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ECONOMICS
Bauetdinov M. J.
Republic of Uzbekistan
Bauetdinov Majit Janyzakovich, the senior teacher of chair "Industrial economy" of Tashkent state university of economics, Republic of Uzbekistan
PRACTICE OF FINANCING OF INVESTMENT EXPENSES OF MANAGING SUBJECTS IN
REPUBLIC UZBEKISTAN
Бауетдинов М. Ж.
Республика Узбекистан
Бауетдинов Мажит Жанызакович, старший преподаватель кафедры «Экономика промышленности» Ташкентского государственного экономического университета
ПРАКТИКА ФИНАНСИРОВАНИЯ ИНВЕСТИЦИОННЫХ РАСХОДОВ ХОЗЯЙСТВУЮЩИХ
СУБЪЕКТОВ В РЕСПУБЛИКЕ УЗБЕКИСТАН
Abstract:
At development of an investment policy it is necessary to provide achievement of economic, scientific and technical and social effect from considered actions - for each object of investment use specific methods of an estimation of efficiency, and then select those investment projects which with other things being equal provide to the enterprise peak efficiency (profitability); reception by the enterprise of the greatest profit on the invested capital at the minimum investment expenses; use by the enterprise for increase of efficiency of investments of the state support in the form of guarantees of the Government of Republic of Uzbekistan, budgetary loans; attraction of grants and soft loans of the international financially-credit organizations and private foreign investors; minimization of the investment risks connected with performance of concrete projects; maintenance of liquidity of investments; Conformity of actions which are provided to be carried out within the limits of the investment policy, to the legislative and other legal certificates of Republic of Uzbekistan regulating investment activity.
In article methods of the financial analysis of the managing subject for investments are analyzed. For financing of investment expenses to the managing subject, it is offered to reveal strong and weaknesses of the managing subject to define potential possibilities, to predict economic development, using special analytical receptions, and the techniques allowing quickly and precisely to carry out diagnostics of its financial condition.
Аннотация:
При выработке инвестиционной политики необходимо предусмотреть достижение экономического, научно-технического и социального эффекта от рассматриваемых мероприятий - для каждого объекта инвестирования используют специфические методы оценки эффективности, а затем отбирают те инвестиционные проекты, которые при прочих равных условиях обеспечивают предприятию максимальную эффективность (рентабельность); получение предприятием наибольшей прибыли на вложенный капитал при минимальных инвестиционных затратах; использование предприятием для повышения эффективности инвестиций государственной поддержки в форме гарантий Правительства Республики Узбекистан, бюджетных ссуд; привлечение субсидий и льготных кредитов международных финансово-кредитных организаций и частных иностранных инвесторов; минимизацию инвестиционных рисков, связанных с выполнением конкретных проектов; обеспечение ликвидности инвестиций; соответствие мероприятий, которые предусматривается осуществить в рамках инвестиционной политики, законодательным и другим правовым актам Республики Узбекистан, регулирующим инвестиционную деятельность.
В статье анализируются методы финансового анализа хозяйствующего субъекта для инвестиций. Для финансирования инвестиционных расходов хозяйствующему субъекту, предлагается выявить сильные и слабые стороны хозяйствующего субъекта, определить потенциальные возможности, прогнозировать экономическое развитие, используя особые аналитические приемы, и методики, позволяющие быстро и точно провести диагностику её финансового состояния.
Keywords: the managing subject, investment expenses, investors, financial stability, the financial analysis, solvency of the managing subject.
Ключевые слова: хозяйствующий субъект, инвестиционные расходы, инвесторы, финансовая устойчивость, финансовый анализ, платежеспособность хозяйствующего субъекта.
In modern economic conditions activity of each managing subject is a subject of attention of investors. On the basis of the information potential investors estimate position of the managing subject in the market, its
competitiveness, analyze its financial stability. Investors are interested in solid data reception about financial
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well-being of the managing subject that guarantees reception of real benefit against investments. As the basic tool the financial analysis for this purpose serves.
