Classification of sources of financing of entrepreneurial activity.

27 Sources and forms of debt financing of the organization

To meet their needs for financial resources, enterprises can attract various types of loans. The effective use of loans allows you to expand the scale of activities, increase the return on equity, and ultimately the value of the company. In economic terms, any loan is an unconditional obligation of the subject to return the amount received in debt by a certain date and pay its owner a predetermined remuneration in the form of interest for the use of funds.

Sources and forms of debt financing are quite diverse. The following is a brief description of the essence and features of the most popular forms of loans used in domestic and world practice.

Debt financing is based on the following fundamental principles that determine its essence:

- repayment (reflects the need for full reimbursement by the borrower of the amount received (principal amount of the debt) on time.);

- payment (expresses the obligatory payment by the borrower of interest for the right to use the resources provided by the creditor for a certain time);

- urgency (characterizes the period of time for which borrowed funds are provided and after which they must be returned to the lender).

In general, debt financing, regardless of the form of attraction, has the following advantages:

- fixed cost and term, providing certainty when planning cash flows;

- the size of the fee for use does not depend on the income of the company, which allows you to keep excess income in case of their growth at the disposal of the owners;

– the ability to raise the return on equity through the use of financial leverage;

- the fee for use is deducted from the tax base, which reduces the cost of the attracted source and the capital of the company as a whole;

- no intervention and obtaining rights to manage, etc. are expected.

Common disadvantages of debt financing include:

– obligatoriness of the promised payments and repayment of the principal amount of the debt, regardless of the results of economic activity;

– increase in financial risk;

- the presence of restrictive conditions that may affect the economic policy of the company (for example, restrictions on the payment of dividends, attraction of other loans, mergers and acquisitions, pledge of assets, etc.);

– possible collateral requirements;

– restrictions on terms of use and volumes of attraction.

The main forms of debt financing are: Bank loan (bank loan), bond issue (bond), rent or lease (leasing).

Bank loan

Credit(from lat. Credo– “I believe”) is the classic and most well-known form of debt financing for enterprises.

The subject of lending is a legal or natural person that claims to receive financial resources on the terms of a loan and meets the requirements set by creditors (usually commercial banks) to borrowers.

Object of lending the purposes for which the borrower needs funds. When obtaining a loan, enterprises usually pursue the following goals:

– financing of working capital (current activity);

– financing of investment projects (capital investments);

– refinancing of previously attracted loans;

– financing of mergers and acquisitions, etc.

Creditsto replenish working capital are short-term (up to 1 year). As a rule, it takes a little time to receive them (up to two weeks).

Financing of capital investments – a more complicated procedure, since these purposes usually require significant amounts of funds, and credit terms exceed 1 year.

Refinancing previously attracted borrowed funds - obtaining a new loan on more favorable terms and repaying with its help a debt attracted on less favorable terms. Refinancing operations in the Russian Federation, on the one hand, have an objective basis in the form of lower interest rates on loans, and on the other hand, they are constrained by their short terms, which reduce the flexibility and efficiency of this operation.

M&A financing with the attraction of borrowed funds - operations characterized by significant risk.

Financial practice has developed various forms of loans. The most common is the so-called urgent, or ordinary, a loan provided by a bank to a client for intended use for a fixed period at a certain percentage.

Overdraft – a form of lending that allows the client to receive a short-term loan, usually without collateral, in excess of the balance on the current account within the limit established for him, the value of which depends on the credit history, the stability of the average monthly turnover in the bank and other factors. The interest rate on an overdraft is usually higher than on a regular secured loan.

On-call loan is provided to the borrower without specifying the period of its use (within the framework of short-term lending) with the latter's obligation to repay it at the first request of the lender. When repaying this loan, a grace period is usually provided (according to current practice - up to three days).

revolver (automatically renewable) credit is provided for a certain period, during which both a phased “selection” of allocated funds and a phased partial or full repayment of obligations on it are allowed. The funds contributed to repay obligations can be borrowed again by the enterprise during the period of validity of the loan agreement within the established credit limit.

Investment loan is a long-term loan (or line of credit) for the implementation of a project or program at an operating enterprise. Therefore, along with the standard requirements for the borrower's creditworthiness and collateral, when issuing such a loan, the bank carefully studies the business plan of the project (program) for which funds are requested.

Mortgage can be obtained from banks specializing in issuing long-term loans secured by fixed assets or the property complex of enterprises as a whole.

syndicated loan is a loan organized by a pool of lenders for one borrower in order to finance large-scale economic programs or implement large investment projects.

Let's sum up some results. In general, debt financing through bank loans in the Russian Federation has the following benefits:

- flexibility of the terms of provision (the contract can provide for the specific requirements of both the borrower and the lender), as well as the possibility of their revision if necessary;

- relatively small time and money spent on attraction (from two weeks to two months);

– confidentiality of the transaction, the absence of strict requirements for the disclosure of information about the business, etc.

To disadvantages credit financing in the Russian Federation include:

– low capitalization and the predominance of short liabilities of commercial banks, as well as the strict requirements of the Central Bank of the Russian Federation for the formation of reserves for possible non-payments, making it impossible to obtain significant amounts of funds on a long-term basis.

– high interest rates due to inflation, as well as significant macro- and microeconomic risks;

– collateral requirements (more than 100% of the loan amount);

- low profitability, creditworthiness and unsatisfactory financial condition of many enterprises, etc.

Despite the obvious advantages and the general downward trend in interest rates, cheap and long-term bank loans are still out of reach for most Russian enterprises.

Under these conditions, in order to finance large investment projects, the most famous enterprises are forced to resort to borrowings abroad.

Bond issue

Another popular form of debt financing in domestic and world practice is the issuance of bonds.

According to the legislation of the Russian Federation, bonds can only be placed by business entities (LLC, CJSC, OJSC) by decision of the board of directors (supervisory board), unless otherwise provided by the charter. The decision to issue bonds must determine the form, terms and other conditions for their circulation and redemption.

The issued bonds must have a nominal value. At the same time, the nominal value of all issued bonds cannot exceed the size of the authorized capital of the company or the amount of net assets of its guarantor. Issue of bonds is allowed only after full payment of the authorized capital of the company.

In general, the following can be distinguished advantages bonded loans, enabling:

– increase the terms of borrowings (at present, the terms of circulation of bonds of domestic enterprises are from 3 to 5 years or more);

– to form a public credit history of the issuer, which allows in the future to reduce the cost of borrowed resources and increase the terms of their attraction, as well as enter international capital markets;

– if necessary, use more flexible forms of security, such as third-party guarantees;

- diversify sources of borrowing by increasing the number of creditors (investors), which ensures a reduction in cost, as risks are reduced and dependence on one creditor is eliminated;

– promptly manage the debt structure through operations in the secondary market;

– prepare conditions for the public offering of shares of the enterprise, etc.

However, the issue and placement of bonds cost the company more than obtaining a bank loan.

The primary costs of issuing and placing corporate bonds include:

- tax on transactions with securities - 0.2% (but not more than 100,000.00 rubles) of the nominal value of the issue;

- remuneration of the organizer of the issue - 0.5-0.7% of the loan volume;

– exchange commission – 0.035–0.075% of the loan amount;

- commission of the depositary - 0.1 + 0.075% of the loan amount;

– remuneration to the paying agent – ​​up to USD 10,000;

– presentations for investors – up to USD 20,000.

In addition, attracting such loans requires a significant investment of time (from 4 months) and organizational preparation.

The issue of bonds also involves the disclosure of information about the activities of the enterprise, which is not always acceptable for Russian business.

In accordance with the legislation of the Russian Federation, bonds are classified as so-called emissive securities. The procedure for their issuance and circulation is regulated by the FFMS.

In addition to bonds circulating on the Russian securities market, large Russian enterprises have the opportunity to issue so-called Eurobonds, which are traded on world financial markets. The issuance of Eurobonds involves some preparatory work and significant costs, but it pays off by the ability to attract very significant amounts of financing for long periods at a relatively low interest rate.

Leasing

The needs of enterprises for continuous technical re-equipment, the introduction of new technologies, and the expansion of the production of goods and services have led to the emergence of new forms of capital raising, one of which is the use of such a tool as leasing. (leasing).

In general leasing is an agreement according to which one party - the lessor (lessor) transfers to the other party - the tenant (lessee) the right to use some property (buildings, structures, equipment) for a certain period and on agreed terms.

Typically, such an agreement provides for the tenant to pay a regular fee for the equipment used throughout the entire period of its operation. At the end of the term of the agreement or in case of its early termination, the property is returned to the owner. However, leasing contracts often provide for the tenant's right to buy the property at a reduced or residual value, or to enter into a new lease agreement.

Currently, in the economic practice of developed countries, various forms of leasing are used, each of which is characterized by its own specific features. The most common of them include:

- operating, or service, leasing (operating lease);

- financial, or capital, leasing (financial lease);

– leaseback (sale and lease back);

- separate, or credit, leasing (leveraged lease);

– direct leasing (direct lease) and etc.

It should be noted that all existing types of such agreements are varieties of two basic forms of leasing - operational or financial.

Operating (service) leasing – this is an agreement whose term is less than the period of full depreciation of the leased asset (usually from 1 year to 3 years). At the same time, the fee stipulated by the contract does not cover the full cost of the asset, which makes it necessary to lease it several times.

financial leasing – an agreement providing for the special acquisition of an asset into ownership, followed by leasing (temporary use) for a period close to its useful life (depreciation). The payments under such an agreement generally provide the lessor with full reimbursement of the costs of acquiring the asset and providing other services, as well as a related profit.

Return lease is a system of two agreements in which the owner sells the equipment to the other party with the simultaneous conclusion of a long-term lease agreement with the buyer. Commercial banks, investment, insurance or leasing companies usually act as buyers here.

Another type of financial leasing is its separate form, which provides for the participation in the transaction of a third party - investors, which are usually banks, insurance or investment companies.

Atdirect leasing the tenant enters into a leasing agreement directly (directly) with the manufacturer or with a leasing company established under him.

Thus, under leasing in the Russian Federation, only financial leasing is legally recognized, which is characterized by the following specific features:

– the third obligatory participant is the equipment supplier;

- the presence of a complex of contractual relations;

– special purchase of equipment for leasing it;

– active role of the lessee;

– obligatory use of the subject of leasing for business purposes

According to the law subject of leasing there may be any non-consumable things (enterprises, property complexes, buildings, structures, equipment, vehicles, movable and immovable property, etc.) used for business activities.

The subject of leasing in the Russian Federation cannot be:

– land plots and other natural objects;

- property withdrawn from circulation or limited in circulation;

– results of intellectual activity.

Currently, the leasing market in the Russian Federation is developing at a very fast pace. At the same time, in terms of the share of leasing in the financing of enterprises, Russia is significantly inferior to developed countries, where it ranges from 15 to 30% of all capital investments.

The largest leasing companies in the Russian Federation are RTK-Leasing, Avangard-leasing g, Alfa-Leasing, Rosagroleasing, Russian-German Leasing Company, etc.

The main advantages of leasing are:

- provides financing of the investment operation in full and does not require immediate payments, which allows the use of expensive assets without diverting significant amounts of funds from economic activity;

- formally, it is easier for an enterprise to obtain assets under leasing than a loan for its acquisition, since the subject of leasing, with sufficient liquidity, can simultaneously act as collateral;

– a more flexible source than a loan, as it provides an opportunity for both parties to develop a convenient payment scheme (for example, lease payments can be made after receiving proceeds from the sale of goods produced on leased equipment);

– allows various forms and types of security;

– reduces the risks associated with the ownership of assets;

– in the Russian Federation, lease payments are charged to production costs (cost) of the lessee in full and, accordingly, reduce taxable income;

- the received assets, as a rule, are not listed on the lessee's balance sheet, which exempts him from paying tax on this property;

– provides an opportunity to receive qualified service and maintenance, etc.

