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Analysis and evaluation of the efficiency of the use of fixed capital. Coursework: Fixed capital of an enterprise Analysis of the use of fixed capital

Analysis and evaluation of the efficiency of the use of fixed capital. Coursework: Fixed capital of an enterprise Analysis of the use of fixed capital

Improving the technical and organizational level of economic activity- this is a complex continuous process of its rationalization, covering scientific and technological progress and the scientific and technical level of production and products, the structure of the economic system and the level of organization of production and labor, the economic mechanism and the level of organization of management and the use of economic methods.

Economic efficiency Measures for technical and organizational development are recommended to be reflected according to the following system of increment indicators:

Labor productivity (labor intensity), relative deviation of the number of employees and wage fund;

Material return (material consumption), relative deviation in costs (saving or overspending) of material resources;

Return on assets (capital intensity) of fixed production assets (funds), relative deviation (savings or overspending) of fixed production assets;

Working capital turnover rates, relative deviation (release or additional binding in circulation) of working capital;

The volume of production due to the intensification of the use of labor, material and financial resources (savings or cost overruns);

Production cost;

profit and profitability;

Indicators of the financial condition and solvency of the enterprise;

Other indicators used in investment analysis.

Main capital- this is a part of productive capital, which fully and repeatedly takes part in the production of a commodity, transfers its value to a new product in parts over a number of periods. Fixed capital includes that part of the advanced capital that is spent on the construction of buildings, structures, on the purchase of machinery, equipment, and tools.

After the sale of the goods, the fixed capital is returned in installments in cash to the entrepreneur. Fixed capital is subject to physical and moral deterioration.

Physical deterioration- this is a decrease in the value of fixed capital, caused by a decrease in its ability to influence the production of a net product due to industrial use and under the influence of the environment.

Obsolescence is a decrease in the value of the means of labor used as a result of:

a) cheaper production of similar types of fixed assets in manufacturing industries;

b) introduction into production of new, technically more advanced and more economically efficient machines and equipment.

Main capital- is the money invested in fixed assets.

Fixed capital changes its material form and goes through the following stages:

1)investment(monetary form - fixed assets). It implies investing in real assets - buildings, structures, machinery and equipment, etc., and not in financial assets - stocks, bonds, etc.;

2)production(material - material form), consumption in the form of depreciation. The process of gradually transferring the value of the means of labor, as they wear out physically and morally, to the product produced with their help; the use of special funds - depreciation included in the costs of production and circulation, for simple and expanded reproduction of fixed assets;

3) reimbursement: accrued depreciation is converted into cash (cost, revenue). This money is used to purchase new equipment.

Composition of fixed capital:

1)fixed assets- part of the property used as means of labor in the production of products, performance of work or provision of services, or for the management of the organization for a period exceeding 12 months, or the normal operating cycle, if it exceeds 12 months. Fixed assets include land plots owned by the organization, objects of nature management;

2)pending long-term investments- expenses for the creation, increase in size, as well as the acquisition of non-current non-current assets of long-term use (over one year) not intended for sale, with the exception of long-term financial investments in government securities, securities and authorized capitals of other enterprises;

3)long-term financial investment- investments of the organization in government securities, bonds and other securities of other organizations, in the authorized (share) capital of other organizations, as well as loans granted to other organizations;

4) intangible assets. When accepting assets for accounting as intangible, the following conditions must be met at a time:

Absence of material-material (physical) structure;

Possibility of identification (separation, separation) by the organization from other property;

Use in the production of products, in the performance of work or the provision of services, or for the management needs of the organization;

Use for a long time, i.e. a useful life of more than 12 months or a normal operating cycle if it exceeds 12 months;

The organization does not intend the subsequent resale of this property;

The ability to bring economic benefits (income) to the organization in the future.

Availability of properly executed documents confirming the existence of the asset itself and the exclusive right of organizations to the results of intellectual activity (patents, certificates, other titles of protection, an agreement on the assignment (acquisition) of a patent, trademark, etc.).

The following objects of intellectual property (exclusive right to the results of intellectual activity) can be classified as intangible assets:

The exclusive right of the patent owner to an invention, industrial design, utility model;

The exclusive right of the owner to the trademark and service mark, appellation of origin of goods;

The exclusive right of the patent owner to selection achievements.

The composition of intangible assets also includes the business reputation of the organization and organizational expenses (expenses associated with the formation of a legal entity, recognized in accordance with the constituent documents as part of the contribution of participants (founders) to the authorized (share) capital of the organization).

The main funds include:

1)building- type of fixed assets, including architectural and construction objects, the purpose of which is to create conditions (protection from atmospheric phenomena, etc.) for labor, housing, social and cultural services for the population and storage of material values;

2)structures- objects of engineering infrastructure, including buildings, structures;

3)working and power machines and equipment- small pieces of capital, such as a hand drill or screwdriver, which are used in the production of goods;

4)measuring and control instruments and devices, computer technology- measuring instruments and other technical means that perform one or more functions: measurement, accumulation, storage, display of information;

5)vehicles- any sea (river) vessel, hovercraft, aircraft, motor vehicle or unit of railway rolling stock that is used in international transportation for the paid transportation of persons or for paid or free industrial or commercial transportation of goods, as well as their standard spare parts , accessories and equipment contained in their regular tanks fuel and lubricants and fuel, if they are transported together with vehicles 5 ;

6)tool- a means of labor that is used to achieve certain goals;

7)production and household inventory and accessories- a set of various household and industrial items;

8)working, productive and breeding stock, perennial plantations;

9)other fixed assets.

Depending on the degree of participation of fixed assets in the production process, they are classified into;

1) production fixed assets directly or indirectly involved in the production of material assets;

2) fixed assets for non-production purposes (social facilities - hospitals, schools, sanatoriums, etc.).

According to participation in the production process, fixed assets are divided into:

1) active - directly involved in the process of production of goods, works or services (machines, equipment, computers, vehicles, etc.).

2) passive - do not take a direct part in the production process, but create the necessary conditions for its implementation (buildings, structures, etc.).

In practice, the following types of valuation of fixed assets are used:

1) balance;

2) full initial;

3) complete recovery;

4) initial, taking into account wear (residual);

5) recovery, taking into account wear (residual).

Evaluation of fixed assets at book value characterizes the value of fixed assets at the time of their registration in the balance sheet. The book value is thus a mixed valuation of fixed assets, since part of the inventory items is listed on the balance sheets at replacement cost at the time of the last revaluation, and fixed assets commissioned in the subsequent period are accounted for at their original cost (acquisition cost).

Full cost of fixed assets- the cost of fixed assets in prices taken into account when they were put on the balance sheet. Expresses the actual cash costs for the construction of buildings, structures and for the purchase, delivery to the destination, installation (including the installation of foundations, supports) and installation of machinery, equipment and other types of fixed assets at prices that were valid during the construction period or at the time of acquisition of these objects. The full initial cost is the actual cost of commissioning fixed assets. After acceptance of fixed assets for operation, it is reflected in the asset of the balance sheet on the account "Fixed Assets" and remains unchanged until the revaluation of fixed assets, as a result of which the initial cost of objects is replaced by their replacement cost, or until the expansion, modernization and reconstruction of objects at the expense of capital investments, at which costs are added to the original cost.

