To properly organize financing entrepreneurial activity sources of funding should be classified. Note that the classification of funding sources in Russian practice differs from foreign ones. In Russia, all sources of financing for entrepreneurial activities are divided into four groups:
1) own funds of enterprises and organizations;
2) borrowed funds;
3) raised funds;
4) funds from the state budget.

In foreign practice, enterprise funds and sources of financing its activities are classified separately. Since these issues are closely interrelated, let us consider them in more detail. One of the most common groupings of enterprise funds in foreign practice is presented in Diagram 1.

In this classification of enterprise funds, the main element is equity capital.

Structure equity enterprise is presented in Diagram 2.
There is another option for classifying an enterprise’s funds, where all funds are divided into own and borrowed funds.

In this case, the company’s own funds include:
authorized capital(funds from the sale of shares and share contributions of participants or founders);
revenues from sales;
depreciation deductions;
net profit of the enterprise;
reserves accumulated by the enterprise;
other legal and individuals(targeted funding, donations, charitable contributions).

Funds raised include:
bank loans;
borrowed funds received from the issue of bonds;
funds received from the issue of shares and other securities;
accounts payable.

In foreign practice there are different approaches to the classification of sources of financing the activities of the enterprise.

According to one option, all sources of financing are divided into internal and external.

Internal sources of financing include the enterprise's own funds.

External sources include:
bank loans;
borrowed funds;
proceeds from the sale of bonds and other securities;
accounts payable, etc.

There is an option to divide funding sources into:
1) internal sources- these are expenses that a company finances through net profit;
2) short-term financial resources- these are funds used to pay wages, pay for raw materials and supplies, and various current expenses. The forms of implementation of funding sources in this case may be as follows:
bank overdraft - an amount received from the bank in excess of the balance in the current account. Overdraft is payable upon request of the bank. This is usually the cheapest form of loan, the interest rate on it does not exceed 1-2% of the bank’s base discount rate;
bill of exchange (draft) - a monetary document according to which the buyer undertakes to pay the seller a certain amount within the period established by the parties. The bank discounts bills of exchange by providing their holders with a loan for the period until their maturity. As payment for a loan issued on a bill of exchange, the bank charges a discount (interest), the value of which changes daily. Bills of exchange are most often used in foreign trade payments;
acceptance credit is applied when a bank accepts for payment a bill of exchange issued in the name of its clients (resale of the right to collect debts - factoring). In this case, the bank pays the creditor the value of the bill minus the discount, and upon the expiration of its repayment period, collects this amount from the debtor;
commercial loan - the purchase of goods or services with a deferred payment for one to two months, and sometimes more. The use of a commercial loan is determined by the specific type economic activity. The appeal to him depends on the speed of sale of the goods and the possibilities of deferring payments of the enterprise itself;
3) medium-term financial resources (from 2 to 5 years) are used to pay for machinery, equipment and research work.
Purchase by an enterprise on credit of machinery, equipment and Vehicle occurs on fixed terms secured by purchased goods with regular repayment of the loan in installments.

The group of medium-term financial resources includes the rental of machinery and equipment. Payment for the use of leased funds is made in regular installments, while ownership never passes to the debtor;
4) long-term financial resources (over 5 years) are used for the acquisition of land, real estate and long-term investments. The allocation of funds in this way is carried out as follows:
long-term (mortgage) loans - provided by insurance companies or pension funds Money on bail land plots, buildings for a period of 25 years;
Bonds are debt obligations with a set interest rate and maturity date. A significant portion of the bonds have a face value;
issue of shares - receipt of funds by selling various types of shares in the form of private or public subscription.

The emergence of such a classification of sources is associated with the peculiarities of intra-company planning abroad, which includes long-term, medium-term and short-term planning.

When determining the need for financial resources, the following points must be taken into account:
for what purpose and for what period (short-term or long-term) funds are required;
how urgently funds are required;
whether the necessary funds are available within the enterprise or will have to turn to other sources;
what are the costs of paying off debts?

Only after a detailed study of all points is the choice of the most acceptable source of funds made.

