How to increase the equity capital of the organization. Methods of forming and increasing the equity capital of an enterprise

Equity capital is the foundation, the financial basis of the company and represents the funds (sources of financing) owned by it under the ownership rights and used to form a certain part of its assets.
The value and dynamics of equity capital is the most important characteristic of the state of the company, its reliability. Among the parameters that determine the company's position in the market and its position relative to competitors, the amount of equity capital is mentioned along with the turnover indicator.
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3 releases of companies often contain the wording: Chelyabinsk LLC Financial
Agency "Milcom - Invest" decided to increase its equity capital from 8 to 20 million rubles through a merger with a Yekaterinburg LLC Financial company Ural (Walpressinform, 13.09.02); BookerCreditService Company LLC, the leader in oborogs on the Russian stock market, has increased its charter and equity capital. The authorized capital increased from 7 to 307 million rubles, equity capital - from 54.36 to 336 million rubles. Among the 10 brokers with the largest trading turnover in the stock market, BrokerCreditService IC "now has the highest indicator not only in terms of turnover, but also in terms of equity capital. The increase in equity capital indicates that the company has established itself not only among the leaders, and among the legislators of the stock market (source: lnThePress.ru).
The growth of equity capital is a positive factor and indicates the growth of the company's financial stability. The growth of own capital increases the value of the company and its investment attractiveness, as well as client potential (for example, for credit organizations, brokerage companies). The change in equity is the reason for the change in all the main characteristics of the financial condition of the enterprise, liquidity, financial stability, profitability.
I. Increase in share (absolute value) authorized capital.
Possible reasons:
attraction of additional share or share capital: additional contributions to the authorized capital, additional issue of shares, consolidation of companies.
An increase in the authorized capital can be considered as a confirmation of the business activity of the enterprise and strengthening its position in the market (for example, an additional issue of shares).
II. Increase in the share (absolute value) of additional capital.
Possible reasons:
revaluation of fixed assets.
The only reason for the change in additional capital is the revaluation of fixed assets. However, it is very difficult to speak unambiguously about the positive impact of the revaluation on the company's financial position. More precisely, it is difficult to talk about any noticeable impact of the revaluation on the financial position of the company. Formally, the revaluation will lead to an increase in the absolute value and, as a rule, the share of own capital in total liabilities. However, the change in the value of assets and additional capital in accounting documents does not create such additional sources of financing for the current activities of the company, which appear due to the issue of shares or the growth of accumulated capital.
Thus, the growth of equity capital due to the growth of additional capital is less priority and significant for the company than the growth of equity capital due to an increase in accumulated capital (earned profit) or authorized capital. In the case of an increase in equity due to additional capital, it is difficult to talk about an increase in the company's financial stability.
An example from practice. The controversial conclusion about the financial stability of the company, based on the share of equity in liabilities
Company 1, whose balance sheet is presented in Table. 2.10, claims about high level financial sustainability. Conclusion about financially? stability is based on a significant share of the company's equity and the structure of liabilities, which during the analyzed year amounted to 72-75%.
Table 2.10. Analysis of the equity capital structure as a basis for assessing the company's financial stability Reporting dates 04/01/2005 07/01/2005 10/01/2005 01/01/2006 Total outside current assets 4/ 744 119 4/ 592 033 47 581 473 4 755 0334 Inventories Including: raw materials, materials and other 268 015 317 8/1 319 616 346 366 similar values ​​work in progress 210 351 219 979 220 958 306 finished goods 44 and goods 130 470 148 422 193 089 182 271 receivables - 3 307 668 3 164 716 3 81/226 4 021 227 Buyers and customers advances issued 334 704 316 226 314456 359 035 Cash 402 168 397 022 400 201 400 780
Reporting dates
Position name
01.04,2005 01.07.2005 01.10.2005 01 01.2006
Other defense assets Total current assets LALANCE
Authorized capital
-29 481 712 -29 438 368 38 /22 732 38 /65 576
Additional capital
Accumulated capital
Total equity
Total non-current liabilities
Total current liabilities
ALANCE
Balance structure
Share of equity in liabilities
Share of long-term liabilities Share of short-term liabilities Equity structure Usual 1 capital Additional!- capital Accumulated capital Total equity
1 956 690 6 610 066 54 354 1Gb 36 250 000 33 304 870 -26 642 395 40 912 4/5 0
13 441 710 54 354 185
75,3%
0,0% 24,7%
88.6% 81,4% -70.0% 100,0%
1 942 613 6 506 849 54 098 882 36 250 000 33 304 870 -28 433 625 41 121 245 0
12 977 637 54 098 882
76,0%
0,0% 24.0%
88,2% 81,0% -69,1% 100,0%
624 759 5 890 305 53 471 778 36 250 000 33 304 870
0
14 749 046 53 471 778
72,4%
0,0% 27,6%
90.1% 86,0% -76,1% 100,0%
732 927 6 357 049 53 907 383 36 250 000 33 304 870
0
15 141 807
53 907 383
71,9%
0,0% 28.1%
90,0% 85,9% -75,9% 100,0%
The analysis of the structure of equity capital shows that the positive value of own funds is formed at the expense of additional capital. At the same time, the accumulated capital, which characterizes the results of the company's activities, is negative, and its negative value is 50% of assets. In this situation, it is difficult to talk about a sufficient amount of equity and about the financial stability of the company.
III. Accumulated capital is declining/accumulated capital is negative.
Reasons for the reduction:
growing losses;
use of funds.
Reasons for a negative value:
uncovered losses of the reporting year and previous years exceed the accumulated retained earnings and funds of funds.
Analysis of accumulated capital is a significant component of the company's financial diagnostics. Accumulated capital is the most important source of equity growth. Equity, in turn, is a factor that determines the financial condition of the company.
The accumulated capital reflects the results of the company's activities - the profit remaining at the disposal of the company. The growth of accumulated capital is one of the most important positive characteristics of the state of the company and an indicator of the company's potential to maintain an acceptable level of financial condition. Such dynamics suggests that the company "earns more than it spends." The reduction of accumulated capital is an indicator of "eating up" the results of its activities by the enterprise. The dynamics of changes in accumulated capital must be reflected in an analytical note.
When accumulated losses (negative accumulated capital) exceed the amount of the authorized and additional capital of the company, the value of the company's own funds becomes negative. The negative value of equity capital is a negative characteristic, meaning the loss of the company's financial stability, the significant dependence of the company's financial position on borrowed sources of financing. As a rule, this situation is typical for enterprises that have significant losses (unprofitable activity during long period or significant losses in certain periods). In case of negative!! the value of equity capital is also observed a negative value of net working capital - one of the parameters characterizing the financial stability and liquidity of the company.
Enterprises with a negative equity value often have excessive (overdue) debts to the budget, personnel, as well as overdue debts on attracted loans. This situation is quite natural and understandable, since in the absence of own sources of financing, the only possible leverage to maintain current solvency is the use of funds in settlements, more precisely, the postponement of current payments (increasing the period of turnover of current liabilities). A possible way out is to attract loans, but in conditions of negative equity, lending organizations will be reluctant to cooperate with the company (especially when it comes to long-term lending).
The consequence of excess debts to the budget and creditors are penalties and penalties, which further increase the company's losses, being reflected in the income statement, in particular in the positions "Income tax and other similar payments", "Other non-operating expenses".
Thus, a negative value of equity is an indicator of unprofitable companies and generates a kind of " vicious circle"on a further weakening of the state of the enterprise (Fig. 2.3). In this case, improving the state of the enterprise is impossible without optimizing the profitability of its activities. To determine the levers for optimizing profitability, it is necessary to analyze the structure of products, the cost structure, and the directions for using profits (see Chapter 5, "Profitability analysis") For enterprises whose own and (or) accumulated capital has a rather large negative value, radical ""surgical" measures to optimize profitability are often required, namely: production assets, transfer of many technological operations to outsourcing.