The specific disadvantages of leasing include the following::

– for the lessee, the final cost of leasing is usually higher than the purchase of equipment on credit;

– the need to make an advance payment in the amount of 25–30% of the transaction value;

- payments are mandatory and are made on time, regardless of the condition of the equipment and the results of economic activity;

– benefits from accelerated depreciation of equipment accrue to the lessor;

- leasing increases the financial risks of the enterprise;

- in domestic conditions, additional guarantees or collateral are required;

– legal complexity of the transaction, etc.

Send your good work in the knowledge base is simple. Use the form below

Students, graduate students, young scientists who use the knowledge base in their studies and work will be very grateful to you.

Posted on http://www.allbest.ru/

Federal State Educational Budgetary Institution

higher education

"Financial University under the Government

Russian Federation"

(Financial University)

TEST

in the discipline "Management of the capital structure"

Topic: "Sources and forms of debt financing"

Completed:

student of group 4 VM

Betrozova Z.V.

Scientific adviser:

Candidate of Economics, Toguzova I.Z.

Vladikavkaz 2016

Introduction

Currently, many enterprises finance their activities with both their own and borrowed funds.

First of all, borrowed funds are needed to finance growing enterprises, when the growth rate of own sources lags behind the growth rate of the enterprise, to modernize production, develop new types of products, expand its market share, acquire another business, etc. Inflation and lack of own working capital force most enterprises to borrow money to finance working capital. The advantage of financing from debt sources is the reluctance of owners to increase the number of shareholders, shareholders, as well as the relatively lower cost of a loan compared to the cost of equity capital, which is expressed in the effect of financial leverage.

Efficient use of loans allows you to expand the scale of activities, increase the return on equity, and ultimately the value of the company. In economic terms, any loan is an unconditional obligation of the subject to return the amount received in debt by a certain date and pay its owner a predetermined remuneration in the form of interest for the use of funds. debt financial working capital

The object of the study is the financial activity of the enterprise.

Subject of study: borrowed funds of the enterprise.

Task: to determine the value of borrowed funds in the financial activities of the enterprise.

1. Sources and forms of debt financing

Sources and forms of debt financing are quite diverse.

Debt financing is based on the following fundamental principles that determine its essence:

recurrence;

Payment;

Urgency.

The principle of repayment reflects the need for the borrower to fully reimburse the amount received (the principal amount of the debt) on time. In real practice, the fulfillment of this requirement by the borrower depends on the stability of the financial results of its activities (sales proceeds, profit, etc.), as well as on the quality of the loan security.

The principle of payment expresses the obligatory payment by the borrower of interest for the right to use the resources provided by the creditor for a certain time. Interest rates on loans include the market value of money depending on the terms and volumes, as well as premiums for risk, liquidity, etc. required by lenders.

The principle of urgency characterizes the period of time for which borrowed funds are provided and after which they must be returned to the lender.

In addition to these principles, some forms of loans provide for the need to ensure the return of funds provided and the corresponding interest payments.

In general, debt financing, regardless of the form of attraction, has the following advantages:

Fixed cost and term, providing certainty when planning cash flows;

The size of the fee for use does not depend on the income of the company, which allows you to keep excess income in case of their growth at the disposal of the owners;

Possibility to raise the return on equity through the use of financial leverage;

The use fee is deductible from the tax base, which reduces the cost of the attracted source and the capital of the firm as a whole;

Intervention and obtaining rights to manage, etc. are not expected.

Common disadvantages of debt financing include:

Commitment to promised payments and repayment of the principal amount of the debt, regardless of the results of economic activity;

Increased financial risk;

The presence of restrictive conditions that may affect the economic policy of the company (for example, restrictions on the payment of dividends, attraction of other loans, mergers and acquisitions, pledge of assets, etc.);

Possible security requirements;

Restrictions on terms of use and volumes of attraction.

The main forms of debt financing are:

Bank loan (bank loan),

Issue of bonds (bond),

Leasing.

Credit (from Latin credo - “I believe”) is the classic and most well-known form of debt financing for enterprises.

The subject of lending is a legal or natural person who claims to receive financial resources on the terms of a loan and meets the requirements set by lenders (usually commercial banks) to borrowers.

The object of lending is the purpose for which the borrower needs funds.

When obtaining a loan, enterprises usually pursue the following goals:

Financing of working capital (current activity);

Financing of investment projects (capital investments);

Refinancing of previously attracted loans;

Financing of transactions on mergers and acquisitions, etc.

Loans for replenishment of working capital are short-term (up to 1 year). As a rule, it takes a little time to receive them (up to two weeks). In most cases, when providing them, banks do not require collateral in the form of fixed assets. Such security is the future revenue of the enterprise or purchased inventory (subject to their liquidity). However, it is difficult for banks to control the safety of stocks in the amount necessary to secure a loan, and for various reasons, enterprises may need to reduce them and put them into circulation. Therefore, such a loan is easier to obtain for enterprises with a good business reputation and stable financial

state. Programs for loan financing of working capital exist in almost every Russian bank.

Financing capital investments is a more complicated procedure, since these purposes usually require significant amounts of funds, and loan terms exceed 1 year.

Financial practice has developed various forms of loans. The most common is the so-called urgent, or ordinary, loan provided by the bank to the client for the intended use for a fixed period at a certain percentage.

Overdraft is a form of lending that provides the client with the opportunity to receive a short-term loan, usually without collateral, in excess of the balance on the current account within the limit established for it, the amount of which depends on the credit history, the stability of the average monthly turnover in the bank and other factors.

An on-call loan is provided to the borrower without specifying the period of its use (within the framework of short-term lending) with the latter's obligation to repay it at the first request of the lender. When repaying this loan, a grace period is usually provided (according to current practice, up to three days).

A revolving (automatically revolving) loan is provided for a certain period, during which both a phased "selection" of allocated funds and a phased partial or full repayment of obligations on it are allowed. The funds contributed to repay obligations can be borrowed again by the enterprise during the period of validity of the loan agreement within the established credit limit. Payment of the remaining outstanding amount of principal and interest on it is made upon expiration of the term of the loan agreement. The advantage of this type of loan is the minimum restrictions imposed by the bank, although the interest rate on it is usually higher.

An investment loan is a long-term loan (or line of credit) for the implementation of a project or program at an operating enterprise. Therefore, along with the standard requirements for the borrower's creditworthiness and collateral, when issuing such a loan, the bank carefully studies the business plan of the project (program) for which funds are requested.

A mortgage loan can be obtained from banks that specialize in issuing long-term loans secured by fixed assets or the property complex of enterprises as a whole. An enterprise pledging its property as a pledge is obliged to insure it in full in favor of the bank. At the same time, the property pledged in the bank continues to be used by the enterprise. It should be noted that mortgage lending to enterprises has not yet received due distribution in the Russian Federation.

Another popular form of debt financing in domestic and world practice is the issuance of bonds.

According to the legislation of the Russian Federation, bonds can only be placed by business entities by decision of the board of directors (supervisory board), unless otherwise provided by the charter. The decision to issue bonds must determine the form, terms and other conditions for their circulation and redemption.

The issued bonds must have a nominal value. At the same time, the nominal value of all issued bonds cannot exceed the amount of the authorized capital of the company or the amount of the net assets of its guarantor. Issue of bonds is allowed only after full payment of the authorized capital of the company.

The issue of bonds without collateral is allowed not earlier than the third year of the existence of a business entity and subject to the proper approval by this time of its two annual balance sheets.

Over the past few years, corporate bonds have become a popular instrument for debt financing and attracting investment resources for both large and medium-sized enterprises. If in 2014 the volume of new issues amounted to about 187 billion rubles. (80% higher than in 2013), then in 2016 the companies attracted 380 billion rubles. The share of corporate bonds in the total volume of investments in fixed assets amounted to 6% at the end of the year. At the same time, almost all sectors of the national economy are represented on the market.

However, despite the obvious successes and prospects for the development of this instrument, the scale of the Russian bond market is significantly inferior to developed countries. Thus, the corporate bond markets of the leading European countries are 30-50 times larger than the Russian market. The total capitalization of the corporate bond market in the United States is $3.5 trillion. According to some estimates, up to 80% of the debt financing of American companies comes from bonds.

At the same time, bond loans give domestic enterprises tangible advantages over bank loans and bills of exchange, since they allow raising funds at a rate of 7 to 15% per annum for a period of 3 years or more, without requiring collateral.

In general, the following advantages of bonded loans can be distinguished, which make it possible to:

Increase the terms of borrowings (at present, the terms of circulation of bonds of domestic enterprises are from 3 to 5 years or more);

Formation of a public credit history of the issuer, which allows in the future to reduce the cost of borrowed resources and increase the terms of their attraction, as well as enter international capital markets;

If necessary, use more flexible forms of security, such as third-party guarantees;

Diversify sources of borrowing by increasing the number of creditors (investors), which reduces the cost, as risks are reduced and dependence on one creditor is eliminated;

Promptly manage the debt structure through operations in the secondary market;

Prepare conditions for the public offering of shares of the enterprise, etc.

However, the issue and placement of bonds cost the company more than obtaining a bank loan.

The primary costs of issuing and placing corporate bonds include:

Tax on operations with securities - 0.2% (but not more than 100,000.00 rubles) of the nominal value of the issue;

Issuer's remuneration --0.5--0.7% of the loan amount;

Exchange commission -- 0.035--0.075% of the loan amount;

Depository commission -- 0.1+0.075% of the loan amount;

Paying agent fees -- up to $10,000;

Investor presentations -- up to $20,000.

On the whole, according to analysts' estimates, the average total cost of issuing corporate bonds in the Russian Federation is 1.5--3.5% of the total issue volume. Therefore, the minimum amount of issuance that makes it worthwhile to raise funds is currently approximately at least $10 million.

In addition, attracting such loans requires a significant investment of time (from 4 months) and organizational preparation.

The issue of bonds also involves the disclosure of information about the activities of the enterprise, which is not always acceptable for Russian business.

The needs of enterprises for continuous technical re-equipment, the introduction of new technologies, and the expansion of the production of goods and services have led to the emergence of new forms of capital raising, one of which is the use of such a tool as leasing.

In general, leasing is an agreement according to which one party - the lessor (lessor) transfers to the other party - the lessee (lessee) the right to use some property (buildings, structures, equipment) for a certain period and on agreed terms.

Typically, such an agreement provides for the tenant to pay a regular fee for the equipment used throughout the entire period of its operation. At the end of the term of the agreement or in case of its early termination, the property is returned to the owner. However, leasing contracts often provide for the tenant's right to buy the property at a reduced or residual value, or to enter into a new lease agreement.

Operating (service) leasing is an agreement, the term of which is less than the full depreciation period of the leased asset (usually from 1 to 3 years). At the same time, the fee stipulated by the contract does not cover the full cost of the asset, which makes it necessary to lease it several times.

The most important distinguishing feature of operating leasing is the tenant's right to early termination of the contract. Such agreements may also include the provision of various services for the installation and ongoing maintenance of the leased equipment.

The main objects of operational (service) leasing include equipment that quickly becomes obsolete (computers, copying and duplicating equipment, various types of office equipment, etc.) and technically complex, requiring constant service maintenance (trucks and cars, airliners, rail and sea transport , construction equipment).

Financial leasing is an agreement providing for the special acquisition of an asset into ownership, followed by leasing (temporary use) for a period close to its useful life (depreciation). The payments under such an agreement generally provide the lessor with full reimbursement of the costs of acquiring the asset and providing other services, as well as a related profit.

