home Economy The economics of agrarian applications - Andriychuk V.G.

The economics of agrarian applications - Andriychuk V.G.

14.3. Poschkovy kapital ta kriterij doscilnosti yogo zaluchennia

Pozhkovy capitals are part of the advance capitalization, it is molded for the razhnok not turned by positively djerel, yaki povinni buti vidshkodovanni to creditors through pivnyy lines at zoumovleny forms. Mi Vzhe more than once zvertali respect for neobhidnist zaruchennya agrarnimi pidpriemstvami posichkovogo kapitalu, nasampered through sekondnost vibrobitvtva. In the development of what has been said, it is signifi- cantly that, in the number of agrarnes, in the number of agrarnes, yak is limited to the vicarities of the capital, it is not only possible for the profitability of the yogic profitability, not because of the controversial situation of the shvidko market, but also on the scale of the outgrowth of the vibrobitvtva.

Pozichkovy kapіtal vіdobrazhaєtsya in pasivі balance buhgalterskoї zvіtnostі of companies, such zokrema rozdіlah Yogo, yak 2 "Zabezpechennya the following vitrat i platezhіv" (chastkovo), 3 "Dovgostrokovі zobov'yazannya" 4 "Potochnі zobov'yazannya" = 5 "Income maybutnіh perіodіv ". Zalizhno vid dzherela poschkovogo kapitalu pіdpriєmstva formuyut vіdpovіdnі structuralі еelementes of the advanced capital. So, dovgostrokovі bankіvіkі credit to creep on the formation of the main capital, and short-stitches - as a rule, on поповнення turnaround.

Loans yak part pozhachkovogo kapitalu nadayutsya pіdpriemstvam for a fee, tobto stinky for yogo vikoristana vvdokot vid si sumi. Platnim for pidpriemstva є і tak dzherelo formvaniya poschkovogo kapitalu, yak vypusk oblіgatsіy. Tsevigidna form zaluchchenna kapitalu, okkilki vlasyniki oblіgatsіy do not flinch the right to vtuchachisya in gospodarku diyalnist pidpriemstva on vіdmіnu vіd акцій, які дають право участі в капіталі. Крім credit and vipusku oblіgatsіy, pіdpriєmstva mozhut zaluchati dlya vibrohnichih zapisi zasobi інших юридичних осіб у вигляді позик, сплачайчи за цепвний відсоток. So, pidpriemstva mozhut korostustaisya komercitsynim (commodity) loan for zdіysnenni rozraunkiv for buying the product, nadanі їм chih vikonan for them robotics. Danya loan can be peddled by the posters at the form of payment without payment of payments. We are free of charge for pidpriemstva є vikoristania і such dzherela poschkovogo kapitalu, yak komfortorska zaborgovannost on zabobitnіy pay, for comrades and servants, for rozraunkkami in the budget, for insurance in fact. Tsі Elements pozichkovogo kapіtalu toil Buti povernutі pіdpriєmstvom, ale Pokey vono them volodіє termіnu їh to maturity (as nerіdko i for tsogo mezhami termіnu), the Costa vkazanimi TAKE pіdpriєmstvo rozporyadzhaєtsya on svіy rozsud.

Vikoristanny pozhachkovogo kapitalu nada pidpriemstvam, krіm priimyh, rіshe rozglyаnutih perevog, і opisredkovannyі perevagi, yak nappriklad, zmenshennya oshodotkuvannya basis, and vіdtak, і speed of payments to the budget (interest for the loan vidnosyat to valovyh vitrat і zavdyaki ts'omu zmenshuyutsya pributok to obodotkatvannya). Pідприємство може отримати додаткову вигоду від використання позичкового капіталу в період підвищення темпів інфляції. It is zoomovlen tim, scho pokonennya borgu zdіysnyuetsya groshima menhshї kupіyelnosti prodomostnost.

The water hour is flooded with the help of the positional capita ness in the past floods. The head of them is that of ziznastnya riziku znizhennya їх фінансової стійкості та платоспроможності. In addition, vipacheni percent for a loan є element of vitration, and ozhe, stink zmenshutt Mas pributku pidpriemstva і profitability of the advance capital. Pідприємства, які розраховуть на взяття a loan, you can incur seryoznі vtrati in the instincts of unstable zvonnіshnogo sredovischa і виниклу в зв'язку з цим unavailability to the loan (the interest rate for a loan, depending on the vimogy before making sure that the loan is not enough).

So rank, staє Obviously, scho with one s printsipovih power formuvannya avansovanogo kapіtalu Je viznachennya dopustimoї s ekonomіchnoї point Zora chastki pozichkovogo kapіtalu vіdnosno to chastki kapіtalu, sformovanoї for rakhunok Vlasnyi koshtіv. It is envisioned on the basis of the supply of goods, but it is possible to pay a surcharge on the prepayment capitals, as well as in the vicarities, and interest rates for the loan. Якщо останній показник перевищує перший, підприємству економічно вигідніше орієнтуватися на збільшення власних коштів іскчучити позичковий капітал. If the norm of the surplus on the advances is capped for the interest rate for the loan, the amount of the capital is paid on the odnitsynu of the prepayment capital deposit, then it is economically difficult to get the padded capitals. In tsiomu can be reconfigured z.dnih table. 14.1.