Ponomarchuk A., Tsareva A. gr.6082Financing business organizations is a set of forms and methods, principles and conditions for financial support for simple and expanded reproduction.Financing refers to the process of generating funds or, more broadly, the process of generating capital for a firm in all its forms.The concept of “financing” is quite closely related to the concept of “investing”; if financing is the formation of funds, then investing is their use. Both concepts are interrelated, but the first precedes the second.When choosing sources of financing for an enterprise, it is necessary to solve five main problems:

determine the need for short- and long-term capital; identify possible changes in the composition of assets and capital in order to determine the optimal composition and structure; ensure continued solvency and, therefore, financial stability; use your own and borrowed funds with maximum profit; reduce the cost of financing business activities.

Sources of financing for the enterprise are divided to internal (equity) and external (borrowed and attracted capital).Internal financing involves the use of own funds and, above all, net profit and depreciation charges.Own capital includes:

authorized capital (formed as a result of the contribution of the founders of the company upon its creation) additional capital (formed as a result of revaluation of the organization’s fixed assets) reserve capital (formed through deductions from the organization’s profits for subsequent unforeseen needs)

Financing from your own funds has a number of advantages:

by replenishing the enterprise’s profits, its financial stability increases; the formation and use of own funds is stable; external financing costs (debt servicing to creditors) are minimized; The process of making management decisions on the development of the enterprise is simplified, since the sources of covering additional costs are known in advance.

The level of self-financing of an enterprise depends not only on its internal capabilities, but also on external environment(tax, depreciation, budget, customs and monetary policy of the state).External fundingprovides for the use of funds from the state, financial and credit organizations, non-financial companies and citizens. In addition, it involves the use monetary resources founders of the enterprise. Such attraction of necessary financial resources is often the most preferable, as it ensures the financial independence of the enterprise and facilitates the conditions for obtaining bank loans in the future.In conditions market economy production and economic activity of the company is impossible without the use borrowed money, which include: bank loans, commercial loans, i.e. borrowed funds from other organizations; funds from the issue and sale of shares and bonds of the organization; budgetary allocations on a repayable basis, etc.Attracting borrowed funds allows the company to accelerate turnover working capital, increase the volume of business transactions, reduce the volume of work in progress. However, the use of this source leads to certain problems associated with the need for subsequent servicing of debt obligations assumed.Financial balancerepresents such a ratio of the association’s own and borrowed funds at which it is able to fully repay its previous and new debts at its own expense. The financial equilibrium point, calculated according to certain rules, does not allow the association of catering enterprises, on the one hand, to increase borrowed funds, and on the other hand, to irrationally use already accumulated own funds.If we take into account that own and borrowed financial resources go through the stages of formation, distribution and payments, and their final value is used to replenish property, then the analysis financial stability at each of these stages it makes it possible to identify the conditions for strengthening or losing the financial balance of the enterprise association under study. When analyzing decisions made regarding capital structure, it is very important to distinguish between internal and external sources of financing. Internal financing for the development of a company is provided from its income. It includes sources such as retained earnings accrued but not paid wage or accounts payable. If a company invests its profits in the construction of a new building or the purchase of equipment, then this is an example of internal financing. Corporation managers turn to external financing when they attract funds from creditors or shareholders. If a corporation finances the purchase of new equipment or the construction of an enterprise using funds from the issue of bonds or shares, then this is an example of external financing. The specifics of internal and external financing of the company’s activities also affect the characteristics of the financial decisions made. For a joint stock company that has a stable position in its business and does not intend to significantly expand it by attracting significant funds, decisions on financial matters are accepted, as they say, in working order and almost automatically. In this case financial policy consists in carrying out, first of all, a well-defined dividend policy, establishing, for example, the regularity of payments to shareholders in the form of dividends of one third (or other part) of the profit. In addition, financial policy affects the maintenance of the bank's credit line i.e. ensuring the existing stable needs of the corporation for credit resources within the limits agreed with the bank. Managers typically require less time and effort to make these types of internal financing decisions than in the case of external financing; they do not require such careful consideration.
If a corporation raises funds from external sources that may be needed for large-scale expansion of its business, management decisions turn out to be more complex and, accordingly, require more time. Outside investors typically want to see detailed plans for how their funds will be used and also want to ensure that investment projects companies will provide cash flows sufficient to cover expenses and make a profit. They scrutinize the corporation's plans and are more skeptical about the prospects for success than its managers. Thus, the use of external financing puts the company in close dependence on the capital market, access to which is associated with more high requirements to the corporation's investment plans than the use of internal financing sources.***

Sources of financing are existing or expected ways of obtaining funds. The article describes the most common sources of business financing, their advantages and disadvantages.