The objects of financial leasing include real estate (land, buildings and structures), as well as long-term assets for production purposes. Therefore, it is also often called a capital lease.

Financial leasing is the basis for the formation of other forms of long-term lease - returnable and separate (with the participation of a third party).

After the expiration of the leasing period, agreements are drawn up for further use, acquisition of equipment into ownership or its return to the owner.

Conclusion

Financing refers to the process of generating funds or, more broadly, the process of forming the capital of an enterprise in all its forms.

The classification of funding sources is diverse and can be made according to the following criteria:

According to the property relations, own and borrowed sources of financing are distinguished.

According to the types of property, state resources, funds of legal entities and individuals and foreign sources are allocated.

In terms of time characteristics, funding sources can be divided into short-term and long-term.

As part of own sources of formation of own financial resources. The main place belongs to the profit remaining at the disposal of the enterprise - it forms the predominant part of its own financial resources.

Depreciation charges also play a certain role in the composition of own sources; although they do not increase the amount of equity capital of the enterprise.

Other own sources do not play a significant role in the formation of the enterprise's own financial resources.

In the composition of borrowed sources of formation of own financial resources, the main place belongs to the attraction of additional share or equity capital by the enterprise. For individual enterprises, one of the external sources of generating their own financial resources may be the gratuitous financial assistance provided to them (as a rule, such assistance is provided only to individual state enterprises of various levels).

In the conditions of transition to the market, non-traditional instruments of financing the activities of Russian enterprises are also beginning to be used. These include commercial loans, options, mortgage transactions, factoring transactions, leasing, etc.

Currently, financing of enterprises is in an unsatisfactory state due to the lack of own funds for self-financing, the lack of sufficient state financial support, the high cost and riskiness of innovation, the long-term payback nature of innovative projects, and the dominance of conservative investors instead of aggressive ones.

For further successful development, Russian companies need to solve two problems:

· the first is to optimize the sources of financing for the development of new projects;

· the second is to learn how to select such innovative projects that will bring real returns even in times of crisis.

Bibliography

1. A.N. Troshin, T.Yu. Mazurin, V.I. Fomkin. Finance and credit. - M.: Infra-M, 2012. - 416 p.

2. A.F. Ionova, N.N. Seleznev. Financial management. - M.: Prospekt, 2012. - 592 p.

3. V.F. Balashchenko, T.E. Cooper. Financial management. - M.: TetraSystems, 2014. - 272 p.

4. I.A. Nikonov. Project analysis and project financing. - M.: Alpina Publisher, 2012. - 160 p.

5. I.A. Form. Management of financial stabilization of the enterprise. - M.: Nika-Centre, Elga, 2013. - 496 p.

6. Lukasevich I. Ya. Financial management: Textbook, 2nd ed., revised. and additional - M.: Eksmo, 2013. - 768 p.

7. L.M. Kupriyanov. The financial analysis. Tutorial. - M.: Infra-M, 2015. - 160 p.

8. Robert S. Higgins, Marguerite Reimers. Financial management. Capital and investment management. - M.: Williams, 2013. - 464 p.

9. Rogova E.M.: Financial management. - M.: Yurayt, 2014. - 582 p.

10. Yuri Kantser. Comparative analysis of leasing and credit. - M.: LAP Lambert Academic Publishing, 2012. - 88 p.

Hosted on Allbest.ru

Similar Documents

The concept and essence of borrowed capital. Possible sources of funding. Efficiency of attracting borrowed funds. The main directions of improving the process of formation of borrowed capital of the enterprise. The concept of a bond, its difference from a stock.

abstract, added 02/27/2009


The cost of attracting borrowed capital of the enterprise. Attracting borrowed capital based on the choice of the optimal source of financing. Evaluation of the effectiveness of additional financing from borrowed sources. Elements that form the price of capital.

term paper, added 04/24/2016


The essence and economic content of the sources of financing of a modern organization, their classification and types in entrepreneurial activity, methods of formation and the procedure for increasing. Forms and methods of attracting borrowed funds in the organization.

term paper, added 12/21/2010


Analysis of the structure of sources of financing of the enterprise and the effectiveness of the use of borrowed funds. Factors affecting the structure of funding sources. Determining the needs of the enterprise in external sources of financing (percentage of sales).

term paper, added 03/07/2009


Sources of financing of the enterprise. The concept of own and borrowed capital. Methods and factors for optimizing funding sources. Calculation and analysis of the structure of capital and profit. Short-term capital raised. Capital structure management.
Relations between enterprises and credit institutions and evaluation of the effectiveness of the use of borrowed funds

Bank credit as a source of financing the economic activity of the enterprise. Forms of attraction of bank credits. Methods for evaluating the effectiveness of borrowed capital. Analysis of the use of borrowed capital of OAO "Automotive Repair Plant".

term paper, added 02/23/2014


Rational structure of own and borrowed funds. Types of strategies of the firm in search of sources of financing. Ways to reduce the financial and operational needs of the company and turn them into a negative value. Indicators of financial activity.

test, added 02/26/2013


Sources of borrowed capital. Stages of formation of the policy of attracting borrowed funds and its optimization. Financial leverage and financial stability of the company. Analysis of the structure and dynamics, prices of sources of borrowed capital. Assessment of the effect of financial leverage.

Sources and forms of debt financing are quite diverse.

Debt financing is based on the following fundamental principles that determine its essence:

• - recurrence;
• - payment;
• -urgency.

The principle of repayment reflects the need for the borrower to fully reimburse the amount received (the principal amount of the debt) on time. In real practice, the fulfillment of this requirement by the borrower depends on the stability of the financial results of its activities (sales proceeds, profit, etc.), as well as on the quality of the loan security.

The principle of payment expresses the obligatory payment by the borrower of interest for the right to use the resources provided by the creditor for a certain time. Interest rates on loans include the market value of money depending on the terms and volumes, as well as premiums for risk, liquidity, etc. required by lenders.

The principle of urgency characterizes the period of time for which borrowed funds are provided and after which they must be returned to the lender.

In addition to these principles, some forms of loans provide for the need to ensure the return of funds provided and the corresponding interest payments.

In general, debt financing, regardless of the form of attraction, has the following advantages:

• - fixed cost and term, providing certainty when planning cash flows;
• - the size of the fee for use does not depend on the income of the company, which allows you to keep excess income in case of their growth at the disposal of the owners;
• - the ability to raise the return on equity through the use of financial leverage;
• - the fee for use is deducted from the tax base, which reduces the cost of the attracted source and the capital of the company as a whole;
• - no interference and obtaining rights to manage, etc.

Common disadvantages of debt financing include:

• - obligatoriness of the promised payments and repayment of the principal amount of the debt, regardless of the results of economic activity;
• -increase in financial risk;
• - the presence of restrictive conditions that may affect the economic policy of the company (for example, restrictions on the payment of dividends, attraction of other loans, mergers and acquisitions, pledge of assets, etc.);
• -possible security requirements;
• - restrictions on terms of use and volumes of attraction.

The main forms of debt financing are:

• - bank loan (bank loan),
• - issue of bonds (bond),
• -leasing.

Credit (from Latin credo - “I believe”) is the classic and most well-known form of debt financing for enterprises.

The subject of lending is a legal or natural person who claims to receive financial resources on the terms of a loan and meets the requirements set by lenders (usually commercial banks) to borrowers.

The object of lending is the purpose for which the borrower needs funds.

When obtaining a loan, enterprises usually pursue the following goals:

• - financing of working capital (current activity);
• - financing of investment projects (capital investments);
• - refinancing of previously attracted loans;
• - financing of mergers and acquisitions, etc.

Loans for replenishment of working capital are short-term (up to 1 year). As a rule, it takes a little time to receive them (up to two weeks). In most cases, when providing them, banks do not require collateral in the form of fixed assets. Such security is the future revenue of the enterprise or purchased inventory (subject to their liquidity). However, it is difficult for banks to control the safety of stocks in the amount necessary to secure a loan, and for various reasons, enterprises may need to reduce them and put them into circulation. Therefore, such a loan is easier to obtain for enterprises with a good business reputation and stable financial

state. Programs for loan financing of working capital exist in almost every Russian bank.

Financing capital investments is a more complicated procedure, since these purposes usually require significant amounts of funds, and loan terms exceed 1 year.

Financial practice has developed various forms of loans. The most common is the so-called urgent, or ordinary, loan provided by the bank to the client for the intended use for a fixed period at a certain percentage.

Overdraft is a form of lending that provides the client with the opportunity to receive a short-term loan, usually without collateral, in excess of the balance on the current account within the limit established for it, the amount of which depends on the credit history, the stability of the average monthly turnover in the bank and other factors.

An on-call loan is provided to the borrower without specifying the period of its use (within the framework of short-term lending) with the latter's obligation to repay it at the first request of the lender. When repaying this loan, a grace period is usually provided (according to current practice, up to three days).

A revolving (automatically revolving) loan is provided for a certain period, during which both a phased "selection" of allocated funds and a phased partial or full repayment of obligations on it are allowed. The funds contributed to repay obligations can be borrowed again by the enterprise during the period of validity of the loan agreement within the established credit limit. Payment of the remaining outstanding amount of principal and interest on it is made upon expiration of the term of the loan agreement. The advantage of this type of loan is the minimum restrictions imposed by the bank, although the interest rate on it is usually higher.

An investment loan is a long-term loan (or line of credit) for the implementation of a project or program at an operating enterprise. Therefore, along with the standard requirements for the borrower's creditworthiness and collateral, when issuing such a loan, the bank carefully studies the business plan of the project (program) for which funds are requested.

A mortgage loan can be obtained from banks that specialize in issuing long-term loans secured by fixed assets or the property complex of enterprises as a whole. An enterprise pledging its property as a pledge is obliged to insure it in full in favor of the bank. At the same time, the property pledged in the bank continues to be used by the enterprise. It should be noted that mortgage lending to enterprises has not yet received due distribution in the Russian Federation.

Another popular form of debt financing in domestic and world practice is the issuance of bonds.

According to the legislation of the Russian Federation, bonds can only be placed by business entities by decision of the board of directors (supervisory board), unless otherwise provided by the charter. The decision to issue bonds must determine the form, terms and other conditions for their circulation and redemption.

The issued bonds must have a nominal value. At the same time, the nominal value of all issued bonds cannot exceed the amount of the authorized capital of the company or the amount of the net assets of its guarantor. Issue of bonds is allowed only after full payment of the authorized capital of the company.

The issue of bonds without collateral is allowed not earlier than the third year of the existence of a business entity and subject to the proper approval by this time of its two annual balance sheets.

Over the past few years, corporate bonds have become a popular instrument for debt financing and attracting investment resources for both large and medium-sized enterprises. If in 2014 the volume of new issues amounted to about 187 billion rubles. (80% higher than in 2013), then in 2016 the companies attracted 380 billion rubles. The share of corporate bonds in the total volume of investments in fixed assets amounted to 6% at the end of the year. At the same time, almost all sectors of the national economy are represented on the market.

However, despite the obvious successes and prospects for the development of this instrument, the scale of the Russian bond market is significantly inferior to developed countries. Thus, the corporate bond markets of the leading European countries are 30-50 times larger than the Russian market. The total capitalization of the corporate bond market in the United States is $3.5 trillion. According to some estimates, up to 80% of the debt financing of American companies comes from bonds.

At the same time, bond loans give domestic enterprises tangible advantages over bank loans and bills of exchange, since they allow raising funds at a rate of 7 to 15% per annum for a period of 3 years or more, without requiring collateral.

