bypassing banks, but in this case they must have economic ties with each other, and lending is carried out when goods are delivered (commercial credit).
Transactions with currency values are carried out on the foreign exchange market. Currency values include: foreign currency and securities denominated in foreign currency... This is the most liquid market. Object foreign exchange market are any financial requirements, denominated in foreign currency, and by subjects - financial and investment institutions. The subjects of the foreign exchange market carry out the following types of operations: hedging (insurance of open foreign exchange positions), arbitrage interest rates, purchase and sale of currency through the implementation of cash (spot) and urgent (forward) transactions, as well as swaps (simultaneous implementation of buy and sell operations with different maturities).
The financial market and especially the securities market, or the stock market, are not only a means of redistributing financial resources in the economy, but together they constitute a very important indicator of the state of the entire financial system and the economy as a whole.
7. FINANCIAL SYSTEM AND CHARACTERISTICS OF ITS LINKS
Financial system is a set of various spheres or links of financial relations, each of which is characterized by peculiarities in the formation and use of funds of funds, a different role in social reproduction.
The financial system of Russia includes the following links of financial relations: 1) general state finance (state budget, off-budget funds, state credit); 2) insurance funds; 3) finance of enterprises of various forms of ownership.
The above links are usually divided into centralized and decentralized spheres of financial relations.
General government finance - This centralized funds monetary resources that are created by the distribution and redistribution of the national income created in the branches of material production.
Insurance links the financial system uses other forms and methods of formation and use of funds, which are characterized by the processes of decentralization.
Enterprise finance also represented by decentralized funds of monetary funds of economic entities of various forms of ownership, formed from the monetary income and savings of the enterprises themselves.
The financial system is a unified system, since it is based on a single source of resources for all links. Unifying the basis of a unified financial system are enterprise finance.
The main role in general government finance is played by the state budget, which is a centralized monetary fund and ensures the implementation by the state of its inherent functions. The main and main source of the formation of the state budget is taxes from enterprises and the population.
In addition to the state budget, in any economy, extrabudgetary funds, where the funds of the federal government and local authorities are concentrated related to the financing of expenses not included in the budget. In terms of economic content, off-budget funds are divided into two groups - social and economic extrabudgetary funds. The formation of off-budget funds is carried out at the expense of mandatory earmarked contributions.
An important element of national finance is government loan. State credit is a special form of monetary relations between the state, individual citizens, legal entities and individuals, as well as foreign states, international organizations regarding the formation and use of a loan fund.
State debt represents the total amount of issued, but not repaid, government loans with accrued interest on a specific date or for a specific period.
Insurance funds provide social protection of society, compensation for losses from natural disasters and accidents, and also contribute to their prevention.
A special place in the financial system is occupied by finance of enterprises and organizations, that are the basis of a unified financial system of the country. They serve the process of creating and distributing the social product and national income. Their economic condition determines the degree of security of centralized funds of funds with financial resources.
8. FINANCIAL POLICIES: TYPES AND OBJECTIVES
The set of state measures for the use of financial relations for the fulfillment of its functions by the state is financial policy.
1) development of a general concept of financial policy, determination of its main directions, goals, main tasks;
2) creating adequate financial mechanism;
3) management financial activities the state and other subjects of the economy.
Financial policy framework make up strategic directions. Financial policy objectives directed:
1) to provide conditions for the formation of the maximum possible financial resources;
2) the establishment of a rational distribution and use of financial resources from the point of view of the state;
3) organization of regulation and stimulation of economic and social processes by financial methods;
4) development of a financial mechanism and its development in accordance with the changing goals and objectives of the strategy;
5) creation of an effective and maximum business financial management system.
the main public financial policy objective- the most complete mobilization of financial resources and an increase in the efficiency of their use for the socio-economic development of society.
An important part of financial policy is to establish financial mechanism.
The most important directions of state financial policy are: budgetary, tax, investment, social, customs policy.
Budgetary policy the state, first of all, should be considered as a set of measures to implement the interaction of budgets of different levels. The main task in budgetary policy has been and remains to strengthen public finances, reduce the budget deficit, and create favorable financial conditions for the development of sectors of the national economy.
Tax policy represents the activity of state authorities and local self-government for the compulsory seizure of part of the income received by economic entities and the population in order to form the revenue side of the respective budgets.