The analysis of a financial condition of the managing subject is a difficult and labor-consuming kind of activity which is characterized by two basic aspects: a choice of a technique of the analysis corresponding to requirements of the concrete user and adequacy of its interpretation. Overall objective of the financial analysis is reception of a small number of the key parameters giving a real picture of a financial condition of the managing subject that allows to estimate precisely internal and external relations of analyzed object for the investment, in particular to know solvency, efficiency and profitableness, prospects of development of the managing subject, and then by the received results to make the well-founded decision under investments. The structured information on activity of the managing subject is formed according to accounting. It is necessary to add traditional methods of the financial analysis, special analytical receptions, and the techniques allowing quickly and precisely to carry out diagnostics of the financial condition, the managing subject, to reveal its strong and weaknesses, to define potential possibilities, to predict economic development. During such analysis the logic sequence of economic factors and events, their orientation and force of influence on results of activity is reproduced. Probably to consider a financial position of the managing subject from the analysis of its actives and passives, then the analysis of solvency and financial stability, return of actives and the short-term forecast of a financial position, but probably to begin the analysis with an estimation of structure of property weight [1]. In [2] suggest stating the general estimation of a financial condition and its change for the accounting period, and suggest carrying out the analysis of financial stability, liquidity of balance, business activity and solvency of the managing subject. Realization of the financial analysis of the managing subject from quality check of drawing up of the reporting for a financial position tentative estimation, then the detailed analysis of its property condition, financial independence and solvency managing subjects [3] is possible. Consider expedient to analyze a financial condition managing with the analysis of profitableness, financial stability of credit status, use of the capital, the analysis of level of self-financing; the analysis of currency self-support. Carrying out of the analysis in the form of two -modular structure is of interest: the express analysis and the profound analysis. For the analysis economic conditions of the subject it is expedient to use six basic methods of the analysis: The horizontal (time) analysis; the vertical (structural) analysis; the comparative (spatial) analysis; the factorial analysis; the trend analysis; the analysis of relative indicators (factors), taking into account the international and national standards of the financial reporting, standard regulation of accounting of Republic of Uzbekistan. The overall objective of the financial analysis consists in calculation of the key parameters giving an objective and exact picture of a financial condition of managing subjects, a profit level and losses, changes in structure of actives and passives, calculations with debtors and creditors.
Expediency of division of the analysis of the basic indicators of financial activity of managing subjects on the analysis of structure of articles of the balance sheet of managing subjects to analyze liquidities and solvency of managing subjects, the analysis of financial stability of managing subjects and the analysis of movement of the capital, business activity and profitability of managing subjects is necessary.
The analysis of a financial and economic condition of the managing subject should be begun with a general characteristic of structure and active and passive structure. The analysis of an active of balance gives the chance to establish the basic indicators, characterizing is industrial-economic activities the managing subject. Having considered a balance structure, it is possible to start check of correctness of its drawing up enumerative techniques verifications of separate sections, necessity of such verification is connected by that all sections of balance are in an interconnection among themselves in this connection correctly made balance will mean that economic process is captured completely in all its variety; the grouping of the economic phenomena according to the nature and economy appointment is spent; the correct correspondence of accounts is established. The analysis of indicators of solvency and liquidity of the managing subject, objective main criterion objective and exact estimation of a financial and economic condition reflects solvency of the managing subject under promissory notes. Improvement of solvency of the managing subject inseparably linked with a policy of management of working capital which is aimed at minimization of financial obligations [4]. The analysis of financial stability of managing subject, which is characterized by condition of own and extra means and is analyzed by means of system of financial factors. The analysis of efficiency of economic activities of managing subjects is based on the data of the accounting reporting and is the general estimation of a current situation on analyzed object [5].
For profound carrying out of the analysis it is necessary to involve the data of the internal reporting of the managing subject. It gives the chance to the internal user of the information to receive the greatest number of the key parameters, allowing stating an exact estimation, both a current condition of object, and expected prospects of development. It is known that efficiency of economic activities of managing subjects is characterized by two indicators: business activity and profitability.