Replacement cost of fixed assets- these are the estimated costs for the reproduction in modern conditions of their exact copy using similar materials and maintaining all operational parameters. There is a difference between the full replacement cost and the residual (full replacement cost minus depreciation). The full replacement cost is determined by the costs of recreating new fixed assets and is taken into account when revaluing them, based on the actual conditions for the reproduction of fixed assets: contract prices and estimated prices for construction and installation works, wholesale prices for building materials, fuel, energy, machinery, equipment , inventory, etc., transport tariffs, etc.

Cost including depreciation (residual cost) of fixed assets- this is the cost of fixed assets in prices taken into account when they are put on the balance sheet, taking into account depreciation on the date of determination. It is equal to the full initial cost of fixed assets, reduced by the amount accumulated, according to accounting data, to this point of depreciation. Residual initial cost changes in process of depreciation of objects of fixed assets, and also in connection with their expansion, modernization and reconstruction. When revaluing fixed assets, it is replaced by the residual replacement cost.

Replacement cost of fixed assets minus depreciation (residual replacement cost)- the cost of fixed assets not transferred to the created product. It is determined based on the results of the revaluation of fixed assets as the difference between the full replacement cost of fixed assets and the monetary value, filed in accounting, depreciation of inventory items.

Economic efficiency the use (consumption) of the means of labor is characterized by the share of depreciation in the cost of production.

The most important indicators of the use of fixed production assets are capital productivity and capital intensity.

return on assets is determined by the ratio of the value of the annual sales of products to the average annual cost of fixed assets.

capital intensity is an indicator that is inverse to return on assets.

The size of capital productivity or capital intensity is influenced by various factors.

When calculating the return on assets, one can proceed not only from the cost of sales of products, but also from the amount of profit received by the enterprise.

Analysis tasks:

Assessment of the sensitivity of the volume of production and other indicators to the degree of use of fixed assets;

Studying the degree of use of the production capacity of the enterprise and equipment;

Establishment of reserves for increasing the efficiency of the use of fixed assets -

Sources of information: business plan of the enterprise, technical development plan, Balance sheet of the enterprise, Explanations to the balance sheet of the enterprise and the profit and loss statement (section “Fixed assets”), Report on the availability and movement of fixed assets, BM form “Balance of production capacity”, revaluation data fixed assets, inventory cards of fixed assets, design estimates, technical documentation, etc.

The following indicators are used to summarize the efficiency and intensity of the use of fixed assets (OS):

· return on equity(the ratio of profit from the main activity to the average annual residual value of fixed assets);

· return on assets(the ratio of the value of manufactured products to the average annual residual value of fixed assets);

· return on assets of the active part of the OS(the ratio of the value of manufactured products to the average annual residual value of the active part of fixed assets);

· capital intensity(the ratio of the average annual residual value of fixed assets to the value of manufactured products for the reporting period);

· relative savings (overrun) fixed assets, which is calculated by the formula:

In the course of the analysis, the dynamics of the listed indicators, the implementation of the plan according to their level, inter-farm comparisons are carried out. After that, the factors of change in the value of return on assets and return on assets are determined.

The factors of the first level that affect the return on assets of fixed assets are the change in the share of the active part of fixed assets in their total amount, the share of machinery and equipment in the active part of fixed assets and the return on assets of machinery and equipment:

After that, it is necessary to study in more detail the factors of change in the capital productivity of machinery and equipment.

After analyzing the general indicators of the efficiency of the use of fixed assets, the the degree of use of the production capacity of the enterprise, which means the maximum possible output of products at the achieved or planned level of technology, technology and organization of production.

Factors of change in its value can be established on the basis of the reporting balance of production capacity, which is compiled in physical and value terms (in comparable prices) for the types of products produced and for the enterprise as a whole.

To characterize the degree of use of the passive part of fixed assets calculate the rate of output per 1 m2 of production area, which to some extent complements the analysis of the use of the production capacity of the enterprise.

After that, the use of certain types of machines and equipment is studied in more detail.

To analyze the operation of equipment a system of indicators is used to characterize the use of its number, operating time and capacity.

There are the following groups of equipment:

· cash;

installed (commissioned);

including:

actually used in production (acting);

under repair and modernization;

backup.

The greatest effect is achieved if the size of the first three groups is approximately the same.

To characterize the degree of extensive loading of equipment the balance of the time of its work is studied:

· calendar fund of time - the maximum possible operating time of the equipment (the number of calendar days in the reporting period is multiplied by 24 hours and by the number of units of installed equipment);

regime (nominal) fund of time (the number of units of installed equipment is multiplied by the number of working days of the reporting period and the number of hours of daily work, taking into account the shift ratio);

effective (possible) fund of time - this is the difference between the regime fund and the time for repair and modernization of equipment;

· planned fund - the operating time of the equipment necessary for the production of the planned output;

The actual fund of hours worked (according to accounting data).

Reasons for changing the average hourly production of equipment and their impact on the volume of production is established on the basis of studying the implementation of the plan of innovative measures.

Reserves for increasing output through the commissioning of new equipment is determined by multiplying its additional amount by the current level of average annual output or by the actual value of all factors that form its value.

Reducing all-day downtime equipment leads to an increase in the average number of days worked by each unit per year.

To count reserve for increasing output by increasing the shift ratio as a result of a better organization of production, it is necessary to multiply the possible increase in the latter by the planned number of days of operation of the entire fleet of equipment and by the current level of shift output.

Reserve for increasing output by reducing intra-shift downtime in is determined by multiplying the planned increase in the average duration of a shift by the actual level of average hourly output of equipment and by the possible number of shifts worked by its entire fleet.

MINISTRY OF EDUCATION OF THE RUSSIAN FEDERATION

DON STATE TECHNICAL UNIVERSITY

DEPARTMENT OF SOCIAL AND HUMANITARIAN SCIENCES

COURSE WORK

in the discipline "Economic analysis"

Topic: "Analysis of the efficiency of the use of fixed capital."

Performed by student gr. EME 4-42 Sitnikov E.V.

Checked by the teacher Smertina E.N.

Rostov-on-Don

Introduction……………………………………………………………………………3

1. Analysis of the effectiveness of the use of fixed production assets (OPF)……………………………………………………………………………….4

2. Analysis of the use of technological equipment…………………..…..11

3. Reserves for increasing output, capital productivity and

return on equity…………………………………………………………..15

4. Analysis of the effectiveness of the use of intangible assets…………...17

5. Analysis of the use of the production capacity of the enterprise……..21

Conclusion…………………………………………………………………….26

List of used literature…………………………………………27

Annex 1………………………………………………………………….28

Introduction.