One of the main functions of the CFO is to find resources to finance operating and investment activities. An effective top manager always considers the full range of possible sources of raising funds and chooses the most profitable one. Let's look at the most common sources of financing and evaluate the pros and cons of their use.

What are funding sources?

Sources of financing are existing and expected channels for obtaining funds that the company will spend on capital investments: purchase of fixed assets, reconstruction, modernization, construction.

Based on the direction of origin, sources of financing are divided into internal and external. Internal sources of financing are the mobilization of the enterprise’s own financial resources, the optimal use of reserves and earned profits. External are funds attracted by the enterprise from the external environment.

It is clear that using internal sources of financing is cheaper and safer for the financial stability of an enterprise than attracting external ones. But it is not always possible for an enterprise to fully ensure its functioning on its own, especially when it comes to capital-intensive production. Moreover, focusing on maximizing the use of internal resources will not always be the right decision for the CFO.

Download and use it:

How it will help: understand from what sources funds are raised and monitor their receipt.

How it will help : approve uniform rules for investment management. The document sets out the procedure for justifying and approving new projects being implemented in the company. All sources of funding for the project are listed. For example, ruble or foreign currency bank loans, interest-bearing and interest-free loans from group companies, own funds.

Internal sources of financing of the organization: pros and cons

To understand the advantages and disadvantages of using certain sources of financing the activities of an enterprise, let’s consider each of them in more detail.

Net profit

At first glance, the most logical source of financing the company's activities is net profit. Arguments for use of net profit to finance investments will be:

1. No interest burden on the use of net profit for investment.
2. Reducing the tax burden on business.

But there is one significant disadvantage in using net profit. The main goal of the operation of the enterprise is to increase the dividends of its owners. The more profits are spent on investment, the lower the dividend share will be. In this situation it is not clear the right decision, but there are three directions of dividend policy, one of which your company can adhere to.

The first direction is called “Model of the residual principle of dividend payment”. It is based on the fact that the final amount of dividends does not affect market value company, and therefore the company's investment interests take precedence over the interests of its shareholders.

The second direction is called “The active role of dividends in creating company value” and is based on the fact that amount of dividends paid directly affects the price of shares.

The third direction is called the “Taxation Differentiation Model” and has main goal optimize income tax regardless of the proportions of distribution of investments and dividends.

How it will help: calculate the maximum amount of borrowed funds for successful commercial activities companies.

How it will help: assess the degree of independence of the company from external sources of financing.

Depreciation deductions

The second most important internal source of business financing. The advantage of depreciation charges as a source of investment compared to others is that for any financial situation this source always remains at the disposal of the enterprise. In order to fully use the potential of depreciation charges, it is necessary to develop an optimal depreciation policy, which will consist of:

1. Selecting the useful life of the OS.
2. Selecting a depreciation method for fixed assets.
3. Annual revaluation of fixed assets.
4. Major renovation OS.
5. Reconstruction and modernization of the OS.

Thanks to a correctly chosen depreciation policy, leading enterprises refinance up to 80% of fixed assets using depreciation charges.

Accounts payable management

Reserves for future expenses

Reserves for future expenses can also be used as sources of financing. Such reserves are created for future obligations and ensure an economically justified, uniform distribution of costs over time. Literate financial director will be able to structure reserve management in such a way that the company will be able to use the cash balance free from obligations to finance current activities for some time.

The only disadvantage of this method is the legislative limitation of the amounts that can be recognized as reserves and the increased control of inspection services.

revenue of the future periods

Revenue of the future periods - great way obtain financing without attracting external sources. But, unfortunately, it is not available to everyone. The most common future income is state and non-state targeted financing and different kinds prepayments and security payments.

More on the topic:

How it will help: create a capital structure and sources of financing that will be optimal for your company in a given period of time.

How it will help: choose from several projects the one in which it is more profitable to invest money.

External sources of financing for the company: advantages and disadvantages

External sources of financing for an enterprise are usually divided into debt and equity.

Debt financing is reimbursable financing on a repayable basis. Main directions debt financing are: obtaining a loan, leasing, debt securities.

