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Fіnansova dіyalnіst sub'єktіv gospodaryuvannya - Tereshchenko OO

6.4. Komertsіynі loans

One s Jerel formuvannya pozichkovogo kapіtalu pіdpriєmstva Je komertsіynі loans. Komertsіyny credit - tse form of loan, yak harakterizuє vіdnosini pozichki mіzh EYAD sub'єktami gospodarskoї dіyalnostі scho vinikayut in rezultatі obsession avansіv rakhunok have the following supplies produktsії (robіt, poslug) chi s obsession tovarіv vіdstrochkoyu platezhіv. Tsі loans printsipovo vіdrіznyayutsya od bankіvskih, oskіlki lender vistupayut komertsіynі Partners pіdpriєmstva. Before the main rіznovidіv komertsіynih kreditіv nalezhat:

tovarnі loans;

oderzhanі advances.

In rezultatі zaluchennya commodity loan from pіdpriєmstva vinikaє kreditorska zaborgovanіst for goods (works, Hotel). Zdebіlshogo tovarnі loans toil korotkostrokovy character i spryamovuyutsya on fіnansuvannya werewolf aktivіv, yak usually zapasіv. Hoch in praktitsі mozhna takozh zustrіti nadannya іnvestitsіynih trademark kreditіv, napriklad tehnologіchnih lіnіy.

Vіdnosini commercial loan agreement regulyuyutsya kupіvlі-sale Where Money Does peredbachena delivery tovarіv s vіdstrochennyam payment. In vіtchiznyanіy praktitsі poshirenimi Je Treaty, yakimi peredbacheno rozrahunok for delivered produktsіyu in mіru її realіzatsії. Nerealіzovana Produkciya povertaєtsya postachalniku. Tovarnі loans mozhut nadavatisya s Making bills chi without Demba.

Main metoyu nadannya trademark kreditіv Je stimulyuvannya zbutu produktsії that priv'yazka okremih promising klієntіv to postachalnika. Zrozumіlo, scho for іnshih rіvnih minds klієnti zakupovuvatimut goods from quiet postachalnikіv, SSMSC proponuyut vigіdnіshі minds rozrahunkіv, zokrema nadayut tovarnі loans chi znizhki. Vіdpovіdnі vіdstrochki platezhіv nadayutsya, yak usually postіynim klієntam. Yakscho vіdnosini commodity kredituvannya Je stabіlnimi, then this kind of loans korotkostrokovі carols dovgostrokovogo nature.

Vazhlivim power, pov'yazanim s komertsіynim kredituvannyam, Je vartіst loan. Tsya vartіst deposits od such basic chinnikіv:

rіvnya znizhki to bazovoї tsіni (cash discount) product in razі zdіysnennya dostrokovih rozrahunkіv;

perіodu, protyagom yakogo nadayutsya znizhki;

perіodu vіdstrochennya platezhіv.

In razі, Yakscho postachalnik vіdvantazhuє produktsіyu s vіdstrochkoyu payment, not peredbachayuchi at tsomu zhodnih znizhok dostrokovu for payment, the vartіst zaluchennya such commodity loan for pozichalnika dorіvnyuvatime zero. Yakscho Well minds contract peredbachena zalezhnіst tsіni product od strokіv rozrahunkіv, tobto vstanovlenі pevnі znizhki to bazovoї tsіni in razі zdіysnennya dostrokovih platezhіv then vtracheny dohіd pokuptsya (vіdpovіdno splat zavischenoї tsіni of goods) in rezultatі otrimannya commercial loans can traktuvati yak fee for koristuvannya pozichkovim kapіtalom . Efektivnosti interest rate for pozichalnika (Re) for the commodity loan Mauger rozrahovuvatisya for with such a formula:

Re = • 360 (6.3)

de SK - znizhki the value (%); h - perіod dії znizhki (dnіv); z - trivalіst vіdstrochki payment (dnіv).

Zrozumіlo scho denote bіlshimi Je znizhka to bazovoї tsіni i perіod її dії, tim bude vischoyu vartіst zaluchennya commercial loan. For іnshih rіvnih minds denote bіlshim Je perіod vіdstrochennya platezhіv, tim bude nizhchoyu vartіst loan.