Temporary maintenance of the solvency of the enterprise is possible by increasing the turnover of assets. The use of working capital reserves to maintain current solvency may consist, in particular, in the reduction of the turnover period accounts receivable, increase in the share and period of prepayment of buyers' advances, i.e. in the release of funds in settlements (see the "Turnover Analysis" section of Chapter 3). It is also possible to provide grants, targeted funding and revenues.
It should be emphasized that measures to optimize working capital give a temporary effect - the release of funds is carried out at a time and allows you to provide support for the current solvency of the company. Stabilization of the financial position of the enterprise and its sustainability in the future is ensured by profitability.
The decrease in the absolute value of the accumulated and own captain is clearly a negative trend. However, a decrease in the share of equity in liabilities with an increase in the absolute value of accumulated and equity capital (or with a constant value) does not always mean a deterioration in the financial condition of the company and a loss of financial stability.
The share of borrowed capital, growing up to a certain limit, may not lead to a loss of financial stability and at the same time contribute to the growth of return on equity. Increasing the share of own capital is not an end in itself (namely, the share, the growth of the absolute value of own capital is an unambiguous condition for the development of the enterprise). In Western practice of financial analysis, there is an opinion according to which the complete absence of loans reflects the inability of the enterprise to work in the financial market and the inability to fully use the opportunities for business growth.
What is the permissible limit for the growth of the share of debt capital and the decrease in the share of own funds? It can be determined by calculation.

MINISTRY OF EDUCATION AND SCIENCE OF THE RUSSIAN FEDERATION

MOSCOW FINANCIAL AND INDUSTRIAL ACADEMY (MFPA)

Faculty of Finance

Course work

MOSCOW 2009

Introduction. 3

Chapter 1. The concept of the organization's own capital 4

1.1 The concept of the capital of the organization 4

1.2 Composition and structure of the organization's own capital 9

Chapter 2. Increasing the organization's own capital 15

2.1 Sources of equity of the organization 15

2.2 Ways to increase the equity capital of an organization 19

Conclusion. 20

Introduction.

The organization's own capital is one of the main indicators characterizing the financial condition, financial stability and financial independence of the organization.

Own capital is a guarantor of the interests of creditors and investors, as well as an indicator of the effectiveness of the enterprise.

It is reflected as the result of the fourth section "Capital and reserves".

Goals and objectives of the work. The purpose of this term paper consists in considering the composition and methods of increasing the equity capital of the organization.

We will give Special attention the composition and sources of equity capital of the organization.

To achieve this goal, the following tasks are solved in the work: private tasks:

give the concept of equity capital of the organization

analyze the composition of the equity capital of the organization;

consider sources and ways to increase the equity capital of the organization

Object of study- the composition and methods of increasing the equity capital of the organization.

Chapter 1. The concept of the organization's own capital.

1.1 The concept of the capital of the organization

Capital is one of the most used economic categories in financial management. It is the basis for the creation and development of an enterprise and, in the process of functioning, ensures the interests of the state, owners and personnel. Any organization conducting production or other commercial activities must have a certain capital, which is a combination of material assets and cash, financial investments and costs for acquiring the rights and privileges necessary for the implementation of its economic activities.

It is possible to isolate two basic approaches to the definition of the concept of "capital": economic, accounting, within which, respectively, the concept of the physical nature of capital 1 and the concept of the financial nature of capital. The first concept says that capital is a set of resources that are a universal source of income for society as a whole and its individual elements, and therefore, when applied to a company, capital is a set of its production capacities or the balance sheet for an asset.

According to the second concept, capital is interpreted as the interest of the company's owners in its assets, and its value is equal to the sum of net assets, i.e. the value of capital is equal to the difference between the sum of assets and the value of its liabilities. Section of the balance sheet "Capital and reserves".

AT financial analysis and financial management, a kind of second approach is widely used, called the financial and analytical approach, according to which capital is understood as long-term sources of financing presented in sections III and IV of the balance sheet - respectively, equity and borrowed capital.

There are three types of long-term capital: owner's capital, debt capital, and spontaneous long-term sources. Consider the content of these categories.

Capital of the company's owners 2 . This is the valuation of the total rights of the firm's owners to a share in its property. In the balance sheet value, it is numerically equal to the value of net assets; in the market coincides with the concept of "market capitalization". "Capital and reserves" in the liabilities side of the balance sheet, and its main components are statutory, additional and reserve, as well as retained earnings.

Borrowed capital - These are third-party funds provided to the enterprise on a long-term basis. These are mainly bank loans and bank loans. Despite the fact that debt capital is a long-term source of financing, it is temporary.

Under general concept the capital of the company is usually understood as its various types, of which there are quite a lot. Therefore, it is necessary to consider the classification of 3 capital according to various criteria (Figure 1.1):

Figure 1.1 Classification of capital.

Ownership distinguishes between own and borrowed capital. Equity capital characterizes the total value of the company's funds owned by it. It includes authorized (reserve), additional, reserve capital, retained earnings and other reserves.

According to the object of investment, fixed and working capital are distinguished. Fixed capital represents that part of the capital used by the firm, which is invested in all types of non-current assets, and not only in fixed assets, as is sometimes treated in the literature. Working capital is the portion of the firm's capital invested in working capital firms.

Depending on the purpose of use, the following types of capital are distinguished; productive, lending and speculative. Productive capital characterizes those funds of an entrepreneurial firm that are invested in its operating assets for the implementation of economic activities. Loan capital characterizes the funds that are used in the process of carrying out the investment activities of the company, and we are talking about financial investments in monetary instruments, such as deposits in commercial banks, bonds, bills, etc. Speculative capital is used in the process of speculative financial transactions, i.e. in transactions based on the difference in purchase and sale prices.