In general, the following advantages of bonded loans can be distinguished, which make it possible to:

• - increase the terms of borrowings (at present, the terms of circulation of bonds of domestic enterprises are from 3 to 5 years or more);
• - to form a public credit history of the issuer, which allows in the future to reduce the cost of borrowed resources and increase the terms of their attraction, as well as enter the international capital markets;
• - if necessary, use more flexible forms of security, such as third-party guarantees;
• - diversify sources of borrowing by increasing the number of creditors (investors), which reduces the cost, as risks are reduced and dependence on one creditor is eliminated;
• - promptly manage the debt structure by conducting transactions in the secondary market;
• - prepare conditions for the public offering of the company's shares, etc.

However, the issue and placement of bonds cost the company more than obtaining a bank loan.

The primary costs of issuing and placing corporate bonds include:

• - tax on transactions with securities - 0.2% (but not more than 100,000.00 rubles) of the nominal value of the issue;
• - remuneration of the organizer of the issue --0.5--0.7% of the loan volume;
• - exchange commission - 0.035--0.075% of the loan volume;
• - depository's commission - 0.1+0.075% of the loan amount;
• - remuneration to the paying agent - up to USD 10,000;
• - presentations for investors - up to 20,000 US dollars.

On the whole, according to analysts' estimates, the average total cost of issuing corporate bonds in the Russian Federation is 1.5--3.5% of the total issue volume. Therefore, the minimum amount of issuance that makes it worthwhile to raise funds is currently approximately at least $10 million.

In addition, attracting such loans requires a significant investment of time (from 4 months) and organizational preparation.

The issue of bonds also involves the disclosure of information about the activities of the enterprise, which is not always acceptable for Russian business.

The needs of enterprises for continuous technical re-equipment, the introduction of new technologies, and the expansion of the production of goods and services have led to the emergence of new forms of capital raising, one of which is the use of such a tool as leasing.

In general, leasing is an agreement according to which one party - the lessor (lessor) transfers to the other party - the lessee (lessee) the right to use some property (buildings, structures, equipment) for a certain period and on agreed terms.

Typically, such an agreement provides for the tenant to pay a regular fee for the equipment used throughout the entire period of its operation. At the end of the term of the agreement or in case of its early termination, the property is returned to the owner. However, leasing contracts often provide for the tenant's right to buy the property at a reduced or residual value, or to enter into a new lease agreement.

Operating (service) leasing is an agreement, the term of which is less than the full depreciation period of the leased asset (usually from 1 to 3 years). At the same time, the fee stipulated by the contract does not cover the full cost of the asset, which makes it necessary to lease it several times.

The most important distinguishing feature of operating leasing is the tenant's right to early termination of the contract. Such agreements may also include the provision of various services for the installation and ongoing maintenance of the leased equipment.

The main objects of operational (service) leasing include equipment that quickly becomes obsolete (computers, copying and duplicating equipment, various types of office equipment, etc.) and technically complex, requiring constant service maintenance (trucks and cars, airliners, rail and sea transport , construction equipment).

Financial leasing is an agreement providing for the special acquisition of an asset into ownership, followed by leasing (temporary use) for a period close to its useful life (depreciation). The payments under such an agreement generally provide the lessor with full reimbursement of the costs of acquiring the asset and providing other services, as well as a related profit.

The objects of financial leasing include real estate (land, buildings and structures), as well as long-term assets for production purposes. Therefore, it is also often called a capital lease.

Financial leasing is the basis for the formation of other forms of long-term lease - returnable and separate (with the participation of a third party).

After the expiration of the leasing period, agreements are drawn up for further use, acquisition of equipment into ownership or its return to the owner.

With a lack of internal sources of investment financing, enterprises attract borrowed funds.

Borrowed capital- this is a part of the capital used by an economic entity, not owned by it, but attracted on the basis of a bank, commercial loan or equity loan, a set of funds and other property (commodity, tangible and intangible assets) attracted i | enterprise on the basis of repayment. In other words, it can be noted that borrowed capital is a set of borrowed funds that bring profit to the enterprise.

In ch. 42 of the Civil Code of the Russian Federation provides that borrowed funds can be formalized in the form of credit and loan agreements, as well as in the form of a commodity and commercial loan. Determining the amount of borrowed capital and its structure is the most important element of the financial policy of the enterprise.

There are the following types of financial policy: aggressive, conservative, moderate and ideal.

With an aggressive policy, an enterprise finances current assets (or the vast majority of them) with short-term borrowed funds. Non-current assets are financed by own and long-term borrowed capital. Thus, the maximum return on equity is achieved. An aggressive policy is risky, as it involves minimizing insurance reserves, which can lead to large financial losses.

With a conservative policy of financing assets at the expense of equity and long-term borrowed capital, not only non-current assets are financed, but also a constant (irreducible) part of current assets, as well as a part of variable assets that increase during seasonal fluctuations in the enterprise's activities. A conservative policy assumes the presence of sufficiently large reserves. Its disadvantage is the decrease in the efficiency of equity capital. A moderate policy assumes own and borrowed capital as sources of financing for non-current and a significant share (or all) of the permanent part of current assets. And only variable assets (or the vast majority of them) are financed by short-term borrowed funds.

An ideal policy is an optimal, evidence-based financing policy that takes into account a lot of factors (financial position, technical and economic features of an enterprise, stage of its development, etc.), and flexibly responds to their changes.

Debt management is part of the overall financial policy of an economic entity.

The borrowing policy includes the definition of:

Reasons and prerequisites for such attraction;

Limits (maximum volumes) of attraction;

Conditions (including terms and prices of attraction);

General composition, structure of borrowed funds;

Forms of attraction;

Lenders, etc.

This policy also involves the creation of conditions for efficient use and operational control, timely settlements and return of received amounts.

Attracting borrowed funds is justified if there is a lack of own funds for:

a) financing short-term investment projects with
quick payback;

b) the overdue financial rehabilitation of the enterprise;

c) replenishment of the variable part of working capital.

It is beneficial if the cost of servicing borrowed funds is lower than the profitability of the operations for which they are involved. The company's borrowings include:

Financial credit received from banking and non-banking financial and credit institutions;

Commercial loan;

Accounts payable of the enterprise;

Debt on the issue of debt securities, etc.
Such a structure of borrowed funds is provided for in Ch. 42 of the Civil Code of the Russian Federation, where

it is noted that borrowed funds can be issued in the form of credit and loan agreements, as well as in the form of a commodity and commercial loan. Under a loan agreement, one party (lender) transfers money or other things defined by generic characteristics to the ownership of the other party (borrower), and the borrower undertakes to return to the lender the same amount of money (loan amount) or an equal amount of other things received by him of the same kind and quality . The loan agreement is considered concluded from the moment of transfer of money or other things.

The lender has the right to receive interest from the borrower on the amount of the loan in the amount and in the manner specified by the agreement. The borrower is obliged to return to the lender the received loan amount on time and in the manner prescribed by the agreement.

In the event that the borrower does not repay the loan amount on time, interest is payable on this amount from the day it must be repaid.

If the loan agreement is concluded with the condition that the borrower uses the funds received for certain purposes (target loan), the borrower is obliged to ensure that the lender can exercise control over the intended use of the loan amount. When

failure by the borrower to fulfill the terms of the loan agreement on the intended use of the loan amounts, the lender has the right to demand from the borrower early repayment of the loan amount and payment of interest due, unless otherwise provided by the agreement.

Under a state loan agreement, the borrower is: the Russian Federation, a constituent entity of the Russian Federation, and the lender is a citizen or a legal entity.

Borrowed funds can be short-term and long-term.

Short-term borrowings are obligations that the borrower is required (or not required) to repay within one year. An increase in the share of short-term sources of financing in the total composition of liabilities is undesirable for the borrower, as it increases its financial instability.

Long-term borrowings are obligations that the borrower is required to repay over a period of more than one year. At enterprises with an unstable financial position, the share of short-term sources of financing in the total composition of liabilities should be minimized, and the share of long-term borrowed funds, on the contrary, should be maximized. Usually, the term structure of borrowed funds is set by the type of financing of the enterprise, the targeted nature of their use. Attracting long-term borrowed funds is beneficial in terms of inflation.

Various types of loans are loans, which the company receives from banking and non-banking financial and credit institutions on the basis of a loan agreement.

Under a loan agreement, a bank or other credit organization undertakes to provide funds (credit) to the borrower in the amount and on the terms stipulated by the agreement, and the borrower undertakes to return the amount of money received and pay interest on it.

In the event that the borrower violates the obligation of the intended use of the loan stipulated by the loan agreement, the lender is also entitled to refuse further lending to the borrower under the agreement.

There are the following types of loans:

Financial credit;

Commercial loan;

Investment tax;

tax;

Commodity credit.

financial loan- this is a loan issued by a bank or a credit institution on the terms of urgency, repayment and payment.

Credits can be issued in rubles and in foreign currency. Payment for loans is charged at the rates prevailing in the money market for short-term loans and in the capital market - for long-term loans.

commercial loan- this is a loan agreement, the execution of which is associated with the transfer to the ownership of the other party of sums of money or other things determined by generic characteristics, and may also provide for the provision of a loan in the form of an advance payment, prepayment, deferral and installment payment for goods (works and services) (Art. 823 of the Civil Code of the Russian Federation).

is such a change in the payment of tax, in which the enterprise is given the opportunity, within a certain period and within certain limits, to reduce its tax payments, followed by a phased payment of the loan amount and accrued interest.

The procedure and conditions for granting this loan are determined by the Tax Code of the Russian Federation. This credit can be granted for corporate profit (income) tax, as well as for regional and local taxes for a period of one to five years. The granting of a loan is formalized by an agreement between the enterprise and the financial authority of the constituent entity of the Russian Federation.

Investment tax credit provided to business entities for the following purposes:

When conducting R&D;

During technical re-equipment of own production;

for innovative activities;

To fulfill a particularly important order for the socio-economic development of the region;

To provide essential services to the public.

The interest rate on this loan cannot be less than "L and more % refinancing rates of the Central Bank of the Russian Federation.

A tax credit is a deferral or installment plan for paying taxes. The grounds for granting this loan are:

Damage caused by natural disasters;

Other force majeure circumstances;

Delay in financing from the budget or payment for the completed state order;

The threat of bankruptcy in the event of a lump sum payment of tax;

Seasonal nature of the production of goods (works, services), etc.
The tax credit is granted for a period of three months to

one year.

A commodity loan is a loan agreement that provides for the obligation of one party to provide the other party with things defined by generic characteristics. The conditions on the quantity, on the container and (or) on the packaging of the items provided must be executed in accordance with the rules on the contract for the sale of goods, unless otherwise provided by the commodity loan agreement (dated 822 of the Civil Code of the Russian Federation).

In each loan transaction for the lender there is an element of risk: non-repayment of the loaned value by the borrower, non-payment of interest

on a loan, violation of its term, etc. The presence of such a risk and its dependence on many factors (objective and subjective) make it necessary for the bank to choose criteria indicators that can be used to assess the likelihood that the client will fulfill the terms of the loan agreement.

The restructuring of the credit system of the Russian Federation on the basis of the creation of its two levels (the Central Bank of Russia and commercial banks) required a deeper approach of banks in assessing the creditworthiness of borrowers.

The creditworthiness of an enterprise is its ability to timely and fully pay off its debt obligations with the bank.

The list of indicators characterizing the creditworthiness of an enterprise depends on the terms of lending, the state of the bank's credit relations with the borrower. To determine the creditworthiness of the client, it is necessary to establish the criterion level of the selected performance indicators and their class (rating). Based on the creditworthiness class of the borrower, the conditions for granting a loan (loan amount, term of issuance, form of security, interest rate) are identified. Clients by the nature of creditworthiness are divided by banks into three to five classes. Criteria indicators at the level of average values ​​are the basis for assigning a borrower to the second class, above average - to the first, and below average - to the third class (see Table 6).