Investment policy is a set of measures to create conditions for attracting domestic and foreign investment, primarily in the real sector of the economy. The main task of this policy is to create conditions for investors to profitably invest in the Russian economy.
Social financial policy is associated primarily with the solution of the problems of financial support of the rights of citizens of Russia, established in the Constitution of the Russian Federation. Currently, social financial policy covers pension policy, immigration policy, policy financial aid certain social groups of the population, etc.
Customs policy represents a symbiosis of tax and pricing policies, restricting or expanding access to the domestic market for goods and services and encouraging or restraining the export of goods and services from the country.
Financial policy of the enterprise is the purposeful activity of financial managers to achieve business goals.
9. FINANCIAL MECHANISM AS A TOOL FOR THE FINANCIAL POLICY IMPLEMENTATION
An important component of financial policy is the establishment of a financial mechanism through which all state activities in the field of finance are carried out.
The financial mechanism is a system of forms, types and methods of organizing financial relations established by the state. Financial mechanism- this is the outer shell of finance, manifested in financial practice... The elements of the financial mechanism include financial resources, methods of their formation, a system of legislative norms and standards that are used in determining government revenues and expenditures, organizing the budget system, enterprise finance and the securities market.
The financial mechanism is the most dynamic part of financial policy. Its changes occur in connection with the solution of various tactical tasks, and therefore the financial mechanism is sensitive to all the features of the current situation in the economy and social sphere countries. The same financial relationship can be organized by the state in different ways. Thus, the relations arising between the state and legal entities in the formation of the budget can be based on the collection of taxes or non-tax payments. The financial mechanism is subdivided into directive and regulatory.
Directive financial mechanism, as a rule, it is developed for financial relations in which the state is directly involved. Its scope includes taxes, government loans, budget expenditures, budget financing, organization of a budgetary device and budget process, financial planning.
In this case, the state develops in detail the entire system of organizing financial relations, which is mandatory for all its participants. In some cases, the directive financial mechanism can be extended to other types of financial relations in which the state is not directly involved.
Such relations are of great importance for the implementation of either the entire financial policy (corporate securities market), or one of the parties of these relations - the agent of the state (finances of state enterprises).
Regulatory financial mechanism determines the basic rules of the game in a specific segment of finance that does not directly affect the interests of the state. This type of financial mechanism is typical for the organization of intraeconomic financial relations in private enterprises. In this case, the state establishes general order use of financial resources remaining at the enterprise after paying taxes and other obligatory payments, and the enterprise independently develops the forms, types of monetary funds, directions of their use.
Financial management involves the purposeful activities of the state associated with the practical use of the financial mechanism. This activity is carried out by special organizational structures... Management includes a number of functional elements: forecasting, planning, operational management, regulation and control. All these elements ensure the implementation of financial policy measures in the current activities of state bodies, legal entities and citizens.
Specialty 050509 "Finance"
Questions to the section "Finance"
The concept of finance, their need
Concept "finance" covers a wide area of economic relations related with distribution social product in monetary form.
The external manifestation of finance in economic life occurs in the form of the movement of funds from different participants in social production. On the surface of phenomena, this movement represents the transfer of monetary amounts from one owner to another in the form of non-cash or cash payments. This feature manifested itself in the origin of the term "finance", from the Latin "finis" - end, finish, end of payment, settlement between subjects of economic relations (originally in Ancient rome- between the population and the state). Later, the term was transformed into "finansia", used in a broad sense as a cash payment, and then - as a set of revenues and expenditures of the state and any economic units, their complexes.
Hence, obviously, the range of operations that are carried out in the form of a cash payment belongs to finance.
As a rule, a monetary payment is made among themselves by various entities participating in social production. At the same time, money serves the entire process of activity of market entities in both spheres material production and commodity circulation and in non-production sphere activities.
The concept of "finance" is often equated with money. This is due to the fact that at the level of public perception, money and finance are difficult to distinguish, although in essence they are different economic phenomena.
The functioning of money as an economic instrument differs from finance, both in essence and in purpose. Feature of money is that they represent the universal equivalent by which the labor costs of associated commodity producers are measured. The main purpose of money is expressed in their functions: measures of value, means of circulation, means of payment, means of accumulation and savings, world money.