The functioning of the company's capital in the process of its productive use is characterized by a process of constant circulation, therefore capital is classified according to the form of being in the process of circulation, allocating capital in monetary, productive and commodity form.

At the first stage, capital in cash is invested in the current and non-current assets of an entrepreneurial firm, thus transforming into a productive form. At the second stage, productive capital takes on a commodity form in the process of producing products, works, and services. The third stage is the gradual transition of commodity capital into money capital as the goods, works, and services produced are sold. Simultaneously with the change in forms, the movement of capital is accompanied by a change in its total value. The average duration of the turnover of the company's capital is characterized by the period of its turnover in days, months, years.

Considering the economic essence of the capital of the enterprise, it should be noted such characteristics as:

The capital of the enterprise is the main factor of production. In the system of factors of production (capital, land, labor), capital has a priority role, because it combines all factors into a single production complex.

Capital characterizes the financial resources of the enterprise that generate income. AT this case it can act in isolation from the factor of production in the form of invested capital.

Capital is the main source of wealth formation for its owners. Part of the capital in the current period leaves its composition and falls into the "pocket" of the owner, and the accumulated part of the capital ensures the satisfaction of the needs of the owners in the future.

The capital of an enterprise is the main measure of its market value. In this capacity, first of all, the equity capital of the enterprise, which determines the volume of its net assets, acts. Along with this, the amount of equity used in the enterprise characterizes at the same time the potential for attracting borrowed funds, which provide additional profit. Together with other factors, it forms the basis for assessing the market value of the enterprise.

The dynamics of the enterprise's capital is the most important indicator of the level of efficiency of its economic activity. The ability of own capital to self-increase at a high rate characterizes the high level of formation and effective distribution of the enterprise's profit, its ability to maintain financial balance through internal sources. At the same time, the decrease in equity capital is, as a rule, the result of inefficient, unprofitable activities of the enterprise.

1.2 The composition and structure of the organization's own capital

Equity 4 is the valuation of the total rights of the firm's owners to a share in its property. Equity capital consists of statutory, additional and reserve capital, retained earnings and target (special) funds ( Fig.1).

Equity

Statutory

Spare

Undestributed profits

(special) funds (funds)

Extra capital

Figure 1. Composition of equity

Authorized capital - this term characterizes the total nominal value of the company's shares acquired by its shareholders. The authorized capital of an enterprise is considered as a guarantee of the interests of creditors, and therefore in Russia for some organizational and legal forms of business its value is limited from below: the minimum authorized capital of an OJSC must be at least 1,000 times the minimum wage as of the date of its registration, and a CJSC - at least 100 times SMIC. If, following the results of the next financial year, it turns out that the value of the net assets of the JSC turns out to be less than the authorized capital, the company is obliged to declare and register in in due course reduction of its authorized capital. If the value of the specified assets of the company becomes less than the minimum amount of the authorized capital determined by law, the company is subject to liquidation.

The authorized capital often consists of two parts: equity capital in the form of preferred shares and equity capital in the form of ordinary shares. Most often, preferred shares make up a small part of the authorized capital (25%) and over time are either redeemed by the company or converted into ordinary shares. Due to its stability, the authorized capital covers, as a rule, the most illiquid assets, such as land lease, the cost of buildings, structures, and equipment. Directions for the use of the authorized capital are not legally defined. The only requirement is that the authorized capital be provided with the property of the organization.

The next element of equity is Extra capital which reflects:

The amount of revaluation of fixed assets, capital construction facilities and other tangible assets of the organization with a useful life of more than 12 months.

The difference between the sales value of shares, received in the process of formation of the authorized capital of the JSC through the sale of shares at a price exceeding the face value, and their face value.

Positive exchange rate differences on contributions to the authorized capital in foreign currency. Behind this source are the owners of ordinary shares.

The additional capital can be used to increase the authorized capital, pay off the balance sheet loss for the reporting year, and also be distributed among the founders of the enterprise and for other purposes. At the same time, the procedure for using additional capital is determined by the owners, as a rule, in accordance with the constituent documents when considering the results of the reporting year.

A special place in the implementation of the guarantee of protection of creditors is occupied by Reserve capital , the main task of which is to cover possible losses and reduce the risk of creditors in the event of a deterioration in the economic situation. This source of financing, represented by an independent item in the liabilities side of the balance sheet, reflecting the company's reserves formed at the expense of net profit. In the balance sheet, the reserve capital is represented by two main items: reserves formed in accordance with the legislation, and reserves formed in accordance with the constituent documents. The reserve capital is created in accordance with the legislation and the constituent documents of the organization to cover possible future unforeseen losses and losses. Reserve capital is the so-called reserve financial source, which is created as a guarantee of the uninterrupted operation of the enterprise and the observance of the interests of third parties. The presence of such a financial source gives the latter confidence in the repayment of the company's obligations. The larger the reserve capital, the greater the amount of losses that can be compensated and the more freedom of maneuver the company's management receives in overcoming losses.

The formation of reserve capital can be mandatory and voluntary. In the first case, it is created in accordance with the legislation of Russia, and in the second - in accordance with the procedure established in the constituent documents of the enterprise, or with its accounting policy. Currently, the creation of reserve capital is mandatory only for joint-stock companies and enterprises with foreign investment. If the organization has branches and representative offices registered as taxpayers, then they can also form reserve funds. If the constituent documents do not provide for the creation of a reserve fund, then the enterprise does not have the right to create it.

Information about the amount of reserve capital in the balance sheet of an enterprise is of extreme importance for external users of financial statements, who consider reserve capital as a margin of financial strength for an enterprise. An insufficient value of the required reserve capital indicates either a lack of profit or the use of reserve capital to cover losses.

The amount of deductions to the reserve capital is established by the meeting of shareholders and recorded in the constituent documents of the organization. At the same time, joint-stock companies and joint ventures are also required to adhere to its minimum limit. The size of the reserve fund must be at least 15% of the authorized capital of the enterprise, and for enterprises with foreign investment, no more than 25% of the authorized capital.

For Russian joint-stock companies, legislation establishes a clear procedure for the formation of a mandatory reserve fund. They must annually deduct at least 5% of their net income to the reserve fund. Deductions stop when the fund has reached the amount established by the charter of the company.

Undestributed profits . Retained earnings 5 - net profit not distributed in the form of dividends between shareholders (founders) and not used for other purposes. Typically, these funds are used to accumulate the property of an economic entity or replenish its working capital in the form of free cash, that is, at any time ready for a new turnover. Retained earnings may increase from year to year, representing growth in equity based on domestic accumulation. In growing, developing joint-stock companies, retained earnings over the years take a leading place among the components of equity capital. According to its economic content, it is one of the forms of the reserve of the enterprise's own financial resources, which ensure its production development in the coming period. Its amount often exceeds the size of the authorized capital by several times. The profit of the reporting period can be seen only in the income statement.

