Chapter 1. Theoretical and methodological foundations for the formation of a corporation's financial strategy.

1.1. Corporation as a participant in financial relations.

1.2. The essence of the financial strategy of the corporation and the factors that determine it.

1.3. The concept of the financial strategy of the corporation.

Chapter 2. The mechanism for implementing the financial strategy of the corporation

2.1. Formation of financial resources of the corporation.

2.2. Optimization of the corporate capital structure.

Chapter 3. The effectiveness of the financial strategy of the corporation.

3.1 Market value as a criterion for the effectiveness of a corporation's financial strategy.

3.2. Conditions for the effectiveness of the financial strategy of the corporation.

3.3. Corporation Market Value Management Algorithm.

Introduction to the thesis (part of the abstract) on the topic "Formation of the financial strategy of the corporation"

Relevance of the research topic. Structural restructuring of the Russian economy against the backdrop of the ongoing process of privatization of state and municipal enterprises has become an objective reason for the emergence and development of corporations. The gradual integration of Russian corporations into the world economy in the context of the growing complexity of the market environment, the internationalization of the financial system, and the globalization of capital markets actualizes the formation of strategic management of corporate activities. The key direction of strategic management is its financial component, which is designed to ensure the economic efficiency and stability of the process of reproduction of corporate capital, due to the intensity and dynamism of the financial relations of the world economic system.

The need for scientific understanding of the formation of an effective financial strategy is determined by the process of development of Russian corporations in the framework of the transformation of market relations and the growing importance of financial strategy as an element that contributes to the involvement of domestic companies in the process of cross-country capital flow. With the integration of Russian corporate capital into the global financial system, the formation of a corporation's financial strategy becomes an important applied area of ​​economic science.

During the period of initial market transformations of the domestic economy, due attention was not paid to the strategic aspect of the activities of corporations, the problems of organizing effective financial and economic activities covered the operational and tactical levels, profit maximization was considered as the financial goal of the functioning of corporations. However, the ongoing processes of development of the stock market, the intensification of mergers and acquisitions, the growing professionalism of shareholders and investors orient the owners of corporate capital towards a qualitatively new level choosing the goal of functioning - maximizing the value of the corporation. Along with the spread of the cost approach in the practice of corporate financial management, its theoretical and methodological foundations remain insufficiently developed and systematized.

Various theoretical aspects the formation and development of corporate structures, the formation of strategic management of companies have been studied by many foreign and domestic scientists. There are several qualitatively different levels of scientific development of this problem.

The fundamental foundations for the formation and management of corporate entities were laid in the works of I. Ansoff, D. Bell, A. Burley, M. Weber, W. Gates, R. Hilferding, R. Jackson, E.J. Dolan, P. Drucker, J. M. Keynes, T. Keller, W. King, D. Cleland, T. Kono, V. Lenin, K. Marx, A. Marshall, G. Minza, J. Mossin, J. Pierce, K. Popper, M. Porter, J. Robinson, A. Toffler, F. Hayek, M. Hammer.

The problems of financial management of companies are considered in the works of R. Ackoff, V. Bard, F. Black, R. Braley, Y. Brigham, A. Denisov, D. Duran, I. Egerev, L. Igonina, D. Kidwell, S. Myers, G. Markovich, M. Miller, F. Modigliani, V. Narsky, I. Nikonova, M. Scholes, V. Slepov, J. Tobin, O. Williamson, R. Holt, J. Van Horn, W. Sharpe.

The process of privatization in Russia led to the emergence of new scientific developments by domestic scientists devoted to the problems of the formation of corporate structures in the Russian economy (I. Balabanov, I. Belyaeva,

A. Bushev, A. Volodin, V. Goncharov, A. Zhuplev, T. Kashanina, O. Rodionova, O. Syroedova, V. Shein). The financial aspects of the strategic management of domestic companies are reflected in the works of A. Bandurin, V. Bocharov, G. Gref, V. Gurzhiev, V. Efremov, V. Ivanchenko, G. Kleiner,

B. Kovalev, M. Kruk, A. Movsesyan, R. Nurgaliev, A. Radygin, I. Khominich. At the same time, insufficient attention has been paid to a systematic study of the processes of formation of the financial strategy of corporations as special subjects of financial relations; this problem remains undeveloped in many aspects.

The conditions for the market transformation of the Russian economy determine the study of the theoretical foundations for the formation of a corporation's financial strategy using modern scientific approaches, suggesting a more active inclusion of the concept of market value in the strategic financial management of a corporation. The creation of an effective mechanism for the formation of a financial strategy that is adequate to the targets of corporations in a dynamic market environment contributes to their sustainable development, which reflects the demand for such developments in domestic corporate practice.

The designated scientific and practical problem, which is fundamental in its significance for the development of the entire domestic corporate sector and its interaction with other sectors of the economy, should be solved on the basis of the totality of theoretical knowledge and accumulated practical experience, including international ones. This circumstance determined the choice of the purpose and objectives of the dissertation research.

The purpose and objectives of dissertation research. The purpose of the dissertation research is to develop the theoretical foundations for the formation of a corporation's financial strategy, which ensures the achievement of the maximum market value, and to substantiate an effective mechanism for implementing the corporation's financial strategy in the context of ongoing market transformations and the integration of the Russian economy into the world economy. The implementation of the goal required the solution of logically related and consistently implemented tasks:

Clarification of the concept of "corporation" as a participant in financial relations;

The study of the essence of the financial strategy of a corporation and the identification of the main factors that determine the financial strategy of a corporation in modern Russian conditions;

Substantiation of the concept of the financial strategy of the corporation;

Development of a mechanism for the implementation of the financial strategy, based on the clarification of the functions of the corporation's finances;

Determination of a set of actions to optimize the financial structure of the corporation's capital, ensuring the effective implementation of the process of formation and use of financial resources;

Establishing a criterion for the effectiveness of a financial strategy that determines an objective assessment of the financial and economic activities of a corporation;

Development of an algorithm for managing the market value of a corporation, aimed at implementing an effective financial strategy. The object of the study is corporations as participants in financial relations that form a financial strategy in the context of market transformations in the Russian economy.

The subject of the dissertation research is the financial relations that arise in the process of forming the financial strategy of Russian corporations, in the context of market transformations, the transformation of the domestic economy and the adaptation of corporate governance practices to the requirements of developed corporate capital markets of the modern world economic system.

The theoretical and methodological basis of the dissertation research was the fundamental concepts presented in the works of foreign and domestic scientists who implement the Keynesian, neoclassical, institutional approaches to the analysis of the problems of formation and development of corporate financial relations in a transitional economy. In the course of the study, the provisions of the theories of transaction costs, the cost of investments, portfolio investment, capital structure, and company value management were used.

Instrumental and methodological apparatus of work. In the process of studying the financial strategy of the corporation, general scientific methods of cognition (dialectical, system-functional, complex, institutional), as well as private methodological means economic developments (financial, investment, economic and mathematical, statistical analysis, economic and statistical groupings, expert assessments, forecasting, modeling of economic phenomena).

Russian and foreign monographic literature, publications in periodicals, normative documents of ministries and departments of the Russian Federation served as the information and empirical basis for the dissertation research. statistical materials Federal State Statistics Service, materials of corporate structures, Internet information resources. In the course of the study, general and special literature, legislative and other regulations, developments of domestic and foreign scientists in the field of functioning of corporate structures. The applicant's own analytical developments published in scientific journals were also used.

The working hypothesis of the dissertation research is to put forward and substantiate a system of provisions, according to which the formation of an effective financial strategy of a corporation in the conditions of market transformations and the strengthening of the integration of the Russian economy into the world economy implies an orientation towards achieving the maximum market value of the corporation; market value management is carried out by influencing the financial factors that form it. The main provisions of the dissertation research submitted for defense:

1. The transformation of the Russian market system served as the basis for the emergence and development of corporations. The corporation as a subject of financial relations acts as a form of business organization based on the pooling of capital, expressed in securities that are in free circulation on the stock market; the priority goal of the corporation is to maximize the market value; within the organizational structure of the corporation, the division of ownership and management functions is positioned.

2. The financial strategy is the definition of priority goals and a system of actions to achieve them in the field of formation of financial resources, optimization of their structure and effective use, corresponding to the general concept of the development of the corporation and ensuring its implementation. The financial strategy of a corporation is determined by the action of a complex of interrelated factors: macroeconomic factors (level of development and financial market conditions, mechanisms state regulation activities of corporate structures); meso-economic factors (sectoral and regional); microeconomic factors (the possibility of attracting financial resources in the market, the level of qualification of financial management and its ability to organize an effective financial policy, etc.). Forecasting trends of change and regulation of these factors create the basis for the development of an effective financial strategy that is adequate to the state of the internal and external corporate environment.

3. The analysis of modern approaches to the choice of the purpose of the functioning of the company (the theory of agency relations, the theory of transaction costs, the theory of portfolio, the theory of capital structure, the theory of company value management) and the combination of their resources in relation to the corporation make it possible to single out the maximization of market value as a priority goal of the financial strategy. The achievement of this goal is based on the implementation of the financial strategy of the corporation through the implementation of the functions of the corporation's finances (formation of financial resources; optimization of the financial structure of capital; use of financial resources).

4. The study of scientific approaches to the analysis of the dependence of the cost of capital on its structure makes it possible to determine a set of actions aimed at optimizing the capital structure of a corporation, which includes: a retrospective analysis of the correlation of indicators of the capital structure with the value of the cash flow generated by the corporation; factor analysis of the capital structure (financial market conditions, sectoral features of the functioning of the corporation, stage life cycle, the level of profitability of operating activities, the structure of assets, the stability of sales, the level of tax burden); setting the allowable value of the cost of capital.