Credit

Credit is the most common method of investing in fixed assets, long-term loans are used, short-term loans, including overdraft ( see what an overdraft is ) and factoring. The advantages of using a loan include:

• the comparative ease of attracting it;
• the presence (often) of one lender, which entails ease of service;
• reduced rates with subsidies and/or good credit rating.

The disadvantages of the loan are:

• comparatively high cost of use;
• requirements of banks for the provision of guarantees and collateral;
• difficulty in obtaining a loan at the start-up stage of a business.

Leasing

Debt securities

These are mainly bonds, certificates and bills. They represent an alternative to a bank loan, convenient for both the investor and the borrower.

A bond is a security issued by the debtor strictly for a certain period of time, after which it must be repaid. The income from the bond is the coupon.

conclusions

As with any other financial management issue, there is no definitively correct strategy for attracting funding. For each enterprise and for each market condition, this strategy must be created anew, based on the principles of maximizing company value and competitive policy.

As an example, I’ll give Uber, which, while remaining a private company, has already attracted more than $15 billion in investments and continues to organize new rounds. Why does it need such an aggressive funding policy? Not because it really lacks resources, but because it has chosen a strategy of violent expansion and suppression of competitors by any means necessary. Experience shows that Uber has so far successfully implemented this strategy.

As a counterexample, Google company increased the value of capital after entering the IPO by more than 100 times. For her the increase share capital became a strategy for success, as it was for Sberbank, whose shares increased in price by more than 1000 times.

In the process of analyzing decisions related to capital structure, company managers operate with such concepts as internal and external sources of financing of the enterprise.

These categories of incoming funds are relevant for almost every organization. Depending on the scope of its activities, external financing and internal financing are used in different proportions. Sometimes it is enough to attract fairly small amounts from investors and creditors, in other cases the lion's share of the company's capital represents This article will describe the main external and internal sources of business financing. In addition, their characteristics and examples will be given, their advantages and disadvantages will be highlighted.

What is external financing and internal financing?

Internal financing is the independent provision of all expenses for the development of a company (using its own income). Sources of such income may be:

• Net profit obtained as a result of financial and economic activities.
• Depreciation accumulations.
• Accounts payable.
• Funds set aside to pay for upcoming expenses.
• Income received on account of a future period.

An example of internal financing is investing the profit received in the purchase of additional equipment, construction of a new building, workshop or other building.

External financing involves the use of funds received from outside the company.

They can be provided by founders, citizens, the state, financial and credit organizations or non-financial companies. Pledge successful work enterprise, its development and competitiveness in correctly and effectively combining internal and external sources of financing. The ratio of your own depends on the company’s field of activity, its size and strategic plans.

Types of financing

In addition to being divided into two main groups, internal and external sources of financing are classified in more detail.

Internal:

• Due to net profit.
• Sale of free assets.
• Income from rental property.

• Investment funds.
• Loans (loans, leasing, bills).

In practice, they are most often used mixed system: both external and internal business financing.

What is internal financing?

Today, companies themselves are involved in the distribution of profits, the amount of which directly depends on how profitable business operations are and the effectiveness of the dividend policy.

Based on the fact that managers are interested in the most rational use funds at their disposal, they ensure that the most important factors are taken into account:

• Plans have been implemented for the further development of the company.
• The interests of owners, employees, and investors were respected.

With successful distribution of finances and expansion of the company’s economic activities, the need for additional financing is reduced. This reveals the relationship that characterizes internal and external sources of financing.

The goal of most company owners is the desire to reduce costs and increase profits, regardless of what type of funds will be used.

Positive and negative aspects of using your own financial resources

External financing and internal financing, as well as their effectiveness, are characterized by how convenient and profitable it is for managers to use these types of funds.

The undeniable advantages of internal financing, of course, is the absence of the need to pay the costs of raising capital from outside. Also great importance has the ability of owners to maintain control over the company's activities.

Among the disadvantages inherent in domestic financing, the most significant is the inability to practical application. An example is the insolvency They have almost completely lost their importance due to a total reduction in depreciation rates at most domestic enterprises (in the industrial sector). Their amounts cannot be used to purchase new fixed assets. Even the introduction of an accelerated depreciation procedure cannot save the situation, since it cannot be applied to the equipment that currently exists.

What is hidden under the term “external sources of financing”?

If there is a lack of own funds, enterprise managers are forced to resort to borrowing or investment finance.