Moreover, the presence of money in the economic system is a prerequisite for the functioning of finance. In other words, finance cannot exist without money. However, this does not mean that money is the cause of the emergence of finance.
Unlike money, finance always an intangible thing.
Feature of finance consists in the fact that it is, first of all, an instrument of distribution and redistribution of gross domestic product.
The main purpose of finance is to meet the various needs of the subjects of society by creating cash income and funds. This is evidenced by all performed financial transactions.
The cause of the emergence of finance, is the need of the state and various actors in the resources that ensure their activities.
For example: Subjects of non-production sphere of activity , which includes the entire social sphere: education, health care, culture, art, as well as the spheres of management, defense, etc., cannot function if they do not have the necessary amount of funds to meet their needs related to the fulfillment of public purposes.
This need for resources without finance cannot be satisfied either in the economic sphere, or in the social sphere, or in the sphere of state activity: management and defense. This is due to the fact that only with the help of finance is the distribution of value among the subjects of the reproduction process, that is, only through the financial distribution of the value of the gross national product, each participant in social reproduction receives its share in the created value and the movement of funds receives the target designation.
In a market economy, the range of transactions of individuals, mediated by the movement of funds, is expanding. In particular, citizens engaging in various types of entrepreneurial activity without forming a legal entity, having a personal sector, a household, receive income that serves as a source of covering their various needs, including those of a socially significant nature. Citizens pay various types of taxes and fees to the state budget.
Hence, the considered range of operations is accompanied by the movement of funds from one owner to another, and is performed in the form of cash payments. Therefore, these operations include to financial transactions, and the process of cash flow itself is called finance.
Based on the above, we can formulate a definition: Finance is a set of special economic relations arising in the process of distribution and redistribution of the value of a social product, as a result of which money incomes, savings and funds of reproduction participants are formed and used to meet their various needs. "
Specific signs of finance
monetary nature;
distributive nature;
always expresses the one-way movement of the monetary form of value;
compulsory formation and use of financial resources.
A) On the surface of social processes, finance manifests itself through the movement of funds. Financial operations are necessarily accompanied, firstly, by the transfer of funds from one owner to another, and secondly, by the establishment of their target designation. Consequently, finance differs from other economic categories in that it is derived from the monetary form of value. . When performing financial transactions, their monetary shell is visible, behind which the movement of value is hidden. That is, the economic basis for the functioning of finance is the movement of value in its monetary form. This circumstance allowshighlight as an important specific feature of finance as an economic category, their monetary nature.
B) Financial transactions manifest themselves not only as the movement of the monetary form of value, but also contain, at its core, its distribution. For example, the financial transaction “payments to the budget” is carried out by distributing the created value on the basis of separating from it the part that is transferred to the budget in the form of various types of taxes. In fact, there is a monetary payment of the subject to the state.
Consequently, in the system of monetary relations, finance is limited only to the distribution process. Therefore, the next specific feature of finance as an economic category is their distributive nature.
C) Distribution processes carried out by finance cover not only the value of the gross domestic product, but also apply to the entire gross national product, as well as part of the national wealth.
A feature of financial transactions, and, therefore, of finance is the fact that the movement of funds occurs unilaterally, that is finance always expresses the one-way movement of the monetary form of value, which also characterizes their specific feature.
D) The distribution of the value of the social product involves not only finance, but also wages, price, credit, etc. All these economic categories have different bases of functioning, each of them has its own characteristics, its own social purpose. On the basis of financial relations, part of the value is segregated in the form of savings and segregated into gross income specific forms net income... These processes of distribution of the value of gross domestic product are accompanied by the formation special types resources. Their peculiarity lies in the fact that they are formed at the disposal of various subjects or the state as a result of targeted separation of funds and are intended for further use in the interests of meeting social needs. Consequently, when distributing the value of gross domestic product with the help of finance, there is necessarily a movement of funds that take special forms of resources - income, deductions, receipts, savings, which together can be called financial resources. Hence, the next specific feature of finance as an economic category is the compulsory formation and use of financial resources.
Finance functions
Distribution function implements the public purpose of finance - providing each participant in social reproduction (both business entities and the state) with the necessary financial resources, as well as determining the directions of cash flows for their intended purpose.
