Financial condition assessment methods. Methods for analyzing the financial condition of an enterprise Methods for assessing the financial condition of an enterprise
Rizoev F.U. Classification of assessment methods financial condition commercial organizations // Economics and business: theory and practice. - 2015. - No. 10. - S. 117-121.
CLASSIFICATION OF ASSESSMENT METHODSFINANCIAL STATE OF COM COMMERCIAL ORGANIZATIONS
F.U. Rizoev, Master
Volga Humanitarian Institute (branch) FGAOU VPO "VolSU "
(Russia, Volzhsky)
Annotation. Financial condition is the most important characteristic of an activityabout sti commercial organization... For its objective and comprehensive assessment, developed and used in practicevarious methods and models. This article proposes a classification of methods for assessing the financial condition of organizations depending onand bridges from their belonging to the selected approaches - detailed or systemic.
Keywords: financial condition, assessment methods, detailed approach, systems approach .
The financial condition of the organization is a complex economic category, xa for a specific datea the enterprise has various assets, the amount of liabilities, the ability of the subjectto that economy to function ands twist into cheatingyu external environment, the current and future opportunity to meete create credit claimsand tori, as well as its investment attractiveness.
Accordingly, ffinancial condition - the most important characteristic of the activities of a commercial organization, characterizeyu a system of financial indicators, each of which reflects the real and potential capabilities of the economyyu subject. To evaluate variousa and financial condition in general, in economics, an extensivemethodological tools. About bjekti a thorough and comprehensive assessment, is neo b necessary conditionpr and development e gramo t financial policy of the organizationa tion, and effective managementfinancial managementi efficiency as well developing recommendationsa tions required for stabilize the situationa tions ... Choosing the right indicators and crand teriev, objective accounting for influencing fato the tori, correct interpretation of the obtained values \u200b\u200b- neob the necessary conditions for the results of the assessment to bet convey the real picture of financialabout standing of the enterprise.
Financial assessment issuesme nor me and the development of appropriateo dov, z a were taken by various representatives of Russian economic science... Among them , first of all, you need toe pouring such as V.V.Bocharov, A.F. Ionova, V.V. Kovalev, E.V. Negashev, G.V. Savitskaya, R.S. Saifulin, N.N. Selezneva, A.D. Sheremet and others. As before, these problems are becoming the subject of research.about novice scientists, since they do not lose their relevance at the present time.
As a result, today ras so many workedvarious methods dov, allowing to assess fand financial condition of the organization with that or some other degree of detail, what is it aboutat caught the need for their systematization.
Analysis of different points of view on yesn this problem was allowed to formulate two main approaches to assessing financeabout the state:
- detailed - by evaluating each of the identified components of the financialstates separately, based on owls number of indicators;
- systemic - based on int methode evaluation, which makes it possible to summarize the results and determine the basisin new strategic finance alternativesabout solutions for a specific enterpriseand yatiya [1].
Within the framework of the detailed approach, two groups of methods are distinguished:
— methods qualitative analysis , based in whose purpose is to studye formation of the structure and dynamics of articlesx galter reporting, identification of tenden their changes in the short termr the prospective period and determination of the reasons that caused them;
— methods of coefficient analysis, oh with the main purpose of which is tofrom even relative indicators - financeabout out coefficients characterizing uroh vein dost and of the given parameters and their dynamics for a certain retrospectivein period in the individual areas of the financial situation of the enterprise. In this case, thei there are four main groups of such displays.a teli (liquidity ratios anda solvency, financial stabilityabout sti; profitability and business activity), each of which, in turn, evaluatesand is calculated by calculating a set of specific coefficients.
Based on methods, in the groups represented, in full enough mof but evaluate the individual components of fand financial condition of the enterprise... However, each ofthem there are disadvantagest ki and restrictions that are neutralized when they are complexfrom no application. thereforeonly a systematic approach using an integral assessment methodology providedin allows you to determine in one codea then many different contenta niyu, units of measurement, parameters. This simplifies the assessment procedure, and sometimes isi is the only possible option for its implementation and provision of volumeto strong final conclusions.
The aggregate existingi'm time methods of integrated assessment of financeabout the state of the organization can be classified according to the followingcoiled up groups:
- m dressed forecasting the possible bankruptcy of an enterprise for a given timee change interval;
- point rating methods;
– method for assessing financial condition,developed on the basis of the theory of fuzzy mnabout gestures.
Each of the selected groups, in turn, is characterized by the presence of owlsabout a variety of different methods, each of which has its own specific applicatione and for whichexpediently use call a more detailed degree of gradation.
So, forecasting models are possibleabout go bankruptcy of the enterprise, in its och e ed, can be divided into three main inand yes:
– formalized, i.e. based on the use of formalized codesa financiers representing the system of financeabout coefficients, the level and dynamics of which indicate a possiblea the stage of bankruptcy of the organization (metabout wild Federal Service on financial rehabilitation and bankruptcy of Russia [2 ]; Ruler methodologyb state of the Russian Federation, approved in the Rules for conducting financial analysis by the arbitration manager [3 ]);
– informal, involving the analysis of qualitative indicators, sodar containing a list of critical values \u200b\u200bfor assessing a possible bankruptcy (recommendedand theta on the UK audit practice summary, A-model J.Ar genti);
– complex, among which they are widely known: two-, fiveand-, sem and factorial Altman's models; model W.Beaver; Chesser coefficient; J. Fulmer, A. Fox, M. Tuffler coefficients ... A modification of the foreign integral bankruptcy forecasting toolkitt tions with adaptation to domestic conditionsand pits are represented by the five-factor model of R.S.Sayfulina, G.G. Kadykova , Altman's model of scientists of the Irkutsk economic school, sixfactopnaya mathematical model of O.P.Zaitseva and others.