Retained earnings of the reporting year are used to pay dividends to the founders and to deductions to the reserve fund (if any). In accordance with its accounting policy, the organization may decide to use the profit remaining at the disposal of the enterprise to finance its planned activities.

These activities can be of a production nature in the case of directing funds for the development and expansion of production, modernization of the equipment used, and non-production in the case of using funds for social events and material support for employees of the organization and other goals not related to the production of products, or long-term or financial investments of the organization

Target (special) funds are created at the expense of the net profit of an economic entity and must serve for certain purposes in accordance with the charter or the decision of shareholders and owners. These funds are a type of retained earnings. In other words, this is retained earnings, which has a strictly designated purpose.

The main source of trust funds are the part of the profit remaining at the disposal of the enterprise. From the standpoint of financial control, of paramount importance is a clear distinction between the funds allocated by the enterprise for production development and consumption needs. The need for such control is associated with tax incentives, which provide for a reduction in taxable profit by that part of it that is aimed at financing capital investments.

The implementation of the organization's policy aimed at accumulating its net profit to finance targeted activities is carried out through the formation of special purpose funds. The organization determines the number of funds, their name and use independently.

Equity capital is characterized by the following additional points:

1. Ease of involvement (need the decision of the owner or without the consent of other business entities).

2. High rate of return on invested capital, because no interest is paid on borrowed funds.

3. Low risk of loss of financial stability and bankruptcy of the enterprise.

Disadvantages of own funds:

1. Limited volume of attraction, i.e. it is impossible to significantly expand economic activity.

2. The possibility of increasing the return on equity by attracting borrowed funds is not used.

Thus, an enterprise that uses only its own funds has the highest financial stability, but the possibility of profit growth is limited.

Chapter 2

2.1 Sources of equity capital of the organization.

Depending on the method of formation, the own sources of financing of the enterprise are divided into internal and external(attracted).

Internal sources 6 equity are formed in the process of economic activity and play a significant role in the life of any enterprise, since they determine its ability to self-finance. An enterprise that is able to fully or significantly cover its financial needs from internal sources receives significant competitive advantages and favorable opportunities, reduces its risks.

The main internal sources of financing for any commercial enterprise are net income, depreciation deductions, sale and leasing of unused assets and others (Fig. 2)

Figure 2. Internal sources of the organization's IC

AT modern conditions enterprises independently distribute the profits remaining at their disposal. The rational use of profits involves taking into account such factors as plans for the further development of the enterprise, as well as observing the interests of owners, investors and employees. In general, the more profits are directed to expanding business activities, the less the need for additional financing. The amount of retained earnings depends on the profitability of business operations, as well as the dividend policy.

Thanks to this source, it is possible to increase the financial stability of the enterprise and maintain control over the activities of the enterprise. However, it is difficult to control it from external factors: changes in demand, prices, market conditions, etc.

Another important source of self-financing of the organization are depreciation deductions .

They are included in the costs of the enterprise, reflecting the depreciation of fixed and intangible assets, and are received as cash for products and services sold. Their main purpose is to provide not only simple, but also expanded reproduction.

The advantage of depreciation as a source of funds is that it exists in any financial position of the enterprise and always remains at its disposal. The amount of depreciation depends on how it is calculated.

Sale and rental used fixed and current assets are of a one-time nature and cannot be considered as a regular source of funds

Other domestic sources do not play a significant role in the formation of their own financial resources enterprises.

External sources of equity capital 7 (fig3) . Enterprises can raise their own funds by increasing the authorized capital through additional contributions from the founders and the issuance of new shares and gratuitous financial assistance. Opportunities and ways to attract additional equity capital significantly depend on the legal form of business organization.

Figure 3. External sources of equity capital of the organization.

Joint-stock companies that are in need of investment may carry out additional placement of shares by open or closed subscription (among a limited circle of investors).

In the general case, the initial offering of shares (common and preferred) of an enterprise by open subscription (Initial offering - IPO) is a procedure for their sale on an organized market in order to attract from a wide range of investors.

According to the Federal Law "On the Securities Market", a public offering is understood as "the placement of securities by open subscription, including the placement of securities at the auctions of stock exchanges and other trade organizers on the securities market"

Thus, the IPO of a Russian company is the placement of an additional issue of OJSC shares by open subscription on stock exchanges, provided that the shares have not been traded on the market since the placement. At the same time, in accordance with the FFMS, at least 30% of the total volume of the ongoing IPO must be placed on the domestic market.

The preparation and conduct of an IPO consists of 4 stages, upon completion of which, placement and admission to the exchange and subscription to shares take place.

Financing through the issue of ordinary shares has the following advantages:

The capitalization of the enterprise is increasing, a market assessment of its value is being formed, favorable conditions are being provided for attracting strategic investors.

The issue of shares creates a positive image of the enterprise in the business community, including the international one.

This source does not have a fixed maturity date - it is a permanent capital that is not refundable.

The circulation of shares on exchanges provides flexible options for exiting the business.

Common disadvantages of financing by issuing ordinary shares include:

Possibility of loss of control over the enterprise

Giving the right to participate in profits and manage the company to a larger number of owners.

The complexity of the organization, the high costs of the issue.

Additional emission can be considered as a negative signal and lead to a fall in prices in the short term.

For individual enterprises, one of the external sources for the formation of their own financial resources may be the free financial aid(as a rule, such assistance is provided only to individual state enterprises of various levels). Other sources include tangible and intangible assets transferred to the enterprise free of charge and included in its balance sheet.

2.2 Ways to increase the equity of the organization

Any company goes through several stages in its development. Most often, it starts as a private non-public enterprise - several physical and legal entities create a company by investing their own funds in its authorized capital. If the intentions of the owners are serious, and the chosen line of business is promising, the profit generated by the company is not used by the owners for consumption purposes, but is reinvested in order to expand the scale of activities. As a rule, profit alone is not enough to realize healthy ambitions and ensure the pace of business growth, and therefore it is necessary to find additional sources of financing. Since this chapter discusses ways to increase the equity capital of the organization, the only option left to increase capital is additional contributions from the actual owners and the expansion of the circle of owners. This is accompanied by organizational and legal changes in the firm, the last stage of which is its transformation into a public one.

The most common emission methods are:

Public offering, i.e. placement of shares through brokers or investment institutions that buy the entire issue and then sell it at a fixed price to individuals and legal entities.

Tender sale (one or more investment institutions buy the entire issue from the borrower at a fixed price, and then arrange a bargaining (auction), based on the results of which the optimal share price is set);

Sale directly to investors by subscription (carried out by the issuer itself without the involvement of an investment institution)

Target placement method (implemented with small share issues, accompanied by lower costs).

Conclusion.

As a result of the study, the following conclusions can be drawn.

Equity capital is the valuation of the total rights of the company's owners to a share in its property.

Own capital for each enterprise, even if invested and in a free state, is that vital part, without which neither work nor the further existence of the enterprise is possible.