The market economy in the Russian Federation is at the stage of formation. In market conditions, business entities (enterprises, firms, organizations) are the main link in the economy, since it is at the enterprise that the products and services necessary for society are created, production resources are used, and progressive equipment and technology are applied.

The formation of market relations involves a competitive struggle in which those (economic entities) who effectively use all types of available resources win. The market puts economic entities in tough economic conditions that lead them to pursue a balanced policy to maintain and strengthen the financial condition: its solvency and financial stability.

Efficient use of all types of resources, including fixed assets, as one of the elements of material and material factors of production, contributes to the growth of capital productivity and labor productivity, increased output, reduced costs, increased profits and improved financial condition.

The state of the production potential of economic entities and financial stability are closely linked. In order to increase financial stability, an economic entity should strive to realize unused reserves for increasing the efficiency of using all factors of production. It is possible to identify and use the existing reserves for increasing the efficiency of production only on the basis of an analysis of all factors of production.

1. Analysis of the effectiveness ofuse of the main productionprivate funds (OPF)

Fixed assets occupy, as a rule, the main share in the total
the amount of the company's capital stock. The final results of the enterprise activity largely depend on their quantity, cost, technical level, efficiency of use: production output, its cost, profit, profitability, financial stability.

For a generalizing characteristic of the efficiency of the use of fixed assets, profitability indicators (the ratio of profit to the average annual cost of fixed production assets), capital productivity (the ratio of the cost of manufactured or sold products, after deducting VAT, excises to the average annual cost of fixed production assets), capital intensity (the inverse indicator of capital productivity), specific capital investments per one ruble of production growth. The relative savings of fixed assets are also calculated:

- respectively, the average annual cost of fixed production assets in the base and reporting years; IBP - index of production volume.

When calculating the average annual value of funds, not only own, but also leased fixed assets are taken into account and funds that are on conservation, reserve and leased are not included.

Partial indicators are used to characterize the use of certain types of machines, equipment, production space, for example, the average output in kind per unit of equipment per shift, output per 1 m 2 of production space, etc.

In the process of analysis, the dynamics of the listed indicators, the implementation of the plan in terms of their level are studied, inter-farm comparisons are carried out.

Data sources for analysis: business plan of the enterprise, technical development plan, accounting balance sheet of the enterprise, appendix to the balance sheet, report on the availability and movement of fixed assets, balance of production capacity, data on the revaluation of fixed assets, inventory cards of fixed assets, design estimates , technical documentation, etc.

The most general indicator of the effectiveness of the use of fixed assets is the return on investment. Its level depends not only on capital productivity, but also on the profitability of products. The relationship between these indicators can be represented as follows:

where R op f - the profitability of fixed assets; P - profit from the sale of products; OPF - the average annual cost of fixed assets; VP and RP - respectively, the cost of manufactured or sold products; FO - return on assets; R vp, R rp - profitability of manufactured or sold products.

The change in the level of capital productivity, in turn, is influenced by a number of factors. Factors that determine the profitability of fixed assets are shown in fig. 1.(Appendix 1)

Table data. 1 show that the actual level of profitability of fixed assets is lower than planned by 3%. To determine how it has changed due to the return on assets and the profitability of products, you can use the method of absolute differences.

Initial information for the analysis of the effectiveness of the use of fixed assets.

Index	Plan	Fact	Deviation
Output volume (VP), million rubles Profit from product sales, million rubles Average annual cost, million rubles: fixed production assets (OPF) of the active part of a piece of equipment (C) Share, coefficient: of the active part of funds of production (Rvp), % Capital productivity, rub.: fixed production assets of the active part Average annual number of technological equipment (K) Worked out for the year by all equipment (T), thousand hours Including a piece of equipment: hours (Ted) shifts (SM) days ( E) Shift ratio of equipment operation (Ksm) Average shift duration (P), h	96000179001271576801200,604140,818,657,5512,564240375050025027,50,400	10080019269140008400127,270,6037,819,147,2012,066226,513432470,42451,927,30,445	+4800+1396+1285+720+7,27-0,004-3,0+0,49-0,35-0,50+2-13,49-318-29,6-5,0-0,08-0,2+0,045

Change in return on equity due to:

Return on assets of fixed production assets:

;

profitability of production:

The factors of the first level that affect the return on assets of fixed production assets are the change in the share of the active part of the funds in the total amount of OPF and the change in the return on assets of the active part of the funds:

According to Table. 1 we will calculate the influence of factors
way of absolute differences:

Total -0.35 rub.

The return on assets of the active part of the funds (technological equipment) directly depends on its structure, operating time and average hourly output.

For the analysis we use the following factorial model:

The factorial model of equipment return on assets can be expanded if the operating time of a piece of equipment is presented as a product of the number of days worked (D), shift ratio (Kcm) and average shift duration (L).

The average annual cost of technological equipment is equal to the product of quantity (K) and the average cost of its unit in comparable prices (C):

The calculation of the influence of factors on the increase in capital productivity of equipment can be performed by the method of chain substitution.

fixed capital balance efficiency

The main production facilities in the process of functioning gradually wear out and are replaced by new ones. Since the main production assets have a natural and value expression, their gradual loss of capacity takes a dual form - the form of physical and cost (moral) depreciation.

Physical depreciation is the loss of their consumer value by the main production means, i.e. the ability to perform the functions of proper quality provided for by the operational passport. It occurs both when the main production facilities are used, and when they are inactive (corrosion). The degree of physical wear and tear depends on the design of products and the quality of the material from which it is made, the degree and time of their use, the qualifications of workers, the specifics of technical processes, the care of the main production facilities, the timeliness and quality of their repair.

Such depreciation can be complete or partial, therefore, the reimbursement of fixed production assets can be complete (renovation) or partial. When the main production assets are completely worn out, they are compensated by acquiring new machines, building new buildings to replace worn ones. The source of financing for the reimbursement (reproduction) of fixed production assets is the amount of accrued depreciation. Partial wear and tear is compensated by their repair. The source of financing for repairs is the cost of production.

Physical depreciation is manifested in the constant loss of technical and economic properties and, consequently, in the loss of use value, which, as fixed assets are used, is transferred to the finished product.

There are two methods for determining the physical depreciation of fixed assets: by service life and their technical condition.

When conducting a technical survey, the physical wear of individual structural elements is assessed, and then the weighted average percentage of wear for the whole object is determined.

Obsolescence is a premature, before the expiration of the standard period of physical wear and tear, equipment lagging behind new equipment in terms of its technical characteristics and economic efficiency.

Moral obsolescence arises as a result of an economic process due to the reduction of socially necessary costs for the production of a machine and the creation of new, more advanced in design, economical and productive machines.

The essence of obsolescence lies in the fact that one or another type of equipment, even before its complete physical deterioration, is depreciated. Depreciation occurs for two reasons:

1) as a result of cheaper reproduction of a machine of the same design, with the same performance characteristics due to the growth of labor productivity in enterprises producing these types of fixed production assets. This is the obsolescence of the first form I1; it is progressive and does not lead to losses. Calculated as:

where FP, PV - initial and replacement cost.