The overall assessment of creditworthiness is carried out in points. They represent the sum of the products of the rating of each indicator by the creditworthiness class.

The first class of borrowers is conditionally assigned from 100 to 150 points, the second class - from 151 to 250 points, the third class - over 251 points. Based on the value of liquidity ratios and financial independence, borrowers can be conditionally divided into three classes (Table 7).

With enterprises of each class of creditworthiness, banks build their credit relations in different ways. Thus, banks can open a credit line for first-class borrowers, lend on a checking account, issue blank (trust) loans without collateral on a one-time basis with a reduced interest rate for up to 60 days.

Lending to second-class borrowers is carried out on normal terms, i.e. in the presence of appropriate forms of security (pledge of property, guarantee, guarantee, etc.)

The provision of credit to third-class borrowers is associated with a high risk of non-payment for the bank. If the bank decides to issue a loan to a borrower of the third class, then its size should not exceed the size of the authorized capital of the latter. The interest rate for a loan is set at a higher level than for borrowers of the second

Table 6 Credit class of borrowers

To meet their needs for financial resources, corporations can attract various types of loans. Efficient use of loans allows you to expand the scope of activities, increase the return on equity, and ultimately the value of the business. From an economic point of view, any loan is an unconditional obligation of the subject to return the amount received in debt by a certain date and pay its owner a predetermined remuneration in the form of interest for the use of funds.

Sources and instruments of debt financing are quite diverse. Below, a brief description of the essence and features of the most popular debt financing instruments used in domestic and world practice will be given.

Debt financing is based on the following fundamental principles that determine its essence:

Þ recurrence;

Þ payment;

Þ Urgency.

Principle recurrence reflects the need for the borrower to fully repay the amount received (the principal amount of the debt) within the established time limits. In real practice, the fulfillment of this requirement by the borrower depends on the stability of the financial results of its activities (sales proceeds, profit, etc.), as well as on the quality of the loan security.

Principle payment expresses the obligatory payment by the borrower of interest for the right to use the resources provided by the lender for a certain period of time. Interest rates on loans include the market value of money depending on the terms and volumes, as well as premiums for risk, liquidity, etc. required by lenders.

Principle urgency characterizes the period of time for which borrowed funds are provided and after which they must be returned to the lender.

In addition to these principles, some types of loans require ensure return of the funds provided and the corresponding interest payments.

In general, debt financing, regardless of the attraction instrument, has the following advantages:

Þ fixed cost and term, providing certainty when planning cash flows;

Þ the size of the use fee does not depend on the income of the corporation, which allows keeping the excess income in case of its growth at the disposal of the owners;

Þ the ability to raise the return on equity through the use of financial leverage;

Þ the use fee is deductible from the tax base, which reduces the cost of the attracted source and the capital of the corporation as a whole;

Þ Intervention and acquisition of management rights, etc. are not expected.

Common disadvantages of debt financing include:

Þ binding on promised payments and repayment of the principal amount of the debt, regardless of the results of economic activity;

Þ increased financial risk;

Þ the presence of restrictive conditions that may affect the economic policy of the corporation (for example, restrictions on the payment of dividends, attraction of other loans, mergers and acquisitions, pledge of assets, etc.);

Þ possible collateral requirements;

Þ restrictions on terms of use and volumes of attraction.

In addition to the general ones, each specific debt financing instrument may have its own advantages and disadvantages arising from its specifics.

The main instruments of debt financing are: bank loan, issue of bonds (bond), leasing.

Bank loan

Credit (from Latin credo - “I believe”) is the classic and most well-known instrument of debt financing.

The subject of lending is a legal or natural person that claims to receive financial resources on the terms of a loan and meets the requirements set by creditors (usually commercial banks) to borrowers.

The availability of loans for legal entities depends on various factors: the macroeconomic situation, the organizational and legal form of doing business, industry, type of activity, financial condition, creditworthiness, etc.

Object of lending the purposes for which the borrower needs funds. When obtaining a loan, corporations usually pursue the following goals:

Þ financing of working capital (current activity);

Þ financing of investment projects (capital investments);

Þ refinancing of previously attracted loans;

Þ financing of mergers and acquisitions, etc.

Credits to replenish working capital are short-term (up to 1 year). As a rule, it takes a little time to receive them (up to two weeks). In most cases, when providing them, banks do not require collateral in the form of fixed assets. Such security is the future earnings of the corporation or purchased inventory (subject to their liquidity). However, it is difficult for banks to control the safety of stocks in the amount necessary to secure a loan, and corporations, for various reasons, may need to reduce them and put them into circulation. Therefore, such a loan is easier to obtain for corporations with a good business reputation and stable financial condition. Programs for loan financing of working capital exist in almost every Russian bank.

Financing of capital investments- a more complicated procedure, since these purposes usually require significant amounts of funds, and loan terms exceed 1 year. The provision of collateral to the bank for such loans is a mandatory requirement, regardless of the scale of the corporation's activities, its reputation, financial performance, etc. As a separate area, we can single out the use of bank loans to finance investment projects launched from scratch.

Refinancing previously attracted borrowed funds - obtaining a new loan on more favorable terms and repaying with its help a debt attracted on less favorable terms.

M&A financing with the attraction of borrowed funds - operations characterized by significant risk. Banks lending for these purposes seek to offset their risks through higher collateral requirements and higher interest rates.

It is necessary to distinguish between a loan and a line of credit. When a loan is granted, the client's loan account reflects the entire amount issued to him, on which interest is accrued in accordance with the terms of the loan agreement, regardless of the actual use of the allocated funds by the borrower. An appropriate loan agreement is concluded with the borrower. The loan is granted either by a one-time transfer of funds to a settlement or foreign currency account, or by their transfer to these accounts according to an agreed schedule, indicating specific dates or periods of transfer specified in the terms of the agreement.

In the case of a credit line, the loan account reflects the actual debt (the funds actually used by the borrower), on which interest is charged. At the same time, the borrower is set a limit on credit resources, within which he can use them. The credit line can be revolving and non-revolving. A non-revolving credit line is opened to make various payments related to one or more contracts or a consignment of goods, regular financial and business transactions, as well as to cover occasional temporary gaps in the payment turnover of corporations. A framework credit line is opened to a borrower to pay for certain deliveries of goods under contracts implemented over a certain period, as well as to finance the stages of implementation of costs associated with the implementation of targeted programs. For each delivery (or stage of the target program) a separate loan agreement is concluded within the framework of the general agreement on opening a framework credit line. Collateral is issued for each loan agreement.

For example, in August 2009, MTS OJSC opened a credit line with Sberbank in the amount of 12 billion rubles. for a period of 3 years and an annual interest rate of 15%. These funds were used to implement a program of capital investments in the development of the network and other corporate needs of the company.

Financial practice has developed various types of loans. The most common is the so-called urgent, or ordinary a loan provided by a bank to a client for intended use for a fixed period at a certain percentage.

Overdraft- a form of lending that provides the client with the opportunity to receive a short-term loan, as a rule, without collateral, in excess of the balance of funds on the current account within the limit established for him, the value of which depends on the credit history, the stability of the average monthly turnover in the bank and other factors. The interest rate on an overdraft is usually higher than on a regular secured loan.

On-call loan is provided to the borrower without specifying the period of its use (within the framework of short-term lending) with the latter's obligation to repay it at the first request of the lender. When repaying this loan, a grace period is usually provided (according to current practice - up to three days).

revolver(automatically renewable) credit is granted for a certain period, during which both a phased "selection" of allocated funds and a phased partial or full repayment of obligations on it are allowed. The funds contributed to repay obligations can be borrowed again during the period of validity of the loan agreement within the established credit limit. Payment of the remaining outstanding amount of principal and interest on it is made upon expiration of the term of the loan agreement. The advantage of this type of loan is the minimum restrictions imposed by the bank, although the interest rate on it is usually higher.

Investment loan is a long-term loan (or credit line) for the implementation of a project or development program. Therefore, along with the standard requirements for the borrower's creditworthiness and collateral, when issuing such a loan, the bank carefully studies the business plan of the project (program) for which funds are requested.

An investment loan has certain differences from other loan instruments, including:

Þ specific purpose, which must be documented by concluded agreements within the framework of the developed feasibility study or business plan of the project;

Þ longer (up to 10 years) period of provision;

Þ the possibility of deferring the repayment of the principal amount of the debt;

Þ high degree of risk for the creditor.

In domestic practice, investment loans are usually provided to large and well-known corporations or clients of a lending bank for a period of 3 to 5-7 years, but not exceeding the payback period of the project itself. At the same time, the conditions for obtaining such a loan can vary significantly.

For example, Bank Vozrozhdenie provides investment loans for up to 5 years only to its clients who have been operating in their markets for at least 2 years. In addition, the following conditions must be met:

Þ break-even activity of the enterprise over the past 5 quarters, no overdue debts to budgets of all levels and non-budgetary funds;

Þ availability of acts of land allocation, permits for construction, environmental expertise and other legal documents, without which the implementation of the project is impossible;

Þ participation of the borrower in the project with own funds in the amount of at least 30% of its cost. If the bank finances more than 50% of the project cost, the payback period of the project should not exceed the term of the requested loan;

Þ presentation of a detailed business plan describing the essence of the project, indicating the main stages and terms of implementation, the amount of financing, the direction of the use of attracted investments, the main suppliers, consumers and ways of working with them, the financial indicators of the project (profit, profitability, payback). The business plan must be accompanied by a calculation of the economic efficiency of the project.

In addition to the above, the conditions for granting an investment loan by Russian banks often include such requirements as guarantees and guarantees of third parties, pledge of the borrower's assets, and the availability of other forms of security.

Mortgage can be obtained from banks specializing in issuing long-term loans secured by fixed assets or the property complex of the corporation as a whole. A corporation that pledges its property as a pledge is obliged to insure it in full in favor of the bank. At the same time, the property pledged in the bank continues to be used by the borrower.

Since real estate is used as collateral for mortgage loans, the terms of their provision can be significantly longer than investment and syndicated loans, which creates favorable opportunities for attracting long-term financing. In addition, due to the pledge of real estate, mortgages are considered by banks to be a reliable and relatively low-risk type of lending. The right of pledge is registered with state bodies and is not removed from the object until the expiration of the mortgage agreement or early repayment of the loan.

The main criteria for the bank when determining the size and price of a mortgage loan are the value of the collateral, the level of income of the client (or his ability to repay the loan), the documented quality of the investment project (price in the sales contract, estimate of construction or repair costs).

In Russia, such transactions are regulated by the Civil Code of the Russian Federation and the Federal Law of July 16, 1998 No. 102-FZ “On Mortgage (Pledge of Real Estate)”.

At the same time, mortgage lending to corporations has not yet received due distribution in the Russian Federation.

syndicated loan is a loan organized by a pool of lenders for one borrower in order to finance large-scale economic programs or the implementation of large projects. It is characterized by the following main features:

Þ joint liability – the pool of creditors acts as a single party to the borrower, all creditors are jointly liable to the borrower;

Þ equality of creditors – none of the banks has advantages in debt collection, and all funds received to repay the loan or from the sale of security are divided between them in proportion to the amount provided;

Þ unity of documentation – all agreements are multilateral;

Þ the unity of information for all participants in the transaction.

The largest such transaction in the history of the domestic market was the attraction in 2007 of Rosneft of two loans totaling $ 22 billion to buy Yukos. Another “record holder” is OAO Gazprom, which in 2005 raised $13.08 billion using this instrument.

In Russian practice, the so-called two-tranche syndicated lending is common, when a transaction is carried out in two stages: A» + « IN". At the same time, the terms of tranches can differ both in duration and in the cost of raising funds. As an example, let's consider a scheme for attracting syndicated loans by Russian telecommunications companies.