5. The key directions of the mechanism for implementing the financial strategy of corporations are determined by the functions of the corporation's finances: the formation of financial resources, optimization of their structure and efficient use. An analysis of the financial strategies of corporations in the Russian telecommunications industry indicates the formation of a trend of dominance of borrowed sources in the composition of financial resources, an aggressive increase in investment, an increase in the asymmetry of profitability and destabilization financial condition. The result of the implementation of this strategy is the low capitalization of corporations, which does not correspond to the level of "faire value" (fair value).

6. The stock market that has developed in Russia, due to the specifics, which consists in the incompleteness of the process of forming the legal framework, the absence of a mass market for the shares of open joint-stock companies and the speculative nature of the securities market, does not reflect the actual market value of corporations. In this regard, it is advisable to determine the reasonable market value on the basis of methodological tools for assessing the market value of a company that exists in the professional practice of global valuation activities.

7. Studying approaches to the formation of an effective corporate governance mechanism for present stage development of the market economy in Russia makes it possible to single out a number of basic conditions for the effectiveness of the financial strategy of a corporation: legal support, consisting in the development and adoption of the necessary framework laws and by-laws, as well as their effective enforcement; effective mechanism of intra-corporate management; information openness aimed at increasing the professional level of the company's interaction with shareholders, investors and other participants in financial relations.

8. A study of the development of the paradigm for determining the value of a corporation made it possible to single out as a result indicator of the effectiveness of a financial strategy - economic value added - Economic Value Added (EVA), the correlation of financial factors of which (return on invested capital - ROI, weighted average cost of capital of a company - WACC) is a set consisting of two fields: the field of creation of economically added value and the field of loss of economically added value.

9. The value creation process expresses the functional dependence of two variables: the correlation of weighted average costs and return on invested capital; stages of a corporation's life cycle. A different combination of the indicated variables allowed the applicant to form the final matrix of financial strategies for managing the value of the corporation. Depending on how the key financial factors are correlated at each stage of the life cycle, the strategies were classified into three groups: financial strategies for creating the value of the corporation; financial strategies to retain the value of the corporation; corporate depreciation financial strategies.

The scientific novelty of the dissertation research lies in the substantiation of the theoretical foundations for the formation of an effective financial strategy focused on maximizing the market value of a corporation, and the practical development of an effective mechanism for managing the market value of a corporation by influencing the key financial factors that form it, taking into account the peculiarities of this process in Russian conditions. The elements of scientific novelty are as follows:

The concept of "corporation" as a participant in financial relations has been clarified (a form of business organization based on the pooling of capital, expressed in securities in free circulation on the stock market, characterized by the division of ownership and management functions), the direction of the functioning of this business entity, consisting in the transition from profit maximization in accordance with the neoclassical understanding of the purpose of the company's activity to the maximization of market value, adequate to the theory of company value management;

Based on the clarification of the functions of the finance of the corporation, the essence of the financial strategy of the corporation is revealed, which is the definition of priority goals and a system of actions to achieve them in the field of the formation of financial resources, optimization of their structure and effective use, corresponding to the general concept of the development of the corporation and ensuring its implementation;

The concept of the corporation's financial strategy as a system of interrelated and subordinate elements (goal, objectives, principles, implementation mechanism, performance evaluation) focused on maximizing the corporation's market value is substantiated;

A model for the formation optimal structure of the corporation's capital, which includes: analysis of the dynamics of the correlation of indicators of the capital structure with the value of the cash flow generated by the corporation; analysis of factors affecting the structure of capital; determination of the allowable value of the cost of capital;

An algorithm for managing the market value of a corporation has been established, which includes: assessment of the market value of a corporation, selection of key financial factors, analysis of the influence of key financial factors on the value of a corporation, optimization of key financial factors; the implementation of the market value management algorithm helps to ensure the effectiveness of the financial strategy, which consists in maximizing the market value of the corporation.

The theoretical significance of the study is determined by the development of the theoretical foundations for the formation of a financial strategy aimed at maximizing the market value of a corporation in the context of market transformations in the Russian economy. Theoretical conclusions and results of the study of the role of the corporation as a participant in financial relations at the micro-, meso- and macroeconomic levels, the construction of the formation process and the mechanism for implementing the financial strategy and its structuring can be used to further clarify and systematize scientific views in the field of corporate financial relations.

The practical significance of the dissertation research lies in the fact that the proposed practical advice can be used by Russian corporations to form a financial strategy and build an effective mechanism for the strategic management of the value of a corporation in the context of the development of the Russian market economy.

Separate results of the dissertation research can be used to improve the structure, content and teaching methods of such disciplines of higher education as: "Financial Management of Enterprises", "Strategic Management", "Financial Management", "Financial Strategy of Companies". Approbation of work. The main provisions, theoretical and practical conclusions formulated in the dissertation research were reported at international, all-Russian and regional scientific and practical conferences, scientific and practical seminars: International seminar "Alternatives economic growth in Russia” (Sochi, 2003); The first regional scientific and practical conference "Economy of the North Caucasus region on the way to sustainable development in market conditions" (Krasnodar, 2003); XI, XII scientific and practical conferences "Science of the Kuban" (Krasnodar, 2003-2004); XIII All-Russian scientific conference on economics "Globalization and problems of economic development of Russia", Krasnodar, 2003); Interuniversity scientific and practical conference of young scientists (Krasnodar, 2004).

The results of the study are reflected in 9 printed works with a total volume of 2.7 pp, the author's contribution - 2.4 pp.

Work structure. The structure of the dissertation reflects the logic and specificity of the author's approach to the study of the problem. The dissertation consists of an introduction, three chapters, including nine paragraphs, a conclusion, a list of references, which contains 174 titles. The work is presented on 165 pages of the main text, contains 28 tables, 14 figures.

Dissertation conclusion on the topic "Finance, money circulation and credit", Skachkova, Natalya Evgenievna

Results of work of appraisers.

The difficulties of objective perception of information from the first source are due to the fact that the modern Russian stock market is in the development stage and it is impossible to talk about the existence of an effective and stably functioning mechanism, as evidenced by a number of circumstances.

First, a mass stock market for the shares of privatized joint-stock companies was never created. The lack of government support over the past five years has slowed down the expansion of the corporate securities market and narrowed the scope for significant investment in the economy.

1 Walsh K. Key indicators of management.- M.: Delo, 2001, p. 62-76.

2 Kaplan R., Norton D. Balanced scorecard, - M.: Olymp-Business, 2003, p. 12-90.

Secondly, the over-the-counter securities market has emerged as a market with a clearly defined speculative nature. Mechanisms have not been developed to ensure that investors are oriented towards making strategic investments, which is why the role of this segment of the stock market in the implementation of real investment is characterized by extreme insignificance.

Thirdly, world practice shows that even highly developed countries, where the established stock market does not complement and balance the foreign exchange market and the banking system, periodically encounter problems in the financial system. In Russia, the crisis in the stock market has already led to an increase in the instability of the entire domestic financial system. That is why it is necessary to purposefully regulate the stock market, especially its corporate segment, aimed at restoring investment functions1.

On the whole, the indicators of the market capitalization of Russian corporations testify to the deformation of the purpose of the stock market, which do not reflect the objective level of development of domestic business. According to the estimates of analysts from the Expert RA rating agency, the market value of the two hundred largest Russian corporations in terms of capitalization (Capitalization-200 list) increased by more than a quarter in 2004, reaching a maximum level of $237 billion over the past decade. USA, while the RTS index rose only 8.0%. The capitalization of Russia's largest corporations in 2004 exceeded the 1995 level by 9.6 times. Expert RA experts explain the significant discrepancy between the RTS market index and the indicators of the Capitalization-200 list by the underdevelopment of the Russian stock market2.

Considering the market value as a criterion for the effectiveness of the financial strategy of a corporation within the framework of the chosen target setting, we note that

1 Program for the development of the securities market up to 2010. - M., 2001, p. 15.

2 http://www.raexpert.ru/ratings/exp400. that performance criteria such as sales and net profit are generally adequate to market capitalization (Table 3.1.1).

Conclusion

1. The processes accompanying the market transformation of the domestic economy led to the emergence of corporations that emerged as a result of ongoing economic, political and, as a result, institutional transformations. The study of conceptual approaches to understanding the corporation led to the conclusion that this concept is interpreted in scientific sources ambiguously, namely, to denote: the fact of separating the ownership of capital from the management function; the complex nature of the organization, which operates on the basis of joint ownership, common goal-setting and protection of privileges; consolidation and individual depersonalization of capital in order to make a profit, etc.

The variety of available approaches testifies to the multi-aspect nature of the concept under consideration, however, in the economic literature, the essential properties of a corporation as a participant in financial relations are not systematically presented. According to the applicant, these properties should include:

A special form of business organization, which is based on the pooling of capital on the principle of limited liability;

Expression of the capital of the corporation in securities that are in free float on the stock market;

The priority of maximizing the market value as the goal of the functioning of the corporation;

Separation of ownership and management functions within the organizational structure of the corporation.