2) as a result of the creation of new, structurally more advanced machines, with higher performance characteristics. The productivity of new machines is higher, and the cost of products manufactured on them is lower. Under these conditions, the use of obsolete equipment leads to losses and must be replaced with new ones before the period of physical deterioration. This is the obsolescence of the second form I2; its value is calculated as:

where Mon, Ps - respectively, the performance of new and old equipment.

Partial compensation for obsolescence is carried out by upgrading the equipment, and full - by replacing it with a new one.

Recovery of fixed assets can be "full" and "partial". Full restoration of fixed assets occurs after their complete physical wear and tear and is carried out by replacing the existing equipment with a new one (or during capital construction). With partial restoration, individual parts of the parts are replaced by repairing them.

Along with in-kind recovery, “economic recovery” is carried out - reimbursement at cost through the depreciation system.

The growth rate of production depends not only on the increase in the volume of fixed assets, but also on the degree of their use. Insufficient loading of equipment hinders the volume of output, increases its cost not only due to depreciation, but also the increase in the cost of maintaining an excessive number of repair workers, reduces the profit of the enterprise.

A system of indicators is used to assess the level of use of fixed assets. The general indicator is the "return on assets".

The return on assets is the ratio of the results of production (commercial output) to the average annual cost of fixed production assets (the reverse of this indicator is “capital intensity”). Generalizing indicators can also include “capital-labor ratio”, which is defined as the ratio of the average annual cost of fixed assets to the average annual number of general (or industrial) personnel:

where FO - return on assets; VP - the volume of production; - average annual cost of industrial fixed assets; - average number of employees; PT - labor productivity; FV - capital-labor ratio:

where BP - revenue; Fa - the average annual cost of the active part of fixed assets.

To increase the return on assets, it is necessary that the growth rate of labor productivity outstrip the growth rate of its capital-labor ratio.

The indicator of capital intensity of production has not yet been studied sufficiently. It is mainly used in substantiating the rates and proportions of expanded reproduction to build an enlarged dynamic model of the input-output balance. This indicator can also be used in assessing the efficiency of the sectoral structure, the location of production, pricing, determining the need for fixed capital, etc.

where F - the cost of fixed assets; VR - proceeds from sales.

To assess the used fixed assets, an indicator of the degree of their economic suitability and depreciation is used, which are calculated as follows:

Economic viability of fixed assets,

Cost depreciation of fixed assets,

If the depreciation of fixed assets at the enterprise does not exceed 20%, this means that the fixed assets are new; from 20 to 50% - the degree of wear is normal: from 50 to 75% - the problem of updating fixed assets is not solved, which is a serious prerequisite for the deterioration of the competitiveness of the enterprise and products. If the degree of depreciation exceeds 75%, then the company is a potential bankrupt. The reasons for this situation are the subject of a special study. The first possible reason is that the administration of the enterprise did not ensure the simple reproduction of fixed capital. The second is that the state regulation of the enterprise's depreciation policy was erroneous.

A generalized assessment of the movement of fixed assets is given by the coefficients of renewal, disposal, growth and reproduction, which also characterize the technical condition of fixed assets.

The renewal coefficient (Ko) reflects the intensity of renewal of fixed assets and is calculated as the ratio of the value of fixed assets newly received during the reporting period (Fn) and their value at the end of the same period (Fc):

Ko \u003d Fn: Fk,

It is advisable to calculate the renewal coefficients for all fixed assets, industrial production, their active part, certain groups of industrial production fixed assets and main types of equipment. They can also be calculated separately for all received fixed assets and separately for those put into operation. In the latter case, such a coefficient is called the input coefficient. (Kv).

The renewal of fixed assets can occur both through the acquisition of new ones and through the modernization of existing ones, which is more preferable, since in this case materialized labor is preserved in structural elements and units that cannot be replaced. The renewal of technology is also characterized by the coefficient of automation (Kavt), calculated by the formula:

Kavt \u003d Faut: Fm,

where Favt - the cost of automated means; Fm - the total cost of machinery and equipment.

Retirement ratio (Kvyb) characterizes the degree of intensity of the retirement of fixed assets from the sphere of production and is calculated as the ratio of the value of fixed assets retired during the reporting period (Fyb) to their value at the beginning of the same period (Fn):

Kvyb \u003d Fvyb: Fn,

It is advisable to calculate the retirement rates for all fixed assets, industrial and production assets, the active part, certain groups of industrial and production assets and the main types of equipment. They can also be calculated separately for all retired fixed assets and separately for liquidated ones. In the latter case, such a ratio should be called the liquidity ratio (Click).

Growth coefficient (Kpr) characterizes the level of growth of fixed assets or its individual groups for a certain period and is calculated as the ratio of the value of the growth of fixed assets (Fpr) to their value at the beginning of the period (Fn):

Kpr \u003d Fpr: Fn,

The methodology for comparative analysis of the growth rate is similar to the methods for analyzing the coefficients of renewal and disposal of fixed assets.

The reproduction ratio of fixed assets is calculated as the ratio of capital investments to the cost of fixed assets being put into operation.

General indicators of the technical condition of fixed assets are the depreciation and usefulness coefficients.

The depreciation rate (Ka) is defined as the ratio of the amount of depreciation (A) to the initial cost of fixed assets (F):

The shelf life coefficient (Kg) is the ratio of the residual value of fixed assets (Fo) to the original (F):

Depreciation and usefulness factors are calculated both at the beginning of the period and at the end (reporting date). The lower the depreciation rate (the higher the shelf life), the better the technical condition in which the fixed assets are located.

Introduction
Conclusion
Applications

Introduction

Relevance of the topic. The problem of increasing the efficiency and intensity of the use of capital occupies a central place in the period of Russia's transition to market relations. The place of the enterprise in industrial production, its financial condition, and competitiveness in the market depend on the solution of this problem. Having a clear understanding of the role of capital in the production process, its physical and moral depreciation, factors affecting the use of capital, it is possible to identify methods, directions by which the efficiency of using capital and production capacities of an enterprise is increased, ensuring a reduction in production costs and an increase in labor productivity.

In the conditions of market relations, such issues relating to the use of capital as the technical level, quality, and reliability of products come to the fore, which entirely depends on the qualitative state of technology and its effective use. Improving the technical qualities of the means of labor and equipping workers with them provide the bulk of the growth in the efficiency of the production process.

In market conditions, enterprises, regardless of their form of ownership, acquire equipment and build workshops at the expense of their own depreciation, profits, and loans. And in order for production to be efficient, and the huge funds spent on the creation and acquisition of OPF not to be lost in vain, capital must be used most fully and rationally. The profit of the enterprise, and, consequently, further development, depends on how the capital is used.

