2.2. Forms and methods of financing of the enterprises of motor transport of the general use

the Scientific approach to a problem of financing of the enterprises of a public passenger transport is reflected in concepts «the financing form» and «a financing method» which in modern conditions requires updating and clarification.

in the special literature there are various treatments of forms and methods of financing of the enterprise, thus is frequent both concepts are identified among themselves as synonyms.

now there is no uniform understanding of definitions: the form, a source and a financing method. Thereupon it is obviously necessary to specify the given concepts. On the basis of the analysis of the scientifically-methodical works devoted to questions of financing, in dissertational research following definitions are offered.

the financing method is a set of the actions directed on a choice of structure and structure of sources of financing, forms and sequence of their realisation for realisation of current and investment activity.

the financing Form is an external expression of the contents financial and economic and the legal relations arising in the course of financing of current and investment activity.

between concepts a kind, sources, a method and the financing form it is possible to present interrelation in the form of the basic scheme (fig. 2.5).

the System of financing of the enterprises of passenger motor transport of the general use develops of organic unity of sources, methods and forms of financing of its current and investment activity. Variety of sources of formation of financial resources of the enterprise, forms and methods of financing PATP in market

To 62 economy causes necessity of definition of their contents and


a Fig. 2.5. Interrelation of concepts a kind, a source, a method and the financing form

In a general view the system of sources, methods and financing forms represents the mechanism of financing of the enterprise. Realisation of the mechanism of financing of enterprises GPT in modern market conditions can be presented in the form of three links: the mechanism of state regulation of financing, the intraeconomic (intrafirm) mechanism and the mechanism of maintenance with financial assets by means of the market.

thus, within the limits of dissertational research it is offered to allocate following kinds of financing: intraeconomic, state, market and mixed.

to each kind of financing there correspond certain methods and forms of maintenance of the enterprise financial resources. The mixed financing is extended enough in practice and assumes simultaneous use not one, and several methods of financing.

however in the methodical literature there is no uniform approach to classification of forms and methods of financing of the enterprises.


As a basis for research of a problem of financing it is industrial-economic activities PATP in dissertational work it is offered to accept classification according to which all sources of formation of financial resources can be divided into three basic groups: own, involved and extra. Thus enterprise internal funds act as internal (secondary), and the involved and extra means - as external (primary) sources of financing.

classification of forms and methods of financing PATP by sources of financial resources in a cut of kinds of financing is presented to tab. 2.1.

it is necessary to notice, that methods and the forms of financing resulted in tab.

2.1, are theoretically possible for use in sphere of a public passenger transport. However in modern conditions of managing of the Russian enterprises of the given sector of economy some methods and financing forms appear difficultly realised on practice. Thereupon it is offered to carry out the analysis of advantages and defects of concrete forms of financing for revealing of the reasons of limitation of their practical application for PATP.

Now a principal view of financing of the enterprises of an automobile passenger transport of the general use is state financing. In many respects it is caused by that services of the enterprises of this branch - conveyance of passengers - are a part socially significant so, here obosnovanno and it is naturally saved enough the big weight of state regulation of economic activities [91].

Thus within the limits of dissertational research it is offered to understand as state financing the centralised financing from budgets of all levels (federal, regional, local).


Table 2.1

Classification of kinds, sources, forms and methods of financing PATP

Sources the Method the Form Intraeconomic financing Own samofi nansirovanie draught on funds

specialist funds

(amortisation, repair,


sale of a part of assets,

internal economy of resources State financing Involved gratuitous state subventions, subsidni, Financing {state tax privileges, the state order. Support) the state warranties; iro ¿ a rammno-target method address and purpose-oriented programmes Extra the state crediting the budgetary credit, the tax credit, the investment tax credit, the state external loan Market financing Involved share (joint-stock) issue of shares, shares. Financing instalments in ustavnyj fund Extra bank crediting the bank credit; Commercial crediting a commercial credit; Debt financing the bonded loan, lease, factoring, forfejting; Project financing without recourse on the borrower,

with the limited recourse on

the borrower,

with complete recourse on the borrower Mixed finansir ovanie State-private concession, leasing. Partnership BOOT, BOO, return BOOT; Finance lease (leasing) internal leasing, the international leasing; Credit + state the bank credit under the state warranties, subsidising by the state of % of the rate on leasing, subsidising by the state of % of the rate under the bank credit; Re-structuring of the enterprise amalgamation of business, the introduction into holding 65