In 2006, MTS OJSC signed an agreement to raise a syndicated loan for $1.33 billion. The first tranche, for $630 million, was provided for three years under LIBOR+ 0.8%. The term of the second tranche for $700 million is five years, the interest rate is LIBOR+ 1% for the first three years, and then - LIBOR+ 1.15%. Banks arranged the loan ING, Credit Suisse, ABN AMRO, BNP Paribas, HSBC, Raiffeisen, WestLB, Bayerische Landesbank and Sumitomo Mitsui.

Starting from 2003, the ruble market of syndicated loans began to form in the Russian Federation. The main borrowers in this market are large and medium-sized enterprises operating in the local market, whose income and expenses are denominated in rubles. The key advantage of a ruble loan is the absence of currency risk, as well as less stringent requirements of creditors, as a rule, Russian banks. At the same time, a local ruble transaction may take longer, and the amount of attraction will be less due to a limited circle of investors.

The base rate for ruble syndicated loans is the rate MosPrime calculated by the National Monetary Association.

The variety of forms and conditions for obtaining loans determines the need to develop a specific policy for managing this process in corporations. The process of obtaining a loan can be divided into several stages.

The first stage is the determination by the borrower of the need for credit resources and loan parameters (type of loan, volume, term, acceptable interest rate, etc.), as well as the economic justification for their use.

Financial resources can be attracted at a time and periodically - at certain stages of development of the financed project. For example, in construction, the receipt of credit funds may be associated with the terms of payment for the services of various contractors. In this case, it is advisable to break the loan into separate tranches so as not to pay the bank for the funds raised during the period when the company did not actually use them.

Particular attention should be paid to the business case for borrowing needs. According to the majority of experts and specialists of commercial banks, the problem of the inability of borrowers to submit a high-quality business plan or a feasibility study (FS) remains an urgent problem for Russian enterprises. On the one hand, this is due to erroneous ideas about the degree of importance of these documents when making a decision by the bank, on the other hand, the low professional level of specialists responsible for their preparation. A frequent consequence of the poor quality of justification is an increase in the cost of a loan (interest rate) or even a bank's refusal to provide borrowed funds.

At this stage, you should also pre-select the subject of collateral, based on your own ideas about the value of its value.

The second stage is the choice of a bank and preliminary consultations with a potential creditor. At this stage, it is necessary to make a choice in favor of a particular bank and determine the most significant terms of the loan agreement.

When choosing a bank, one should take into account the mandatory economic standards for its activities established by the Central Bank of the Russian Federation. In addition to liquidity and reliability, the analysis of standards allows you to determine the maximum amount of funds that can be provided by this bank on a loan. The norm limiting the amount of loans provided, in standard cases, is 25% of the bank's equity capital. If the borrower is a shareholder of the bank, then the maximum is limited to 20%.

An almost obligatory condition for the provision of credit by domestic banks is the availability ensure timely and complete fulfillment of obligations by the borrower.

According to the legislation of the Russian Federation, the following can act as collateral for a loan:

Þ pledged government securities and securities of the Savings Bank of Russia;

Þ pledged securities of constituent entities of the Russian Federation within the risk limits established for them;

Þ liquid securities of banks pledged as collateral within the risk limits established for counterparty banks;

Þ pledged securities of corporate issuers within the risk limits set for them;

Þ guarantees of the Ministry of Finance of the Russian Federation within the established risk limit;

Þ guarantees of subjects of the Russian Federation or municipalities within the limits established for them;

Þ pledged vehicles, equipment, inventory items;

Þ pledged real estate;

Þ bank guarantees within the risk limits established for counterparty banks;

Þ guarantees of solvent enterprises and organizations;

Þ Pledged precious metals in standard and/or measured bullions with obligatory storage of the pledged property in the bank.

The main requirement for collateral is that its market value should be sufficient to compensate the bank for the principal debt on the loan (loan amount), all interest in accordance with the agreement for 1 year, as well as possible costs associated with the sale of collateral (penalties, fines, legal and other the costs of foreclosing the security).

There are several generally accepted ways to assess the value of collateral, which is determined on the basis of:

Þ purchase (book) value with a reduction factor, for equipment - minus depreciation for the crediting period. Reducing coefficients for various types of property vary from 0.5 to 0.7;

Þ market value based on the results of an expert assessment. Here also often
reduction factors apply. At the same time, most Russian banks require that the assessment be carried out by companies with which they have established partnerships. In some banks, the examination is carried out by its employees;

Þ the amount specified in the insurance contract for property pledged.

The costs associated with the sale of collateral, as a rule, are estimated at 10 to 20% of the loan amount, depending on its type.

The second requirement for collateral is the execution of legal documentation in such a way that the time required for its implementation in the event of a loan default does not exceed 150 days. Obviously, the property or rights transferred as collateral must be liquid in terms of not only market demand, but also the current legislation.

The borrower must also provide documents confirming:

Þ powers of persons signing the security agreement;

Þ his ownership of the pledged property;

Þ no encumbrance on property (it is not under arrest, not pledged to another bank);

Þ the legality of the disposal of the premises where the pledge is located (if the pledge
goods, finished products, raw materials are transferred).

It should be noted that in addition to the basic collateral requirements established by the CBR, commercial banks may establish additional requirements based on their own business practices.

As a result, the total amount of collateral in practice exceeds the amount of the loan received. Insufficient collateral is the most typical and main problem that corporations face in the process of attracting credit.

To protect against non-repayment of placed loans, the bank forms reserves that are used to write off bad debts. The amount of such deductions depends on the quality of the loan.

To determine the amount of reserve allocations, the bank classifies all loan and equivalent debt according to the established criteria and their features into four risk groups. Standard Loans assume the reservation of 1% of the amount of debt on the loan; non-standard – 20%; dubious – 50%; hopeless – 100%.

The classification of loans is carried out according to the following criteria:

Þ the quality of loan collateral;

Þ the number of days of delay on the loan and interest;

Þ the number of renewals of the loan agreement (i.e. any changes
included in the contract by agreement of the parties);

Þ the quality of these re-registrations (to what extent the changes have improved the terms of the contract for the borrower).

Obviously, any bank seeks to minimize the cost of reserves, i.e. prefers all loans to be standard.

At the third stage, when a partner bank is selected and the approximate terms of the loan are agreed upon, the enterprise sends it all the necessary documentation: legal documents, financial statements, feasibility studies, business plans, etc. The composition of the requested documents depends on the specific parameters of the loan and the requirements of the bank. The duration of this stage is significantly affected by the presence or absence of the entire volume of necessary documents.

As already noted, bank specialists often note the low quality of business plans and feasibility studies for projects, so a serious approach to their preparation can significantly simplify the procedure for obtaining a loan. Do not forget about the importance of the human factor. For example, the reputation and level of professionalism of management plays a significant role in the final decision of the credit committee.

At the fourth stage, after the transfer of all necessary documentation to the bank, the procedure for assessing the borrower begins.

The procedure for assessing the creditworthiness and risks of potential customers by a bank is regulated by the regulations of the Central Bank of the Russian Federation (Instruction of the Central Bank of the Russian Federation No. 62a "On the procedure for the formation and use of a reserve for possible losses on loans", Regulation No. 54 "On the procedure for the provision (placement) of funds by credit institutions and their return (repayment)", etc.). In addition, each bank has its own valuation methods.

Typically, banks conduct a comprehensive examination of the loan application and borrowers. Three main groups of factors are evaluated: legal, financial And non-financial.

In the process of analyzing the legal aspects, the legal service checks the constituent documents, the powers of the persons who will sign agreements with the bank, and collateral documents. When receiving a large loan, the borrower must provide all the necessary decisions of the authorities on the completion of a large transaction (over 25% of assets as of the last reporting date). If the loan is intended for financing an investment project, for settlements under specific agreements or contracts, the bank will definitely conduct a legal examination of these documents.

The financial assessment is carried out according to the data of the business plan and reporting of the enterprise. Each bank uses its own valuation methodology, but the indicators used are the same almost everywhere - liquidity, solvency, profitability ratios, etc. In practice, many banks also focus on the scale of economic activity, the criteria for evaluating which are sales proceeds, market share, etc. The financial and legal ties of a potential borrower are also studied: main partners (suppliers, buyers, creditors, landlords, tenants), founders, affiliated companies.

Non-financial factors include the business reputation of the corporation, its credit history and the quality of management.

The procedure for granting loans in all banks is approximately the same - representatives of the bank's services (credit, legal departments, security services) review the submitted documents and draw up their conclusions. If they are positive, the issue of granting a loan is submitted for consideration by the credit committee of the bank. After the approval of the credit committee, a loan agreement is concluded with the enterprise.

Currently, lending to the real sector is the main operation of Russian banks. At the same time, domestic companies are experiencing a steady shortage of credit resources, especially for financing investments.

As the main reasons hindering the growth of long-term lending, analysts and experts note an acute shortage of short-term borrowed resources (for turnover), the inability to meet the investment needs of large borrowers due to low capitalization and a weak resource base of commercial banks, as well as a high level of risk of long-term loans.

In turn, corporations cite high interest rates as the main constraint hindering the efficient use of loans (62% of respondents). Other constraints reported include excessive collateral requirements (53%), insufficient maturity (38%) and volumes (17%) of lending.

Let's sum up some results. In general, debt financing through bank loans in the Russian Federation has the following advantages:

Þ the flexibility of the terms of provision (the contract can provide for the specific requirements of both the borrower and the lender), as well as the possibility of their revision if necessary;

Þ relatively small time and money spent on attraction (from 2 weeks to 2 months);

Þ confidentiality of the transaction, the absence of strict requirements for the disclosure of business information, etc.

The disadvantages of credit financing in the Russian Federation include:

Þ low capitalization and the predominance of short liabilities of commercial banks, as well as the strict requirements of the Central Bank of the Russian Federation for the formation of reserves for possible non-payments, make it impossible to obtain significant amounts of funds on a long-term basis (a significant number of Russian banks are unable to issue loans in excess of $10 million);

Þ high interest rates (from 12%) due to inflation, as well as significant macro and microeconomic risks;

Þ requirements for collateral (more than 100% of the loan amount);

Þ low profitability, creditworthiness and unsatisfactory financial condition of many companies, etc.

Despite the obvious advantages, cheap and long-term bank loans are still out of reach for many Russian corporations.

Under these conditions, in order to finance large investment projects, the most famous corporations are forced to resort to borrowings abroad.

Bond issue

Another popular instrument of debt financing in domestic and world practice is bond issue.

According to the legislation of the Russian Federation, bonds can only be placed by business entities (LLC, CJSC, OJSC) by decision of the board of directors (supervisory board), unless otherwise provided by the charter. The decision to issue bonds must determine the form, terms and other conditions for their circulation and redemption.

The issued bonds must have a nominal value. At the same time, the nominal value of all issued bonds cannot exceed the size of the authorized capital of the company or the amount of security provided to the company by third parties for the purpose of issuing bonds. Issue of bonds is allowed only after full payment of the authorized capital of the company.

The issue of bonds without collateral is allowed not earlier than the third year of the existence of a business entity and subject to the proper approval by this time of its two annual balance sheets.

Over the past few years, corporate bonds have become a popular instrument for debt financing and attracting investment resources for both large and medium-sized corporations.

In 2013, corporate issuers managed to overcome the 5 trillion milestone in terms of market volume and ended the year with 5.2 trillion rubles.

However, despite the obvious successes and prospects for the development of this instrument, the scale of the Russian bond market is significantly inferior to developed countries. Thus, the corporate bond markets of the leading European countries exceed the volume of the Russian one by 30-50 times. The total capitalization of the US corporate bond market is $3.5 trillion. dollars According to some estimates, up to 80% of the debt financing of American companies falls on bonds.