2. The study of the concept of "strategy" allowed the applicant to identify ♦ a number of its essential features: firstly, strategy is the prerogative of complex organizations; secondly, the strategy represents a certain vision of the future development of the company; thirdly, a systematic approach ensures the movement of the organization in a given direction. Thus, the need for the formation and implementation of a strategy for economic entities with a certain specificity, consisting in a sufficient amount of economic scale, was substantiated. The lack of sufficient resource and structural potential of economic structures deprives them of the need and opportunity to focus on the strategic aspect of activity. While the corporation, due to the complexity of its multi-level organizational structure, as well as the sufficiency of the economic scale, of course, should deal with the formation and implementation of the strategy.

3. The financial relations of the corporation are formed in the process of formation and use of financial resources with various economic entities (suppliers and partners, banks, insurance and investment funds, the exchange sector, etc.) and are the basis for the functioning of the corporation. The financial relations of Russian corporations are being transformed in the course of changes and development of the domestic market, due to the processes of integration of the Russian economy into the world economy. In this regard, there is a need to manage the entire set of financial relations of the corporation through the formation of a financial strategy and the development of an effective mechanism for its implementation.

The paper shows that the financial strategy of a corporation is the definition of priority goals and a system of actions to achieve them in the field of formation of financial resources, optimization of their structure and effective use, corresponding to the general concept of the development of the corporation and ensuring its implementation. The financial strategy of a corporation is determined by the action of a complex of interrelated factors that can be ranked as follows: macroeconomic factors in the formation of a financial strategy (monetary, budgetary, investment, tax, depreciation policies and administrative regulation of the economy); mesoeconomic factors in the formation of a financial strategy, reflecting the industry (the level of intensity of competition; changes in the structure of the industry; the prospects for obtaining a high level of income against the background of other industries, etc.) and regional (the legal framework of the region; the availability of the necessary amount of financial resources and potential alternatives for their investment) environment; microeconomic factors (the ability to attract financial resources in the market; the level of qualification of financial management and its ability to organize an effective financial policy; credit history; corporate governance mechanism; principles, forms and methods of information disclosure).

4. In the dissertation research, the financial strategy is considered in the form of a block diagram of interrelated elements. The selection of the goal as the starting element of the financial strategy of the corporation is dictated by the need for a clear orientation of the subjects that form and implement the financial strategy for a single result that integrates the interests of various groups of participants in the financial relations of the corporation. Consideration and clarification of the functions of the corporation's finances made it possible to form a mechanism for implementing the corporation's financial strategy, which provides for the implementation of these functions: the formation of financial resources; optimization of the financial structure of capital; use of financial resources.

Efficiency is designated as the resulting stage of the corporation's financial strategy, which allows assessing the adequacy of the proposed concept for its practical implementation based on the selected criterion - the market value of the corporation. 5. Based on the analysis of the mechanism for implementing the financial strategy of "UTK" PJSC, the following was established:

The change in the capital structure is characterized by a sharp reduction in the equity share of "UTK" PJSC, which decreased in 2001-2003. 1.7 times. A large share of borrowed capital indicates a violation of the financial stability of the corporation, on the other hand, the increase in borrowed funds did not lead to an increase in the cost of capital, as evidenced by the dynamics of the weighted average cost of capital (WACC indicators were 14.49% and 11.6%) for 2002-2003 gg. respectively, while the average WACC for the companies of the Svyazinvest holding for the same period reached 17%) and 15%). The cost of capital became cheaper due to an increase in the share of long-term loans, as well as the placement of bonded loans, which provide a number of strategic advantages and compare favorably in terms of the cost of attraction (yield of the first bond issue of VolgaTelecom, placed on February 21, 2003, will amount to 13 %, while CenterTelecom OJSC placed its securities in 2002 under the obligation to pay their holders 16% after the last coupon period expired);

The strategic orientation of UTK PJSC to increase its market share determined the need for a capital-intensive investment policy in the face of increased competition from mobile operators, however, the existing tariff setting and industry regulation procedures have a negative impact on the corporation's ability to generate the necessary cash flows. In this regard, the high rates of investment activity have formed the basis for the destabilization of the financial condition of "UTK" PJSC, which should be overcome by restructuring financial sources and optimizing the volume of investment projects.

6. The paper substantiates that the implementation of the financial strategy of corporations in the communications industry has made it possible to provide a serious growth potential for the telecommunications market, primarily for mobile operators, as well as for companies developing new types of telecommunications services, which caused asymmetry in the profitability of corporations. Fixed-line operators, which include PJSC "UTK", receive a large share of tariff revenues through the provision of long-distance, international and local telephone services, therefore, the main source of growth in their income is bringing tariffs for fixed-line services to the level of economically justified, which is planned to be implemented in 2005-2006 with the assistance of the Ministry for Antimonopoly Policy of the Russian Federation. Despite the ongoing strategy for the development of the communications industry and the existing prospects for increasing income, we note that the growth rate of revenues of UTK PJSC is declining, and the level of debt is characterized as critical (the volume of loans exceeds the volume of revenue), which, against the backdrop of capital-intensive investments, creates the basis for underestimating the fictitious capital of the corporation . Increasing the level of capitalization of both PJSC "UTK" and other domestic corporations involves the development of an effective mechanism for the implementation of the financial strategy, adequate to the ratio of the key financial factors of the value of the corporation.

7. The study of the problems of the conditions for the effectiveness of the financial strategy of the corporation made it possible to draw conclusions about the non-optimality of: the mechanism of intra-corporate management; principles, forms and methods of information disclosure; legal support of corporate control. The board of directors is considered as the most significant corporate governance mechanism. The applicant determined that effective advice directors should solve the following tasks: formation of a common corporate development strategy; appointment of management capable of implementing the formed strategy; exercising control over the activities of management and ensuring its accountability in achieving the strategic goals of the corporation; creation of a management motivation system; reporting to shareholders on the work done to implement the company's development strategy.

In order to create an organizational mechanism that ensures the formation of a financial strategy on the basis of the board of directors, it seems appropriate to create a "finance committee" that will be responsible for the financial component of the strategic development of the corporation, namely for:

Formation of the financial strategy of the corporation (determination of the main sources of formation of the financial resources of the corporation; ways to optimize the structure of the capital of the corporation, the main directions for the use of the financial resources of the corporation, control over the implementation of the formed financial strategy of the corporation);

Evaluation of the effectiveness of the financial strategy of the corporation;

Determination of the main indicators of the annual budget, budgets for the medium and long term within the framework of the formed financial strategy of the corporation.

Another important condition for ensuring the effectiveness of the corporation's financial strategy is the condition of information openness, when in the course of disclosure and provision of information to shareholders and other users, the corporation must be guided by certain principles. The Applicant identifies four main principles of information disclosure: availability of information for shareholders and other interested parties; regularity and timeliness of data provision; reliability and completeness of information about the results of activities and plans for the development of the corporation; maintaining a balance between information openness and commercial or official secrets.

8. Economic Value Added (EVA) was chosen as the resulting financial indicator reflecting the process of value creation. In this regard, the levers of influence on the value of the corporation are determined by the financial factors of the EVA indicator, the key of which are the following: the growth rate of the corporation's income due to the main activity (NOPAT); return on investment capital (ROI); level of weighted average cost of capital (WACC). Thus, in order to increase the value of the corporation must solve the following tasks: increase the growth rate of income from the main activity; increase in return on invested capital; reduction in capital costs.

The study of the correlation between the level of weighted average costs and the return on invested capital allowed the applicant to identify two fields of correlation of key financial cost factors: the field of creating economically added value, which is characterized by an excess of the return on invested capital over the level of weighted average costs; the field of loss of economically added value, which is characterized by the excess of the level of weighted average costs over the value of the return on invested capital.

9. Consideration of the process of creating the value of a corporation required an examination of the functional relationship between the correlation of weighted average costs and return on invested capital and the stage of the life cycle of a corporation. A different combination of the indicated variables made it possible to formulate the final matrix of financial strategies for managing the value of a corporation.

In the dissertation research, the financial strategies of corporate value management are classified into three groups depending on how the key financial factors correspond at each stage of the life cycle:

Financial Strategies for Creating Corporate Value;

Financial strategies for holding the value of the corporation;

Financial strategies for the loss of corporate value.

Financial strategies for creating value are determined by the presence of certain conditions for the functioning of the corporation: effective positioning of the corporation in the stock market; prospects for increasing the market segment of the corporation; stable financial position of the corporation; competitive goods and services; balanced and focused on the development of competitive advantages investment policy, with a predominance of short-term projects; effective corporate management focused on maximizing the market value of the corporation. Fluctuations in the indicated conditions entail a change in the type of financial strategy. Thus, financial strategies for retaining value are characterized by the following conditions: no growth in quotations of equity securities of a corporation on the stock market; slowdown in the growth rate of the corporation's market segment; stable financial position of the corporation; reduction of competitive advantages of goods and services; reduction in investment volumes, preference is given to projects with a high level of profitability in the short term; corporate management, carrying out conservative management, focused on maintaining the achieved level of profitability. It has been established that at various stages of the life cycle of a corporation, financial strategies for creating and retaining value are characterized by the presence of general conditions, however, the conditions for financial strategies for the loss of value differ at each stage of the life cycle of a corporation. Thus, the basic conditions for the strategy of creating competitive advantages are: prospects for expanding the sales market, conquering new consumer segments; an active and capital-intensive investment policy - which is the exact opposite of the conditions of a strategy to reduce activities aimed at preventing bankruptcy, i.e. on the refusal of investments, as well as the sale of part of the assets.

The developed matrix of financial strategies for managing the value of a corporation allows developing adequate directions for optimizing the key financial factors of the market value of a corporation in order to maximize it.