Offered generalisation of the state and local levels of financing in uniform group is entered exclusively with the purposes of convenience of the analysis under condition of accurate differentiation between financing from federal and regional budgets (state financing) and financing from local budgets.

state financing is carried out in following forms: grants, subventions, the investment tax credit, tax privileges, budgetary investment credits.

besides, state financing includes a financial backing of the enterprises in the form of a public contract (state purchases), the state warranties under private investments, a programmno-target method of financing and the state external drawing.

according to the item 67 NK the Russian Federation [5], fulfilment by the organisation of especially important order on social and economic development of region or granting of especially important services by it to the population is the basis for granting of this organisation of the right to reception of the investment tax credit. Proceeding from it, the investment tax credit can be considered as the form of state financing PATP.

At the same time use of tax credits and tax privileges for financing of investment activity PATP is limited. Granting of the investment tax credit and tax privileges should be considered as stimulation of investment activity of the enterprises as process of accumulation as a result of reduction of tax payments of financial resources takes the long period, volumes of the saved money resources, as a rule, are insufficient for investment financing and can be used for financing of the operational expenditure.

For improvement of financial circumstances of the passenger enterprises and activization of their investment activity within the limits of Federal


a purpose-oriented programme «Modernization of transport system of Russia

is developed the subroutine" passenger transport Reforming

the general use "on 2006-2010. Volumes state

financings of transport agencies according to the given Subroutine

are presented to tab. 2.2.

Proceeding from given tab. 2.2, the state financing share,

provided by the Subroutine, makes more than 50 % from a total sum,

that confirms state financing definition as

the basic method of maintenance PATP with financial resources for

realisation of current and investment activity.

table 2.2

Costs for investments under the Subroutine" Reforming of a passenger transport of the general use "

for 2006-2010

million rbl. Volume of financing the Sum Only, 66670 Including on financing sources: The federal budget 344 Budgets of subjects of the Russian Federation 34047 Off-budget sources 32279 Internal funds 25279 Borrowed funds 7000 Source: the Federal purpose-oriented programme «Modernization of transport system of Russia (2002-2010)», the Subroutine «Reforming of a passenger transport of the general use».

In the subroutine the following possible forms for use of the state support at the expense of means of the federal budget with reference to a public passenger transport is provided:

67 1. Indemnification of a part of the interest rate under credits of the Russian credit organisations represented passenger transport agencies for purchase of buses of big and especially big capacity of a domestic production.

2. Compensation under the same nomenclature of means of transport of the sums The VAT from cost of the acquired (purchased) engineering, and subsequently and Clearing of taxation on an added value Acquisitions of buses of especially big capacity.

working out of recommendations about sharing of the state in creation of the leasing companies.

creation federal and regional investment funds of support of a passenger transport.

the structure of the investments provided by the Subroutine «Reforming of a passenger transport of the general use», for financing of updating and perfection of structure of park of urban and suburban buses (acquisition of 47,6 thousand buses) for 2002-2010 is presented to tab. 2.3.

At the same time according to the program of reforming of an urban passenger transport the state stage by stage reduces the sharing in quality of the subject of enterprise activity in the competitive markets of transportation transportation services. For reduction of volume of the required budgetary funds necessary for realisation of investment projects, greatest possible use of internal funds of the passenger motor transportation enterprises [16] is provided.

However, in our opinion, state participation reduction should not be accompanied by an exception of the state support as method of financing of a passenger transport. Besides, according to Transport strategy of the Russian Federation, the state support of subjects of the market of transportation services or users is supposed in cases, when for the account

68 market mechanisms cannot be supplied sufficient level of the offer or socially comprehensible passenger-fare level.

table 2.3 Structure of investments into updating and perfection of structure of park of urban and suburban buses for 2002-2010

Source of financing the Sum, million rbl. Specific weight,

% Volume of investments of all 44000 100 Including: Internal funds of the enterprises 20 000 45,4 Borrowed funds 6 100 13,9 Means of budgets of subjects of Federation and regional investment funds 17 900 40,7 Means of the federal budget it is not provided - Source: the Federal purpose-oriented programme «Modernization

transport system of Russia (2002-2010)», the Subroutine «Reforming of a passenger transport of the general use».