The main source of financing of the enterprise is its own capital (Fig. 1). This structure includes authorized capital, accumulated capital (reserve and additional capital, accumulation fund, retained earnings) and other receipts (target financing, charitable donations, etc.). Retained earnings are the main source.

The company's own capital is formed at the expense of internal and external sources of financing.

The main internal sources of financing for any commercial enterprise are net income, depreciation, sale and rental of idle assets.

External sources of own capital. Enterprises can raise their own funds by increasing the authorized capital through additional contributions from the founders and the issuance of new shares and gratuitous financial assistance.

There are 2 main ways to increase the equity capital of an enterprise, this is an increase in profits and the issuance (placement) of shares (main).

Bibliography.

1. Civil Code of the Russian Federation, Part 1. Chapter 4. No. 51-FZ dated November 30, 1994.

2. Bogomolets S.R. Accounting / University Series 2008 - p.94-100.

3. Efimova O.V. Analysis of own capital // Accounting - 2006-№2. Page 95-101.

4. Kovalev V.V. Course of financial management / 2010 2nd edition - p. 321-329.

5. Lukasevich I.Ya Financial management / MBA 2009 – p. 568-578

http://tvoydohod.ru/fin_2.php

http://www.libonline.ru

8. http://www.spb-mb.ru/index.php?page=189

3 http://tvoydohod.ru/fin_2.php

authorized capital, requirements to ways and deadlines ... D-t 81, sub-account " Own shares", K-t 80 - ... to society. Increase authorized capital organizations in accounting... Form and compound information provided...

Financial stability is one of the criteria successful business. It is backed by a sufficient share of equity capital. Therefore, many managers seek to increase the share of equity, using various methods to do this.

With a sufficient share of own capital, borrowed sources are used by the enterprise only to the extent that it can ensure their full and timely return. The level of independence of the enterprise from borrowers shows the ratio of own funds.

The equity ratio is calculated using the following formula:

If the index of the equity ratio at the end of the reporting period is less than 0.1 (10%), then the balance sheet structure of the enterprise is recognized as unsatisfactory, and the enterprise is insolvent. This standard was established by federal government on cases of insolvency (bankruptcy) dated 12.09.94 No. 56-r.

So how do you increase your equity? Analyst of the service "Expert" of the company SKB Kontur Ekaterina Karsakova advises to use the following operations for this purpose:

Revaluation of fixed assets - revaluation of a group of homogeneous fixed assets at the current (replacement) cost is carried out no more than once a year. It is made on the first day of the reporting year, and its results are fixed in the balance sheet only in the reporting year (and not at the end of the previous year). It should be noted that the increase residual value fixed assets leads to an increase in corporate property tax, but is not included in the income tax base.

Increase the authorized capital;

Contributions of the founders to the property of the company - are made without changing the authorized capital. In this case, the return of invested funds (for example, a loan) is not expected, and the funds contributed by a participant or shareholder to increase net assets are not subject to income tax (clause 3.4, clause 1, article 251 of the Tax Code of the Russian Federation). It is better to use money as a contribution, not property, so that the transferring party (if it is an organization and not an individual) does not have a VAT base from the gratuitous transfer of property.

Don't forget that there is a concept of maximum share of equity, and an excessive share of capital can be harmful to your business.

"Expert" - a service from the company SKB Kontur, which allows you to track the dynamics of changes in the share of equity capital. You will be able to regularly receive up-to-date reports on the financial condition of the enterprise, identify the likelihood of an on-site tax audit, the possibility of bankruptcy and the level of creditworthiness. With the help of individual business improvement tips, "Expert" will tell you what steps need to be taken to improve the company's financial performance and increase profits.

income tax. How to determine the share of tax paid by a branch? As is known, the amounts of income tax (advance payments on it) credited to the revenue side of regional and local budgets are paid by Russian organizations at the location of the organization, as well as at the location of each of its separate divisions.

When the company was established, it was decided to make a contribution to the authorized capital, in addition to cash, property. And here a dispute arose between the tax and the taxpayer. The essence of the dispute was as follows - how to correctly calculate the value of property for further calculation of depreciation.

No less important for the assessment of the bank is the share of equity in the total liabilities of the bank.

USK - the share of equity in the bank's balance sheet currency (simplified capital adequacy ratio);

Sk - the value of the bank's own capital;

VB is the bank's balance sheet currency.

This indicator allows you to find out how much the bank's liabilities are covered by its own funds. USK in its content is a kind of limiter to the bank's activities in terms of attraction, so its calculation is a very important step in the analysis process. The significance of this indicator is explained by the fact that, according to the instructions of the Bank of Russia, not a single commercial Bank cannot operate in the market if its own capital covers risky assets by less than 10%. Thus, the value of risky assets and equity determines the bank's ability to operate in the market - the more risky assets, the more equity the bank should have. However, we know that the assets are financed by the borrowed funds of the bank, so we can say that the bank should raise funds for placement in risky assets as long as they are covered by equity capital of 10 kopecks. for 1 attracted ruble. In fact, the bank can attract even more, but it will not be possible to place them in profitable, and, therefore, risky assets with the same capital.

During the analysis, the following conclusions can be obtained.

The share of own capital in the balance sheet is growing. The reasons for this increase may be different, depending on this, the comments on the results of the analysis are also different. If the growth is due to an increase in the volume of equity capital at a higher rate than the balance sheet, then this circumstance indicates an increase in the reliability of the bank. If the increase in the share is due to a decrease in the volume of the balance sheet, then the comments in this case will have a negative connotation, because. a decrease in the volume of attracted funds may lead to a loss of market share, and, consequently, competitive advantage jar.

The share of equity is declining. Regardless of the reason, the revealed circumstance of the bank's activity is negative, and this issue needs to be resolved in the short term.

We will calculate the share of equity using the example of banks and explore the possibilities of banks to further attract resources in the market.

So, the analysis showed that the bank with the largest share of equity capital in liabilities is Bank B. The coverage of attracted funds with its equity capital is 18-19%, which is a high indicator. From this we can conclude that the bank still has a significant attraction potential, which will be limited when this indicator reaches 10%.

Bank A had an extremely low share of equity in 2008, as a result of which it was forced to suspend its activities in the market, which was reflected in the volume of the balance sheet currency (in particular, attracted capital), which in 2009 decreased by 9%. At the same time, the bank increased its own capital by 7.3%. These actions of the bank allowed it to operate within the normative values ​​- the share of equity increased to 13%. Naturally, the bank can continue to increase the volume of borrowings on the market, but for this it should still increase the volume of equity capital.

Bank B is a proportionally growing bank, the volume of its attracted resources grows simultaneously with its own capital, so the share of equity remains at a stable level of 13%, while the bank has a reserve for further expansion of its attracted funds.

Each of the banks has its own capital structure, which in some articles has a similarity of banks with each other, in some - differences.