For realization of an offered technique of the analysis of financial results of activity of managing subjects, it is expedient to solve following problems: to estimate a financial position and its changes for the accounting period; to study conformity between actives and sources of their formation, rationality of their placing and efficiency of their use; to define working capital size, its gain, a parity with current obligations; to reveal structure of actives of managing subjects and their obligations; to carry out calculation turn-over current actives, etc. For the full analysis of a financial and economic condition of the managing subject comparison of its data to the data of other subjects or to the reporting of the managing subject for last years is necessary. Now
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in the developed countries many companies include in the report short data on the activity during the last years that allows to analyze more full current activity of managing subjects and to do authentic economic forecasts for the future. It is necessary, after an estimation of change of property of the managing subject, to reveal so-called unsatisfactory articles of balance: articles testifying to the extremely unsatisfactory work managing subject in the accounting period and its bad financial position which has developed as a result of it. At the analysis of a financial condition of managing subjects it is necessary to analyze structure of articles of the balance sheet, to analyze liquidity and solvency, to analyze financial stability and to analyze movement of the capital, business activity and profitability.
Bibliography
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2. Бланк И.А. Основы финансового менеджмента: - М.: Ника-центр, 2000.
3. Бреши Р., Мвйерс С. Принципы корпоративных финансов; Пер. с англ. -М.: Олимп-Бизнес. 2007.
4. Бриг. Ю. Гапенски Л. Финансовый менеджмент: Полный курс: 2 т. / Пер. с англ. под ред. В.В. Ковалева. - СПб.: Экономическая школа. 2007.
5. Ван Хорн Дж. Основы управления финансами: Пер. с англ. / Под ред. И. И. Елисеевой. - М:. Финансы и статистика, 2006.
Ganiev E., Umarov H., Pardaev Sh.
chair "Information technology" ofJizzakh State Pedagogical Institute,
Republic of Uzbekistan
PROSPECTS OF PERFECTION OF MANAGERIAL PROCESS BY VOCATIONAL TRAINING
SYSTEM
With acceptance of "The National program of a professional training» and «The Law on formation» in Uzbekistan, became a basis of working out of national model of formation directed on reforming of continuous formation, thus a basic element of continuous formation is introduction of nine-year secondary education, the academic lycée and vocational training which have created really new education system [1]. The main objective of system of vocational training - to provide, that the safe and harmoniously developed generation which is the future of our future, could occupy a modern trade and to become the qualified expert for our independent native land.
Including on September, 23rd, 1998 the Decision №406 Cabinets of Republic of Uzbekistan «About the program of development and financing of material base of the academic lycées and professional colleges for 1999-2005» was accepted. In «the national program of a professional training» directed on formation reform it is noted that it was necessary to consider geographical both demographic conditions and requirement for experts of concerning branches, the organization of educational institutions of professional system and maintenance of their reasonable arrangement, coverage of pupils without separating them from a family. And it is an integral part of system of continuous formation, and the vocational training system is based on profound knowledge of a trade, propensity to professionalism and ability to occupy one or several modern trades in areas which they have chosen.
By the decree of the President of Republic of Uzbekistan №yn-5313 from January, 25th, 2018 «About measures on radical perfection of system of the general
average, average special and vocational training» is directed on radical perfection of system of the general average, average special and vocational training.
Last years on strengthening of its legal base complex measures have been taken for development of vocational training, modernization of educational process, a number of system measures for support of target youth in achievement by them the considerable international both republican Olympic Games and competitions has been undertaken.
Considering prospects of development of economy and priority problems, the modern technics and technological tendencies introducing modern information-communication technologies on the high requirement and related specialties on work preparation of the qualified personnel possessing practical skills and knowing not less two languages. Considering real requirement, offers of the enterprises giving work, coordination of activity of professional colleges on radical improvement of quality of preparation of necessary experts.