List of references for dissertation research Candidate of Economic Sciences Skachkova, Natalya Evgenievna, 2005

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– trends in the transformation of the financial strategy of a corporation in crisis situations with a focus on national interests, as well as the relationship between the socio-economic strategy of the state and the financial strategy of large corporations on an innovative basis are determined.

Practical significance dissertation work it is determined that the theoretical ideas, provisions and conclusions that make up the scientific novelty of the study can be put into practice in the formation of corporate strategies. In the practical work of a number of companies and banks, proposals on the methodology for the formation and methods of implementing a financial strategy are already being used.

The materials of the dissertation can also be used in the educational process for teaching the disciplines "and", "Economics of enterprises and organizations", in special courses on the formation of the financial strategy of corporations in groups for advanced training and retraining of civil servants, as well as in research work on this problem

With a simplified approach financial strategy can be presented as one of the functional strategies of a corporation (along with production, investment, marketing, personnel, organizational and structural, etc.). In fact, it is the main, basic strategy, since the strategy ensures the implementation of other functional strategies that are elements of the overall strategy of the corporation using separate financial methods and tools within the framework of financial management. Moreover, the financial strategy, setting the parameters for future financial results, puts forward strict requirements for other guidelines for the overall strategy of the corporation.

1. A rigidly oriented financial strategy implies clear goals, objectives, planned financial results for decision-making that guides its financial activities . The guidelines of such a strategy are quite clearly defined in specific tasks and are strictly controlled.

2. The broad interpretation of the financial strategy differs in more general setting estimates. The guidelines of such a strategy approach (to a certain extent) the directions of activity. In this interpretation, there is a certain category of "strategy" and "". In addition, one must keep in mind the symbiosis of individual decisions of the financial strategy with other functional strategies of the company (marketing, investment, production, organizational, etc.).

The strategy can be represented as a system of long-term planning methods focused on financial balance and coordination of actions. , which requires not only standard methodological developments, but also the experience of managers, financial markets, the ability to foresee possible financial risks. The strategy should be focused on improving the efficiency of the company's financial potential.

In the literature, attempts are often made to narrow the company's strategic goals of traditionally increasing its financial results through restructuring and diversification of production. Modern conditions (especially crisis situations in the context of globalization) predetermine the expansion of the scope of the company's strategic goal-setting. In particular, this concerns ensuring the financial stability and security of the company, taking into account not only the dynamics of profit, but also taking into account the national interests of the country

On fig. 1 proposes a schematic diagram of the formation of the financial strategy of a corporation, which is practically a conceptual one, containing the main stages and types of actions for its development.

A balanced scorecard linked by the “reason-” principle describes the trajectory of the company’s strategy, for example, how investments in retraining of personnel, Information Technology, innovative products and contribute to a fundamental improvement in its financial performance.

For innovative companies, the BSC serves as a means of strategic management on a long-term basis. The estimated component of the BSC is used to solve the fundamental problems of the management process.

Currently, in many organizations, strategic planning and current budgeting occur in isolation, with the participation of various organizational units. The use of the BSC will allow the integration of the organization's strategy and budget.

The dissertation substantiates strategic budgeting as a modern innovative methodological approach to the financial planning of a company.

Strategic budgeting (corresponds to strategic planning) serves as a long-term, long-term support for the existence of the enterprise. With such budgeting, for each area of ​​responsibility, long-term expenses and incomes are provided for and adjusted, depending on external (for example, market conditions) and internal (for example, technological) parameters.

The paper analyzes the main shortcomings of classical budgeting and considers the management of the organization - budget-free (Beyond Budgeting), which is, despite the great popularity of budgetary management, modern planning. The methodological foundations of the budget process, as a result of various interpretations, are not always correctly adapted in relation to domestic management systems.

According to the author, new progressive tools (in particular, budgetless management) are a kind of an evolutionary stage in improving the planning and control system at the enterprise. And the applied radical approach requires the abandonment of budgeting, although it is based on the principles of classical budgeting, adjusted for any other economic situation. The applicability of each approach directly depends on the financial position of the enterprise and its business environment.

The elimination of "budgeting" is not the elimination of management, and not even the elimination of planning as one of the main functions of management. With budgetless management, the functional manager is also freed from performing various labor-intensive operations, reducing them to adaptation to the conditions of the external market; and rewards based on the overall success of the team in a competitive environment; to continuous strategy planning; the use of funds depending on the dynamics of internal business processes; to the introduction of a “multi-level control” system.

Thus, the principles of budgetless management are new management principles that make it possible to respond as quickly as possible to new realities and risks in the market.

Financial strategy- one of the main tools for managing the work of the enterprise. The financial strategy assumes that the enterprise needs to develop strategic, tactical and operational plans, since the system of market relations is inextricably linked with financial performance.

The financial strategy is an integral part of the enterprise development strategy, which means that it is consistent with its goals and objectives. The development of the financial strategy of the enterprise is predetermined by certain conditions. The main condition of the financial strategy is the speed of transformation of the macro-factors of the economic environment.

There are also conditions that do not allow you to optimally manage the finances of an enterprise: the main macroeconomic indicators, the pace of technological growth, constant changes in the state of the financial and commodity markets, the imperfection and instability of the economic policy of the state and methods of regulating financial activities.

The financial strategy is developed on the basis of all factors of the macro-environment of the economy in order to exclude a decrease in the profitability of the enterprise.

Types of financial strategies of an enterprise

The general financial strategy is a strategy that establishes the direction of the enterprise, its relationship with the budgets of various levels, the emergence and distribution of enterprise income, the need for financial resources, the sources of formation of these resources, and much more.

An operational financial strategy is a strategy that involves the management of financial resources and their distribution in the near future, control over the use of enterprise funds, and the search for internal reserves. An operational financial strategy is developed for a quarter or a month. It forecasts gross income and receipts of funds (mutual settlements with buyers, payments on credit transactions, cash receipts, profitable transactions with securities) and gross expenses (settlements with suppliers, remuneration of employees, settlements on obligations to banks and budgets). The operational financial strategy provides for all income and expenses of the enterprise for the planned period. The optimal ratio of revenue and expenditure suggests that they should be equal, or the revenue side is slightly larger than the expenditure. The operational financial strategy is part of the general financial strategy, which characterizes the general financial strategy in a certain time period in more detail.

The financial strategy for achieving private goals involves the definition of a strategy to ensure the achievement of the main strategic goal.

Strategies that helped companies survive the crisis

The editors of the General Director magazine spoke about financial strategies that helped foreign companies emerge victorious from the crisis.

Goals and objectives of the financial strategy of the enterprise

Providing the enterprise with sufficient financial resources in sufficient quantity is the main goal of the financial strategy of the enterprise. Based on the goal, the financial strategy of the enterprise makes it possible to:

• identify financial resources and establish their strategic management;
• identify the main areas of work and focus on their implementation, optimize the use of the company's reserves;
• to rank and gradually achieve the set goals;
• establish the compliance of the financial strategy with the economic situation and financial potential of the enterprise;
• to carry out an effective analysis of the economic situation and the existing financial condition of the enterprise in a specific period of time;
• create and prepare enterprise reserves;
• determine the economic and financial capabilities of the enterprise and its counterparties;
• identify the main competitors, plan measures to weaken the competing side in the market:
• be proactive in financial activities to gain an advantage in the market.

In order to achieve the main goal of the financial strategy, the enterprise develops a general financial strategy, which defines the tasks of generating financial resources in areas of activity and performers.

Objectives of financial strategy

• study of the state and conditions for the formation of financial resources in the economic conditions of activity;
• planning and selection of possible variations in the formation of the financial resources of the enterprise and activities of financial management as a result of unfavorable and inefficient activities of the enterprise;
• establishing financial relationships with suppliers and customers, budgets of various levels, banks and other financial counterparties;
• establishing reserves and attracting enterprise resources that will increase production capacity, use it efficiently, increase fixed and working capital, effective capital productivity;
• mobilization of financial resources to ensure production and economic work;
• ensuring a positive effect from the use of the company's funds released from the turnover for the purpose of maximum benefit;
• analysis of the financial activities of competitors, their economic and financial potential, development and application of measures to establish the financial stability of the enterprise;
• preparation of measures to overcome adverse situations and the crisis of the enterprise;
• determination of methods of enterprise management in situations of unsatisfactory financial condition;
• use of all the capabilities of the company's employees to overcome the crisis consequences.

CEO speaking

Elena Buklova, CEO, City Courier Service, Moscow

For the City Courier Service, the financial strategy is a clear understanding by the shareholders of the company of the development plan, fixed in the form of a document. The plan contains the following sections:

1. Market analysis.
2. Competitive environment.
3. Product analysis.
4. The target audience.
5. Positioning.
6. Marketing tasks.
7. Communication tasks.

But such a document did not appear immediately. Formalization took place six years after the creation of the company, when it was restructured. At the dawn of business development, no one even thought about strategies and marketing plans. We all learned along the way. But to be successful tomorrow, you need to plan your activities today! That is why a strategy is needed, that is, a set of measures that covers the current work of the company and ensures its future development.

What are the principles of the financial strategy of the enterprise

When developing a financial strategy, the risks of non-payment, inflationary processes and other circumstances beyond the control of the enterprise are taken into account. It can be concluded that the financial strategy is developed in order to ensure the effective operation of the enterprise with adjustments in case of any changes.