On praktitsі dosit often vikoristovuyut ot algorithm rozrahunku interest for koristuvannya commodity loan, yaky on Dumka bagatoh fіnansistіv, daє mozhlivіst tochnіshogo viznachennya vartostі zaluchennya commercial loan:

Re = . (6.4)

Commodity loan dotsіlno vikoristovuvati razі in fact, if the interest rate for the Yogo vikoristannya bude Mensch, nіzh bankіvsky rate for the loan, yaky Mauger otrimati pіdpriєmstvo on analogіchny perіod.

Butt 6.3

Peredbacheny rows contract Payment vіdvantazhenih tovarіv becoming dnіv 45 h time їh nadhodzhennya warehouse klієnta. When zdіysnennі rozrahunkіv protyagom Perche 15 dnіv pіslya nadhodzhennya product cash discount (znizhka) to bazovoї tsіni dorіvnyuє 3%. Rozrahuєmo efektivnosti interest rate for commodity loans and takozh dotsіlnіst yogo vikoristannya, Yakscho rate for analogіchnim bankіvskim credit - 40% rіchnih.

Yakscho pіdpriєmstvo zdіysnyuє rozrahunki the base tsіnoyu s vіdstrochkoyu payment in 45 dnіv, the tse oznachaє scho otrimati vono vtratilo mozhlivіst znizhku rozmіrі at 3% bazovoї tsіni. Pіdstavivshi vіdpovіdnі values ​​in the formula 6.3, znaydemo efektivnosti interest rate for the loan koristuvannya: 36% rіchnih ; tochnіshy pokaznik otrimaєmo, skoristavshis formula (6.4): 37%.

Yakscho payment zdіysnyuєtsya protyagom Perche 15 dnіv then pіdpriєmstvo otrimuє vіdpovіdnu znizhku, otzhe, fee koristuvannya commodity credits protyagom tsogo perіodu stanovitime zero.

Mozhna dіyti visnovku, scho for pіdpriєmstva vigіdnіshim Je vikoristannya commercial loan porіvnyano s bankіvskim. However, s glancing znizhennya costs for pіdpriєmstva optimally bude rozrahunok in kіntsі string protyagom yakogo dіє znizhka.

Porіvnyuyuchi efektivnіst vikoristannya bankіvskogo i commodity kreditіv, slіd proanalіzuvati OAO All perevagi that nedolіki zaluchennya ostannogo. Perevag to the main commercial loan nalezhat:

vіdnosna shvidkіst i tehnіchna zruchnіst otrimannya;

Lenders zdebіlshogo not vimagayut dodatkovogo credit zabezpechennya, okrіm zasterezhennya schodo zaboroni pid outpost lane INSHI loans;

vimogi to kreditospromozhnostі pozichalnika Je nizhchimi, nіzh at bankіvskomu kredituvannі (creditors, yak usually not zdіysnyuyut otsіnku kreditospromozhnostі pozichalnika);

porіvnyano lain processes uzgodzhennya prolongatsії loan.

Slіd vrahovuvati takozh tipovі nedolіki zaluchennya trademark kreditіv:

Interest rates, yak usually perevischuє vartіst bankіvskogo loan;

nebezpeka visokoї zalezhnostі od postachalnikіv;

zasterezhennya schodo zaboroni nadavati outpost in Mein INSHI pid credit, scho Yea type species zabezpechennya trademark kreditіv, zvuzhuє kreditnі pozichalnika frame;

znizhuєtsya control efektivnіstyu vikoristannya pozichkovogo kapіtalu.

In vіtchiznyanіy praktitsі gospodaryuvannya dosit poshirenim Je pokrittya fіnansovogo defіtsitu Shlyakhov torn down strokіv vikonannya platіzhnih zobov'yazan, tobto vikoristannya yak dzherela popovnennya obіgovih koshtіv stitched trademark kreditіv. Such polіtika Je Nadzvychaina sytuatsia rizikovoyu. Won Mauger prizvesti to nakladennya on pіdpriєmstvo shtrafіv in hodі doarbіtrazhnogo chi arbіtrazhnogo vregulyuvannya gospodarskih sporіv. Tse in his Cherga, vplivaє on іmіdzh sub'єkta gospodaryuvannya yak nadіynogo partner i-Rasht vreshtі generally produces up to yogo fіnansovoї crisis.

Vazhlivim Elements pozichkovogo kapіtalu pіdpriєmstva Je oderzhanі advances od klієntіv. Just past about oderzhanі advances pid supply materіalnih tsіnnostey abo pid vikonannya robіt and Sumi takozh poperednoї Pay pokuptsyami i zamovnikami rahunkіv postachalnika for produktsіyu i Realized works. Advances shaping can Buti yak short, so i dovgostrokovimi.