Point-rating techniques used registered with selected, within each of them, selected critical parameterst ditch (indicators) of financial, economic and production activities of the enterpriseand yatiya. Data on prabout production potential, product profitability, efficiency of use of production and financial resources, condition and allocation of funds, sourceand their funding and others will showe for the enterprise [4 ]. This group harato is treated with a large number ofsecond techniques, therefore, within each of them, a choice of parameters is provided, differingyu from others. Within this group, it is advisable to highlight the technique of D.D yu wound, technique integrated assessment firms INEC,assessment techniques G.V. Savitskaya,spectrum-point analysis by A.N. Salov and V.G. Maslova;models complete ksnoy rating about howl estimates of V.I. Makarieva and L.V. Andree how [5] and many others. dr. The common thing that unites all techniques in one group is prand assigning the received factual data a certain number of points with the laste summing them up over alla tel and ranking of enterprises, outabout from the result obtained, by definitione specific groups (classes, ratings).
It should be noted that inte assessment of the first two selected groups (bankruptcy forecasting modelst wa and point-rating methods) have been available precisely widespread in their practical use, thereby proving theirabout worth. Nevertheless, there are two significant drawbacks that are inherent in these me todam. Firstly, they are all based on the standardization of the situation when, according to the resultsb tatam evaluations researcher attributes analand the enterprise under construction to a certain group, i.e. looks for similar, similar cases and does not consider uniqueness. Secondly, the set of indicators usedb studied in a particular technique, for evaluation, clearly defined , i.e. no choice... B moreover, a number of parameters ares becomes inaccessible for precise measurement, and then in his assessment a subjective component inevitably appears, expressed bye clear assessments such as "high", "nos cue "," most preferred "," highly anticipated ", etc. Many finn owl indicators do not have clear normsand and highly dependent on the field of activityb enterprises, and in such cases they often resort to expert assessments.
To take into account such “individuals”, a method for assessing financialabout standing, developed on the basis of the theory of fuzzy sets, which in this andfrom traces nii is allocated to a separate group. This method, according to its developerand kov, is “adequate not only for realand pits of the object of study, but also specifice the specific features of the cognizing subject, as well as the formally delineated boundaries ofa personal information uncertainabout sti "[6] , and also makes it possible to select indicators included in the inte the main indicator for assessing the financial condition.
Thus, in the result of theabout the study wasjustified classand fication of existing methods for assessing the financial condition of commercial organizationsa nizations, which is shown in the figure.
Bibliographic list
1. Muravyova N.N. Methodology for assessing the investment potential of a commercial authorityand zations: an integrated approach // Economic analysis: theory and practice. 2015. No. 42 (441). S. 52–66.
2. Anti-crisis management: methodological guide / V.I. Orekhov, K.V.Baldin , T.R. Orekhova. - M .: Infra-M, 2009.544 p.
3. Analysis economic activity organizations: methodological guide / E.N. Da nilov, V.E. Abarnikova, L.K. Shipikov ... - 2nd ed. - M .: Knizhny house, 2010.336from .
4. Shegurova V.P. , Leushina E.V. Comparative characteristics of various techniques for reth financial assessment industrial enterprise // Economic Science and Practice: Materials IIIint. scientific. konf ... (Chita, April 2014). -Chita: I z young Scientist, 2014, p. 80– 84.
5. V.I. Makarieva , Andreeva L.V. Analysis of financial and economic activities bodyand zation. - M .: Finance and statistics, 2004.264from .
6. Nedosekin A.O. Application of fuzzy set theory to financial analysis of pred acceptance. URL: http: // www. aup. ru / articles / finance / 8. htm ( date of access: 09.12.2015g.)
CLASSIFICATION OF METHODS OF ASSESSING THE FINANCIAL CONDI TION COMMERCIAL ORGANIZATIONS
FU Rizoev, graduate student
Volzhsky humanitarian institute (branch) of the Volgograd Stateuniversity
(Russia, Volzhskiy)
Abstract. Financial condition is an essential characteristic of a commercial organization.For its objective and comprehensive assessment developed and used in practice of different meth ods and models. In this article offered the classification of methods for assessing the financial con dition of the organizations depending on their belonging to the selected approaches - detailed or system atic.
Keywords: financial condition, assessment methods, detailed approach, systematic approach
In practice, there are various methods for assessing the financial condition of an enterprise; for this, various groups of coefficients are used. The following groups are recognized as the most important in financial management financial ratios:
Liquidity ratios.
Business ratios.
Profitability ratios.
Solvency ratios or capital structure.
Market activity ratios.
Liquidity ratios allow you to determine the ability of the enterprise to pay its short-term obligations during the reporting period. The most important among them for financial management are the following:
Total (current) liquidity ratio;
Quick liquidity ratio;
Absolute liquidity ratio;
Net working capital.
Total liquidity ratio shows whether the company has enough funds that can be used to pay off its short-term obligations over a certain period. According to generally accepted international standards, it is believed that this coefficient should be in the range from one to two (sometimes three). The lower limit is due to the fact that there should be at least enough working capital to pay off short-term liabilities, otherwise the company will be under the threat of bankruptcy. An excess of working capital over short-term liabilities by more than two (three) times is also considered undesirable, since it may indicate an irrational capital structure. When analyzing the coefficient, special attention is paid to its dynamics. A particular indicator of the current liquidity ratio is the urgent liquidity ratio, which reveals the ratio of the most liquid part of working capital ( money, short-term financial investments and accounts receivable) to short-term liabilities. According to international standards, the level of the coefficient should also be higher than 1. In Russia, its optimal value is defined as 0.7 - 0.8.
The need to calculate the coefficient urgent liquidity is caused by the fact that the liquidity of certain categories of working capital is far from the same, and if, for example, cash can serve as a direct source of repayment of current liabilities, then stocks can be used for this purpose only after their sale, which implies not only the presence of a direct buyer, but and the availability of funds. The absolute liquidity ratio is calculated as the quotient of dividing cash by short-term liabilities. In Western practice, the absolute liquidity ratio is rarely calculated. In Russia, its optimal level is considered equal.