The role of capital, its effective use in various economic relations is always important. This is due to the fact that the main source of profit for any enterprise, the national wealth of the country is the skillful, reasonable, fairly complete use of capital, with their timely modernization and renewal. In combination with human labor, developed management at various levels of production and marketing, maximum efficiency in the use of capital is achieved. This is especially important at present for each enterprise, region, and the whole country as a whole, because The Russian economy is now in a crisis, the way out of which can only be carried out on the basis of an increase in the volume of production, work, and services in all sectors of the national economy.

Due to high inflation rates, enterprises do not have enough depreciation fund for renovation RENOVATION (from Latin renovatio - renewal, renewal), the economic process of replacing the means of production that are being retired as a result of moral and physical deterioration. The depreciation fund serves as a source of renovation. equipment. And enterprises equipped with obsolete equipment, producing products according to the old, uneconomical technology, are not capable of producing competitive products.

The purpose of the work is to explore the concept of fixed capital of an enterprise.

Based on the research topic, the following tasks are solved:

Theoretical aspects of capital analysis;

Analyze the efficiency of the organization's capital use;

Suggest ways to increase return on capital

The object of study is the fixed capital of an enterprise and its features in modern economic conditions

The subject of the study is the cost of capital of the enterprise.

1. The essence, purpose and objectives of the analysis of the use of capital

1.1 Purpose, objectives and methods for analyzing the use of capital

Fixed capital is a generalizing indicator that characterizes in monetary terms the entire capital of an enterprise, company, both physical and monetary. Fixed capital includes long-term material assets (land property, buildings, machinery, equipment), financial investments (own securities, investments in other enterprises, debts of other enterprises), intangible assets (patents, licenses, trademarks, projects).

The efficiency of capital use is determined by the results of its operation and the relationship with the costs necessary to obtain these results. Currently, the efficiency of capital use, as a rule, means the amount of profit received per ruble of invested capital.

Since the state of capital in the course of the enterprise's activity is constantly changing, in our opinion, in addition to the indicator of the amount of profit received, the efficiency of capital functioning should also be determined by a more general indicator - the amount of capital growth for the period. Therefore, as the main criteria in assessing the efficiency of capital use, it seems necessary to use several indicators, namely: the profit received by the enterprise for the reporting period, changes in financial indicators in general, business activity indicators of the enterprise, and the amount of capital growth of the enterprise for the period.

When determining the efficiency of capital use, both the methods of financial and investment analysis and the methods of complex analysis of capital should be used. This approach makes it possible to obtain a comprehensive assessment from two positions for further comparison and determination of the degree of detail required.

Capital, passing successively through all stages of production, performs its function in each. Not only does a part of the capital necessary for the enterprise alternately pass through the three forms of money, productive and commodity capital, but different parts of this capital constantly exist side by side in these three forms, and the relative magnitude of these parts is constantly changing.

Consequently, when calculating, evaluating and analyzing capital, it is necessary to consider it from two positions: on the one hand, according to the sources of its formation, and on the other hand, according to the physical form of its existence. In the process of production and at the stages of circulation, the dual nature of capital constantly manifests itself, which determines it as a source for the creation of productive active capital and as the cause of the obligations of the enterprise. The process of studying capital should include two main aspects inherent in any system research: the study of the genetic aspects of the system (in this case, this is the formation of capital) and the study of the functional aspects of the system (the process of capital functioning).

Schematically, this can be represented as shown in Fig.1.

Fig. 1 - An enlarged scheme for conducting capital analysis Afanasiev A.A. Circulation of capital in an enterprise. - M.: Economic education, 2009.S. 89

In this regard, when analyzing capital, it is necessary to consider the processes of its formation and development, on the one hand, and the processes of its functioning, on the other. To reflect the main stages of a comprehensive analysis of capital, you can use the diagram shown in Fig. 2.

Fig.2 - Scheme of the system of complex analysis of capital

The genetic side of capital is studied by evaluating and detailed study of the entire set of sources of capital of an enterprise, by evaluating the process of formation, determining the structure and other qualitative indicators of sources of capital formation, as well as determining their value Afanasiev A.A. Circulation of capital in an enterprise. - M.: Economic education, 2009.S. 90 .

capital financial stability liquidity

The functional component of this system is determined by reflecting the price of the functioning capital of the analysis of the structure and other qualitative indicators of this category.

A special place in the system of analysis of the capital of an enterprise is occupied by the study of its current state, as well as indicators of the intensity and efficiency of use. Approaches to the analysis of capital can be very diverse.

The main purpose of capital analysis is to obtain a small number of key (most informative) parameters that give an objective and accurate picture of the effectiveness of its use.

The objectives of the analysis are achieved as a result of solving a certain interrelated set of analytical tasks. The analytical task is a specification of the goals of the analysis, taking into account the organizational, informational, technical and methodological capabilities of the analysis. Ultimately, the main factor is the volume and quality of the initial information. At the same time, it should be borne in mind that the periodic accounting or financial statements of an enterprise are only "raw information" prepared during the implementation of accounting procedures at the enterprise.

The main objectives of the analysis of the effectiveness of the functioning of capital are:

Determining the impact of profit on capital;

Establishment of capital gains;

Assessment of the impact on the financial position of the enterprise of the state of capital indicators.

When used in enterprise management, capital analysis must be divided according to goals - into strategic and current (operational). At the same time, when conducting a comprehensive system analysis, there is no need to separate the economic analysis of the enterprise's activities into purely managerial and financial ones, because These two approaches are in constant interaction and complement each other. It is not possible and not necessary to consider the analysis of the financial function of an enterprise in isolation from production and marketing, since they are interconnected and interdependent with each other, and the basis of this mutual connection is the processes of capital turnover and circulation.

When analyzing the capital of an enterprise, it is necessary to use all approaches of functional analysis of various levels and consider capital as a set of property and functions of an enterprise, interdependent and interrelated in time.

Especially productive when analyzing the capital of an enterprise can be the use of balance analysis methods that allow you to study the ratio of balance sheet items by using equations and calculating relative indicators of relationships between the components of the balance sheet of an enterprise and determining the quantitative value of these relationships. These methods of analyzing the balance sheet of an enterprise are sometimes called financial. But this is not entirely true, since financial analysis uses balance methods only as a tool, however, in fact, these methods remain exactly balance, and the use in determining financial indicators only gives them a financial form.

The balance methods used in calculating the coefficients characterizing the state, movement of capital, the effectiveness of its functioning are based on financial accounting data. This moment is of great importance in terms of the accuracy of the use of information, since the financial statements of the enterprise from the legal and accounting positions reliably, systematically reflect data on its property, financial position and performance in monetary terms.

In addition, the users of financial statements are not only legal entities and individuals interested in obtaining this information, but also the enterprise itself, its internal divisions and management personnel, this fact of multiple use of reporting data determines the availability of obtaining information about the capital of the enterprise and the convenience of using information base.