Thus, limitation of forms of the state Financings are caused by necessity of optimisation

the state support of a passenger transport and working out of alternative forms and methods of financing state PATP.

Self-financing as the investment financing method is used, as a rule, at realisation of small investment projects. At the heart of this method financing exclusively at the expense of own (internal) sources lays: net profit, depreciation charges and intraeconomic reserves [151].

the Major own sources of investment financing are the net profit and depreciation charges.


the Size of the net profit directed on industrial development, depends on several factors: volume of realisation of production, the price, an unit cost, a tax rate on profit, an allocation policy on consumption and development of the enterprise which is based on the selected general strategy of economic development.

the following on significance own source of investment financing are depreciation charges which are formed at the enterprises as a result of carrying over of cost of the basic production assets on finished goods cost. The money resources liberated in the course of gradual restoration of cost of the basic production assets, accumulate in the form of depreciation charges in a sinking fund.

the sinking fund Size depends on volume of a fixed capital of the enterprise, their initial or regenerative cost, specific and age structure, and also the purposes and used accrual bases.

however in sphere of passenger motor transport of the general use in modern conditions possibility of financing of the investment project on updating of means at the expense of own resources is absent.

in astable economic conditions the sinking fund constantly depreciates because of inflation and ceases to execute functions of a unique source of investments for simple reproduction. In most cases a rolling stock of the passenger autoenterprises almost completely samortizirovan, depreciation charges or are equal to zero, or their size is extremely insignificant.

With the purposes of easing of influence of inflation on investment possibilities of the motor transportation enterprise the state establishes revaluation factors amortiziruemogo property and grants possibility to apply an abnormal depreciation.


At this A.Chebotaev in the article «the motor transport service Sinking fund» considers the given state measures as «a privilege, under the economic contents close to the interest-free tax credit» as growth of a sinking fund from revaluation of permanent assets and an abnormal depreciation reduces taxable base under the profit tax [154].

However revaluation of a fixed capital is made too seldom and has not time to react to varying conditions of managing adequately.

besides, growth of depreciation charges with other things being equal reduces a final finance result (net profit) owing to that they simultaneously are also a source of investments into an enterprise fixed capital, and the element of working costs considered at formation of a final finance result. As a result of it, nizkorentabelnye the enterprises become unprofitable.

amortisation Charge on objects of permanent assets is made irrespective of results of activity in an accounting period, therefore for unprofitable and nizkorentabelnyh the enterprises a sinking fund accumulated on the separate account, is in certain degree a virtual category: the enterprises are obliged it to charge, and use it cannot, as it has no corresponding monetary cover. If owing to unprofitableness on the settlement account there are no money resources and direct depreciation charges on the investment purposes the enterprise cannot. Thus, defect of a working capital contains fixed capital growth.

the profit as a source of investment financing of the passenger enterprises of motor transport of the general use also cannot be considered in view of unprofitableness of the given kind of activity.

Thus, it is possible to draw a conclusion, that for financing of investment projects on updating of a rolling stock, which

71 it is possible to carry to a category of large investment projects at rather great volumes of capital costs, the extra and involved money resources are necessary.

joint-stock financing represents contributions legal and physical persons in an enterprise authorised capital in which result investors become proprietors of the enterprise. Mobilisation of investment means within the limits of the given form of financing is carried out through a capital market.

at realisation of mutual relations of participants of joint-stock financing the initiator of the project has an opportunity to carry out the project at the expense of attraction of investments and to maximise profit, and possibility to receive in the property of the share of the attractive enterprise is granted investors.

with reference to a public passenger transport the method of joint-stock financing is used, as a rule, under condition of controlling interest preservation in a state ownership.

the analysis of regional experience of financing PATP carried out in dissertational work, the greatest distribution were received by the following scheme of joint-stock financing: at aktsionirovanii PATP in ustavnyj the capital of created joint-stock company from the state or municipal union industrial premises and real estate are introduced, and the contribution of external investors (founders as whom the private companies act) are money resources for financing of acquisition of a rolling stock (for example, for advance payment payment at acquisition of buses in leasing).