The study of net working capital is of great importance in analyzing the liquidity of an enterprise. Net working capital gives greater financial independence to the company in the face of a slowdown in the turnover of current assets (for example, with a delay in the repayment of receivables or difficulties in selling products), impairment or loss of working assets (as a result of falling prices for finished products, bankruptcy of the debtor).
The optimal amount of net working capital depends on the characteristics of the company's activities, in particular, on the size of the enterprise, sales volume, the rate of turnover of inventories and accounts receivable, the conditions for granting loans to the company, on the industry specifics and economic conditions.
The financial position of the enterprise is negatively affected by both a shortage and a surplus of net working capital. The lack of these funds can lead the company to bankruptcy, since it indicates its inability to timely repay short-term obligations. A significant excess of net working capital over the optimal need for it indicates inefficient use of resources.
Business activity ratios allow you to analyze how efficiently the company uses its funds. As a rule, this group includes various indicators of turnover.
Turnover indicators are of great importance for assessing the financial position of a company, since the rate of turnover of funds, that is, the rate of their conversion into monetary form, has a direct impact on the company's solvency. In addition, an increase in the rate of turnover of funds, other things being equal, reflects an increase in the production and technical potential of the firm.
The following indicators are most commonly used in financial management:
Asset turnover ratio - characterizes the efficiency of the firm's use of all available resources, regardless of the sources of their attraction, that is, it shows how many times a year (or other reporting period) a full cycle of production and circulation takes place, bringing the corresponding effect in the form of profit, or how much monetary units of products sold were brought by each monetary unit of assets. This ratio varies from industry to industry, reflecting the specifics of the manufacturing process.
When comparing this ratio for different companies or for one company for different years it is necessary to check whether there is uniformity in the estimate of the average annual value of assets.
Accounts receivable turnover ratio - shows how many times, on average, accounts receivable (or only customer accounts) were converted into cash during the reporting period. Despite the fact that for the analysis of this ratio there is no other base of comparison other than the industry average ratios, it is useful to compare this indicator with the turnover ratio accounts payable... This approach allows you to compare the terms of commercial lending that the company uses from other companies with the terms of lending that the company provides to other companies.
Accounts payable turnover ratio - shows how many turnovers a company needs to pay invoices issued to it.
The turnover ratios for accounts receivable and payable can also be calculated in days. Then we find out how many days on average are required to pay, respectively, receivables or receivables.
The inventory turnover ratio reflects the speed at which these inventories are sold. In the course of analyzing this indicator, it is necessary to take into account the influence of the assessment of inventories, especially when comparing the activities of this enterprise with competitors.
In general, the higher the inventory turnover rate, the less funds are associated in this least liquid item of working capital, the more liquid structure the working capital has and the more stable the financial position of the enterprise (all other things being equal). It is especially important to increase turnover and reduce inventories in the presence of significant debt in the company's liabilities. In this case, creditors' pressure can be felt before anything can be done with these reserves, especially in an unfavorable market environment.
It should be noted that in some cases, an increase in inventory turnover reflects negative phenomena in the company's activities, for example, in the case of an increase in sales due to the sale of goods with minimal profit or no profit at all.
The duration of the operating cycle. This indicator determines how many days on average it takes to produce, sell and pay for the company's products; in other words, during what period the funds are tied in inventories.
Fixed assets turnover ratio (or capital productivity). An increase in capital productivity, in addition to an increase in the volume of products sold, can be achieved both due to the relatively low share of fixed assets, and due to their higher technical level. Of course, its value varies greatly depending on the characteristics of the industry and its capital intensity. However, the general patterns here are that the higher the return on assets, the lower the costs of the reporting period. A low level of capital productivity indicates either insufficient sales, or too high a level of investment in these types of assets.
Equity capital turnover ratio. This indicator characterizes various aspects of activity: from a commercial point of view, it reflects either excess sales or their insufficiency; from financial - the rate of turnover of invested capital; from economic - the activity of funds that the depositor risks. If it is too high, this entails an increase in credit resources and the possibility of reaching the limit beyond which creditors begin to participate more in the business than the owners of the company. A low indicator means the inaction of a part of own funds. In this case, the equity capital turnover indicator indicates the need to invest equity in another, more suitable source of income in the current conditions.
Coefficient of profitability of realization (profitability of realization). There are two main indicators of profitability of sales: based on gross profit from sales and based on net profit.
The return on equity ratio (return on equity) allows you to determine the efficiency of using the capital invested by the owners and compare this indicator with the possible receipt of income from investing these funds in other securities. Return on equity shows how many monetary units of net profit each monetary unit invested by the owners of the company earned.
The ownership ratio characterizes the share of equity in the capital structure of the company, and, consequently, the ratio of the interests of the owners of the enterprise and creditors.
The debt capital ratio, which reflects the share of borrowed capital in funding sources. This ratio is the inverse of the ownership ratio.
The financial dependence ratio characterizes the dependence of the firm on external loans. The higher it is, the more loans the company has, and the more risky the situation, which can lead to bankruptcy of the company. The high level of the coefficient also reflects the potential danger of the enterprise having a shortage of funds. It is believed that the coefficient of financial dependence in a market economy should not exceed one. This coefficient plays an important role in deciding the issue of the company on the choice of funding sources.
The creditors protection ratio (or interest coverage) characterizes the degree of creditors protection from non-payment of interest for the loan provided. This indicator is used to judge how many times during the reporting period the company earned funds to pay interest on loans.
Thus, at present there are a sufficient number of methods for calculating various coefficients necessary to determine the financial condition of an enterprise. With their help, it is possible to answer the question: how correctly did the company's management manage financial resources, based on this, draw conclusions and take measures to improve its activities.