So, similar for all analyzed banks is that retained earnings in their equity structure has an extremely low value - no more than 10%. Bank A has the lowest share of retained earnings in the equity capital structure - 3.1%, but taking into account the profit of the current period, this figure will be 4.66%. Profit is an extremely important source of capital formation and indicates the bank's own development potential. The low profit of Bank A determines and does not a high proportion reserve fund - 12.5%. The bank with the highest own growth potential can be called Bank B - the share of its retained earnings is 5.1% (taking into account the profit of the current period of 6.1%), and the reserve fund - 36.7%. Analyzing profit as a source of equity formation, it should be noted that only Bank B has last year's profit in the amount of 122,904 thousand rubles, which is 3.5% in the bank's capital structure. This fact is explained by the fact that this bank has been operating effectively in the market for a long time, as a result of which profit was generated.

The authorized capital, being the most reliable source of funds, also occupies different weights in the analyzed banks. The largest share of the authorized capital belongs to Bank B, which is 57.4%. Probably, such a high share is explained by the fact that this bank was created using the capital of a large plant, therefore it has significant support from it.

Brief conclusions on banks can be entered in a more truncated table, using which you can estimate the equity capital of each of the presented banks

* the summation of the statutory and additional follows from the fact that, in essence, the concept of "additional" comes from "add to the statutory".

So, this table allows, first of all, to determine the degree of diversification of the sources of the bank's equity capital. The bank that has the most optimal equity capital structure is Bank B. The equity capital of this bank is formed approximately in equal shares at the expense of the authorized capital (plus additional) and at the expense of profit. As we have already pointed out, profit is an extremely significant source of the bank's own capital, which allows the bank to capitalize at the expense of internal resources. Bank B, despite the fact that its equity capital is the smallest in the sample of banks, also has a fairly proportionately structured equity capital. Although its profit is only 6.1%, the bank has a significant reserve fund, the source of which is net profit. Thus, the share of profit in the bank's equity also occupies an important place.

The bank with the largest distortions in the capital structure is Bank A - the main share in its capital is occupied by the funds of the owners, which indicates that the bank has extremely limited own sources of growth.

Evaluating banks, the following preliminary conclusions can be briefly drawn:

1. The most stable bank in terms of its development is Bank B, since it:

It is the market leader in terms of balance sheet value;

Has the largest amount of equity, growing in dynamics;

Its equity structure is optimally balanced; in particular, a significant share is occupied by the profit of the current period, profit of previous years and retained earnings, while the bank still has share premium as an addition to the authorized capital, which in total is 57.11%.

2. A steadily growing bank is Bank B, since it:

Has an actively growing balance sheet currency (as a result of active attraction of clients' funds);

The bank can be called aggressively growing, since the growth rate of its balance sheet total is 46.6%, and its own capital - 48%;

The Bank has a very high potential for growth of the resource base, as the share of equity is 19%;

In the capital structure, the bank has: a) the largest share of the authorized capital in comparison with other banks, equal to 57.4%; b) the largest share of reserve capital (36.7%); c) the largest share of retained earnings (5.1%).

3. Bank A can be called a weakly developing bank (therefore, the bank offers the highest deposit rates, which was indicated as the initial conditions for comparing banks in the sample), because:

The value of its own capital did not allow the bank to increase the volume of services provided, in connection with which the bank was forced to increase its own capital and reduce the amount of attracted resources:

The increase in equity capital was due to the investment of additional funds from the owners, as a result, the share of its authorized and additional capital in the aggregate amounted to 69.0%;

The share of profit in the structure of equity capital is extremely low, which indicates the absence of own sources of development in the bank.

Once again, I would like to draw the attention of readers to the fact that this assessment is only preliminary and conditional, with significant errors, because. it is not possible to calculate equity capital taking into account all items.

A very important mandatory assessment of equity capital, which complements the idea of ​​the state of the bank, is the adequacy of equity capital. In general terms, the capital adequacy of a bank is the ability of the bank's own capital to cover losses associated with the onset of risk. In other words, it is the bank's ability to protect itself from risk. Thus, this indicator allows you to determine whether the bank is able to survive in the event of risk events.

The amount of equity capital is regulated and controlled by the Bank of Russia. Of course, control over the amount of equity capital would be greatly simplified if the Bank of Russia established a single amount of equity capital for all banks. But banks are different, and their risks are also different, so it is impossible to establish any single amount of equity capital, because. for some, this value will be sufficient, but for someone it is too large or too small. That is the only reason why the regulator uses the relative value of equity capital to control banks, where its size is made dependent on risk (more precisely, risky assets). Therefore, in science they say that sufficiency reflects the stability of the bank, its reliability, the degree of its exposure to risk and allows you to give an overall assessment of the bank.

However, the equity capital adequacy ratio is not a strict indicator of the bank's reliability and protection of the interests of its depositors and creditors. The value of this indicator is of real importance only in a systematic analysis of the bank's activities, that is, only in conjunction with other analytical indicators. This clause is presented in this lesson because a number of banks, whose activities are currently terminated by the Bank of Russia, had capital adequacy within the normative values, however, other indicators did not allow these banks to continue their activities. Therefore, using only the capital adequacy ratio, it is impossible to give an objective assessment of the bank's reliability.

So, returning to the equity capital adequacy ratio, it should be said that the regulator established that the bank should have at least 10% of its risk assets' equity capital, where by risk assets we mean funds that are placed with a certain risk of their non-return . Thus, the more such risky assets, the more own capital the bank must have in order to comply with the ratio of 10 kopecks. capital per 1 ruble of risky assets.

The calculation formula for capital adequacy (norm N1) is specified by the Bank of Russia in Instruction No. 110-I “On Mandatory Bank Ratios”.

K - equity capital of the bank; Кр i - risk coefficient of the i-th asset; And i - i-th asset jar; Рк i - the amount of the reserve for possible losses or the reserve for possible losses on loans, on loan and equivalent debt of the i-th asset; KRV - the amount of credit risk on contingent liabilities of a credit nature; KRS - the amount of credit risk on futures transactions; РР - the value of market risk; code 8930 - the bank's claims to the counterparty on the reverse term part of transactions that arose as a result of the acquisition of financial assets with the simultaneous assumption of obligations to resell; code 8957 - requirements for persons related to the bank; code 8992 - reserves for futures transactions created in accordance with the requirements of regulation No. 254-P

The denominator of the formula is the risks of the bank, consisting of a significant number of terms. The most significant of these terms Аi, i.е. a specific asset, the degree of risk of which is determined by Instruction 110-I. In this document, the Bank of Russia classified all bank assets into 5 groups, each of which is taken into account in the formula only in a certain percentage, for example:

Each of the groups includes certain types of assets that are involved in the calculation of the H1 ratio. For example, assets of the 1st risk group include:

According to the Bank of Russia, the assets of this group are the least risky, so little equity capital is required to cover them; in this regard, such a low risk coefficient is set - no more than 2%.