Among economists, there is an opinion that internal management analysis is an integral part of management accounting, and external financial analysis is an integral part of financial accounting. It seems that such a judgment is not sufficiently substantiated, because. economic (management and financial) analysis is a method of studying credentials, a method used in the implementation of all functional systems of an enterprise, and at the same time an independent management function that uses credentials as an information base. When conducting the analysis of capital, such a narrow approach is not applicable, since both financial and management accounting data are used here.

When conducting a comprehensive system analysis of the capital of an enterprise, it is important to follow the sequence of the analysis, based on the order in which the capital passes through the stages of turnover and circulation. In this regard, it is hardly possible to agree with the sequence of conducting an analysis of the balance sheet of an enterprise, which provides for approaches that ignore these most important principles of the formation and functioning of capital, and at the first stage, evaluate assets, then liabilities and equity. Following the temporary principle of the formation and functioning of capital, the analysis of reporting must begin with an assessment of the sources of formation of the capital of the enterprise, moving on to the next stage - to the analysis of the functioning capital (assets), and then analyze the current capital of the enterprise.

Unfortunately, it should be stated that at present, in practice, complexity in the analysis of capital in an enterprise is not ensured, primarily due to the lack of appropriate methods for its implementation.

1.2 Indicators of the use of capital. Methodology for their calculation

Capital investment must be efficient. The efficiency of capital use is understood as the amount of profit attributable to one ruble of invested capital. Capital efficiency is a complex concept that includes the use of working capital, capital, and intangible assets. Therefore, the analysis of the effectiveness of capital is carried out in its individual parts, then a summary analysis is made.

The influence of the amount of capital on other performance indicators of the enterprise can be seen using the diagram shown in Fig. 3 Bakanov M.I., Sheremet A.D. Theory of economic analysis. 4th ed. - M.: Finance and statistics, 2009.S. 67 .

Fig.3. The relationship between the amount of capital and other indicators of the enterprise

The indicators of the efficiency of capital use include: profit, result in the form of current capital, profitability, profitability, capital intensity, use of depreciation charges, changes in financial condition indicators.

General approaches to the analysis of the efficiency of capital use can be depicted in the form of a diagram in Fig. 4 Bakanov M.I., Sheremet A.D. Theory of economic analysis. 4th ed. - M.: Finance and statistics, 2009.S. 69 .

Fig. 4 - Scheme of indicators of the efficiency of capital use

When analyzing the use of fixed capital, the following coefficients are used:

return on fixed capital

return on capital of fixed productive capital

return on capital of fixed production capital

return on capital of fixed non-productive capital

Indicators of the use of fixed capital:

working capital turnover ratio

working capital turnover in days

working capital utilization factor

Indicators of the use of current capital: the amount of current capital, current capital =pure assets

return on net assets

ratio of authorized capital and current capital

the ratio of the amount of authorized and reserve capital, and current capital

share of net assets in own sources of capital

The development of a system of indicators in itself is of great importance for the calculation, evaluation and analysis of entrepreneurial capital. In addition, the system of indicators is objectively necessary for the development of a methodology for a comprehensive economic analysis of capital, which currently does not even exist in a more or less approximate form. Today, in essence, we are dealing in this area with a certain set of analytical problems, which is far from complete and, of course, not built into a separate methodology.

Meanwhile, only the development of a comprehensive methodology for the economic analysis of capital will make it possible to give a real assessment of the size, structure, dynamics of capital, to identify the causes and factors influencing its changes.

When developing a capital analysis methodology, a systematic approach was applied, which consists in using a system of indicators. For this, the range of users, sources of information and indicators to be reflected are determined.

The developed methodology reveals the content of the analysis of the capital of the enterprise, determines the main directions and methods of analysis in relation to the capital of the enterprise.

This technique is intended for use in the practical work of the economic services of enterprises of various forms of ownership engaged in entrepreneurial activities, managers, chief accountants, financial analysts, as well as in the management of small businesses and private entrepreneurial capital.

The practical application of this technique is aimed at improving the management of the capital of business entities, through a detailed study of the process of formation and functioning of the capital of an enterprise, a thorough, comprehensive analysis of all its constituent elements, their interconnection and mutual conditionality.

The need to apply the above approaches lies in the fact that at present the capital of an enterprise as the foundation of the concept of creating and operating a business is clearly insufficiently studied, and the main attention is paid to the operational management of the financial flows of an enterprise.

The proposed methodology is basic and can be used in large associations, holding groups, as well as separate structural divisions of large organizations, branches, etc., taking into account the specifics of their activities.

A comprehensive analysis of the capital of an enterprise using this technique can be carried out at an enterprise with the following frequency: based on the results of work for the year, quarter, etc., i.e. simultaneously with the formation of financial statements, as well as for shorter periods of time, for example, monthly, ten days.

To determine the main trends in the formation and use of its capital by an enterprise, it is necessary to carry out a trend analysis according to the described proposed system of indicators in dynamics over a number of (3-5) years.

The application of the methodology provides for complex use, but it is possible to use its individual sections to analyze a narrower range of issues, i.e. study of specific elements of the capital system of the enterprise, depending on the purpose of the analysis.

2. Analysis of the use of capital of an industrial enterprise

2.1 Brief description of the object of study

The construction of buildings and structures in all sectors of the national economy is associated with the widespread use of metal structures. To implement this task in 1969, the Samara Steel Structures Plant was put into operation. The plant specializes in the manufacture of structures for ferrous and non-ferrous metallurgy, the chemical industry, mechanical engineering, the building materials industry, transport enterprises, agriculture, cultural facilities and others.

The total area of the plant's territory is 81.7 hectares, the commissioned industrial buildings are 128460 m 2 . The structure of products can be determined by the production capacities shown in Table 1.

Table 1

SZMK production capacities as of 1.01.2010

SMZK belongs to the building materials industry.

The plant is equipped with high-performance equipment, such as: a mill for the production of cold-closed welded profiles (Germany), a line for the production of profiled flooring (Italy), CNC machines for dimensionless cutting of rolled metal, conductors for assembly, automatic machines for welding structures.

As of January 1, 2010, the cost of the plant's fixed assets amounted to 1,744,284 thousand rubles, including industrial production - 1,618,174, of which: buildings - 884,738, structures - 67,561, machinery and equipment - 499,180, tools and equipment - 32,989, vehicles - 60697 and transmission devices - 73009 thousand rubles. The available fleet of equipment is characterized by significant physical wear and tear: 59.6%, the service life is more than 10 years.

The main raw material for production is a wide range of rolled metal, which is imported from Russia and Ukraine, its annual demand in recent years has amounted to 160-180 thousand tons.

The average number of employees of the plant is 2350 people, including 2100 industrial and production personnel.

2.2 Factor analysis of return on equity

Profitability indicators are used to assess the profitability of the enterprise and the efficiency of its functioning.

The mechanism of influence of the main factors on the profitability of the capital of an enterprise can be depicted in the form of a diagram shown in Fig. 5.