Principles of the financial strategy of the enterprise

• current and long-term financial planning, which allows you to set planned indicators for cash receipts and directions for their use;
• centralization of financial resources, establishing their flexibility, focusing on the main areas of production and economic activity;
• creation of financial sources that will allow maintaining a stable financial position in the opportunistic market;
• full closure of financial obligations to counterparties;
• implementation of accounting, financial policies, as well as the depreciation policy of the enterprise;
• creation and maintenance of accounting for the finances of the enterprise and certain types of activities in accordance with established standards;
• preparation of financial statements of the enterprise and certain types of activities in accordance with applicable rules and regulations in compliance with the requirements of standards;
• financial analysis of the enterprise and certain types of activities (economic and geographical areas of activity and others);
• financial control over the work of the enterprise and certain types of activities.

What tools and methods to use in developing the financial strategy of an enterprise

Financial strategy tools

• financial policy,
• financing of measures to improve the state of the enterprise in the opportunistic market,
• providing the necessary information,
• temporary agreements
• diversification,
• legal tactics.

Methods of financial strategy

• financial Modeling,
• strategic financial planning,
• the financial analysis,
• examination of financial markets,
• forecasting.

The use of certain methods and tools of financial strategy depends on the financial situation of the enterprise, as well as the socio-economic and political situation in the country.

Development of the financial strategy of the enterprise: stages of the process

Stage 1. Analysis of the financial condition of the enterprise. Financial condition is the availability of financial sources and reserves that allow the enterprise to carry out activities at its own expense. The enterprise has a sufficient amount of financial resources, effectively uses them in its activities, ensures normal relationships with partners, has a satisfactory balance of payments and is financially stable.

An analysis of the financial condition of an enterprise also involves a profit and loss statement, which are analyzed over past periods in order to determine trends in its activities and key financial indicators.

Analysis of the financial condition of the enterprise has the following stages:

• analysis of property status;
• analysis of the financial condition.

Stage 2. Determination of the period for which the financial strategy of the enterprise is formed. The goals and objectives of the financial strategy, as well as the calculation of financial indicators, depend on the period for which the financial strategy is established. The long-term finance strategy determines gross income and expenses, sources of income generation, and their needs. The short-term financial strategy is part of the long-term one, which plans financial performance in more detail and determines the current financial planning of resources for the near future. Long-term and medium-term financial plans are developed for 3-5 years. They form general financial indicators, and short-term financial plans are developed in detail for one year.

Stage 3. Definition of the purposes of financial activity of the enterprise. The financial strategy is part of the functional strategy of the enterprise, so it is included in the structure of its overall goals. The main financial goal of the company is to increase the market value, taking into account the maximum reduction of risks. This goal can be represented in relative and absolute terms. This goal is achieved if the company has the necessary amount of resources, profitable and balanced equity capital, borrowed capital meets the standards.

The subgoals of finance are also planned:

• profit;
• level and return on equity;
• asset structure;
• financial risks.

Each goal is modified into a specific numerical and percentage indicator:

• profitability of sales;
• financial leverage (the ratio of equity capital to borrowed capital);
• solvency level;
• liquidity level.

Stage 4. Development of an action plan to achieve these goals. The management of the enterprise controls the current position of the enterprise and corrects it in accordance with the objectives of the financial strategy. In order to control the implementation of the main strategic goals, these goals are broken down into strategic tasks that must be implemented in a specific period of time. Also, financial goals should be grouped in areas that make up the unified financial policy of the enterprise.

Stage 5. Development of financial policy on certain aspects of financial activity. The difference between the financial policy of the enterprise and the financial strategy lies in the fact that the financial policy determines the aggregated indicators and directions of the enterprise. The financial policy regulates the optimal management of the enterprise and ensures the achievement of its strategic goals.

Stage 6. Development of a system of organizational and economic measures to ensure the implementation of the financial strategy involves the creation of various types of "responsibility centers" at the enterprise; establishing the rights, duties and responsibilities of management for the results of financial activities; development of incentives for employees for effective work and increase in income of the enterprise, etc.

Stage 7. Evaluation of the effectiveness of the developed financial strategy is carried out after all stages of the financial strategy of the enterprise.

3 Important Points for Developing a Strategy

Alena Fomina, Head of Strategic Management, BDO Unicon, Moscow

The first thing to do when developing a strategy is to define goals and objectives. Why does a company need a strategy? Who is on the development team? What does each participant in the process expect from the strategy?

The second is to identify technologies, that is, to clearly understand what methods should be used at each stage of strategy development: choose diagnostic methods, create an algorithm for constructing scenario models, a format for conducting strategic sessions, etc.

Next - to form a working group, determine the centers of responsibility and control centers for the development and implementation of the strategy, as well as establish how (in what format) the management will receive and evaluate the results of the project for its development.

Development of a financial strategy by example

We can consider the formation of a financial strategy as an example, in which it is necessary to establish the direction of tactical money management. In this case, the manager will indirectly influence the indicators of expenses and income, but will strengthen control over the movement of funds and manage the use of additional credit sources, etc. It is necessary to determine: can the financial manager influence the cost part of the balance sheet of the enterprise, and how? You can calculate limits on materials, labor rates, electricity consumption, and more. Of course, the financial manager will not check the work of an employee who, for example, cuts a sheet or spends resin, will not take readings from electricity meters, and much more. But a financial manager can rationally distribute the use of financial resources, encourage employees to reduce costs by creating motivation methods. You can also determine the main directions for the use of financial resources and focus on their efficient use. Therefore, one way or another, the management of the capital of the enterprise affects the indicators of income and expenses.

You can ask the question: how to manage capital without taking into account indicators of income and expenses? In this case, the main goal of the financial manager will be to achieve such a level of return on investment, shareholder capital, working capital, which will allow you to get the maximum profit. To achieve this goal, the financial manager needs to develop a financial strategic plan within the overall strategy of the enterprise. It is possible to consider, using the example of the industrial holding Concern High-Voltage Union, the development of a financial strategy, the directions of which are very similar to any type of economic activity of an enterprise.

The main directions of the financial strategy. First you need to select and install critical factors capital management - attracting resources and directions for their use. It is necessary to analyze those areas of activity of the enterprise, which the financial manager can influence by the performance of his direct duties. Further, the main factors are detailed into smaller ones in accordance with the directions of their use (example in the table). Then small directions are even more signed for exact parameters. The example shows detailed description financial strategy.

Creation strategic matrix. First you need to establish a goal, the basic principles for realizing this goal. Then the financial strategy is presented in the form of a matrix, where the decomposition elements are indicated vertically, and the principles and ideology, the state at the date, smaller goals, the main directions of management, management tools and methods, management methods and structural divisions, i.e. in matrix form, it is possible to describe all areas of work of a financial manager in developing a financial strategy.

So, to implement the strategy of managing the structure of working capital, one can define the following strategic goal: to achieve an effective investment of capital in current assets in order to establish the optimal financial position of the enterprise.

The most important word is “optimal”, since the main mistake of entrepreneurial activity is freezing the financial resources of the enterprise in stocks. In such situations, large-scale or small enterprises do not change the cost structure when changing the nomenclature. This means that it is necessary to set a limit on the remaining products in stocks and exercise control over their level. To do this, a financial strategy is developed taking into account the timing of release, the technological volume of the batch, the terms of contracts, the terms of payment, customs clearance and filling out declarations, efficient loading of vehicles, and more.

"Concern High-Voltage Union" carries out its production activities under the order. In this case, a different approach is required. The concern produces a wide range of high-voltage and switching equipment. The main types of products are vacuum circuit breakers, integrated switchgears (KRU), transformer substations, generator circuit breakers and other equipment. Vacuum and generator circuit breakers are mono-products, while switchgear and substations are custom-designed and designed by engineers for each order separately. Therefore, for the concern, the development of the goal of the financial strategy involves the definition of financial indicators that can bring the financial activity of the enterprise closer to the optimal level of reserves.

The main principles of the concern in this case are: the greatest increase in the rate of return, the maximum reduction in liquidity and commercial risks.

The object of management is working capital, which includes such indicators as finished products, cash, raw materials and materials, receivables and payables. These indicators are considered in correlation with the sources.

Then the financial strategy can be represented as a matrix with decomposition indicators indicated vertically:

• management strategy for working capital and reserves for its financing;
• strategy for managing the structure of production working capital;
• management strategy for the ratio of non-working capital to working capital.

With the help of these indicators, you can set both low-hierarchy sections of movement and digitized criteria. For example, the main target indicator is the ratio of the ratio of non-working capital to working capital.

The following indicators are indicated horizontally in the matrix:

• basic principles and ideology;
• status on the date;
• intermediate goal;
• main criteria for leadership, tools and methods;
• way of leadership;
• structural units involved in the process.

At the intersection of the rows and columns of the matrix:

• in the column "Basic principles and ideology of the strategy" - a description of the idea of ​​leadership for a specific goal and evaluation criteria;
• the column "Status as of the date" contains links to documents containing an information field for the reference point. For example, by clicking on the link at the intersection of the line “Strategy for managing the structure of industrial working capital” and the column “State at the date”, you can open a document that shows the state of the enterprise at the starting point and its development trends, trends and targets for a separate parameter of the working capital structure;
• the column “Main management criteria, tools, methods” indicates the standards of the enterprise, which consider the basic concepts, regulations, where business processes, calculation methods, etc. are characterized;
• in the column "Management method - process involved" - the name of the business process in accordance with the documents of the quality management system and ways to manage it;
• according to the column "structural divisions involved" - departments of the financial and economic service, the responsibility of which involves the management of business processes.