Otsіnka vartostі zaluchennya korotkostrokovih avansіv zdіysnyuєtsya for tієyu metodologієyu Well, scho i kreditіv trademark. One s chinnikіv viniknennya potochnoї zaborgovanostі for advances obsession Je uniknennya riziku neplatezhіv for postavlenі goods.

Dovgostrokovі advances yak Dzherelo formuvannya pozichkovogo kapіtalu vikoristovuyutsya at vikonannі largest of order, zokrema in budіvnitstvі, sudnobuduvannі, great verstatobuduvannі that in deyakih іnshih Galuzo. Advances od zamovnikіv vіdіgrayut takі funktsії:

fіnansuvannya that pіdtrimannya lіkvіdnostі pozichalnika;

perevіrki platospromozhnostі zamovnika;

garantії scho zamovnik redemption rights of order in the Yogo razі gotovnostі.

W metoyu zmenshennya riziku netsіlovogo vikoristannya avansіv i nevikonannya of order in zarubіzhnіy praktitsі zamovniki for credit zabezpechennya, yak usually vimagayut nadannya bankіvskih garantіy * 10.

* 10: {Wohe G., Bilstein J. Grundzuge der Unternehmensfinanzierung. - S. 213.}

Lines on the SSMSC oderzhuyutsya advances stale od the standard Payment terms of order in tіy chi іnshіy the Branch, strokіv vikonannya of order that rezultatіv peregovorіv mіzh zamovnikom i vikonavtsem. Chastina sumi contract Mauger Buti splachena odrazu pіslya yogo ukladennya, Chastina - pіslya vikonannya Pevnyi (promіzhnogo) Etap of order, Rasht - pіslya pіdpisannya act at-ymannya-zdachі.

Yak rule, on loan from formі avansіv not narahovuyutsya percent. However teorії i praktitsі mozhna zustrіti rіznі methodological otsіnki vartostі zaluchennya tsogo mind pozichkovogo kapіtalu. For one s metodіv vartіst kapіtalu viznachaєtsya yak rіznitsya mіzh tsіnoyu vikonannya of order for vіdsutnostі advance platezhіv that tsіnoyu tsogo Well of order іz zdіysnennyam such platezhіv. For іnshim by the interest rate for the advance koristuvannya viznachaєtsya on osnovі іnstrumentarіyu rozrahunku vartostі pennies in chasі s vikoristannyam yak diskontuvannya rates (chi naroschuvannya) serednoї protsentnoї rates on credit market analysis.

Participants at the Credit vіdnosin komertsіynomu kreditі mozhut regulyuvati svoї gospodarskі vіdnosini that stvoryuvati platіzhnі zasobi in viglyadі Bills - zobov'yazan borzhnika splatiti creditor zaznachenu the bag at viznacheny termіn. In razі decorated komertsіynogo loan for Relief bills іnshih lands about nadannya loan not ukladaєtsya. Bill dopomagaє virіshiti problem nestachі obіgovih koshtіv i visokoї vartostі Credit resursіv. Vekselі shaping can Buti yak short, so i dovgostrokovimi. Komertsіynogo repayment of the loan, Making s Relief bills Mauger zdіysnyuvatisya Shlyakhov:

SPLAT borzhnikom for the bill;

peredachі (іndosamentu) bills іnshіy yuridichnіy osobі (krіm bankіv that іnshih Credit SET);

vrahuvannya bills - bills pridbannya bank to nastannya line paying for it in a drawer for groshovі Costa s discount (re komertsіynogo loan on bankіvsky).

Before the main operatsіy s bills, SSMSC mozhut zdіysnyuvatisya pіdpriєmstvami, nalezhat: kupіvlya sales, gate, pass vrahuvannya; mіna; transfer іnshіy osobі Shlyakhov іndosamentu toscho. Vazhlivim Yea those scho on transfer (іndosament) promissory notes for rozrahunok otrimanі goods (robots Hotel) not narahovuєtsya MPE. Mi will not be detailed on zupinyatisya harakteristitsі operatsіy of companies s bills, oskіlki tse power dosit Povny visvіtleno in vіtchiznyanіy NAUKOVO-praktichnіy lіteraturі that vіdpovіdnih regulations.