The concept of sustainability is multifactorial and multidimensional. So, the stability of the enterprise is divided into internal and external, general and financial. Internal stability is such a general financial condition of an enterprise when a consistently high result of its functioning is ensured. To achieve it, it is necessary to actively respond to changes in internal and external factors. The external stability of an enterprise in the presence of internal stability is due to the stability of the external economic environment in which its activities are carried out. It is achieved by an appropriate system of market economy management throughout the country. The overall stability of the enterprise is achieved by such an organization of cash flows, which ensures a constant excess of the receipt of funds (income) over their expenditure (costs). Financial stability is a reflection of the stable excess of income over expenses. It provides free maneuvering of the company's funds and contributes to the uninterrupted process of production and sales of products. Financial stability is formed in the process of all production and economic activities and can be considered the main component of the overall stability of the enterprise.
It is advisable to begin the assessment and analysis of the financial stability of an enterprise with a study of liquidity and solvency indicators.
The liquidity of an asset is understood as its ability to transform into cash, and the degree of liquidity is determined by the length of the time period during which this transformation can be carried out. The shorter the period, the higher the liquidity of this type of assets. Speaking about the liquidity of an enterprise, they mean that it has working capital in an amount theoretically sufficient to pay off short-term obligations, even if it does not meet the maturity dates stipulated by the contracts. The main indicator of liquidity, therefore, is the formal excess (in value) of current assets over short-term liabilities. The greater this excess, the more favorable the financial condition of the enterprise from the position of liquidity. If the amount of current assets is not large enough in comparison with short-term liabilities, the current position of the enterprise is unstable - a situation may well arise when it does not have enough cash to settle its obligations. The liquidity level of an enterprise is assessed using special indicators - liquidity ratios based on a comparison of working capital and short-term liabilities.
Coverage ratio (Kpok) characterizes the ratio of current assets and current liabilities:
TO pok \u003d TA / TO,
where TA is current assets;
TO - current obligations.
A significant increase in this indicator is negative and indicates a slowdown in the turnover of circulating assets invested in inventories, and an unjustified increase in accounts receivable.
The quick liquidity ratio (K flare) indicates the company's ability to fulfill its current obligations by mobilizing funds in the company's accounts and short-term receivables:
K flare \u003d (DS + Short-term DZ - PDZ) / TO,
where DS is cash;
Short-term ДЗ - short-term receivables, payments for which are expected within 12 months;
PDZ - overdue accounts receivable;
TO - current obligations.
A high figure indicates low financial risk and high investment attractiveness of the company.
The absolute liquidity ratio (К а6сlik) characterizes the share of cash and short-term financial investments in the amount of current liabilities:
Financial Analysis Program - FinEkAnalysis to calculate the absolute liquidity ratio and other financial and economic ratios. You can download the program here
TO a6c.lik \u003d NLA / TO,
where NLA is the most liquid assets, i.e. the amount of cash and short-term financial investments;
TO - current obligations.
The higher this coefficient, the higher the ability of the company to pay off the most urgent obligations.
The coefficient of flexibility of functioning capital (K man.fk) - characterizes the share of equity capital in the sum of reserves and costs, i.e. which does not allow them to freely maneuver due to finding funds in immobilized assets (Inventories and costs, PDZ):
TO man.fc \u003d Zap. Zat. / FC,
where Zap. Zat. - the amount of stocks and costs of the company, including raw materials, finished goods, goods, work in progress;
FC - functioning capital, i.e. the difference between own working capital and long-term receivables together with overdue receivables.
The coefficient of maneuverability of total capital (M cap) is defined as the ratio of working capital to the amount of economic assets:
M drip \u003d TA / KAP,
where TA is current assets;
KAP - company capital - balance sheet currency.
Solvency means that an enterprise has cash and cash equivalents sufficient to settle accounts payable requiring immediate repayment. Thus, the main signs of solvency are: the availability of sufficient funds in the current account and the absence of overdue accounts payable. The solvency of the enterprise is assessed using the payment ratios of the most urgent obligations, short-term liabilities, long-term liabilities.
The payment ratio of the most urgent liabilities (K sq. Naib.av.ob) is determined as the ratio of the most liquid assets to the sum of the most urgent liabilities:
TO square naib.sr.ob \u003d NLA / N wed about
where VLA is the most liquid assets;
N Wed.ob - the most urgent obligations, i.e. the amount of short-term accounts payable.
The coefficient of payment of short-term liabilities (K sq. Short-term liabilities) is determined as the ratio of fast-liquid assets to the sum of short-term liabilities:
TO square short-term p \u003d UAV / KSP,
where UAVs are fast liquid assets, i.e. the amount of short-term accounts receivable less overdue;
KSP - short-term liabilities, i.e. short-term loans and credits, as well as other short-term liabilities.
The payment ratio of long-term liabilities (Kpldolgosrp) is defined as the ratio of slow-liquid assets to the sum of long-term liabilities.
Kpldolgosrp \u003d MLA / DSP
where MLA is slow liquid assets, i.e. the amount of the company's inventories and costs, VAT on purchased valuables, long-term receivables and other current assets;
Particleboard - long-term liabilities, i.e. the sum of the company's long-term liabilities, deferred income and reserves for future expenses.
Thus, the analysis of liquidity and solvency allows us to make a preliminary assessment of the level of financial stability of the organization.
They also distinguish between absolute and relative indicators of financial stability (for details on the relative indicators of financial stability, read the next issue of the journal). The absolute indicators of financial stability are indicators characterizing the level of provision of current assets with sources of their formation. To characterize the sources of formation of reserves, three main indicators are determined:
1. Availability of own working capital (SOS). This value can be determined as the difference between the real equity capital and the value of non-current assets (the result of section 1 of the balance sheet) and long-term receivables according to the formula
SOS \u003d SK - VA + DO,
where SK is equity capital;
VA - non-current assets (section 1 of the balance sheet asset);
DO - long-term obligations.
2. Availability of own and long-term borrowed sources of formation of reserves and costs (SDI). It is calculated as the sum of its own working capital, long-term loans and borrowings (section 4 of the balance sheet), targeted financing and receipts and is determined by the formula
SDI \u003d SOS + DO + CFP,
DO - long-term obligations;
TFP - targeted funding and receipts.