Fig.5 - The system of factors influencing the return on capital

It is preferable to start the analysis of return on capital with the study of profit indicators that characterize the added value brought by capital in the course of its functioning. In this regard, first of all, it is necessary to consider the process of profit formation in the enterprise. To do this, the amount of profit of the enterprise, the amount of taxes paid from the profit, and the amount of net profit is determined. Changes in the dynamics of profit for a number of reporting periods are studied. This can be done using Table 2

table 2

Profit dynamics (thousand rubles)

The indicator of the total return on capital is calculated as the ratio of the net profit received by the enterprise for the reporting period to the average amount of capital for the period:

; .

This indicator can be determined both by gross (gross) profit and by net (net) profit, and the ratio of the indicators calculated in this way shows the degree of taxation of the enterprise's profit:

; ,

Return on equity based on net profit;

Return on equity based on gross profit.

Similar profitability indicators are used in the international practice of financial analysis:

ROI - return on invested capital:

ROA - return on assets:

Average total assets - the average annual value of the company's total assets (defined as the sum of assets at the beginning and at the end of the year, divided in half)

ROE - return on equity:

ROIC - return on invested (advanced) capital.

;

Return on equity is one of the indicators that characterize the cost of capital of an enterprise and investment attractiveness for external sources of raising capital. For the enterprise itself, the degree of return on capital is even more important, which is expressed in the possibility of further existence, as well as the reproduction of capital and the formation of funds for the implementation of the current activities of the enterprise.

There are various approaches to assessing the profitability of an enterprise through a separate definition of the return on equity and return on investment. When analyzing the return on capital, this is a fairly balanced approach, since the company bears the costs of servicing capital, both its own and attracted. When determining the generalized indicator of return on capital for external consumers of information, there is no need to separate the return on equity and attracted capital. But this principle applies only to determining the current market value of capital.

When conducting an analysis of the return on capital of an enterprise for internal use, a different approach should be applied - an in-depth study of all factors affecting the return on capital, and all existing relationships.

The key factors in the formation of the indicator of the total return on capital R o are the shares of each type of assets in the total return on capital.

R o \u003d Rod + Ri + Rop. d

R o \u003d 0.20 + 0 + (-0.07) \u003d 0.13

Rod - profitability from the main activity;

Ri - profitability from investment activities;

Rop. e - profitability from other operating activities.

2.3 Capital turnover analysis

Another indicator used in the analysis of capital - capital productivity (income from the use of capital) - is characterized by three main parameters:

The amount of income received;

The quality of the income received;

The length of the income earning period.

The rate of return on capital, or capital turnover, is defined as the ratio of the volume of proceeds from the sale of products to the amount of capital:

When analyzing the efficiency of capital use, the influence of its structure on capital productivity is determined, i.e. the ratio of equity and borrowed capital, which determines the degree of financial independence of the enterprise by sources of capital, which in essence is both an assessment of the structure of the enterprise's expenses for servicing equity and borrowed capital.

Table 3

The degree of influence of individual factors on the change in the resulting indicator of capital productivity

It is also possible to use the calculation scheme of factor analysis. The calculation of the influence of factors on the change in the value of capital productivity should be carried out according to the following scheme.

The relationship between changes in the value of capital productivity is determined by the formula:

DCo = Cofact - Coplan

DKo = 1.01 - 1.0 = 0.01

DKo - change in capital productivity;

DKobaz \u003d Cofact - Kobaz

DCbase = 1.01 - 0.93 = 0.08);

Koplan, Kofakt and Kobaz - indicators of return on capital related to the planned value, actual and base.

The change in the value of capital productivity due to changes in the cost of capital can be determined as follows:

K co SC = = 8.3

DC - change in the cost of capital; is the average annual cost of capital. The change in the level of return on capital K to VP under the influence of changes in the volume of production is defined as the ratio of the volume of production to the average annual cost of productive capital. To conduct this analysis, indicators of capital productivity and capital intensity are used. The cost of all assets attributable to 1 volume of sales

K ko VP = K o f

Average annual cost of production capital, planned

Average annual cost of production capital, actual

K co VP = = 0.007

The increase in capital productivity reflects an increase in the efficiency of the use of fixed capital.

The value, the return of capital productivity, is an indicator of the capital intensity of production. It is believed that this indicator shows the amount of fixed capital costs per 1 ruble of proceeds from product sales:

Average value of fixed capital for the period (rubles);

The volume of proceeds from the sale of products for the period (rubles).

However, this indicator is only indirectly related to the process of capital turnover, so it would be more correct to use this concept in relation to:

which determines the share of capital transferred to products in the process of turnover.

The decrease in the value of the indicator of capital intensity of production reflects the increase in the efficiency of the use of fixed capital.

2.4 Analysis of the financial stability and liquidity of the enterprise

The financial stability of an enterprise can be determined by calculating the following ratios:

autonomy coefficient

;

capital immobilization coefficient

;

the ratio of the provision of reserves with own sources of working capital

coefficient of working capital security with own sources

Table 4 can be used to analyze the impact of capital on financial stability indicators.

Table 4

Analysis of the impact of capital on financial stability indicators

Name of coefficients	The procedure for calculating the coefficients	The actual value of the coefficients	Established criterion
		for the beginning of the year	at the end of the year
Equity multiplier	Commitments
Autonomy coefficient	Own sources of capital Total amount of capital
Investment coverage ratio	Own sources of capital + long term duties
The ratio of current assets to own sources of capital	Own working capital Current assets
Equity maneuverability ratio	Own working capital Own sources of capital
Depreciation accumulation factor	Depreciation of fixed capital and intangible assets Initial cost of fixed capital and intangible assets
Real asset value ratio	Real assets Total sources of capital

When analyzing the liquidity of an enterprise, a number of coefficients are calculated:

total liquidity ratio

;

quick ratio

absolute liquidity ratio

;

In addition, during the analysis, the net working capital indicator is calculated, i.e. financed using the company's own capital:

= Current obligations - negotiable capital ;

( = 48,034 - 39,420 = 8,614).

In conclusion, Table 3.17 can be used to determine the dynamics of these indicators and the impact on their values of capital.

Table 5

The relationship between liquidity indicators and the amount of capital

Thus, it should be noted that the main objective of the proposed methodology is the formation of a qualitative approach to the management of entrepreneurial capital, based on a systematic, comprehensive analysis of capital, a real assessment of the state of the enterprise and the results of its activities.

3. Ways to increase the return on capital

Very important for the enterprise is the use of capital, maintaining it in the amount that optimizes the management of current activities. Analysis of the efficiency of capital use is the most important tool of the enterprise. How deeply and in detail such an analysis is carried out in the enterprise, so effective and successful will be the financial and economic activity of the enterprise.

For the efficient use of capital in the production process, it is necessary to increase the share of its active part.

