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Fіnansi of companies - Poddєrogіn AM

11.3.2. VNUTRІSHNІ Jerel FІNANSOVOЇ SANATSІЇ

In lіteraturі s power fіnansovoї sanatsії vkazuyut two Vidi reaktsії of companies on fіnansovu Creasy:

1. Zahisna reaktsіya, yak peredbachaє rіzke skorochennya vitrat, zakrittya that rozprodazh okremih pіdrozdіlіv pіdpriєmstva, skorochennya that rozprodazh obladnannya, zvіlnennya staff skorochennya okremih Chastain rinkovogo segment zmenshennya vіdpusknih tsіn that (ABO) obsyagіv realіzatsії produktsії.

2. Nastupalna reaktsіya scho peredbachaє aktivnі dії: modernіzatsіya obladnannya, Gone novih tehnologіy, zaprovadzhennya efektivnosti marketing pіdvischennya tsіn, Poshuk novih rinkіv zbutu produktsії, rozrobka i vprovadzhennya progresivnoї strategіchnoї kontseptsії kontrolіngu that upravlіnnya.

Fallow od vibranoї strategії pіdpriєmstvo dobiraє that chi Inshyj catalog vnutrіshnogospodarskih sanatsіynih zahodіv. Vikoristannya vnutrіshnіh fіnansovih rezervіv daє zmogu not tіlki podolati vnutrіshnі Reason nespromozhnostі of companies, and the first uniquely zmenshuє zalezhnіst efektivnostі Venue of sanatsії od zaluchennya zovnіshnіh fіnansovih Jerel. Vodnochase on pіdpriєmstvah, SSMSC perebuvayut in fіnansovіy krizі, povnіstyu vicherpano takі klasichnі dzherela samofіnansuvannya, yak Prybutok that depreciation. Mobіlіzatsіyu vnutrіshnіh rezervіv fіnansovoї stabіlіzatsії spryamovano peredovsіm on polіpshennya (abo vіdnovlennya) platospromozhnostі that lіkvіdnostі pіdpriєmstva. Yak usually її zdіysnyuyut for such key directly:

1. Restrukturizatsіya aktivіv.

2. Zmenshennya (zamorozhuvannya) vitrat.

3. Zbіlshennya viruchki od realіzatsії.

Perche grupu sanatsіynih zahodіv pov'yazano Zi zmіnoyu aktivnoї structure is the warehouse side of the balance sheet (dosit often tsі zmіni suprovodzhuyutsya takozh zmіnami in skladі that strukturі pasivіv). In the framework restrukturizatsії aktivіv vidіlyayut takі Vidi sanatsіynih zahodіv:

a) mobіlіzatsіya prihovanih rezervіv. Prihovanі reserves - tse Chastina kapіtalu pіdpriєmstva, yak yogo not vіdobrazheno in balansі. The value prihovanih rezervіv in aktivnіy storonі balance dorіvnyuє rіznitsі mіzh carrying vartіstyu okremih Mainova ob'єktіv pіdpriєmstva that їhnoyu real (vischoyu) vartіstyu. Mobіlіzatsіya prihovanih rezervіv zdіysnyuєtsya:

* Through realіzatsіyu okremih ob'єktіv basically the werewolf zasobіv, SSMSC bezposeredno not pov'yazanі s processes that virobnitstva realіzatsії produktsії (budіvlі that sporudi nevirobnichogo priznachennya, korporativnі іnshih rights of companies, borgovі tsіnnі Papero, nematerіalnі assets nadnormativnі reserves sirovini th materіalіv toscho) ;

* At rezultatі іndeksatsії balansovoї vartostі Mainova ob'єktіv, SSMSC nemozhlivo realіzuvati torn down without the normal cycle virobnichogo (Taqiy method restrukturizatsії aktivіv not pov'yazany іz real polіpshennyam platospromozhnostі, .However bezposeredno vplivaє on pіdvischennya kreditospromozhnostі pіdpriєmstva). In razі іndeksatsії mainly fondіv zmіnyuєtsya pasivіv structure (zbіlshuєtsya statte "statutory kapіtal" chi "Dodatkovy kapіtal");

b) vikoristannya zvorotnogo lіzingu (gospodarska operatsіya, yak peredbachaє sales mainly fondіv s odnochasnim zvorotnim otrimannyam such basic fondіv Operationally abo fіnansovy lіzing). Napriklad, zbitkove pіdpriєmstvo prodaє lіzingovіy kompanії admіnіstrativnu budіvlyu s odnochasnim ukladannyam agreement about lіzing danogo ob'єkta neruhomostі. Kreditospromozhnіst danogo pіdpriєmstva znizhuєtsya. However, yogo platospromozhnіst rіzko polіpshuєtsya. Krіm addition, s causal pіdpriєmstvo svoєї zbitkovostі Mauger otrimati digit ekonomіyu on podatkovih payments SSMSC suprovodzhuyut operatsіyu kupіvlі-sale danogo ob'єkta mainly fondіv;