Along with obvious advantages This approach (the opportunity to increase the volume of economic activity or develop new areas of the market), there is a need to repay borrowed funds and pay dividends to investors.

The search for foreign investors often becomes a “lifeline” for many enterprises. However, as the share of such investments increases, the ability of enterprise owners to control is significantly reduced.

Credit and its specifics

Loans as an instrument of external financing become the most accessible way out for company owners if internal sources turn out to be insolvent. External financing of the company's budget should be sufficient to increase production volumes, as well as to return the funds raised with accrued interest and dividends.

They call it a loan sum of money, which the lender provides to the borrower with the condition of returning the money issued and an agreed percentage for the right to use this service.

Features of using credit funds to finance a company

Advantages of loans:

Disadvantages of borrowing:

• Often a loan is issued to a company for short term(up to three years). If the firm's strategy is to generate long-term profits, the leverage pressure becomes too great.
• To obtain funds on credit, the company must provide collateral equivalent to the desired amount.
• Sometimes a condition for lending is the bank's requirement to open an account, which is not always beneficial for the company.

Both external and internal sources of business financing should be used as rationally and appropriately as possible, because the level of profitability of the enterprise and its attractiveness for investors depend on this.

Leasing: definition, conditions and characteristics

Leasing is a complex of various forms entrepreneurial techniques that are beneficial for the lessor and the lessee, as they allow the first to expand the boundaries of activity, and the second to update

The terms of the leasing agreement are more liberal compared to lending, since they allow the business owner to count on deferred payments and implement a large-scale project without large financial investments.

Leasing does not affect the balance of own and borrowed funds, that is, it does not violate the ratio characterizing the external/internal financing of the enterprise. For this reason, it does not become an obstacle to obtaining a loan.

It is interesting that when purchasing equipment under the terms of a leasing agreement, the company has the right not to put it on its balance sheet during the entire period of validity of the document. Thus, the manager has the opportunity to save on taxes because assets do not increase.

Conclusion

External financing and internal financing of enterprises involves the use of their own income or raising borrowed funds from creditors, partners and investors.

For the successful operation of the company, it is of great importance to maintain the optimal ratio of these types of financing, as well as the rational and justified expenditure of any resources.

3. Modification (private, substitute products).

4. Pseudo-innovations.

IV. For reasons of occurrence.

V. By influence on the level of quality and price.

2.4. Methods of generating ideas and information retrieval (intuitive and creative methods. Logical and systematic).

1. Intuitive and creative methods (Methods of psychological activation of creative thinking).

Delphi method.

Action plan.

Morphological analysis

Method for synthesis of optimal forms

Checklists.

Eiloart Checklist

1. Method of structural and morphological analysis

2. Method for determining the characteristics of publication activity

4. Method of terminological and lexical analysis

5. Indicator method

3.2. Features of the organization and financing of venture firms.

3.3. Classification of firms-subjects of innovative activity (explers, patents, violents, commutators).

Topic 4. Innovation process.

3. Development of production.

Topic 5. Marketing of an innovative project.

5.1. Stages of creating a new product.

7.1. Stages of creating a new product.

Stage 1. Review of the market situation. Search for innovative ideas:

Stage 2. Selection of identified ideas and development of ideas (innovation):

Stage 3. Analysis of the economic efficiency of innovation (business analysis):

Stage 4 Innovation development (design, technical implementation):

5. Stage. Marketing (market) testing.

Stage 6. Commercialization of innovation.

5.2. Typical buyer groups.

5.3. Types of demand for an innovative product (potential, emerging, growing, etc.).

5.4. Product life cycle management technologies (repositioning, rebranding, customization).

5.5. Pricing strategies. “Skimming” and expanding market share. Fronting. Quality priority and price priority. Reasons for low buyer sensitivity to price.

5.6. Typical marketing mistakes of the company.

Topic 6. Development of innovative projects and strategies.

6.2. Methods for choosing an innovation strategy taking into account the product life cycle.

6.3. Optimization matrix for diversification strategies. Traditional and new Boston Consulting Group (BCG) matrix. Ansoff matrix. Development direction matrix.

6.4. Types of offensive and adaptation strategies

Topic 7. Fundamentals of innovative business management.