However, the bank has various assets, and the most risky, which are fully included in the calculation of the H1 ratio, are assets of the 5th risk group. The same group is the most significant in terms of resources, because this includes loans to legal and individuals that do not have collateral in the form of government securities, guarantees of the Government of the Russian Federation, guarantees of "parent" foreign banks.

The above formula is good for everyone, except for one thing - its practical use can be carried out by our readers only if there is an extensive information base, which in most cases represents a banking secret. But capital adequacy calculation is very milestones analysis of the state of the bank. To solve this problem, you can use the already calculated capital adequacy ratio, presented by a particular bank in the public domain. However, these data, as a rule, are presented in the “off line” mode (i.e. for past periods), and, therefore, do not reflect the current state of the bank (an example of such information is reporting form No. 0409135: see the end of the document under serial number 2- Norm H1).

To obtain our own assessment of capital adequacy in the current period, we will use a coefficient that, with a high degree of conventionality, allows us to make an assessment.

where cd- sufficiency ratio;

Sk- the value of the bank's own capital;

Ar - operating assets (rice).

The Kd indicator shows what share of own capital falls on one ruble of working assets or how much working assets are covered by the bank's own capital.

A feature of this formula is that the calculation does not take into account specific asset items that have a risk ratio, but total operating assets, where operating assets are understood as investments by the bank of funds in order to generate income. Proposing this formula for calculation, we proceeded from the fact that any placed funds (performing assets), in essence, represent a risk for the bank, and conditionally we assumed that this risk is equal to 100%, i.e. in the denominator, we take into account all working (read - risky) assets, reflected in the form No. 101 of the bank.

We agree that the result obtained will have high errors, and will be significantly lower than the result, as if we used the formula of the Bank of Russia. Therefore, if, as a result of applying our formula, we obtain a Kd coefficient within 10-11%, then H1 will necessarily be higher, since not all assets are used in the denominator of H1. In the same case, if the Kd indicator is below 10%, we will need to be very careful in making a decision on cooperation with the bank, because. the H1 result of the Bank of Russia will be critical - somewhere close to 10%, or even lower.

So, let's calculate the equity capital adequacy ratio of banks A, B and C.

* In calculating the volume of risky assets, balances on accounts of form No. 101 are taken: 20311, 20312, 20315, 20316, 30110, 30114, 30118, 30119, 319, 320, 321, 322, 323, 441, 442, 442, 444, 445, 446, 447, 448, 449, 450, 451, 452, 453, 545, 455, 456, 457, 460, 461, 462, 463, 464, 465, 466, 467, 468, 469, 470, 471, 472, 473, 501, 502, 503, 506, 507, 512, 513, 514, 515, 516, 517, 518, 519. When calculating the amount of risky assets, reserve accounts (passive accounts) are not taken into account.

As the analysis showed, cd is within the normative values, which does not cause caution in cooperation with banks. But for a more detailed assessment this analysis should be supplemented by a study of the dynamics of the coefficient cd for several periods, which will allow to determine the bank's development trends in terms of equity capital management. As a result of the analysis, the following data can be obtained:

The sufficiency ratio in dynamics is growing. In this case, it is necessary to determine the reasons for the growth, which may be the result of such actions of the bank: 1) the credit institution increases its own capital while reducing the volume of risky assets; 2) the bank increases its own capital at a higher rate than risk assets. In the first case, despite the fact that stability is growing, the bank risks losing income as a result of a decrease in the volume of placed assets. The second case characterizes the bank positively, because there is a balanced growth of both equity capital and asset portfolio.

The sufficiency ratio falls; regardless of the reasons, this fact negatively characterizes the bank's activity.

So, using these approaches to the assessment of the bank, we will analyze the dynamics of the capital adequacy ratio of Banks A, B and C.

Analysis of the obtained data showed that the bank with highest value of capital adequacy is Bank B, whose Kd is 19.6%. Such a high value of Kd was formed, probably, because the bank, being a “pocket” bank, has a high amount of funds from owners and insignificant risky assets, since focused on a narrow circle of clients, limited by the financial and industrial group, of which it is a member. high value The Cd of Bank B is observed throughout the analyzed period.

Bank A in the analyzed period has Kd equal to 14.3%, which does not go beyond the permissible values. This level of Kd was achieved by the bank as a result of a decrease in the volume of risky assets (which showed a decrease in the bank's balance sheet currency) and an increase in equity capital. Examining the Kd of Bank A in dynamics, we can say that in the period of 2008 this indicator had a critical value of -11.3%, which did not allow the bank to increase its assets in the future. Probably in this regard, the management decided to suspend activities to attract and allocate resources and increase the amount of equity capital.

Bank B, being a stable bank, has no fluctuations in Kd, which allows us to positively evaluate the resource management policy pursued in this bank.

The capital adequacy analysis can be extended using, for example, the safety factor (CR).

The importance of this indicator lies in the fact that it allows to evaluate the fixed capital as a reserve of the highest quality, which should be more than half of the bank's equity capital. Therefore, the bank that has KN is 6% or more.

However, in our case, it is not possible to use this formula, because we do not have a grouping of equity into main and additional. But such data can be obtained if the 135th bank reporting form is publicly available, or, for example, using the resource http://www.miko-bank.ru/files/reports/F134-0907.rtf.

However, when analyzing equity, you need to understand that we use a ready-made reporting form, which the bank has embellished, but, unfortunately, reporting does not allow us to find out where the “cosmetic operation” was carried out. In practice, capital indicators can be improved, for example, by “under-creating” reserves for loans of II-V risk groups. Or by “make-up” of bad loans, for example, by making repayments on them not in equal payments throughout the entire period, but at the end of the contract. Thus, the bank, not receiving payments from the borrower, may not fix the deterioration in the quality of the loan during the year. As a result of such actions, interest payments continue to be recorded on the bank's balance sheet, and the absence of the need to create additional reserves reduces the pressure on capital. Another common "cashless" way to increase capital is the revaluation of capitalized real estate. Sberbank and Uralsib have already done this recently. In addition to revaluation, there are many more credit and deposit schemes in which banks form capital at the expense of related structures that have received loans from the bank.

In the activity of the bank's own capital is a significant source of resources, but not all of its value can be used in the bank's turnover as a working resource. In this regard, when analyzing own funds, it is necessary to distinguish between gross own funds and net own funds.

Equity-net (SK net) is considered as own funds, which can be used as a resource for lending or conducting other active operations that generate income for the bank. concept equity - gross (SK gross) wider, because includes net funds and immobilized (distracted) own funds.

Calculation of net equity capital is carried out according to the formula:

The higher the value SC net, the more efficiently the bank works, as it has the opportunity to use its own resources in active operations to generate income.