Control function. The implementation of the control function of finance is reflected in the state of financial discipline in the economy.
Financial discipline- it is mandatory for all legal entities and individuals engaged in entrepreneurial activity, as well as officials, the procedure for conducting a financial economy, observing established rules and regulations, fulfilling financial obligations.
Thus, the ability to "signal" about the course of the distribution process is manifested through the control function of finance. The so-called "financial signals" show how the proportions in the distribution of funds are formed, how timely financial resources come to the disposal of the state and other participants in the reproduction process, whether they are used sparingly, etc. Basic requirement financial discipline - exact observance of norms, standards, limits, control figures and other financial parameters determined by law or enshrined in state regulatory legal acts. Financial discipline broadly includes fiscal discipline, payment discipline and settlement discipline. Financial discipline is an important tool for promoting economic development, strengthening commercial accounting, and a prerequisite for the smooth functioning of finance. It is determined both by the general principles of organizing finance, and by the specific conditions for the functioning of finance in various structural units of social reproduction.
FINANCIAL POLICY OF THE STATE
(36 lecture hours)
LECTURE 1.
In modern practice, financial policy is interpreted in two ways:
in a broad sense, it is a concept of relations, a system of principles for the protection and implementation of the interests of some subjects as opposed to the identical interests of others
in the narrow sense - a set of actions of the subject to achieve certain goals.
Regarding the second, it differs little from management, and therefore seems to be quite controversial.
Any policy is conditioned by two objective conditions:
limited life values
dividing humanity into many different subjects
At the same time, the restrictions apply not only to material resources, but also to intangible ones (power, fame, feelings, knowledge, etc.), i.e. they are not enough to satisfy all kinds of human needs.
From the fact that humanity consists of many different subjects, and not of a homogeneous mass, an objective social phenomenon arises politics as a relationship between at least two subjects with respect to any object (material, social, spiritual, sensory, and other life values, consisting in a system of principles of protection and implementation interests of some subjects as opposed to identical interests of others.
Before proceeding directly to the consideration of the financial policy of the state, it is necessary to understand the essence, functions and role of finance in the system of monetary relations of society with a market economy
1. Socio-economic essence of finance.
IN modern society the term "finance" is used quite widely and quite often: state (public) finance, enterprise finance, financial markets, financial resources, financial management, financial policy, etc.
However, there are different opinions regarding the origin of the term "finance" as an economic category.
The medieval Latin term "finatio" was used in the 13-14 centuries. in the meaning of "mandatory payment of money", "monetary obligation". The word "finance" is similar to the English "fine" - "monetary penalty, duty for the privilege." In France in the 16th century. this word was used in the meaning of "government revenues", "sums of money".
In the historical aspect, all theorists are united only in the opinion that the concept of "finance" is associated with the state and appeared in the process of centuries of development of commodity-money relations:
Finance historically arose as a mechanism for ensuring the activities of the state as an institution necessary for society, since it helps to accelerate the economic development of society as a whole.
Initially, in economic life, finance manifested itself in the form of economic relations between households and producers, on the one hand, and the state, on the other hand, with regard to the redistribution of a part of the monetary income of economic entities in favor of the state, as well as the use of funds thus formed.
Originating in the 18th century, finance felt the impact of the rapid transformation of money.
At the turn of the 20th and 21st centuries. commodity markets and markets for factors of production fade into the background, giving way to the market of monetary funds.
Thus, we can state that:
The formation of finance is directly related to the formation and development of the state
Finance is directly related to the development of money and relations between business entities, which are carried out with the help of money
Of particular importance for understanding the role of finance in the national economy are the patterns of development of the money market itself, where a person develops and implements special tools and innovations that bring cash flows from the real world to the Internet.
Ultimately, finances acquired enough distinctive features to stand out in macroeconomic theory in the form of finance theory.
Such relationships can arise:
Regarding the redistribution of society's income in favor of one of them
To ensure adequate performance by the state of the functions that society needs
In the process of unequal exchange on the basis of debt obligations under conditions of uncertainty and risk.
The finances that ensure the functioning of the state are called public finances. With the redistribution of the income of society in favor of households and producers, finances arise, respectively, of households and commercial organizations (firms, corporations).