3. The indicator of the total value of the main sources of formation of stocks and costs (OVI). It is calculated as the sum of own and long-term borrowed sources of financing stocks and short-term borrowed funds and is determined by the formula
OVI \u003d SDI + KKZ,
where SDI - own and long-term borrowed sources of reserves financing;
KKZ - short-term loans and borrowings.
The provision of stocks and costs with sources of their formation allows us to classify financial situations according to the degree of their stability. It is possible to distinguish four types of financial stability (see below).
Another aspect of financial stability can be assessed by finding out to what extent the company is provided with sources of formation of reserves. The following indicators will help to do this:
1. Surplus (+) or shortage (-) of own working capital (ΔСОС):
ΔСОС \u003d СОС - MPZ - SSS by price acquisition,
where SOS - own circulating assets;
2. Surplus (+) or deficiency (-) of own and long-term borrowed sources of formation of reserves (1 \\\\ SDI):
ΔSDI \u003d SDI - Refinery - VAT at the purchase price,
own and long-term borrowed sources of reserves financing;
MPZ - inventories;
VAT on purchased prices. - VAT on purchased assets.
3. Surplus (+) or deficiency (-) of the total value of the main sources of formation of reserves (AOVI):
ΔОVI \u003d OVI - MPZ - VAT at the purchase price,
where OVI is the total value of the main sources of stock formation;
MPZ - inventories;
VAT on purchased prices. - VAT on purchased assets.
In general, there are four types of financial stability:
1. The absolute stability of the financial condition is characterized by the fact that the reserves and costs of the entity are less than the amount of its own circulating assets and bank loans for inventory items. It is quite rare and represents an extreme type of financial stability. The enterprise does not depend on external creditors, and its state is determined by inequalities:
ΔСОС\u003e \u003d 0; ΔSDI\u003e \u003d 0; ΔОВИ\u003e \u003d 0.
2. Normal financial stability, in which the subject's solvency is guaranteed. Inventories and costs are equal to the sum of the bank's own working capital and bank loans for inventory items:
ΔСОС< 0; ΔСДИ >\u003d 0; ΔОВИ\u003e \u003d 0.
3. Unstable (pre-crisis) financial condition, when stocks and costs are equal to the sum of own circulating assets, bank loans for inventory and temporarily free sources of funds (reserve fund, social fund, etc.). At the same time, financial stability is acceptable if the following conditions are met:
Inventories plus finished goods are equal to or exceed the amount of short-term loans, borrowed funds involved in the formation of stocks; - work in progress plus prepaid expenses are less than or equal to the amount of own working capital. An unstable financial condition is characterized by the fact that it remains possible to restore solvency:
ΔСОС< 0; ΔСДИ < 0; ΔОВИ >= 0.
4. A financial crisis (on the verge of bankruptcy), when the balance of payments equilibrium is ensured by short-term payments for wages, bank loans, suppliers, the budget, etc. in this situation, cash, short-term securities and accounts receivable do not even cover his accounts payable and overdue loans:
ΔСОС< 0; ΔСДИ < 0; ΔОВИ < 0.
Financial stability can be restored both by increasing loans and borrowings, and by reasonably reducing the level of stocks and costs.
An unstable financial condition is characterized by the presence of violations of financial discipline, interruptions in the flow of funds to the current account, and a decrease in profitability.
The financial crisis is characterized, in addition to the indicated signs, by the presence of an unstable financial position, regular non-payments (overdue bank loans, overdue debts to suppliers, the presence of arrears to the budget).
The absolute and normal stability of the financial position is characterized by a high level of profitability and the absence of violations of payment discipline.
The flow of current business transactions changes a certain once state of financial stability, causing the transition from one type of stability to another. The task of the economist is to plan financial and material flowsso that their consequence was an improvement in the financial condition of the enterprise. This requires the ability to determine the maximum limits of changes in the sources of funds to cover investments in fixed assets and production stocks.
In the event that the financial situation is unstable, it should be corrected by optimizing the structure of liabilities, as well as by reasonably reducing the level of stocks and finished goods in the warehouse. To relieve financial stress, the company needs to find out the reasons for the sharp increase at the end of the year of inventories, work in progress, finished goods and goods.
These are the tasks of internal financial analysis. The indicators themselves that affect the financial stability of the organization are grouped in table. one.
Table 1. Indicators affecting the financial stability of the organization
|
Types of non-payments |
Reasons for non-payments |
Sources of Easing Financial Tensions |
|
Overdue debts on bank loans Overdue debts on settlement documents of suppliers Arrears to budgets Other non-payments, including wages |
Lack of own circulating assets Excessive stocks of inventories Goods were shipped but not paid on time by buyers Claims for the quality of goods Immobilization of circulating assets in capital construction, employees' debt on loans received by them, as well as expenses not covered by special funds and target financing |
Temporarily free own funds Raised funds (excess of normal accounts payable over accounts receivable) Bank loans for temporary replenishment of working capital and other borrowed funds |
1.3. Management of the financial stability of an agricultural enterprise.
UDC 658.15
D.V. MANUSHIN, Candidate of Economic Sciences, Associate Professor
Institute of Economics, Management and Law (Kazan) E-mail: [email protected]
PRINCIPLES, STAGES AND FUNCTIONS OF ANALYSIS OF THE FINANCIAL STATE OF ORGANIZATIONS
The paper presents a generalization of the opinions of various scientists studying the principles, stages and functions of analyzing the financial condition of organizations. Their critical assessment is given. The principles, stages and functions of the analysis of the financial condition of organizations, specified by the author, are proposed.
Currently, there are many works devoted to the study of the principles, functions and stages of analysis of the financial condition of organizations. However, their study shows that the content of these aspects is not fully disclosed. In this regard, the article offers the author's view of the principles, functions and stages of analysis of the financial condition of organizations.
At present, in most of the works devoted to the analysis of the financial condition of organizations, its principles are not formulated. However, some authors suggest using different principles underlying the analysis of other activities.
For example, E.S. Stoyanova believes that the basic requirements for the information on the basis of which the financial statements are prepared are based on the principles: relevance (significance and timeliness of its receipt), reliability, neutrality, comprehensibility and comparability.