Bank crediting is carried out in various forms, including: a term credit - allotting credit for term with the subsequent settlement; an advance on current account - a uniform client's account in bank on which all settlement and credit operations are performed; the renewed loans converted in urgent, granting and the credit repayment in

72 frameworks of a certain limit and the period of time with the subsequent renewal in term loans; demand lines of credit - administration of loans to the borrower during the concrete period of time within a certain limit of a total sum.

from all existing versions of forms of bank crediting in case of financing of the investment project on acquisition of permanent assets by the enterprise of passenger motor transport by the most comprehensible form the term credit is. The basic problem - necessity of granting to bank of adequate maintenance (corresponding warranties or a property as security).

Granting as the lien available at PATP permanent assets is economically inexpedient in a kind of features of functioning of a public passenger transport. For the buses of the general use working on regular routes, high rates of deterioration that is caused by the Russian conditions of their operation are characteristic: The condition of the road cover, observed absence at passengers of culture essentially influence a reduction in market value of vehicles at the expiration of even the insignificant period of operation.

crediting on the security of the real estate also is represented unprofitable for business banks. Realisation of a part of real estate PATP or a real estate complex (as well as a rolling stock) will instantly be reflected in functioning GPT and will lead to failures in process of rendering of services in conveyance of passengers that is inadmissible in view of their high social importance.

thereupon the most comprehensible variant of the bank Crediting of passenger motor transport is State participation in the scheme of financing of the enterprise

a business bank by means of granting of the state warranties under bank credits.


the Bond loan as the form of debt financing represents external drawing on the basis of issue of bonds.

appeal of bonds to potential investors is in many respects defined by placing bonds conditions. Conditions of a bonded loan include the sum and loan term, number of the manufactured bonds, level of the interest rate, a condition of percentage payments, date, forms and an order of settlement, the clause concerning conversion of bonds, protection of interests of creditors and should be favourable enough to the investor to supply liquidity of bonds, possibility of return of means on them before the expiration defined at issue of bonds of term by sale and purchase at stock exchanges or through investment institutes of after the market.

In the Russian practice commercial bonded loans are used basically by incorporated companies with faultless business reputation and high indicators of solvency, therefore in short-term prospect, considering modern financial circumstances of enterprises GPT, the given form of financing is not applicable to PATP.

the project financing Method is characterised by special method of maintenance in which basis acknowledgement of a reality of reception of the planned cash flows by revealing and distribution of all risks connected with the project between the parties participating in its realisation (contractors, financial institutions, the state bodies, suppliers of raw materials, end production consumers) lays.

Allocate following features of a method of a project financing:

1) financing is based on viability of the project disregarding solvency of its participants, their warranties and guarantees of credit repayment by the third parties;


a debt servicing source are the cash flows generated as a result of realisation of the most investment project;

financing is supplied by economic and technical viability of the enterprise, allowing to generate cash flows, sufficient for service of the debt.

thus recourse is understood as a return request with compensation of the paid sum, presented one natural or legal faced to other obliged person [66].

Unlike the usual credit at which the borrower or the organizer of the project incurs completely all risks, at use of a method of a project financing risks are distributed between the borrower, the creditor and, as a rule, the third party. As the credit warranty economic benefit of project realisation acts only. Thus as a credit collateral security assets of the borrower can act, but their size is not comparable to project cost.

besides, at a project financing the investor (customer) should be assured, that on production which is growing out of the project, during all life cycle stable demand, sufficient for appointment of such price which would supply a meeting the expenses on operation and service of objects of the project, payment of indebtedness and a satisfactory recoupment of investments will be kept.

the conditions set forth above and requests, obligatory at a project financing and caused by specificity of the given method, do not allow to apply it to financing of investment activity PATP in modern conditions of functioning GPT. Supplying fulfilment of the state social order on conveyance of passengers according to plan unprofitable enterprises in the conditions of state regulation of tariffs are not capable to generate

75 guaranteed cash flows, sufficient for service of the debt at a project financing.

the most effective tool of maintenance of purchases of transport is leasing. However its conditions provide initial advance payment at a rate of 25 - 30 % from an order price and consequently approach not to all (for 9 months 2004 the volume of corresponding bargains has made 8 % from all leasing operations). About 70 % from the involved sources make bank and commercial credits that compels the leasing companies to support rather high advance payment [99].

According to item 7 [9] the basic forms of leasing are internal leasing and the international leasing. At realisation of internal leasing lizingodatel and lizingopoluchatel are residents of the Russian Federation. At the international leasing lizingodatel or lizingopoluchatel is the non-resident of the Russian Federation.