Table 14.1

DEPOSIT OF NORMALITY TO ARRIVAL ON THE EQUILIBRIUM ADVANCES CAPITAL VID OF THE PART OF THE POSITIVE CAPITAL IN THE ZAGALNY VARTOSTY OF THE ADVANCED CAPITAL OF THE PIDPRINITY

Yak bachimo, pidpriemstva z nashego zagalnoy vartіstyu advance sapitalu, ale for rіznogo spіvvіdishennya vnosnogo i posichkovogo kapitalu voznayuyut rizno pributkovostі. Perevaga zaluchennya bilshoy pokachkov kapitalu pokazyvaetsya lishe todi, if the norm of the surplus for the advancement of the capital became 20% and a bullish loan for interest on the loan for 5 percentage points (20 - 15 = 5 pp). At the time, the number 2 approached the norm of the surplus on the capital capita by 6.6 percentage points. (28.3 - 21.7). Zrozumilo takozh, scho yakbi pіdpriєmstvo led gospodarku dіyalnіst лише на власному капіталі, then vono dovyaglo b 20% of the norms of the surplus on Tsei kapital, tobto navіt menshe pobyvnyano z pіdpriemstvom No. 1 by 1,7 pp (21.7 - 20).

Зовсім інша економічна ситуація складається у випадку, if the norm of the surplus on the advances has fallen to 11%, the price is lower by 4 pp. Against interest rate for a loan. Vikoristania in tsiomu vypadku posichkovogo kapitalu styo ekonomichno nevigidnim, oskilki norm pributku on vlasniy kapital to be occupied up to 4,3% against 9,7% at підприємстві № 1, the yaCh mchushu the part of posichkovogo kapitalu (25% against 62,5% in підприємстві № 2 ). More than that, yakbi tsi pidpriemstva not zazluchali pozhkovyi kapital, stinks zmogli b dovyagti 11% normi pribudku vladniy kapital and hold on 88 yew. UAH прибутку, замість 58 і 13 тис. Грн відповідно.

Nowadays it is obvious, but the part of the part of the positional capitulum is pinched and stiff with the risk of pimping, the incidence of punctuated rynku can be called up to the stagnation of the pribootkost piadpriemstva abo naivit to yogo zbitkosty. Vodnochas with zrostannі popitu і tsіn na sіl'skogoospodars'ku produktsiyu, otderzhannі vyshyaschih urozhаїв підприємства підвищують norm, прибутку на авансований капітал, and mean, peretvoyuyut poskkovyi kapital from the positive factor gospodarskoї діяльності.

Teper rozglyanemo ekonomiko-mathematicnu Interpretation of the criterion of doculnosti zaluchchennia poschkovogo kapitalu. Tsey Criteria vivoditsya z formulating normi pributku na vlasniy kapital (Pvk), yaka ma viglyad:

Pvc =

De OP - operational pribudok; PP - suma vipplucheny percent for a loan; VK - vlasniy kapital pidpriemstva. Zdіysnivshi neobhіdnі mathematicheskie perepovorennya form * 2, having entered into a cupron and a denominator given the form of advances, accumulated, obsessively formalizations, visas, the criterion of the accreditation of the impersonal pinch:

* 2: {Pv =

= PAK +

= PAK +}

Pvc = Pak +

De Pak - profitability of the advance capitalitum (the norm of the surplus for the advancements is capitals, that is, viznachaetsya z viruzu Pak = Пп - the rate for pozhkovkovy kapital, koefіtsієnt; AK - advances capital.

Other dodanok tsієї the word is characterized by the efekt fіansovogo lіverzhu, Zomovleniya zastosuvannya posochkovogo kapitalu. Positively znachennya tsiogo efektu vkazuє, yaku value zroste profitability vladnogo kapitalu, and vіd'єmne - navpaki, on skilki vona zmenshitsya. The first set of the given part of the word is the name Koefіtsієнтом фінансового ліверджу. Vin characterizes the value of the positional capital, and falls on the oddity of the capitalistic capital. Another multiplier (Pak - Pp) is called differential of financial news. Якщо він більше zero, then застосування позичкового капіталу змовить підвищення рентабельності власного капіталу. For tііїї умоі zagalny еект фінансового ліверджу зростатиме at збільшенні кефіцієнта фінансового ліверджу.

Yaksho differential of financial reporting dorivnyu zero, pidpriemstvu takozh mozhe buti vigіdnim zaluchchennia poschkovogo kapitalu, oskilki tse sprijatime vzroshirnenu scales vibrobitvtva, otobrechennu verevirvnosty vibrobnitsva i naivit zarostneni masi pributku. More than that, you can pick up pozhkovyi capitals to navigate, if the differential of financial management is vedic, such a situation can be, if vrati viz prizupinennya vibrobnitsva chi pravoshenny normal operatsiynogo cycle through nestachu koshtiv budut bolshimi, nizh vtrati vіd vichoristan expensive loan.

Nasamkynets zauvazhimo, scho vsi visnovki schodo dotsilnosti zaluchchennia poschkovogo kapitalu stosuyutsya deprived dzherel yogo formvaniya, yakі - for pidpriemstva platni.