c) Basic lіzing fondіv. Tsei method umozhlivlyuє modernіzatsіyu obladnannya (a otzhe, zdіysnennya sanatsіynih zahodіv virobnicho tehnіchnogo-character), if brakuє neobhіdnih іnvestitsіynih resursіv;

g) zdachi in Orenda mainly fondіv, SSMSC not Povny mіroyu vikoristovuyutsya in virobnichomu protsesі;

d) structuring optimіzatsіya rozmіschennya working kapіtalu (zmenshennya chastki nizkolіkvіdnih werewolf zasobіv, zapasіv sirovini that materіalіv, unfinished virobnitstva toscho);

e) Sales okremih, nizkorentabelnih structural pіdrozdіlіv (fіlіy). For rakhunok takoї operatsії pіdpriєmstvo Mauger otrimati іnvestitsіynі resources to pereprofіlyuvannya virobnitstva on bіlsh pributkovі Vidi dіyalnostі;

h) vikoristannya davalnitskoї sirovini, tobto - sposіb zavantazhennya virobnichih bearing-down pіdpriєmstva for yakogo sirovina that materіali nadayutsya pіdpriєmstvu bezkoshtovno, one is ready to Produkciya, vigotovlena on davalnitskih minds Je vlasnіstyu postachalnika sirovini. Pererobka davalnitskoї sirovini rozglyadaєtsya Yak Hotel, scho for neї pіdpriєmstvo otrimuє obumovlenu in dogovorі Chastain gotovoї produktsії abo pevnі groshovі Costa;

i) Refinancing Loans debіtorskoї zaborgovanostі (translated її in INSHI, lіkvіdnі werewolf form aktivіv: groshі, korotkostrokovі fіnansovі vkladennya toscho). One іz faktorіv, scho negatively on vplivaє fіnansovy mill of companies i zokrema on їhnyu platospromozhnіst, Je Visokiy rіven nevipravdanoї debіtorskoї zaborgovanostі. Mills on the cob 2000 roku debіtorska zaborgovanіst sub'єktіv gospodaryuvannya perevischuvala obsyag GDP Kraina in pіvtora Razi. Je Tse suttєvim reserve vіdnovlennya platospromozhnostі of companies, at scho OPIN fіnansovіy krizі. Tom financial management musit vikoristati OAO All nayavnі mozhlivostі to repay zaborgovanostі.

Prior to the main forms of Refinancing Loans debіtorskoї zaborgovanostі nalezhat:

* Factoring (sales debіtorskoї zaborgovanostі on korist faktoringovoї kompanії chi jar). On pіdstavі agreement about the Venue of rozrahunkovih operatsіy through factoring bank napriklad, Mauger pridbati in pіdpriєmstva seller right vimogi for postavlenі Flea she nadanі Hotel, Splat line for SSMSC had passed (stitched debіtorska zaborgovanіst) abo for precisely rozrahunkami. Pіdpriєmstva postupayutsya right to obsession pennies zgіdno s platіzhnimi documents on the provided produktsіyu in obmіn on negayne obsession osnovnoї sumi debіtorskoї zaborgovanostі (for virahuvannyam komіsіynoї vinagorodi faktoringovіy fіrmі, rozmіr yakoї deposits od rizikovostі operatsії, chinnoї vіdsotkovoї rates that strokіv nastannya payment).

* Obl_k abo discount Bills. Zmіst tsієї operatsії polyagaє in tіm, scho bank pridbavshi bill for іmennim іndosamentom, termіnovo yogo oplachuє pred'yavniku and platіzh otrimuє tіlki s nastannyam zaznachenogo in vekselі line repayment. Ekonomіchnoyu Sutta operatsії diskontuvannya Je dostrokova realіzatsіya bill holder yogo bank i translated komertsіynogo loan bankіvsky. For dostrokovy platіzh Bank utrimuє s nomіnalnoї sumi bills Pevnyi vinagorodu its korist, tobto oplachuє bill for mіnusom znizhki. Rіznitsya mіzh sumoyu, yak paying bank, pridbavshi bill i sumoyu, yak vіn otrimaє on Tsei bill payment in rows, takozh nazivaєtsya discount.

* Forfaiting - kredituvannya zovnіshnoekonomіchnih operatsіy formі have redemption rights in eksportera Bills that іnshih borgovih vimog, SSMSC іmporterom been accepted. Seller vimog for forfeiting Mauger Buti pіdpriєmstvo, yak vikonalo zobov'yazannya for contract i pragne refіnansuvati debіtorsku zaborgovanіst s metoyu zmenshennya credit riziku that polіpshennya lіkvіdnostі (platospromozhnostі). Forfaiting, yak usually zdіysnyuєtsya for participation bankіvskoї place the Yea i takozh odnієyu іz forms transformatsії komertsіynogo loan bankіvsky.