At the same time, bond loans give domestic corporations tangible advantages over bank loans and bills of exchange, since they allow raising funds at a rate of 7 to 15% per annum for a period of 3 years or more, without requiring collateral.

For example, in 2014, ROSNEFT placed bonds in the amount of 20 billion rubles. at 7.95% per annum for a period of 10 years. The placement was arranged by Gazprombank, NOMOS-BANK and BC REGION.

At the same time, less well-known companies that raise borrowed funds for the first time on the bond market are forced to offer investors higher returns and the possibility of early redemption (offer).

In general, the following advantages of bonded loans can be distinguished, which make it possible:

Þ to increase the terms of borrowings (at present, the terms of circulation of bonds of domestic corporations range from 3 to 5 or more years);

Þ to form a public credit history of the issuer, which allows in the future to reduce the cost of borrowed resources and increase the terms of their attraction, as well as to enter the international capital markets;

Þ if necessary, use more flexible forms of collateral, such as third-party guarantees;

Þ diversify sources of borrowing by increasing the number of creditors (investors), which ensures cost reduction, as risks are reduced and dependence on one creditor is eliminated;

Þ promptly manage the debt structure through operations in the secondary market;

Þ to prepare conditions for a public offering of shares, etc.

However, the issuance and placement of bonds is more expensive than obtaining a bank loan.

The primary costs of issuing and placing corporate bonds include:

Þ tax on operations with securities – 0.2% (but not more than 100,000.00) of the nominal value of the issue;

Þ remuneration of the organizer of the issue - 0.5-0.7% of the loan volume;

Þ exchange commission - 0.035-0.075% of the loan amount;

Þ commission of the depositary – 0.1+0.075% of the loan amount;

Þ remuneration to the paying agent - up to USD 10,000;

Þ presentations for investors - up to 20,000 US dollars.

In general, according to analysts' estimates, the average total cost of issuing corporate bonds in the Russian Federation is 1.5 - 3.5% of the total issue volume.

Therefore, the minimum amount of issuance that makes it worthwhile to raise funds is currently approximately at least $10 million.

In addition, attracting such loans requires a significant investment of time (from 4 months) and organizational preparation.

The issue of bonds also involves the disclosure of information about the activities of the corporation, which is not always acceptable for Russian business.

Nevertheless, already after the first successful placement of the issue, the corporation has a real opportunity to raise funds in the future cheaper, in larger volumes and for longer periods. In addition, the issuance of bonds creates a base and serves as a kind of rehearsal for the subsequent public offering of shares.

The process of issuing bonds has many financial and legal nuances, which necessitates the involvement of consultants - professional participants in the stock market, mainly financial institutions (banks, investment companies, etc.) who have experience, as well as the ability to organize and implement the placement of bonds, form a secondary market, make settlements and payments. The largest arrangers of bond issues in the domestic market are Vneshtorgbank, Gazprombank, Rosbank, Alfa-Bank, Uralsib, Renaissance Capital, and others.

The process of making a decision on the placement of bonds includes the implementation of several stages.

At the first stage, it is necessary to decide on the choice of a financial consultant (issue organizer or lead manager). If necessary, in the process of preparing for the placement, the organizer of the issue may create a syndicate of underwriters, which will carry out the direct placement of securities among investors. As a rule, the syndicate includes investment banks that carry out brokerage activities.

In the second stage, the financial consultant helps the company to determine the main parameters of the loan and its structure, based on the needs and the real ability of the market to meet these requests. Then the preparation and registration of the issue prospectus begins. Information support of the issue, as a rule, is carried out by both the issuer and the financial consultant.

The next stage is marketing research and search for potential investors. It is advisable to entrust this task to specialized companies that have the necessary experience in successful placement of securities. The qualification of a financial consultant is especially important for attracting large investors. In such cases, there is a practice of holding a "road-show" when a financial consultant or representatives of the issuer come directly to the investor and arrange a presentation of the upcoming bond issue.

After the implementation of the above steps, the technical procedure for the placement of bonds begins. In most cases, the underwriter offers certain guarantees to the issuer, for example, gives an obligation to buy back any part or all of the issue of securities. As a rule, placement is carried out in the form of an open subscription or auction. Both of these methods have their advantages. The choice is up to the issuer and organizers.

In accordance with the legislation of the Russian Federation, bonds are classified as so-called equity securities. The procedure for their issuance and circulation is currently regulated by the CBR. According to the legislation, the procedure for issuing shares, bonds and issuer options (hereinafter referred to as "securities") includes the following steps:

Þ adoption of a decision that is the basis for the placement of securities;

Þ approval of the decision on the issue (additional issue) of securities;

Þ state registration of an issue (additional issue) of securities;

Þ placement of securities;

Þ State registration of a report on the results of an issue (additional issue) of securities or submission to the registering authority of a notice of the results of an issue (additional issue) of securities.

The decision to issue (additional issue) securities of a business entity is approved by the board of directors (supervisory board) or by the body exercising the functions of the board of directors (supervisory board) in accordance with federal laws. It contains information about the terms and methods of placement of bonds, the placement price and other parameters of the issue. The adopted decision must be approved no later than six months from the date of its adoption by the board of directors or the general meeting of shareholders.

The most responsible and time-consuming step is the preparation of the prospectus. The prospectus is approved by the board of directors or the general meeting of shareholders (participants) of the issuer and contains:

Þ information about the issuer (full name of the issuer and date of its state registration; information about the founders, subsidiaries and affiliates; list of managers; main activity, company position in the market, analysis of the industry and competitors, etc.);

Þ data on the financial position of the issuer (annual financial statements of the company for the last three years);

Þ information about previous issues of securities (description of all previous issues, their conditions, methods of placement, etc.);

Þ information about the securities to be placed (complete information about the bonds, including the issue volume at face value and information about the underwriter);

Þ additional information (restrictions on the circulation of bonds, other features and conditions of the issue, etc.).

As already noted, the preparation of the issue prospectus is carried out with the involvement of financial consultants (underwriters). As a rule, preparation of the issue prospectus and other necessary documents takes 1-2 months, after which their set is sent for registration to the CBR.

Note that the registration of the issue prospectus is provided only in the case when the placement of bonds is carried out by public subscription. In case of a closed subscription for bonds, registration of a prospectus is necessary if the number of their purchasers exceeds 500.

To register a bond issue, the issuer must submit the following set of documents to the CBR:

Þ application for registration;

Þ the issuer's questionnaire;

Þ a copy of the document confirming the state registration of the issuer;

Þ certificate of the issuer on payment of its authorized capital, signed by the person holding the position (performing functions) of the sole executive body of the issuer, as well as by the issuer's chief accountant or the person exercising his functions;

Þ decision to issue securities;

Þ a copy (extract from) of the decision (minutes of the meeting (session)) of the authorized person (issuer's body), which approved the decision on the issue (additional issue) of securities and the securities prospectus;

Þ a copy of the issuer's constituent documents with all amendments and/or additions made to them;

Þ an inventory of submitted documents;

Þ a document confirming the payment of a tax or fee for the issue of securities;

Þ other documents stipulated by the legislation.

Documents for the state registration of the issue of securities must be submitted no later than 3 months from the date of approval of the decision on their issue (additional issue), and if the state registration of the issue is accompanied by registration of the prospectus of securities - no later than 1 month from the date of approval of the prospectus of securities, unless otherwise not established by law.

State registration cannot be carried out:

Þ until full payment of the authorized capital of a joint-stock company or a limited liability company;

Þ if the sum of the nominal values ​​(volume of issue) of the bonds, together with the sum of the nominal values ​​of all outstanding bonds of the issuer, which is a business entity (i.e. bonds, obligations under which are not fulfilled), exceeds the amount of its authorized capital or the amount of security provided by third parties .

The CBR is obliged to carry out state registration of a bond issue or make a reasoned decision to refuse state registration no later than 30 days from the date of submission of all documents. However, if there are comments on the submitted documents, they can be returned for correction. After correcting the identified violations, the CBR accepts documents for reconsideration. Thus, the registration process may take not 30 days, but a much longer time.

If a positive decision is made regarding the registration of a bond issue, the issuer is obliged to provide access to the information contained in the issue prospectus. It must publish a notice on the procedure for disclosing information in a print periodical with a circulation of at least 50,000 copies (for example, the newspapers Vedomosti, Kommersant, Izvestia, etc.).

The actual placement of bonds can be carried out no earlier than 14 days after the disclosure of information on the state registration of the issue. The placement of bonds must be completed by the issuer no later than one year from the date of approval of the decision to issue bonds. Funds received in the process of bond placement are immediately credited to the issuer's account. However, from the point of view of the registering authority, the issue of bonds at this stage is not yet considered completed.

Within 30 days after the placement of bonds (the period of placement is indicated in the decision on the issue of bonds), the Board of Directors of the issuer must approve the report on the results of the issue of bonds, which is also sent for registration to the CBR.

After the official disclosure of information, investors have the right to make transactions with the issuer's bonds on the secondary market. From a formal point of view, this is the end of the emission process.

Further steps to bring the bonds to the MICEX stock exchange and include them in exchange quotation lists depend only on the decision of the issuer and underwriter of the issue. As a rule, the listing of bonds on the exchange allows the issuer to expand the circle of their holders and increase the liquidity of the issue, which will lead to a reduction in the cost of subsequent loans.

In addition to bonds circulating on the Russian securities market, large Russian corporations have the opportunity to issue so-called credit notes and Eurobonds, which are traded on world financial markets.

Credit notes

Credit notes (credit linked notes - CLN) in world practice are a popular way of unsecured borrowing of financial resources with subsequent debt securitization. These tools have been used by domestic corporations relatively recently. One of the first issues of credit notes was made by OAO United Machine-Building Plants (OMZ) in November 2002 in the amount of USD 30 million. Currently, this tool is very popular among both large and medium-sized corporations.

From the borrower's point of view, CLN is an ordinary foreign currency loan from a foreign bank. However, their main difference is that the bank immediately restructures the debt into securities and sells them on the market.

Technically, issuing CLNs is similar to issuing bonds. In this case, the lead manager of the issue is usually a bank - Russian or foreign. The leading organizers of the issue of credit notes in Russia are commercial banks.

At the initial stage of organizing the issue, the bank assesses the potential demand for the borrower's obligations among investors. A detailed study of the activities and financial condition of the borrower, industry, market conditions is carried out, active work with investors is carried out (distribution of a prospectus, presentations, field meetings, etc.). In case of a positive decision, the borrower receives a loan from a foreign bank, which will act as the CLN issuer. The issuer is usually a highly rated bank with experience in running CLN programs. A specific issue is carried out by a separate tranche of the program. The issuing bank makes payments to investors on CLN in the event that the borrower's obligations under the loan are fulfilled. At the same time, if the corporation that received the loan fails to repay the loan on time and in full, the risk of possible losses will be borne by the owners (buyers) of credit notes, and not by the issuing bank.

After the issue of CLN, trading in these securities on the secondary market begins. As a rule, credit notes are traded on the over-the-counter market.

Due to the higher risk, credit notes trade at a premium to corporate Eurobonds of borrowers with a similar level of risk, as the latter imply a public offering and meet certain standards for disclosure of information, both economic and legal.

The main advantages of CLNs over Eurobonds are that they can be issued much faster and cheaper. As a rule, it takes 8 to 12 weeks for a CLN to be issued. The cost of issuing CLN is an order of magnitude lower and ranges from $30,000 to $50,000. Significant savings are achieved due to the fact that the market requirements for CLN are much softer. The completeness of disclosure of information in the prospectus, as well as the availability of a rating and an international audit are determined by the borrower and the arrangers of the loan independently.