Currently, at an industrial enterprise, much less attention is paid to improving the efficiency of using fixed industrial assets and production capacities than in the 80s ... 90s. All aspirations are directed to survival. The funds received from the sale of products are only enough to purchase materials and pay workers. The funds of the depreciation fund, due to inflationary processes, do not fully compensate for the depreciation of the OPF.

The main form of planning for increasing the efficiency of capital use are plans for technical development and organization of production and technical re-equipment of the enterprise.

In terms of technical development and organization of production, measures aimed at increasing the use of capital are concentrated in the sections:

1) introduction of progressive technology, mechanization and automation of production;

2) modernization of existing and renewal of obsolete equipment;

3) improvement of management, planning and organization of production;

4) research and development work;

5) introduction of scientific organization of labor.

Among the most effective measures aimed at improving the efficiency of capital use in 2004 are:

Implementation of centralized power supply for welding stations. The event is aimed at reducing the number of welding equipment, freeing up production space, reducing the amount of repair work and saving electricity;

Modernization of end-milling machines - production and introduction of mechanized clamps to machines. The event is aimed at reducing the time of auxiliary operations, which increases the intensive load of the machine, labor productivity, improves the quality of manufactured products;

Assimilation of the production of typical elements of buildings according to the 8396KM, 8397KM series, which will significantly reduce the labor intensity of the manufactured structures due to the unification and standardization of the assembly grades included in the design;

Mastering the manufacture of new types of products: garage doors, small premises (kiosks), metal fences, safes. This event is aimed at increasing the load factor of equipment with significant reserve capacity, expanding the range of products for the domestic market.

To improve the efficiency of capital use at MZMK, it is necessary to pay attention to the following issues:

Organization of reliable accounting of equipment operation in terms of time and power, which will make it possible to regulate the loading of reserve capacities by manufacturing products that are not included in the main range;

Accounting for the costs of repair, maintenance and operation of each piece of equipment in order to determine the optimal service life, after which further use of the equipment is not economically feasible;

Introduction of in-depth internal cost accounting. This is the main direction in the activation of the human factor in relation to the use of technology and the development of a genuine economic attitude towards it by the workers of the plant. The standard production capacity of a site or workshop can become the basis for determining intense plan targets.

Conclusion

In a market economy, an important place in the survival of industrial enterprises belongs to the efficient use of capital, which led to the choice of the topic of the course work and its relevance.

Increasing the efficiency of the use of capital is also of great importance in the entire national economy. The solution of this problem means an increase in the production of products necessary for society, an increase in the return on the created production potential and a more complete satisfaction of the needs of the population, an improvement in the balance of equipment in the country, a reduction in the cost of production, an increase in the profitability of production, and the savings of the enterprise. At present, the process of capital renewal has become much more complicated due to the sharp rise in the cost of machinery and equipment.

A more complete use of capital also leads to a decrease in the need to commission new production capacities with a change in the volume of production, and, consequently, to a better use of the enterprise's profits (an increase in the share of deductions from profits to the consumption fund, the direction of most of the accumulation fund for mechanization and automation of technological processes and etc).

Analysis of the effectiveness of the use of equity showed:

during the analyzed period, the enterprise's own capital slightly decreased by 3.37 thousand rubles, in relation to the base period, at the end of 2009 amounted to 41.6 thousand rubles;

the autonomy coefficient did not change and amounted to 0.45%, which indicates financial independence;

borrowed funds increased by 330.43 thousand rubles. long-term and short-term by 14.82 thousand rubles, which reflects a decrease in financial independence;

an increase in the amount of net assets (at the end of 2009 it increased by 2.88 thousand rubles, but the share in the structure decreased by 2.96%.

The company has increased profits and this has a positive effect on the activities of the enterprise

The functioning of enterprises in a market environment offers the search and development of each of them their own way of development. In other words, in order not only to stay, but also to develop in the market, an enterprise must improve the state of its economy; always have an optimal ratio between costs and production results; find new forms of capital investment, find new, more effective ways to bring products to the buyer, pursue an appropriate product policy, etc. This must be combined with the full use of internal factors in the development of production, which are quite numerous in their content and purpose.

List of used literature

1. Afanasiev A.A. Circulation of capital in an enterprise. - St. Petersburg: Economic education, 2008

2. Bakanov M.I., Sheremet A.D. Theory of economic analysis. 4th ed. - M.: Finance and statistics, 2009

3. Grigoriev L. In Search of a Path to Economic Growth. // Issues of Economics, - № 8, - 2009

4. Dranko O. Capital management. // Financial newspaper, - No. 42, - 2003.

5. Karlin G., Makmin A. Analysis of financial statements (based on GAAP). - M.: INFRA-M, 2008.

6. Kovalev V.V. Methods for evaluating investment projects. - M.: Finance and statistics, 2008.

7. Leontiev V. Interbranch economy. - M.: Economics, 2009

8. Lyubushin N.A., Leshcheva V.B., Dyakova V.G. Analysis of the financial and economic activity of the enterprise. - M.: UNITY-DANA, 2008

9. Ovsiychuk M.F., Sidelnikova L.B. Financial management: methods of capital investment. - M.: Yurayt, 2009.

10. Pogostinskaya N.N., Pogostinskii Yu.A. System analysis of financial statements. - S. - P.: Ed. Mikhailova V.A., 2008

11. Samuelson P. Economics. - M.: MGP Algon VNIISI, 2008

12. Financial analysis of the company's activities. - M.: East-Service, 2009

13. Heddervik K. Financial and economic analysis of the enterprise. Per. from English. - M.: Finance and statistics, 2009

14. Helfert E. Technique of financial analysis. Per. from English. - M.: UNITI, 2009.

15. Sheremet A.D. Comprehensive economic analysis of the enterprise. - M.: Economics, 2009

Applications

Appendix 1

Scheme of factors affecting the return on capital

Annex 2

Summary table of enterprise performance indicators

Indicators (thousand rubles)				Changes for 2008

Equity
Long-term borrowings
Short-term borrowings
Production volume
Revenue from product sales
The value of current assets
Net assets
Net income (retained)
Authorized capital
Reserve capital
Cash and cash equivalents
Current responsibility
Sum of sources of capital (S liabilities)

Classification sign	Types of non-current assets
1. By functional types	a) fixed assets; b) intangible assets; c) construction in progress; d) profitable investments in material assets; e) long-term financial investments; f) deferred tax assets; g) other non-current assets.
2. By the nature of servicing certain types of enterprise activities	a) non-current assets serving the operating activity (operating non-current assets); b) non-current assets serving investment activities (investment non-current assets); c) non-current assets that meet the social needs of the staff (non-productive non-current assets).
3. By nature of ownership	a) own non-current assets; b) leased non-current assets.
4. By forms of loan collateral and insurance features	a) movable non-current assets (machinery and equipment, vehicles, long-term stock instruments, etc.); b) immovable non-current assets (land plots, buildings, structures, transmission devices, etc.).

Analysis and evaluation of the efficiency of the use of fixed capital. Coursework: Fixed capital of an enterprise Analysis of the use of fixed capital

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