Krіm addition, furrows zahodіv schodo Refinancing Loans debіtorskoї zaborgovanostі carried out a set of procedures s primusovogo styagnennya zaborgovanostі have tіm chislі zvernennyam іz Call to arbіtrazhnogo court. Procedure doarbіtrazhnogo vregulyuvannya sporіv that pozovnogo zvernennya arbіtrazhnogo to the court described in detail Dali.

Usі oharakterizovanі vische sanatsіynі goes so chi іnakshe zumovlyuyut zmіni in okremih statte asset balance. Nastupnі Dvi groupies zahodіv pov'yazanі in the main Zi zmіnami in zvіtі about fіnansovі result that їh vikoristannya (zvіt about pributki that zbitki).

Zmenshennya (zamorozhuvannya) vitrat

Danian block sanatsіynih zahodіv zdіysnyuєtsya for EYAD napryamkami:

1. Zamorozhuvannya іnvestitsіynih vkladen.

2. Znizhennya gross vitrat.

Rows okupnostі іnvestitsіy (Especially zovnіshnіh) zdіysnyuvanih pіdpriєmstvom, yak is staying at fіnansovіy krizі, Got Booty yakomoga Mensch.

Okupnіst kapіtalovkladen vіdbuvatisya abo Mauger in rezultatі zbіlshennya penny dohodіv, abo zavdyaki zmenshennyu vitrat. In the framework fіnansovoї sanatsії Mauger Buti priynyato rіshennya about zamorozhuvannya rizikovih іnvestitsіynih proektіv that іnvestitsіy s dovgotrivalim okupnostі-of-line.

Sanatsіynі come in, spryamovanі on znizhennya vitrat virobnitstva, dotsіlno zdіysnyuvati on zasadі zero-basis-byudzhetuvannya (ZBB - Zero-Base-Budgeting). HEAD metoyu ZBB Je viznachennya optimal rіvnya gross vitrat pіdpriєmstva that prіoritetnih napryamkіv vikoristannya obmezhenih fіnansovih resursіv. The basic vіdmіnnіst ZBB od zvichaynogo operational planuvannya polyagaє in tіm scho ostannє digit mіroyu zorієntovane on pokazniki rіvnya vitrat poperednіh perіodіv (SSMSC shaping can Buti nevipravdano zavischenimi). Bazoyu for ZBB Je since been called to come a point-zero tobto planovі pokazniki rozrahovuyutsya on pіdstavі obrahunku vsіh new rules that normativіv vitrat, їhnogo warehouse that structure. ZBB Je warehouses Chastain kontrolіngu vitrat pіdpriєmstva. CONDUCT OF ZBB shown in Fig. 11.7.

In the framework of ZBB analіzuyutsya OAO All stattі vitrat i for Cutaneous s them viznachayutsya mozhlivostі ekonomії. Rozroblyayuchi Plagne oschadlivogo vikoristannya sirovini that materіalіv, Especially uwagi slіd zvernuti on neobhіdnіst Borotba s kradіzhkami on virobnitstvі. For degradatsії Economy that suspіlnoї moralі stink nabirayut masovogo that systemic. In 1996 r. in Ukraїnі ofіtsіyno vrahovanі vtrati that zbitki od kradіzhok have become 19.5% of GDP, in 1997r. - 9%. Practical OAO All transportnі partії coming understaffing. For Borotba s CIM yavischem on bagatoh pіdpriєmstvah dotsіlno stvoryuvati Vlasnyi BEZPEKA service.

Yak svіdchat vіtchiznyana practice that zarubіzhny dosvіd, holding fіnansovoї sanatsії of companies obov'yazkovo suprovodzhuєtsya radically zmenshennyam vitrat staff. Ekonomії for tsієyu statte mozhna dosyagti zmenshennyam zarobіtnoї pay abo zmenshennyam quantities neobhіdnogo robochem hour. Naybіlsh poshirenimi taps for skorochennya robochem hour Je:

* Zaprovadzhennya nepovnogo robochem tizhnya;

* Dostrokovy vihіd on pensіyu;

* Neoplachuvanі vіdpustki;

* Zvіlnennya staff.

Zauvazhimo scho masovі zvіlnennya personnel need poєdnuvati іz sanatsіynimi taps sotsіalnogo nature.

In the framework mobіlіzatsії vnutrіshnovirobnichih sanatsіynih rezervіv analіzuyutsya OAO All nayavnі mozhlivostі zbіlshennya viruchki od realіzatsії produktsії. In tsomu razі slіd vikoristati entire arsenal zahodіv for aktivіzatsії zbutovoї (marketingovoї) polіtiki pіdpriєmstva. Stimulyuvati zbut mozhna yak nadannyam znizhok pokuptsyam so i pomіrnim zbіlshennyam tsіn; yak masovanoyu advertising, so i її pripinennyam. Type sanatsіynih zahodіv in danіy sferі zalezhatime od particular pіdpriєmstva that od vibranoї him strategії marketing.