V.V. Kovalev identifies the principles underlying the formation of the scorecard:
1) the required width of coverage of indicators of all aspects of the studied subject or phenomenon;
2) the relationship of these indicators;
3) verifiability of indicators - clarity of the algorithm for their calculation and information support;
4) the tree-like structure of the system of indicators, that is, the presence of private and generalizing indicators, and private indicators should logically go into generalizing;
5) visibility, that is, a set of indicators should characterize all the essential aspects of the phenomenon under study;
6) permissible multicollinearity, that is, the indicators should mutually complement, and not duplicate each other;
7) reasonable compatibility of absolute and relative indicators;
8) informality, that is, the system of indicators should have the maximum degree of analyticity, provide the ability to assess the current state of the enterprise and the prospects for its development, and also be suitable for making management decisions.
In addition, V.V. Kovalev identifies seven more principles that underlie, in his opinion, the basis of microeconomic analysis:
1) proceeding from the principle of caution, the results of any analytical procedures, regardless of the type of analysis, should be considered as subjective assessments that cannot serve as an undeniable argument for making a management decision;
2) it is necessary to have a sufficiently clear program of the analysis preceding its conduct, including elaboration and unambiguous
identification of goals, desired outcomes and available resources;
3) the analysis scheme should be built according to the principle "from the general to the particular", while it is important to highlight the most significant points without getting hung up on trifles;
4) any significant "spikes", that is, deviations from the standard or planned values \u200b\u200bof indicators, even if they are positive, should be carefully analyzed;
5) the completeness and integrity of any analytical procedures are largely determined by the validity of the set of criteria and indicators used, the selection and unambiguous identification of which must be approached with special care;
6) when performing an analysis, it is not necessary to use complex analytical methods unnecessarily - the choice of a mathematical apparatus should be based on the idea of \u200b\u200bexpediency and justification, since the complexity of the apparatus itself does not at all guarantee the receipt of better estimates and conclusions;
7) when performing calculations, there is no need to chase the accuracy of estimates unnecessarily; as a rule, the greatest value is the identification of trends and patterns, and not obtaining some mythical "accurate" estimates, which most often cannot be such in principle.
T.B. Berdnikova believes that "the basic principles of the analysis of financial and economic activities are: reliable reflection of the real state, scientific validity, reflection of a specific goal, interconnection with other types of analysis, consistency, complexity, variance, consistency of individual elements, reflection of industry and territorial specifics."
A.D. Sheremet, P.C. Sayfullin, E.V. Negashev believe that "the basic principle of analytical reading of financial statements is the deductive method, that is, the transition from the general to the particular."
B.V. Kovalev and O. N. Volkova call the principles of analysis of financial and economic activities: concreteness, complex
consistency, consistency, regularity, objectivity, efficiency, economy, comparability and scientific character. "
L.N. Chechevitsyn as the principles of analysis of financial and economic activities, in addition to the principles of V.V. Kovaleva and O. N. Volkova additionally emphasizes the principle of efficiency.
T.M. Golubeva as the principles of economic analysis, in addition to the above principles, additionally highlights the principles of the state approach (the analysis should take into account the influence of state economic, social, environmental, international policy and legislation) and democracy (a wide range of employees of the enterprise should participate in the analysis, which will provide a more complete identification of the advanced experience and the use of existing on-farm reserves).
M.A. Vakhrushina and I.S. Plaskov, the following "general principles of economic analysis are highlighted: continuity, regularity; continuity of methodology and techniques; objectivity; scientific character; complexity; concreteness and practical significance; reliability and accuracy of analytical conclusions."
I.T. Balabanov believes that there are the following "principles of financial analysis: 1) the unity of analysis and synthesis; 2) the need to study economic phenomena in their relationship; 3) the need to study economic phenomena, taking into account their development and dynamics, that is, the indicators of the reporting period should be compared with indicators past period and planned values" .
As the main disadvantages of the above principles, it should be noted that almost all of them are not the principles of analyzing the financial condition of organizations. Some authors suggest using mutually exclusive principles: consistency and consistency of individual elements; continuity and regularity, objectivity and reliability of analytical conclusions. The principles of the effectiveness, scientific character and practical significance of the phenomenon
they are generalizing principles, that is, if all other principles are in place, financial analysis will be effective, scientifically sound and meaningful for the organization. However, some authors do not suggest using a number of important principles. In addition, most of V.V. Kovalev are not formulated in the form of principles, rather they can be attributed to the rules of financial analysis; some of them are difficult to understand; the principle of the tree-like system of indicators contradicts the principle of "from general to particular".
1. Embeddedness in the organization's management system, that is, the analysis of the financial condition should be one of the elements of the organization's management system. It should reflect its planned frequency and a set of criteria that makes it possible to determine the need for an unscheduled analysis or transition to a more frequent frequency of its implementation.
2. Pre-planning. Before each of its implementation, it is necessary to preliminarily develop goals, objectives and research program; assess the availability of resources necessary for its implementation; determine the composition of the participants, the planned results and the timing.
3. Completeness. Within the framework of this goal, the analysis of the financial condition of the organization should cover all aspects of its activities, take into account the main factors and trends affecting it. Thus, the scope and depth of the analysis should be consistent with the objectives of the analysis.
4. Consistency. There should be used not isolated indicators, but interrelated groups of methods, individual for each aspect (direction) of the organization's activities. At the same time, it is necessary to avoid the analysis of indicators that are not related to the achievement of the goal or significantly correlate with the indicators already analyzed.
5. The unity of analysis and synthesis. First, the studied indicators are divided into component parts and studied in detail. Then the components studied in the process of analysis are investigated as a whole, while their relationship and interdependence is established.
6. Objectivity. The content of the analysis should reflect the real state of the organization, and not the opinion of stakeholders about this organization, which is not supported by reliable facts. To obtain objective results, it is necessary to use reliable primary information. Ideally, an auditor's report is required to confirm the accuracy of the reporting provided. Otherwise, it should be noted that there is no data that does not allow assessing the reliability and reality of the information provided. When interpreting data, it is necessary to take into account the underlying factors and limitations that affect them. They are defined by the author in the article.