1.1. Goals and functions of innovation management in an enterprise.

7.2. Types of communications in innovation management.

A, b, s, e, k, m - participants in the innovation process, o - limitation of channel capacity, lines av, sun, se, ek, km, mv - communication channels

7.3. Typical structures and organizational forms of innovative enterprises.

Characteristics of R&D organizational structures

Organizational forms of innovative development

Practical organizational structures of research and design bureaus in Russia

7.4. Personnel management of an innovative organization.

Purpose of the method

Advantages of the method

Advantages of the method

Disadvantages of the method

Expected Result

7.5. Quality management of innovative products.

7.6. Problems of the initial stage of production of an innovative product.

7.7. Innovative methods of business management (outsourcing, outstaffing, benchmarking, parallel engineering developments)

Features of the method

Structure of enterprise business processes

Advantages of the method

Features of the method

Advantages of the method

Features of the method

Advantages of the method

Disadvantages of the method

Expected Result

Method "Protection from errors"

Rules for applying error protection techniques

Advantages of the method

Features of the method

Advantages of the method

Topic 8. Problems of financing innovation activities

8.2. Main organizational forms of financing (corporate and project financing).

Topic 9. Assessment of risk, required profitability and effectiveness of an innovative project.

9.2. Determination of the required profitability by groups and types of innovations.

9.3. Indicators of the effectiveness of an innovative project.

Topic 10. State innovation policy.

10.2. Forms of support for innovation activities. Financing. Investment tax credit.

10.3. Forms of protection of intellectual property rights (patent, trademark, industrial design).

8.3. Internal and external sources of financing.

Internal sources of financing, their limitations (at the expense of profits, depreciation, increase in accounts payable, factoring, package financing).

There are several options for using the company's internal funds for financing innovative projects.

1) One of the main sources is the company’s retained earnings, which remains after paying dividends from net profits. However, many firms do not have sufficient profits to finance innovation.

2) Depreciation charges, despite the fact that they are included in the cost, represent the funds remaining at the disposal of the company. Their use to finance innovation is also acceptable, but in this case the renewal of fixed assets not related to innovation activities is reduced and the overall percentage of depreciation of fixed assets increases.

Innovative firms can use accelerated depreciation methods. Small firms are also allowed to write off as depreciation charges up to 50% of the original cost of the active part of fixed assets with a service life of more than three years in the first year of equipment operation.

3) Another opportunity is represented by the assets the company has. Formed for the implementation of some projects, these assets can be used for others. For example, Chrysler increased the share of using its own funds when implementing the next innovative project to produce a new minivan model through the use of technologies and components it already had. The most important engine and transmission components were taken from the Dodge Omni and Plymouth Horizon models.

A company implementing innovative projects has a certain material base that can be reused - laboratory equipment, premises, information technology.

It is also possible to sell unused equipment at market prices (so that the proceeds can be used for innovative projects).

4) The company can increase its short-term liabilities as a source of financing innovative projects. In this case, the period between receipt of materials and their payment, as well as between receipt of an advance payment and shipment, increases. Such a policy may worsen the business image of the company. Some buyers will refuse to cooperate with the company, other partners will begin to make more stringent demands on it - increase prices for materials, include penalties for stitching in contracts, demand more expensive forms of payment - letters of credit, etc.

5) Accounts receivable can be reduced, for example, through the sale of the right of collection (under agreement factoring). It should also be done with caution so as not to cause a decline in sales, since for many buyers an important condition is the provision of a deferred payment.

6) Financing a long-term innovation project from revenues from parallel short-term project(s) synchronized with expected project costs is also called packaging the project.

Even large corporations find it difficult and risky to finance large-scale innovation projects from internal sources (this leads to a dangerous outflow of funds from the core business). Therefore, the most important source is funds received from outside.

External sources of financing. Additional issue of shares.

The company can raise additional funds either by increasing share capital (additional issue of shares) or by obtaining borrowed funds.

An additional issue allows you to attract financial capital without increasing the size of the principal debt. It can be carried out in the form of public offering and targeted placement among individuals and companies. The first form is characteristic of companies that are already stable on the market and have an established reputation.

The second form is typical for:

1) for young firms and venture companies that do not have the opportunity to take out long-term loans. Venture funds are becoming buyers of shares. In the USA, these are SBICs – companies investing in small and venture businesses (Perkins, Kleiner). The state often provides tax benefits to such funds.