It can be concluded that in the form of a matrix, all directions of the financial strategy are described. Due to the fact that it is impossible to give an example of the matrix itself, we will characterize some areas of the financial strategy.

Strategy for attracting financial resources. The main purpose of attracting resources is to ensure the creditworthiness and investment attractiveness of the enterprise.

The main criterion for fulfilling this goal is the optimal ratio of debt to equity capital.

Objects of management: borrowed capital (acquired advances, invoices for payment, obligations received for operational work, taxes on payment, credit obligations, accounts payable of enterprises).

The main tools and methodology are established by the company's standards (Economic and financial management, Regulation on cash flow, Credit policy, etc.).

Management method: centralized influence on the size and composition of current working capital, coordination through the redistribution of financial sources, setting the allowable amount of credit obligations.

Officials and various divisions: general and financial directors of the holding, head of the production department, financial and economic department, treasury.

Cash and cash equivalents management strategy. The main goal of cash management is the effective distribution of these funds for the timely fulfillment of the terms of the contract, ensuring investment and innovation activities. Main criteria: balance of liquidity and financial independence indicators.

Management objects: cash and non-cash funds and their varieties (securities, etc.).

The main principles and ideology of management: budgeting - construction of BDDS in accordance with the BDR, plan-fact analysis in the context of the day, month, quarter.

Main tools and methods: established by the company's standards and associated with the attraction of financial resources.

Method of management: centralized influence through regulation of payments, determination of preferential directions for spending financial resources and their use, direct management of urgent payments and payments over the limit.

Officials and various departments: financial and economic department, budget department, treasury, financial director of the holding.

In the same way, all directions of the financial strategy are signed. But this is not a strict list, you can change something, add, delete, everything is individual. It is necessary to implement the financial strategy from a non-standard point of view and determine the main directions and goals.

• Implementation of an enterprise development strategy: a step-by-step algorithm

Evaluation of the developed financial strategy

It is necessary to conduct an analysis in order to determine whether the developed financial strategy can lead to the financial performance of the enterprise and to the established goals of the financial strategy in a constantly changing external financial environment. Such an analytical process is carried out by financial managers or experts invited for this purpose. The evaluation of the financial strategy involves the establishment of the following parameters:

1. Compliance of financial strategy with the overall strategy of the enterprise.
2. Compliance of the financial strategy of the enterprise with the changing external financial environment.
3. Compliance with the financial strategy of the enterprise with its reserves and capabilities.
4. Internal balance of financial strategy indicators.
5. Reality of application of financial strategy.
6. A sufficient level of risk that will allow the implementation of a financial strategy.
7. Economic efficiency of implementation and use of financial strategy (benchmarking).
8. Non-economic efficiency of implementation and use of financial strategy.

After the effectiveness of the financial strategy of the enterprise has been evaluated and it has been established that it will have positive results and correspond to the financial philosophy of the enterprise, it can be implemented.

Stages of financial strategy implementation

1. Ensuring strategic changes in the financial activities of the enterprise. Strategic changes - a process aimed at changing all types of activities of the enterprise to a level that will ensure the full implementation of the developed financial strategy of the enterprise.

The coverage of strategic changes in the financial activity of an enterprise is influenced by the existing level of management of this activity, as well as financial relationships with counterparties, the nature of sources, the level of the information base, the degree of innovativeness of financial operations, the financial instruments used, the level of organizational culture of financial workers and other intra-organizational parameters. In accordance with the above, it is possible to characterize the strategic changes in the financial activities of the enterprise as follows:

1. Constant intra-organizational indicators of financial activity.
2. Small strategic changes in financial activities.
3. Medium strategic changes in financial activity.
4. Big strategic changes in financial activity.

To implement strategic changes in the financial activity of an enterprise, it is necessary to transform the following financial management systems: information system, organizational culture, organizational structure of management, personnel system, incentive system for employees of the enterprise, innovation system.

2. Diagnostics of the nature of changes in the conditions of the external financial environment at each stage of the implementation of the financial strategy of the enterprise. Constant analysis of the external financial environment will allow the company to make effective decisions in a timely manner and implement a set of measures that will contribute to the financial stability of the company and its economic development. The theory of strategic management establishes 4 main options for changing the external financial environment in which the financial strategy of an enterprise is implemented:

• relative constancy of the conditions of the external financial environment;
• projected changes in the conditions of the external financial environment;
• unpredictable changes in the conditions of the external financial environment, which are determined at the initial stage of their occurrence;
• unpredictable unexpected changes in the conditions of the external financial environment.

In order to determine changes in the conditions of the external financial environment, financial market monitoring is used, which shows the impact various factors, significantly affecting the financial condition of the enterprise and its development, as well as changes in the interest on loans, the exchange rate, the rate of return on investments, the level of insurance tariffs, and much more.

• 10 Steps to Move From a Stated Strategy to Real Results

Financial Strategy Implementation vs. Implementation: What's the Difference?

Efim Pykov, Managing Partner, Formula Development Consulting Company, Moscow

The financial strategy of an enterprise, like any other business tool, is effective only when it is used in work. Any, even the most remarkable and verified strategy, if it gathers dust in a drawer or hangs in a gilded frame, costs absolutely nothing (except for the cost of the frame). The strategy must work. Every day and every hour. But it needs to be clarified: there is often some confusion between understanding strategy implementation and strategy implementation. These concepts must be clearly separated.

The implementation of the strategy is the achievement of the goals that are laid down in the strategy. It is possible to assess the degree of implementation of the strategy over time by comparing the quantitative parameters of the goals recorded in the strategy and the parameters that the company achieves.

Strategy implementation is the process of implementing the strategic operations plan. Evaluation of performance occurs upon the implementation of all the points of the plan with due quality.

Without the implementation of the strategy in the daily work of the company, the implementation of the strategy, that is, the achievement of the set goals, is hardly possible.

Analysis of financial strategy

The “golden rule of economics” can be used as a measure of the effectiveness of a financial strategy:

Tp > Tv > Ta > 100, where

• Tp - profit growth rate;
• TV - the growth rate of sales;
• Ta is the growth rate of the advanced capital.

If, as a result of the development of financial policy in the main areas of the financial strategy of the enterprise, this ratio does not correspond to that recommended in this model, the strategy or part of it must be changed so that it fulfills the main goal - ensuring maximum efficiency of the enterprise.

Corporation financial policy is the purposeful use of finance to achieve its strategic and tactical goals.

Financial policy is the most important element of the corporation's overall development policy. It is not limited to solving local, isolated issues, such as market analysis, developing a procedure for passing and agreeing contracts, organizing control over production processes, but is comprehensive. One of its key tasks is the selection of optimal mechanisms that allow achieving the goals set for the corporation in the shortest possible time and at the lowest cost.

The development of the financial policy of the corporation includes:

1) determination of the conditions for the activities of the corporation;

2) determination of the types of financial policy (FP) to be developed;

3) choice of the type of financial policy;

4) choice of decision-making methods by type of financial policy;

5) choice of decision-making criteria by type of financial policy;

6) choice of decision-making tools by type of financial policy;

7) formation of a set of scenarios by type of financial policy, taking into account the conditions, tools, criteria and methods of decision-making;

8. formation of a financial reporting model based on the analyzed scenario;

9) determination of the values ​​of evaluation criteria and selection of preferred solutions.

The financial policy of the corporation is divided into long-term and short-term.

At the core long-term a clear definition of a single concept for the development of the corporation in the long term, the choice of optimal mechanisms for achieving the goals set, as well as the development effective mechanisms control.

Short term financial policy is a system of measures aimed at the uninterrupted financing of the current activities of the corporation. Its main tasks are to carry out normal activities at the expense of existing capacities, ensure current funding and generate its own sources of funding.

As part of the financial policy of the corporation, financial strategy and tactics are distinguished.

Financial tactics- this is a financial policy aimed at promptly solving specific current problems that are provided for by the financial strategy of the corporation. It ensures the correct and timely change of financial ties, as well as the redistribution of cash flows between the various resources of the corporation and between all structural and separate divisions.

Financial tactics are flexible, providing a quick response to changes in market conditions. The strategic and tactical aspects of financial policy are closely interrelated: the right choice of strategy creates favorable opportunities for solving tactical problems.

Financial strategy- a master plan of action to provide the corporation with cash. It covers the theory and practice of the formation of finance, their planning and provision, solves problems that ensure the financial stability of the corporation in the market economy. The theory of financial strategy explores the objective patterns of market economic conditions, develops ways and forms of survival in new conditions, preparation and conduct of strategic financial transactions.

The financial strategy covers all aspects of the corporation's activities, including the optimization of fixed and working capital, profit distribution, cashless payments, tax and pricing policy, and securities policy. It is developed as part of the corporation's strategic financial planning and is focused on achieving a given level of the main parameters of its activities: sales volume, cost, profit, profitability, financial stability, solvency and price competitiveness.

The general strategic goal of finance is to provide the corporation with the necessary and sufficient financial resources. The financial strategy of the corporation in accordance with the main strategic goal provides:

1) formation of financial resources and centralized strategic management of them;

2) identification of decisive areas and focus on their implementation of efforts, flexibility in the use of reserves by financial management;

3) ranking and stage-by-stage achievement of tasks;

4) compliance of financial actions with the economic condition and material possibilities;

5) objective accounting of the financial and economic situation and the real financial situation of the corporation in the year, quarter, month;

6) creation and preparation of strategic reserves;

7) taking into account the economic and financial capabilities of the corporation and its competitors;

8) determining the main threat from competitors, mobilizing forces to eliminate it and skillfully choosing directions for financial actions;

9) maneuvering and fighting for the initiative to achieve a decisive superiority over competitors.