7. Comparability. All data must be comparable. For example, to calculate the turnover or return on assets, before the revenue or profit is divided by the balance sheet currency, it is necessary to calculate the average value of the balance sheet currency for the period (add its value at the beginning and end of the period and divide by two). This is due to the fact that in the income statement the data is presented for the period, and in the balance sheet for a certain date, that is, they are not comparable. In the dynamics of years, it is also necessary to compare comparable data, not allowing, in particular, to compare the indicators of quarterly and annual reports or data for the second quarter of one year with data for the third quarter of another year. In addition, if different accounting methods were used in different periods of analysis, the data must be recalculated using only one accounting methodology.
8. Caution. In the event that the data provided for the same date is inconsistent, and it is not possible to verify them, then data that is less favorable to the organization should be selected.
9. Accuracy. All formulations must reflect reality as accurately as possible. For example, if there is a significant and continuous upward trend, it is necessary to write down this way and not be limited to the words "there is an upward trend". In this case, the calculations should be carried out without errors, since the accuracy of the analysis depends on the accuracy of the calculations.
10. Visibility. The presentation of the results of financial analysis should be systematic, concise and understandable. The order of presentation should be based on the principle of transition "from general to specific". If possible, it is advisable to use the appropriate visual means: tables and graphs.
As the main diverse approaches to identifying the stages of analyzing the financial condition of organizations, one can present the opinions of N.N. Ilsheva and S.I. Krylova, V.V. Kovaleva, G.V. Savitskaya, M.A. Vakhrushina and I.S. Plaskova, T.B. Berdnikova.
H.H. Il'shev and S.I. Kryov believe that the analysis of financial statements of almost any organization can be performed in four stages:
1) preliminary analysis (express analysis) of the organization's financial statements: preparatory stage; preliminary review of financial statements; calculation and analysis of the most important analytical indicators;
2) in-depth analysis of the organization's financial statements;
3) generalization of the results of the analysis of the financial statements of the organization, moving into the development of recommendations aimed at increasing its financial results and improving the financial condition;
4) forecasting the financial statements of the organization.
To perform express analysis V.V. Kovalev defined the following sequence of procedures:
I. Viewing the report by formal characteristics: assessment of the volume and quality of the report, the convenience of its structuring, the presence of a minimum set of required reporting forms, the availability and
completeness of analytical interpretations, accessibility and interpretation of analytical indicators, etc.
2. Familiarization with the auditor's report.
3. Familiarization with the accounting policies of the organization.
4. Identification of "sick" articles in the reporting and their assessment in dynamics.
5. Acquaintance with the key indicators.
6. Reading the explanatory note.
7. Assessment of the property and financial condition of the organization according to the balance sheet.
8. Formulation of benefits based on the analysis results.
Insolvency risk analysis;
Financial stability analysis;
Analysis of solvency;
Analysis of the balance of cash flows;
Analysis of balance sheet liquidity;
Analysis of the company's image;
Profitability analysis;
Analysis of turnover;
Analysis of the quality of asset management;
Analysis of the quality of liability management.
In his work, M.A. Vakhrushina and I.S. Plas-
kova note that in accordance with the IFRS methodology, it is recommended to carry out financial analysis in three stages:
1) the choice of the analysis method;
2) assessing the quality of information and achieving comparability of financial reporting data;
3) analytical procedures (use of standard techniques and methods for transforming initial data, systematization, interpretation of indicators).
T.B. Berdnikova believes that the assessment of the enterprise's potential involves the implementation of a number of successive stages:
1) definition of goals and objectives;
2) development of the program, which defines: the object and subject of analysis, the period for
which it is performed, the registration of the analysis results, the time frame for the analytical operations, to whom the analysis results are sent and how they should be used;
3) establishing the sequence of execution;
4) selection and justification of methods of conducting;
5) determination of the required information;
6) analysis by studying, generalizing the initial data of the grouping and comparing homogeneous indicators; identification of connections, patterns, contradictions; quantitative and qualitative assessment individual indicators, taking into account the influence of multidirectional factors.
7) generalization of the analysis results;
8) preparation of conclusions in the main areas of analysis and their specification;
9) preparation of a report (conclusion) based on the analysis results.
Assessing the opinion of H.H. Ilsheva and S.I. Krylov, it can be noted that, firstly, the development of recommendations for improving the financial condition and forecasting financial statements go beyond the analysis of the financial condition of organizations. Second, not all cases require an in-depth analysis of an organization's financial statements. With the actions proposed by V.V. Kovalev for the implementation of the express analysis, the author generally agrees. However, he believes that all of them (with the exception of the latter) should be carried out within the framework of the "analysis" stage. At the same time, it is logical to read the explanatory note at the fourth stage of financial analysis, and not at the sixth, since knowledge of the specifics and characteristics of the organization's activities can affect the content of financial analysis. With the opinion of G.V. Savitskaya that the scheme of actions proposed by her is typical for most scientists studying the stages of analyzing the financial condition of organizations, the author basically agrees (not typical for most scientists is the analysis of the image of an enterprise). However, he believes that the blocks presented are part of the stage "analysis of the financial condition of the organization." Analyzing the stages of assessing the potential of an enterprise
yatiya T.B. Berdnikova, it is possible to note a number of unnecessary stages (third, fifth and seventh), the implementation of which is implied in the implementation of the second and eighth stages. While M.A. Vakhrushin and I.S. Plaskov, in our opinion, suggest using an insufficient number of stages in the analysis of the financial condition of organizations.
Thus, eliminating the disadvantages noted above, it is proposed to use the following main stages of the analysis of the financial condition of organizations:
1. Determination of the planned frequency of analysis of the financial condition of the organization and a set of criteria that allows you to determine the need for an unscheduled analysis or transition to a more frequent frequency of its implementation.