As a result of the calculation, net equity may be a negative value. This means that the bank is forming a portfolio of tangible and intangible assets at the expense of depositors, which negatively characterizes the development of the bank. In this case, we can conclude that the bank "ate" itself and began to use the financial resources of customers.

Immobilized funds include funds diverted from the turnover that brings real income to the bank.

1. Capitalized assets include tangible and intangible assets less accrued depreciation, business reputation, as well as investments in the creation (manufacturing) and acquisition of intangible assets (accounts of form No. 101: (60401 minus 60601); 60402; 60701; (60901 minus 60903); 60905).

2. Financial investments bank in shares (shares):

2.1. part of the credit institution's investments in shares (stakes) of subsidiaries and dependent legal entities (including non-resident credit institutions) acquired for investment (if the credit institution's shares account for more than 20% of the authorized capital of the issuing institution registered in the established procedure as of the date of calculation of the capital of the credit institution);

2.2. investments in the authorized capital of resident credit institutions in the legal form of a limited (or additional) liability company, as well as a closed joint-stock company;

2.3. investments in the authorized capital of resident credit institutions in the organizational and legal form of an open joint stock company, except for investments not exceeding 1% of the authorized capital of a credit institution issuing shares, determined on the basis of data from the latest published statements of the credit institution issuing shares, while compliance with the following conditions: a) the shares are traded on the organized securities market of the Russian Federation; b) the credit institution - investor and the credit institution - issuer of shares are not included in the same banking (consolidated) group; c) investments of the credit institution - investor in the authorized capital of the credit institution - issuer do not exceed 5% of the amount of own funds (capital) of the credit institution - investor, determined as of the date preceding the date of calculation of own funds (capital);

2.4. investments in shares (stakes) specified in subparagraphs 2.1 - 2.3, sold with a simultaneous obligation to repurchase them with the simultaneous granting to the counterparty of the right to defer payment.

The specified investments of the credit institution in shares (stakes) are accepted as a reduction in the share capital on the basis of the data of balance sheet accounts 50605, 50618, 50705, 50718, 601A, 60201, 60202, 60203, 60204 (accounts are taken into account in the calculation of share capital minus reserves for possible losses) .

Thus, we can say that the value of immobilized assets can be calculated by the formula:

ImR- immobilized resources: F- financial assets; KA- capitalized assets.

The amount of immobilized funds acts as a negative factor in banking activity, and the higher it is, the lower the level of profitability of banking operations, since an increase in the volume of immobilized resources leads to a narrowing of the entire resource base of the bank, and, consequently, to an increase in the cost of replenishing it.

To assess the quality of own funds, it is necessary to determine immobilization coefficient (Kim), which shows what share of immobilized assets falls on one ruble of the bank's own capital.

where ImR - immobilized resources, SC gross - own capital - gross.

It is believed that a bank can be classified as financially stable if Kim is not more than 0.5 (or 50%). This is due to the fact that the remaining part of the equity invested in active operations can bring income to the bank.

Let's analyze the immobilized assets of the banks we analyze

As can be seen from the table, the immobilization coefficient in the analyzed banks is below 0.5, which corresponds to the specified standards. Consequently, banks direct more than half of their own capital into profitable operations, which positively evaluates the capital management policy of banks. In the structure of immobilized assets, there is a prevailing share of capitalized assets in fixed assets and intangible assets. And if we consider the dynamics of the volume of immobilized assets, it can be noted that their growth / decrease is associated with the growth of fixed assets.

Analysis of the data in the table showed that in all the studied periods, the immobilization coefficient was within the permissible values, i.e. did not reach 0.5. Only Bank B in 2007 had a critically high share of immobilized assets, reducing its own capital - net - 0.44. However, in 2008 the situation changed for the better, the bank reduced the amount of capitalized assets through the sale of property, and Kim became equal to 0.31. Bank B for all analyzed periods had an insignificant amount of immobilized assets, which exerted insignificant pressure on the return on equity. This fact is probably due to the fact that the bank, which is part of the financial and industrial group, does not need fixed assets, because. receives them from the parent company on lease.

At the end of the analysis, it is necessary to evaluate each of the banks selected for the study, combining the results of the analysis.

So, Bank B- Market leader in terms of balance sheet value;

Has a steadily growing growth rate of services provided on the market;

Has the potential for growth of the resource base in relation to equity capital;

Has the largest amount of equity, steadily growing in dynamics;

The structure of equity capital is optimally balanced;

Has a stable average capital adequacy value;

The immobilization coefficient is normal, however, in general, tending to decrease.

A steadily growing bank is Bank B, because:

Has an actively growing balance sheet;

Has a very high potential for resource base growth;

In the capital structure, the bank has the largest share of the authorized capital in comparison with other banks, equal to 57.4, and the largest share of retained earnings (5.1%);

Has a consistently high equity capital adequacy ratio - above 19%;

It has a low value of the immobilization coefficient, which positively characterizes the bank.

Jar can be characterized as having growth potential:

The Bank narrows its sphere of influence in the market as a result of a reduction in the volume of attracted resources (the balance sheet currency has a declining trend);

The value of its own capital did not allow the bank to increase the volume of services provided, in connection with which the bank was forced to increase its own capital and reduce the amount of attracted resources;

The increase in own capital was due to the investment of additional funds from the owners; as a result, the share of its authorized and additional capital in the aggregate is 69.0%;

The share of profit in the structure of equity capital is extremely low, which indicates the absence of own sources of development in the bank;

There is an unstable dynamics of the bank's capital adequacy ratio, reaching a critical value - 11.3%, after which there was an increase due to the receipt of additional resources from the owners;

The decreasing immobilization coefficient (from 0.38 to 0.31) characterizes the bank positively.

Thus, the studies showed that among the banks in the sample, the most reliable and steadily developing bank, which seems to be the least risky for the client, is Bank B. Bank C, which occupies an extremely small market share, can also be considered as a servicing bank, since its main financial characteristics characterize it positively. Bank B currently has growth potential, and this is probably why it charges high interest rates on deposits in order to restore the client base lost during the crisis. However, the bank is at the stage of overcoming the crisis, so we would not advise clients to enter into long-term agreements with it.

In conclusion, the analysis of equity capital can be calculated a number of coefficients characterizing its quality (Table 3).

Table 3. Indicators characterizing the bank's own capital

The proposed approaches to the analysis of equity capital primarily solve the problems of assessing the bank by future clients, investors, shareholders, counterparties who wish to form a preliminary opinion about the bank as an object of future financing, lending or cooperation. The advantage of this method is that in order to obtain a preliminary estimate, the user does not need to look for detailed financial statements of the bank, which, as a rule, is difficult; it can be limited only to forms No. 101 and No. 102 available for obtaining. Naturally, in order to make a decision on financing or cooperation, a more accurate and detailed information about the bank, however, the use of this method by the user will be sufficient to select a bank among many.

To be continued.

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