For clarity, we will present the national economy as a system of elements - economic entities (producers, consumers, financial intermediaries), with a center - the state and a structure formed by interconnections. These relationships can be monetary, where money mediates the movement of tangible assets in equivalent sales and purchases. As a result of such transactions, there is no redistribution of the company's income in favor of one of the entities at the expense of the other, and therefore, there is no finance as a mechanism for such a redistribution.
Financial relationships between business entities arise in a situation where money moves without an equivalent in the form of material or monetary assets only on the basis of the obligations of one of the parties to the transaction. Thus, the population and enterprises pay taxes to the state in cash in exchange for the state's obligation to fulfill its functions. As a result of such transactions, the company's income is redistributed in favor of one of the partners in the transaction.
Thus:
Finance as a subjective cost instrument - these are monetary relations of economic entities, including the state, as a result of which the income of society changes its structure, increasing in the hands of one entity due to the withdrawal (nonequivalent) of this part from another.
Moreover, if the form of assets changes from monetary to commodity with an equivalent exchange between economic entities, then since these relations are monetary, they can hardly be classified as financial.
In other words, finance is a mechanism for the unequal redistribution of society's income in favor of one of the subjects at the expense of the other, in order to ensure that it (the subject) can perform its functions that society needs, it is a mechanism for maintaining that social institution, without which society would be less effective ...
Thus, the essence of finance is quite multifaceted, which is also expressed in the versatility of functions.
2. Functions of finance. Functional finance mechanism.
Exist positive finance theory, which answers the question: how does this happen, and normative finance theory, answering the question: how it should be.
According to positive theory finance has the following main functions:
Redistribute the company's income in favor of one of the economic entities at the expense of another
Contribute to the formation of a fund of funds of the state or an economic entity.
We can say that finance contributes to the preservation of only those public institutions that support the forward movement of society.
According to normative theory the main functions of finance are manifested in such functions as:
Redistributive, changing the structure of national income
Regulatory, changing the motivation of business entities to achieve the goals of society at a particular stage of its development
Controlling, evaluating and comparing the effectiveness of the use of redistributed funds in order to change the parameters of such redistribution.
From the point of view of this theory, the functions of finance are a mechanism by which the state can influence the behavior of economic entities.
The normative theory of finance assumes that if the intervention of the state in the socio-economic system is necessary and society as a whole benefits from this, then objectively a mechanism for the redistribution of funds in favor of the state should be formed to ensure the functions assigned to it.
The question is: how much money does the state need for the effective functioning of the economy? What indicators to choose for assessing the effectiveness of public spending and determine the "golden mean"? etc
The efficient use of finance by the state ensures the adequate development of society. The decline in real incomes in the country directly speaks of the inefficiency of the state, of the insolvency of finance as a mechanism for the redistribution of society's income in favor of state institutions. In this case, it may be advisable to use finance to redistribute the income of society in favor of private business or households. (the so-called theory of "failures", ie inefficiency of the state or the market).
Thus, subjective functions (manifested exclusively within the framework of the subjective activity of people) - control, regulating, stimulating.
Objective functions of finance - distributive, redistributive.
The objective functions of finance are implemented through functional mechanism, consisting of cash flows of the formation and use of various funds.
Funds are subdivided according to a number of characteristics: according to the circulation process, according to their role in production, according to the subjects of relationships, etc.
The main groups of funds:
initial, basic (material property of citizens)
consumer
insurance
investment
financial
non-current and current assets
special purpose, etc.
4. The role of finance in the activities of a society with a market economy. Financial resources.
Financial resources represent object of finance.
Financial resources are a rather complex economic category that cannot be completely identified with money.
Financial resources Is a quantitative characteristic of the financial result of the reproduction process for a certain period. These are the funds that can be legitimately used to reimburse the retired fixed assets, productive and non-productive accumulation, and collective consumption. This macroeconomic indicator has a balance sheet nature, since it can be presented as a sum of both income and expenses.
Subjects financial relations in the modern world can be:
citizens
organizations ( legal entities)
state
interstate legal entities (transnational and international organizations)
unification of states
informal organizations (collectives)
Initial, the main and final are the relationships of individuals. All other relationships are subordinate, auxiliary.
By degree of planning financial relations can be - systematic, predictive (indicative), chaotic.
By social form - formal and informal
Object financial relations stands for the value of GDP, sometimes national wealth.
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