Objectives of the financial strategy are:

Study of the nature and patterns of formation of finance in market conditions of management;

Development of conditions for the preparation of possible options for the formation of financial resources and actions of the financial management in the event of an unstable or crisis financial condition of the corporation;

Definition of financial relationships with suppliers and buyers, budgets of all levels, banks and others financial institutions;

Identification of reserves and mobilization of resources for the most rational use of production capacities, fixed assets and working capital;

Providing the corporation with financial resources necessary for production and economic activities;

Ensuring the effective investment of temporarily free funds in order to obtain maximum profit;

Determination of ways to implement a successful financial strategy and strategic use of financial opportunities, new types of products and comprehensive training of personnel for work in a market economy, their organizational structure and technical equipment;

Studying the financial strategic views of potential competitors, their economic and financial capabilities;

Development and implementation of measures to ensure financial sustainability;

Development of ways to prepare a way out of a crisis situation, methods of personnel management in conditions of an unstable or crisis financial condition and coordination of the efforts of the entire team to overcome it.

When developing a financial strategy, special attention should be paid to the completeness of identifying cash income, mobilizing internal resources, minimizing the cost of production, proper distribution and use of profits, determining the need for working capital, and rational use of capital. The development of a corporation's financial strategy includes making decisions on accounting, tax, credit, depreciation, pricing and dividend policies; management of working capital and accounts payable, operating expenses, product sales and profit. The financial strategy is developed taking into account the risk of non-payments, inflation surges and other force majeure circumstances. An important part of the financial strategy is the development of internal standards, which determine, for example, the direction of profit distribution.

The scheme for developing a financial strategy is shown in fig. 6.1.

The development of a financial strategy is based on financial analysis data and identified critical points in the financial condition, long-term, medium-term and short-term forecasts developed on the basis of an analysis of the external environment, which indicate possible directions for the development of the corporation's finances in the future; selected main criteria for improving the financial condition. Proposals for the formation of a corporation's financial strategy are developed for the objects and components of the financial strategy in several versions with a mandatory quantitative assessment of proposals and an assessment of their impact on the balance sheet structure (building a forecast balance sheet and a financial results report).

Rice. 6.1. Scheme for developing a financial strategy

Objects of financial strategy:

Income and receipts of funds;

Expenses and deductions of funds;

Relationship with the budget;

credit relationships.

Components of a financial strategy:

optimization of fixed and working capital;

Profit distribution optimization;

Optimization of tax policy;

Optimization of the corporation's securities policy;

Optimization of foreign economic activity of the corporation;

Optimization of non-cash payments;

Optimization of the corporation's pricing policy.

Depending on the external conditions, the implementation of one or another variant of the general financial strategy, an operational financial strategy is developed taking into account the financial indicators achieved in the previous quarter. An operational financial strategy is a strategy for the current maneuvering of financial resources (a strategy for controlling spending and mobilizing internal reserves). The operational financial strategy is developed within the framework of the general financial strategy, detailing it for a specific period of time. If necessary, a strategy can be developed to achieve private goals both for the year and for the quarter.

Methodology for assessing financial policy :

1. Finding out(methods of questioning and interviewing personnel, conversations with management, collection and analysis of documentation, etc.):

Goals and financial strategies of the corporation, financial development programs;

External and internal factors of functioning.

2. Analysis:

Organizational and administrative documentation of the corporation regulating accounting and financial activities (regulations, instructions, orders, etc.);

Forms of financial and management accounting and reporting (accounting reports, budgets, payment calendars, business plans, reports on the cost structure, reports on sales volumes, reports on the status of inventories, balances of working capital, statements - decoding of debts of debtors and creditors, etc. .);

Loan agreements, contracts, loan applications, letters of guarantee, pledge certificates, registers of shareholders, issue documents, invoices, payment documentation and other documents regulating financial relations between the corporation and other legal (individual) persons.

3. Financial Policy Control Procedure corporations include a number of areas described below.

3.1. Financial results activities of the corporation, property status and financial condition, business activity and performance efficiency.

3.1.1. A brief financial review includes an analysis and evaluation of the following general financial indicators:

Technical and organizational level of the functioning of the corporation;

Indicators of the efficiency of the use of production resources;

Results of core and financial activities;

Product profitability; turnover and return on capital; financial condition and solvency of the corporation.

3.1.2. In addition to these procedures, it is necessary to assess the financial and economic prospects for the development of the corporation (including the likelihood of problems related to its financial condition in the future).

3.2. Management of the capital structure of a corporation.

3.2.1. Analyze and evaluate:

The ratio of borrowed and equity capital, the level of financial leverage, the dependence of the level of leverage on the structure of financing, the size and structure of borrowed sources;

Debt financing structure (short-term, long-term);

Efficiency of use of equity and borrowed capital;

Rationality of procedures and optimality of loan financing conditions (forms of contracts, ensuring their implementation, cost and degree of risk of borrowed sources, etc.).

3.3. Policy for attracting new financial resources.

3.3.1. Analyze and evaluate the methods used for planning financial needs.

3.3.3. Find out the terms of loan financing, control the timeliness of repayment of debts.

3.4. Management of capital invested in fixed assets.

3.4.1. Analyze and evaluate the sources, sizes, dynamics and structure of the corporation's capital investments in fixed assets, their compliance with the main functional features of production activities.

3.4.2. Review and evaluate the methods used to evaluate acquisition financing alternatives production equipment(leasing, acquisition of property).

3.4.3. Evaluate the effectiveness of the use of fixed assets in terms of capital productivity, capital intensity, profitability, relative savings in fixed assets as a result of an increase in capital productivity, and an increase in the service life of labor tools.

3.5. Working capital management.

3.5.1. Evaluate the effectiveness of the use of working capital in terms of turnover, material consumption, reducing the cost of resources for production.

3.5.2. Analyze and evaluate:

Composition and structure of sources of working capital formation;

The methods used to calculate the need for working capital, the sufficiency of working capital for the normal course of the production process;

The degree of compliance with the established standards of working capital;

Share ratio current assets different degrees of risk;

Measures aimed at accelerating the turnover of working capital.

3.6. Financial risk management.

3.6.1. Analyze and evaluate mechanisms for minimizing financial risks.

3.7. Budgeting and business planning systems.

3.7.1. Analyze and evaluate:

The validity of the adopted budgeting strategies (additional, zero budgeting, etc.), the methods used for budgeting or estimates;

Temporal (year, quarter, month, etc.) and spatial (relationships between departments) parameters of budgets;

The sequence of their setting in accordance with the business processes of the organization;

Breadth of application (by areas of activity, departments, responsibility centers, etc.), structure, level of detail and interconnection of various budgets (estimates);

Formation procedures (including harmonization of indicators, approval and control) of budgets and business plans, responsibility for their formation and execution;

Procedures for monitoring the correctness of filling out budget forms, the compliance of the values ​​of budget indicators with the approved planned limits (norms), the implementation of budgetary regulations, in particular, for the efficiency of control, analysis of deviations and establishing their causes;

Measures taken on deviations in budgets, in particular, on the subject of rationality, effectiveness of measures, promptness in the provision of information on deviations (on budget execution) to the management of the corporation, budget adjustments;

The actual implementation of procedures (planning, monitoring, reporting, control) of budgeting (or budget regulations) and business planning, the order of responsibility by management levels (responsibility is most optimally distributed when using promptly adjusted or flexible estimates).

In this case, it is advisable to pay special attention to the analysis and evaluation of the cash flow management system.

3.7.2. Install:

Do budgeting and business planning systems provide better coordination of activities, increase the manageability and adaptability of the corporation to changes in the internal (organizational structure, resources, potential, etc.) and external environment (market conditions):

Do they create optimal conditions for the organization and control of sustainable movement (receipts and expenditures) of funds;

Do they comply with the principle of end-to-end financial planning;

Do they reduce the possibility of abuse (for example, collusion of sales department employees with product buyers, etc.) and management errors;

Do they demonstrate the interconnection of various aspects of financial and economic activity, do they form a single vision of work and emerging problems by all responsible employees;

Do they provide a more responsible approach of specialists to decision-making, better motivation for their activities and its evaluation.

3.7.3. If necessary, evaluate the reliability of independent financial consultants engaged by the corporation to develop sections of the business plan (primarily financial).

3.8. System of non-cash payments.

3.8.1. Analyze and evaluate the system of cashless payments used in the corporation, namely:

The structure of various forms of settlement under contracts, including prepayment, etc., payment terms - acceptance, letter of credit, etc., means of payment used - without the use of means of payment (i.e. settlements with demands, orders, etc.) and with their use (bills, etc.);

The level of fulfillment by the corporation of its payment obligations, the level of fulfillment of payment obligations to the corporation;

Applied methods of securing payment obligations (collateral, guarantees, etc.);

Timeliness and proper execution of settlement and payment documentation, timeliness of consideration of the reasons for the refusal of counterparties to fulfill their payment obligations, the effectiveness of claims work.

3.8.2. Analyze and evaluate the structure of receivables:

By maturity;

By types of debtors (buyers, borrowers, etc.);

By the share of individual large debtors (it is assumed that debtors are ranked according to their significance or debt amounts);

By levels of debt (to the enterprise, its structural units, etc.);

By quality (probability of payment on time, etc.).