According to the Governmental order of the Russian Federation from 27.06.96 ¹ 752 «About the state support of development of leasing activity in the Russian Federation» the party option is granted subjects of the leasing bargain, the property handed over in leasing is reflected in whose balance [5].

At leasing the leaser can calculate receipt of the incomes and produce with the lessor the scheme of financing convenient for it:

S Payments can be monthly, quarterly.

S the leasing agreement periodic change of the size of leasing payments, but not more often, than once in 3 months can be under the agreement of parties provided.

S settlement of cost of leasing property can begin with the moment of reception of a gain from realisation of production made on the leasing equipment.

the variant of accounts on leasing payments both by means of money resources, and by means of natural production,

also is possible 76 which it has been made on the equipment which has been handed over in leasing. The price for such production is defined under the agreement of parties leasing agreements.

for the motor transportation enterprises there are 2 ways of realisation of a finance lease: on the basis of realisation of government programs of support of the enterprises and on the basis of the conclusion of commercial agreements.

according to the Russian legislation leasing payments are included in full into the cost price of transport production, thereby, reducing taxable base for the motor transportation enterprise.

thus, results of an estimation of advantages and defects of various forms of financing of the enterprises of passenger motor transport of the general use it is possible to present in the form of tab. 2.5.

the analysis of advantages carried out in dissertational research and defects of the most widespread forms of financing of the enterprises with allowance for practical experience of financing of current and investment activity PATP in the Russian conditions has shown, that as adequate modern conditions of managing PATP should recognise following forms of financing:

S grants, subventions;

•S tax privileges and tax credits;

S the budgetary credit;

S the state target address programs;

S purpose loans of the state investment funds;

S the state and municipal order;

S a finance lease (leasing);

S the bank credit;

S sinking fund and profit use.


Table 2.5 of Advantage and defects of forms of financing

Forms of Advantage Defects Grants unlimited term of attraction


besplatnost resources low productivity

the received means,

dependence on budget filling,

rigid and long selection

projects for financing,

narrow priorities at selection

the projects, the limited volume


necessity additional

maintenance at state


rigid restrictions and the control for

target draught on funds Subventions possibility of attraction of resources for long term, besplatnost resources

Investitsi-onnyj the tax credit term of attraction till 5 years, low cost of resources

Tax privileges low cost of resources

Budgetary investitsi-onnye credits possibility prie on long srs low cost shechenija resources



Draught on funds spets. Funds (profit) absence of expenses of time and means on their mobilisation, absence of risk of a non-return, improves investment attractive t the enterprises there are


conditions (the lien,

no warranty) and



restrictions for












are not present dependence

from external

investors limitation of sources owing to defaults of payment, the taxation rather




all risks,

connected with




on itself

the enterprise;


from flowing



the enterprises Direct ispolzova-nie

fund amortisation-onnogo is available in

the order

the enterprises at



a condition,







dependence of size


fund from level




uses because of



the control mechanism

Stock promotion at great volumes a low price of involved means; rather small cost of service in a kind dividendnyh payments (in case of preference shares); payments for use of the involved resources have no unconditional character, and are paid depending on a finance result; does not require a collateral security (warranty); use of borrowed funds is not limited on terms. A high level of expenses of time and

money resources on the organisation


the risk of placing of issue

shares not in full is probable;

washing out proportional

a share of sharing of former shareholders in

an authorised capital and to their reduction


sharing in management of the company

new shareholders;

the pressure of shareholders directed

on increase of growth of profit 78

tab. 2.5 Continuation Forms of Advantage Defects Placing bonds long term of attraction


cost of resources more low, than at

bank credits,

in most cases is not required

furnishing a collateral under

involved resources,

non-interference of investors in

the investment policy

the enterprises,

the taxation of percent on

to bonds is included into the cost price,

that reduces taxable base,

there is no risk of loss of the control over

operation of business absence of efficiency of financing owing to availability strict reguljativnyh the state norms tightening process of the organisation of financing, necessity of payment of the tax to securities tradings till the moment of placing bonds which does not concern on the cost price,

availability of legislative restrictions on bond issue The bank credit low level of expenses for attraction