Issuing credit notes is a good way to build a credit history before issuing Eurobonds. For example, already 2 months after the issue of credit notes for the amount of 100 million dollars, AFK Sistema issued Eurobonds.

However, the interest rate on credit notes is on average 1-2% higher than on Eurobonds.

According to experts, issuing a CLN in the amount of less than $100 million is currently not economically viable, since the costs of organizing it can offset the beneficial effect, due to which a public loan is more profitable than a bank loan. In general, this tool is intended for mature companies with an annual turnover of at least $250 million.

The main buyers of CLN of domestic enterprises are Russian banks. Among foreign investors, the main share is accounted for by branches of foreign banks in the Russian Federation, as well as specialized investment funds, hedge funds, the rules of which allow you to buy high-risk securities.

Eurobond issue

Eurobonds are unsecured debt instruments issued to the bearer and sold outside the domestic market of the country whose currency is used as the denomination. Although Eurobonds can be issued in any country and currency, most of them are denominated in US dollars or euros.

The issuance of Eurobonds involves some preparatory work and significant costs, but it pays off by the ability to attract very significant amounts of financing for long periods at a relatively low interest rate. The average maturity of Russian Eurobonds is approximately 5 years. However, leading domestic corporations place issues in excess of $1 billion, and the maximum loan term for them ranges from 15 to 30 years. For example, in August 2007 OAO Gazprom placed Eurobonds worth $1,250 million with a maturity of 30 years. Under the conditions of the global financial crisis in April 2009, the gas monopoly carried out the largest issue of Eurobonds in the history of Russia for $2.25 billion. The bond rate was 9.25% per annum, the placement period was 10 years. Another Russian corporation, OAO Lukoil, placed two tranches of Eurobonds for a total of $1.5 billion at the end of 2009. At the same time, the coupon rate for a 5-year issue was 6.375%, and for a 10-year issue - 7.375%.

As already noted, entering the Eurobond market involves significant costs associated with preparing and conducting an issue, attracting foreign financial consultants and underwriters, holding presentations for international investors, paying lawyers, etc.

The most popular financial institutions acting as organizers of Eurobond issues of Russian enterprises include Deutsche Bank, ABN Amro, CSFB, UBS, DrKW, Citigroup, J.P. Morgan, MDM, etc.

Despite the absence of any regulation of the Eurobond market by the governments of developed countries, their issuers are usually guided by the requirements and standards of the International Primary Market Association (IPMA) and the International Securities Market Association (ISMA). Since London has historically been the main trading center for these instruments, their issuance is also often regulated by the British Financial Services Authority (FSA), whose requirements for the preparation of relevant documents are very strict. In particular, it is mandatory to have a three-year audit of financial statements prepared in accordance with international standards, as well as a credit rating from a leading agency - S&P, Fitch, Moody's, etc. Full disclosure of information about the owners of the company is also required, up to a copy of the passports of the main shareholders of the borrower. In this regard, only the costs of lawyers' services when issuing Eurobonds can reach from 600 thousand to 1 million dollars. The average underwriter's commission is usually 0.5 - 0.7% of the loan amount.all. which can reach the present, these are commercial banks "long-term

Eurobonds are traded mainly on the London or Luxembourg exchanges. However, a significant part of their turnover falls on over-the-counter markets.

The main advantages of Eurobonds as a source of financing are:

Þ Significant volumes of attracted funds (average issue volume - from 300 million US dollars);

Þ long periods of circulation (from 3 to 30 years);

Þ lower interest rates (from 5% per annum);

Þ no requirements for collateral and collateral;

Þ formation of a public international credit history, etc.

The disadvantages of this tool for attracting loans include:

Þ stringent disclosure requirements for the borrower;

Þ high borrowing costs (7-10% of the total loan volume);

Þ long terms for preparing and placing a loan (4-6 months);

Þ occurrence of currency risk, etc.

Despite the significant costs of funds and time, the issue of Eurobonds in the amount of more than 500 million dollars and a period of more than 5 years is quite justified. In addition, this is a good "rehearsal" before the IPO in international markets.

Leasing

The needs of corporations for continuous technical re-equipment, the introduction of new technologies, and the expansion of the production of goods and services have led to the emergence of new forms of capital raising, one of which is the use of such an instrument as leasing.

In general, leasing is an agreement according to which one party - the lessor (lessor) transfers to the other party - the lessee (lessee) the right to use some property (buildings, structures, equipment) for a certain period and on agreed terms.

Typically, such an agreement provides for the tenant to pay a regular fee for the equipment used throughout the entire period of its operation. At the end of the agreement, or in case of early termination, the property is returned to the owner. However, leasing contracts often provide for the tenant's right to buy the property at a reduced or residual value, or to enter into a new lease agreement.

Currently, in the economic practice of developed countries, various forms of leasing are used, each of which is characterized by its own specific features. The most common of them include:

Þ operating or service leasing (operating lease);

Þ financial or capital leasing (financial lease);

Þ leaseback (sale and lease back);

Þ separate or credit leasing (leveraged lease);

Þ direct leasing, etc.

It should be noted that all existing types of such agreements are varieties of two basic forms of leasing - operational, or financial.

Operating (service) leasing- this is an agreement, the term of which is less than the period of full depreciation of the leased asset (usually from 1 year to 3 years). At the same time, the payment stipulated by the contract does not cover the full cost of the asset, which makes it necessary to lease it several times.

The most important distinguishing feature of operating leasing is the tenant's right to early termination of the contract. Such agreements may also include the provision of various services for the installation and ongoing maintenance of the leased equipment. Hence the second, often used name of this form of leasing is service. In this case, the cost of the services provided is included in the rent, or paid separately.

The main objects of operational (service) leasing include rapidly aging (computers, copiers and copying equipment, various types of office equipment, etc.) and technically complex, requiring constant service maintenance (trucks and cars, airliners, railway and sea transport, construction equipment) types of equipment.

It is easy to see that, in general, the terms of operating leasing are more favorable for the tenant.

In particular, the possibility of early termination of the lease makes it possible to get rid of obsolete equipment in a timely manner and replace it with a more high-tech and competitive one. In addition, in the event of adverse circumstances, the lessee can quickly curtail this type of activity by returning the relevant equipment to the owner ahead of schedule and significantly reduce the costs associated with the liquidation or reorganization of production.

In the case of the implementation of one-time projects or orders, operating leasing exempts from the need to purchase and subsequently maintain equipment that will not be needed in the future.

The use of various services provided by a leasing company or equipment manufacturer often reduces the cost of ongoing maintenance and maintenance of the relevant personnel.

The downside of these benefits are:

Þ higher rent than in other forms of leasing;

Þ advance and prepayment requirements;

Þ the presence in the contracts of clauses on the payment of penalties in case of early termination of the lease;

Þ other conditions designed to reduce and partially compensate for the risk of property owners.

Currently, this form of leasing has not received proper development in the Russian Federation. Moreover, according to the legislation, operating leasing is treated as a short-term lease and is regulated by the Civil Code of the Russian Federation. Accordingly, he does not fall under the law "On Leasing" and the benefits provided for by this law do not apply to him.

financial leasing– an agreement providing for the special acquisition of an asset into ownership with subsequent leasing (temporary use) for a period close to its useful life (depreciation). The payments under such an agreement generally provide the lessor with full reimbursement of the costs of acquiring the asset and providing other services, as well as a related profit.

Upon the expiration of the transaction, the lessee can return the asset to the owner, enter into a new lease agreement or buy the leased object at the residual value.

The objects of financial leasing include real estate (land, buildings and structures), as well as long-term assets for production purposes. Therefore, it is also often called a capital lease.

Unlike operational, financial leasing significantly reduces the risk of the owner of the property. In fact, its terms are largely identical to the agreements concluded when obtaining bank loans, since they provide for:

Þ full or almost full repayment of the cost of equipment;

Þ payment of a periodic fee, including the cost of equipment and the income of the owner (in fact, the main and percentage parts);

Þ the right to declare the tenant bankrupt in case of his inability to fulfill the concluded agreement, etc.

Financial leasing is the basis for the formation of other forms of long-term lease - returnable and separate (with the participation of a third party).

Return lease is a system of two agreements in which the owner sells the equipment to the other party with the simultaneous conclusion of a long-term lease agreement with the buyer. Commercial banks, investment, insurance or leasing companies usually act as buyers here. As a result of such an operation, only the owner of the equipment changes, and its user remains the same, having received additional funding at its disposal. The investor, in fact, lends to the former owner, receiving ownership of his property as security. Such operations are often carried out during a business downturn in order to stabilize the financial position of corporations.

Another type of financial leasing is its separate a form that provides for the participation in the transaction of a third party - investors, which are usually banks, insurance or investment companies. In this case, the leasing company, having previously concluded a contract for the long-term lease of some equipment, acquires its ownership, paying part of the cost at the expense of borrowed funds. As security for the received loan, the acquired property (as a rule, a mortgage is issued on it) and future lease payments, the corresponding part of which can be paid directly by the tenant to the investor, are used. At the same time, the leasing company enjoys the benefits of a tax shield that arises in the process of depreciation of equipment and repayment of debt obligations. The main objects of this form of leasing are expensive assets, such as mineral deposits, equipment for extractive industries, construction equipment, etc.

At direct leasing, the tenant enters into a leasing agreement directly with the manufacturer (i.e., directly), or a leasing company created under him. The largest manufacturers - world market leaders, such as IBM, Xerox, GATX, BMW, Caterpillar, etc., are the founders of their own leasing companies, through which they promote and market their products in many countries of the world. Domestic enterprises do the same. Many names of Russian leasing companies speak for themselves, for example: KAMAZ-Leasing, Ilyushin Finance Co, Tupolev, etc.

Sometimes leasing is not carried out directly, but through an intermediary. At the same time, the agreement provides that in the event of temporary insolvency or bankruptcy of the intermediary, lease payments must go to the main lessor. Such transactions are called "subleasing" (subleasing).

The use of subleasing transactions can be beneficial for financing the assets of companies that are part of a holding, concern, etc., as it allows the management or parent company to optimize, control and lock in cash flows. Instead of directly lending or subsidizing subsidiaries, it can create a leasing company that, at the request of business units and divisions, acquires the required assets and delivers it to customers. In the future, it monitors the timeliness of receipt of lease payments, accumulates them and transfers them to the main lessor - the parent company, and also supervises the intended use of equipment and its maintenance.

The interpretation of leasing, the conduct of such operations and their legal regulation in the Russian Federation has certain specifics. According to the legislation (Article 665 of the Civil Code of the Russian Federation), under a financial lease agreement (leasing agreement), the lessor undertakes to acquire ownership of the property specified by the tenant from a seller specified by him and provide this property for a fee for temporary possession and use for business purposes.

Thus, under leasing in the Russian Federation, only financial leasing is legally recognized, which is characterized by the following specific features:

Þ the third obligatory participant is the equipment supplier;

Þ existence of a complex of contractual relations;

Þ special purchase of equipment for leasing;

Þ active role of the lessee;

Þ Mandatory use of the leased asset for business purposes.

Legal regulation of leasing in the Russian Federation is carried out on the basis of the Civil Code of the Russian Federation, the Federal Law “On Financial Lease (Leasing)” dated October 29, 1998 No. 164-FZ, with subsequent amendments and additions, as well as the Tax Code of the Russian Federation.

According to the law, subject of leasing there may be any non-consumable things (enterprises, property complexes, buildings, structures, equipment, vehicles, movable and immovable property, etc.) used for business activities.

The subject of leasing in the Russian Federation cannot be:

Þ land plots and other natural objects;

Þ property withdrawn from circulation or limited in circulation;

Þ results of intellectual activity.

At present, the leasing market in R