2) companies that wish to remain closed. Buyers of shares here are investor groups (buyout groups), such as Kohlberg, Kravis, Poberts (KKR).

3) companies planning changes in the capital structure, change of owner:

Redemption of a controlling stake at the expense of creditors (LBO), acquisition by managers of a controlling stake in their own company (MBO).

Buyers of shares act as intermediaries. They can be SBICs or limited partnerships. In the USA - a limited partnership or limited partnership formed with the participation of an investor. Intermediaries conduct an examination, select an innovative project and carry out subsequent monitoring of the company’s activities. Investors are private and public pension funds, investment funds, individuals, financial holdings, insurance companies, banks, etc.

Bank lending, investment and corporate loans.

Borrowing funds to finance innovation activities is carried out by obtaining loans and issuing bonds.

Lending by banks and investment funds may be

1) specialized (project). The bank issues funds for a specific project and controls the use of allocated funds.

2) corporate. The entire activity of the company as a whole is credited.

It is believed that it is rational for a company to take out a loan in parts and enter into an agreement on the allocation of a line of credit.

An innovative project requires attracting a long-term loan (more than 1 year). However, this type of loan is difficult to obtain: banks take a long time to process it, and you need durable, reliable collateral - real estate, new equipment.

A short-term loan can be obtained at the stage of preparation for production and the start of release of a new product, when there are already certain results from the previous stages.

The issue of bonds is associated with a number of difficulties: the length of time it takes to register the issue with the Federal Commission for securities; investors are not guaranteed to fully purchase all issued bonds; they may have to be sold at a discount (which will reduce the amount of funds received).

State funding, funding from extra-budgetary funds.

In its most general form, the existing system of budget financing of the innovation sector is presented below:

1. Basic financing of the strategic core.

1.1. Academic sector, higher education.

1.2. State scientific centers, laboratories.

1.3. Unique experimental facilities.

2. Priority areas of scientific and technical progress. Contracts for the implementation of government orders.

2.1. Federal innovation programs.

2.3. State scientific and technical programs.

3. Target budget funds. Grants.

3.1. Russian Foundation for Basic Research.

3.2. Russian Humanitarian Scientific Foundation.

3.3. Fund for Assistance to the Development of Small Enterprises in the Scientific and Technical Sphere.

3.4. Federal Fund for Manufacturing Innovation???

Russian Fund for Technological Development (RFTD) - extra-budgetary fund, which is formed from those deductions that enterprises, exempting these deductions from taxes, send to industry funds, extra-budgetary R&D funds and parent organizations coordinating their activities. It is formed from 25% of deductions from the funds collected by industry funds. Funds from extra-budgetary funds are used to finance R&D to create new types of high-tech products, raw materials and supplies; development of new and improvement of used technologies, measures to improve the technical level of products; work on standardization, certification and licensing of products, as well as in the field of occupational health and safety; development of regulatory and structural materials, etc.

Created in accordance with the Decree of the President of the Russian Federation “On urgent measures to preserve the scientific and technical potential of the Russian Federation” dated April 27, 1992 No. 1 426. Extra-budgetary funds are formed through quarterly voluntary contributions from enterprises and organizations, regardless of their form of ownership, in the amount of 1.5% of cost products sold, and the amounts of deductions are included by enterprises in the cost of production.

Off-budget industry funds were formed by ministries, departments, concerns, corporations and associations through contributions from enterprises in the amount of 1.5% of the cost of their commercial products (works, services). In turn, the RFTR budget was formed by deductions of 25% of funds from extra-budgetary funds. After Chapter 25 of Part Two of the Tax Code of the Russian Federation came into force and a number of amendments were introduced into it, off-budget R&D funds began to be formed through voluntary contributions of enterprises up to 0.5% of gross profit. Changing the method of deductions to off-budget R&D funds actually meant reducing the size of payments to the RFTR by almost half (by industry from which funds are collected). The consequence of the regulatory changes that occurred was that in 2004. the RFTR has funds left only to fulfill obligations under previously concluded agreements, but not to finance new projects.

The right to participate in the competition are highly effective commercial innovative projects related primarily to economic development, for which the innovator invests at least 20% of his own funds and the payback period of which does not exceed two years. Projects for the competition are submitted to the Ministry of Economy of the Russian Federation and must contain: a business plan and conclusions of the state environmental assessment, state non-departmental or independent assessment.