3.8.3. Analyze and evaluate the structure of accounts payable:

By maturity;

By the share of individual large creditors;

By types of creditors (obligations to the budget should be considered by their structure);

By quality.

3.8.4. Establish and evaluate the reasons for non-observance of payment discipline by both the corporation and its counterparties, possible options for its normalization (monitoring the financial condition of counterparties, measures to collect overdue debts, mutual reconciliations of debts, monitoring the timeliness of debt repayment, distribution of payments but priority, etc.) , optimization of settlements (ranking counterparties by risk categories and a more thoughtful policy regarding the conclusion of contracts, scheduling of payments, factoring, purchase by installments, leasing, etc.).

3.8.5. Analyze and evaluate the possibilities:

Repayment of the corporation's debt to the budget and extra-budgetary funds (branches, subsidiaries and affiliates, accounts in foreign banks, etc.);

Carrying out restructuring of debts on payments to the budget;

Elimination of wage arrears (if any);

Reducing non-monetary forms of payment.

The implementation of the concept of value-oriented management involves a constant search for innovative opportunities and the determination of the optimal trajectory of innovative business development, which ensures the formation and development of the company's competitive advantages. The sources of competitive advantage are:

• 1) product competitiveness (quality, price, service, brand presence, product differentiation);
• 2) an effective system of product distribution and sales promotion;
• 3) entry barriers that protect the company's position in the market, including legal barriers in the form of permits, licenses;
• 4) advantages in current and capital costs, including a positive effect of scale, allowing to achieve a minimum level of average production costs;
• 5) an effective business model, advantages in the quality of management.

Of key importance is the development of a hierarchy of business strategies aimed at creating value, among which a special place belongs to the financial strategy and corporate financial policy.

In the three-level hierarchy of business strategies (Fig. 1.2), the top level is the corporate strategy, the middle level is the business strategies (business strategies) of the corporation, and finally the third level is the functional strategies. The corporate strategy, namely the strategy of concentrated, integrated, diversified growth or the strategy of reduction, determines the business strategies for each business unit.

The concentrated growth strategy involves the development of business through the production of certain types of products through the improvement and development of both products and the production process, as well as the marketing complex. The integrated growth strategy is to ensure business development through vertical integration, i.e. integration with suppliers and distributors, as well as horizontal integration, i.e. integration with competitors. The diversified growth strategy is aimed at acquiring companies that are not related to the activities carried out and transforming the business into a holding, which is formed as a set of businesses engaged in various activities.

Rice. 1.2.

Business strategies, i.e. second-level strategies determine which business should be discontinued, which business should be continued and developed, and which business should be moved into. These strategies are fleshed out using the McKinsey-GE Portfolio Matrix based on an assessment of the attractiveness of the market segment in which the corporation's business unit operates and its competitive positions on this segment. The business strategy of a unit can be aimed at its intensive growth, subject to the high attractiveness of the segment and the stability of the competitive position of the business unit (intensive investment strategy); to maintain activities with the average characteristics of the market segment and business unit (selective investment strategy); to reduce activities and liquidate the business unit at low valuations (capital withdrawal strategy).

Functional strategies - strategies of the third level in the hierarchy of strategies - provide key business functions, in particular marketing, production, finance, personnel management, research and development. Market and financial strategies have a special place in the composition of functional strategies. The market strategy, which, according to M. Porter, can be of three types, namely, the strategy of leadership in cost reduction, the strategy of differentiation and the strategy of focusing, ensures the achievement and preservation of the competitive advantages of the business and, consequently, its long-term competitiveness and the ability to create value. A cost leadership strategy that provides competitive business advantages with operational efficiency and low prices can also lead to loss of customers due to the inability to timely catch changes in preferences and change the range of products. Differentiation strategy, assuming as competitive advantage high-quality, differentiated products, leads to the risk associated with the possible high costs of its production and the inability to ensure a competitive price level. A focus strategy that provides a competitive advantage to the business by meeting the needs of a strategic target group can lead to losses in the event of a significant increase in prices associated with the implementation of this strategy, as well as in the event of a reduction in differences in the needs of the target segment and the market as a whole.

Fundamentally important in developing a market strategy in modern conditions is that a business that is successful in the long run is a business that is not focused on short-term profit, but is "built on a deep understanding of the mechanisms of competition and value creation", a business that creates "economic value, satisfying the interests of society, and is focused on common values rethinking its products and markets from a societal point of view, redefining the efficiency of the value chain” .

The special role of the financial strategy, the strategy of integrated asset and liability management of the corporation, which is implemented through the corporate financial policy, is due to the fact that it is the central link in the hierarchy of strategies that combines corporate, business strategies, functional strategies and provides financial resources for the entire hierarchy of strategies. In addition, financial modeling of the parameters of a corporation's activity makes it possible to substantiate the trajectory of business development that ensures the maximization of its value and evaluate its effectiveness. As part of the financial strategy, an investment strategy is developed, which consists in the selection and implementation of investment projects in order to increase the value of the business. The investment strategy should be consistent with the corporate strategy as well as the business strategies of the business units. The investment strategy is of decisive importance for the creation of business value, since it is it that ensures the creation, development and retention of the competitive advantages of the corporation in the long term.

The successful development of a corporation requires a constant search for innovative opportunities. At the same time, foresight is a tool for identifying strategic innovations, and benchmarking is a tool for finding reactive, improving innovations.

Foresight in modern conditions is considered as a system of methods for expert assessment of prospects and coordination of innovation development priorities, identification of technological breakthroughs that can have the maximum impact on the development of a corporation in the medium and long term; as an effective tool for setting priorities and mobilizing a large number of participants to achieve qualitatively new results; as a tool to reduce strategic risks, which aims to identify the most promising areas of business development based on product evaluation in terms of its innovative and market potential.

The algorithm for using this tool involves the widespread use of predictive calculations based on financial models, setting goals and determining ways to achieve them (Fig. 1.3). At the first stage, a pool of experts is formed - corporation specialists in the field of marketing, production, personnel, finance, as well as external experts. At this stage, there is a search and identification of possible strategic innovations, including product, process, marketing and organizational ones. Further, taking into account product innovations, the identification and verification of promising product groups (clusters), the establishment of consumer properties of products, the description of the competitive advantage of products in comparison with analogues and, on this basis, the determination of its market opportunities and the study of demand determinants are carried out. As a result, the market prospects of product groups and potential demand are evaluated, opportunities for marketing innovations are determined and the marketing mix is ​​formed. On the other hand, the degree of product development is assessed, opportunities for process innovation are identified, and the innovative potential of products is determined, which can significantly increase production efficiency.

Rice. 1.3.

These estimates allow you to predict the volume of production and sales of products based on objective methods, in particular market testing, time series analysis, statistical analysis demand, subjective methods, such as the Delphi method, methods based on consumer expectations, the opinions of sales staff, the collective opinion of key executives. Further, based on the identified trends in the external and internal environment of the corporation, the parameters of its operational, financial, and investment activities are predicted, taking into account organizational innovations. The final stage is the calculation of the value of the business, the determination of the value of intellectual capital, the calculation of the values ​​of the most important economic indicators (key performance indicators), as well as the implementation of scenario multivariate calculations, on the basis of which the optimal trajectory of business development is determined.

The development of a business development strategy involves the use of not only strategic innovations, within which there is a radical update of technologies, infrastructure, policies, social relations in business, but also reactive improvement innovations identified through benchmarking. Currently, benchmarking, the essence of which is to use the best experience achieved by companies in the industry, the country and the world, is acquiring a global status and is considered as a tool for international business information exchange. Benchmarking acts as an imitation strategy tool, which is an alternative to the strategic innovation strategy. Simulators are actively looking for promising ideas, not limited to industry or country, they do not just copy, but seek to find a better and cheaper solution. At the same time, the cost of imitation is on average one third lower than the cost of innovation. The art of benchmarking, i.e. benchmarking, allows you to discover what others do better, and, by studying, improving and applying borrowed ideas. Benchmarking helps to improve business relatively quickly and at minimal cost through the introduction of improving innovations and increase its value. The data of various foreign studies indicate that from 60 to 90% of Western companies are involved in the benchmarking process.

Benchmarking as a method of objective systematic comparison of the company's activities with the work of the best (reference) companies is not only used to search for and implement product and process innovations, but also serves as an effective management tool aimed at introducing marketing and organizational innovations into the activities of a corporation, i.e. advanced management technologies. In the course of this kind of benchmarking, it is necessary to identify the main factors of the company's inefficiency that negatively affect the value creation process; develop a strategy aimed at eliminating these factors, and then organize appropriate actions to improve the company's business. Thus, the goal of benchmarking is to improve the business and increase its value through the introduction of improving innovations.

At the first stage of the implementation of the concept of benchmarking, a benchmark company is identified that is the most successful in the industry in terms of value creation, and the strengths and weaknesses of the company under study in the value chain are assessed. For this, a system of reference indicators is used, in particular, for market activities - this is the profitability of sales and the rate of revenue growth; for operating activities - the resource intensity of products and the asset turnover ratio; for financial activities - the cost of sources of invested capital and its structure; for investment activity - volume, directions and structure of investments. In addition, the most important area of ​​reference comparison is the product characteristics, the marketing mix, as well as the technological parameters of production.

Further, efficiency standards are set for key aspects of the corporation's activities, opportunities for the implementation of product, process, marketing, organizational and financial innovations are identified, and areas for improving the corporation's activities are determined. At the final stage, strategic and tactical decisions aimed at increasing the value of the corporation are developed and evaluated.

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