absence of a running control with

the parties of the investor for

use of resources,

fast procedure of registration and

drawings upon a credit,

is possible flexible system

drawings and amortisations,

possibility of delay of payment to

receipts sufficient on

to size of a cash flow and

gradual settlement,

obligations on financing a seller's price involved

resources are supplied long-term


maintenance is required (the lien,

the deposit, the warranty,

the guarantee),

at decision-making on issue

the credit bank is evaluated

financial circumstances

the enterprises,

short-term and intermediate term

character of financing,

increase of risk of bankruptcy in

communications with delayed

settlement of loans drawn and

losses of a part of profit from

investment activity in

communications with necessity of payment

percent, advancing money

is limited established

to a limit Internal leasing a wide complex represented


PATP receives leased

property and begins it

operation without derivation

the significant sum of means from

economic circulation,

preservation possibility

an optimum parity

own and a loan capital,

flexible hours of payments,

possibility of the repayment of the equipment on

a reproduction new cost,

acceleration of updating technical


smaller requirement in

additional securities as

maintenance is leased

the property,

economy under the tax to property and

to the profit tax cost of leasing of the equipment can appear above expenses for its acquisition on credit,

absence of the developed legislation in this area,

preservation of deficiency of money resources 79 Results of the conducted analysis have allowed to establish conformity between sources and recommended forms of the financing, presented in table 2.6.

Table 2.6 Prevailing types of sources of financing PATP and characteristic for them the financing form

From tab. 2.6 it is visible, that recommended forms of financing PATP

have limited structure of used sources. It is caused by impossibility of attraction of separate sources within the limits of the considered forms of financing.

in the presence of alternativeness in decision-making when the working transport agency is profitable can acquire a necessary rolling stock at the expense of own or extra means, the most effective variant it is expedient to choose proceeding from criterion of economic efficiency.

however achievement of conditions of alternativeness of variants of acquisition

80 rolling stocks transport agencies largely are problematic for majority PATP. Owing to low profitability in modern conditions they cannot not only purchase engineering at the expense of internal funds, but also receive the credit, especially long-term which transport agencies owing to their high fondonasyshchennosti mainly require, insufficient capital productivity and high term of a turn-over of a fixed capital. Especially, the indicated sources of the capital are unacceptable for a significant share of the unprofitable enterprises of transport.

thereupon the leasing of a rolling stock considered from the financial point of view as the form of the irrevocable tax credit from the state, can be regarded as means of sanitation of the unprofitable enterprises and its estimation can be made on an uncontested basis on efficiency indicators.


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A source: MIHNEEVA Anna Leonidovna. FORMS And METHODS of FINANCING of the ENTERPRISES of PASSENGER MOTOR TRANSPORT of the GENERAL USE the Dissertation on competition of a scientific degree of a Cand.Econ.Sci. St.-Petersburg 2007. 2007

More on topic 2.2. Forms and methods of financing of the enterprises of motor transport of the general use:

  1. MIHNEEVA Anna Leonidovna. FORMS And METHODS of FINANCING of the ENTERPRISES of PASSENGER MOTOR TRANSPORT of the GENERAL USE the Dissertation on competition of a scientific degree of a Cand.Econ.Sci. St.-Petersburg 2007, 2007
  2. 2.1. Essence and features of financing of the enterprises of motor transport of the general use
  3. 1.2. Foreign experience of financing of the enterprises of motor transport of the general use
  4. 2.3. Methodical bases of an estimation of efficiency of financing of the enterprises of motor transport of the general use
  8. 3.3. The basic directions of increase of efficiency of financing of the passenger motor transportation enterprises of the general use at municipal and state levels
  9. 1.3. The analysis of theoretical and methodical approaches to the decision of problems of financing of passenger motor transport
  10. 3.2. Methods and forms of financing GPPO "Pskovpassazhiravtotrans"
  11. 1.1. The State of the art and problems of passenger motor transport in Russia
  12. a research plant are the motor industry enterprises …
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  14. 3.2. Optimisation of a configuration of a network of gasoline stations on logistical range of distribution of mineral oil for motor transport
  15. 1.1 Performance and structure of park of cars as a condition of the maintenance of operation of the enterprises of motor industry
  16. § 2. Insurance of means of motor transport and a civil liability of their owners
  17. 1.3. A complex of the enterprises of motor industry as sinergeticheskaja system