2. Determination of the goals and objectives of the study.
3. Development of a program in which the composition of the participants is determined; directions, scale and depth of analysis; results and timing of the analysis; the availability of resources necessary for its implementation is assessed.
4. Compilation and justification of the system of methods and techniques of analysis;
5. Evaluation and achievement of objectivity and comparability of the initial information (exclusion or processing of non-objective and (or) incomparable information).
6. Conducting analysis by studying, summarizing initial data, grouping and comparing homogeneous indicators; identification of connections, patterns, contradictions; quantitative and qualitative assessment of individual indicators, taking into account the influence of multidirectional factors.
7. Formation of conclusions based on the analysis results.
8. Drawing up a report (conclusion) based on the analysis results.
HELL. Sheremet, R.S. Sayfullin, E.V. Negashev and M.M. Statkov, they research the functions of financial analysis, N.P. Liu-bushin and L.N. Chechevitsyna study the functions of the economic, and T.B. Berdnikov - the financial and economic activities of the organization.
HELL. Sheremet, R.S. Sayfullin, E.V. Negashev and M.M. Statkov, the following main functions of financial analysis are identified:
Objective assessment of the financial condition, financial results, efficiency and business activity of the studied object;
Identification of factors and causes of the achieved state and the results obtained;
Preparation and justification of the adopted management decisions in the field of finance;
Identification and mobilization of reserves for improving the financial condition and financial results of increasing the efficiency of all economic activities.
N.P. Lyubushin calls the following functions economic activity organizations:
Information Support management (collection, processing, ordering of information about an economic phenomenon and process);
Analysis (analysis of the progress and results of economic activity, assessment of its success and opportunities for improvement based on scientifically based criteria);
Planning (forecasting, long-term and current planning of the economic system);
Organization of management (organization of the effective functioning of certain elements of the economic mechanism in order to optimize the use of labor, material and monetary “resources of the economic system);
Control (control over the progress of execution of business plans and management decisions).
L.N. Chechevitsyna emphasizes the same functions of the economic activity of the organization as N.P. Lyubushin, except for the control function.
T.B. Berdnikova believes that "the functions of the analysis of financial and economic activities are: control, accounting, stimulating, organizational and indicative."
Estimating the functions of A.D. Sheremet, R.S. Sai-fullina, E.V. Negasheva, M.M. Statkova,
N.P. Lyubushin and L.N. Chechevitsyna, it should be noted that all the aspects listed by them are not formulated in the form of functions of economic or financial analysis of organizations. At the same time, the author does not agree with the presence in their composition of such functions as "analysis" or "assessment", since these aspects reflect the essence and content of financial analysis and are not its functions. In addition, due to the fact that T.B. Berdnikova does not disclose the content of her functions, it is difficult to understand how the accounting, organizational and indicative functions are interconnected with the analysis of the financial and economic activities of the organization.
Informational: at the current moment in time reflects the nature of the impact of economic phenomena and processes on the organization, characterizes the financial condition of the organization; displays the interdependence and trends of various aspects of the organization's activities, the factors affecting them;
Stimulating: shows the directions of development and implementation of the benefits of the organization or the elimination of identified problems in its activities; determines the possibility of improving the quality of the systemic management of its financial resources;
Control: identifies the need for actions to manage deviations of the main financial indicators from the average for the type of economic activity of the organization or from the main competitors; adjustments of the actual values \u200b\u200bof indicators in accordance with the planned ones, or vice versa.
Forecast: is the initial information for predicting the values \u200b\u200bof the main financial indicators of the organization.
Thus, the clarification of the basic principles, stages and functions of the analysis of the financial condition of organizations will allow them to be better understood and used in practice.
Bibliography
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5. Kovalev V.V., Volkova O.N. Analysis of the economic activity of the enterprise: textbook. - M .: TK Welby, Publishing house "Prospect", 2008. - 424 p
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7. Golubeva T.M. Analysis of financial and economic activities. - M .: Publishing Center "Academy", 2008. - 208 p.
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In a market economy, in the aggregate of the organization's resources, financial resources occupy an important position. Management decisions of a financial nature are accepted in conditions of uncertainty. Finding funding sources is becoming the main problem for leaders of organizations
The financial condition reflects the condition of capital in the process of circulation, shows how much an economic entity is able to repay debt obligations. The financial condition is expressed in the ratio of assets and liabilities of the enterprise. Assets and liabilities - funds of the enterprise. A good financial condition is characterized by efficient use of resources, the ability to fully meet obligations and eliminate high risk, as well as the presence of profit prospects. Poor financial condition occurs when an enterprise uses resources inefficiently. When an enterprise is unable to answer for its obligations, it goes into bankruptcy.
The efficiency of the enterprise and its financial position depend on the placement of capital and the type of activity in which it is used. It is possible to assess the financial condition of an enterprise by analyzing its financial activities.
Financial analysis is a system of special knowledge that is associated with the study of economic processes that develop under the influence of economic laws, aimed at providing recommendations for improving the financial condition of an enterprise and developing a financial strategy.
Analysis of the financial condition of the enterprise is divided into internal and external.
Internal analysis is carried out by the services of the enterprise. The results of internal analysis are used to control, forecast and plan the financial condition. The purpose of the internal analysis of the financial condition of the enterprise is to establish the flow of funds and the allocation of own and borrowed funds so as to ensure the efficient operation of the enterprise, which is characterized by maximum profit and the exclusion of bankruptcy. The services of the enterprise identify the weak positions of financial activities and determine the possibility of strengthening the working conditions of the organization, ensure the efficient operation of the enterprise by forming an information base.
External analysis is carried out by investors, suppliers of financial resources, regulatory authorities using published reports. The purpose of external analysis is to establish the possibility of the most profitable investment in order to maximize profits and eliminate the risk of any financial losses. An external analysis is carried out to assess guarantees, the ability of enterprises to respond in a timely manner for their obligations. This analysis helps investors assess how profitable and reliable it is to cooperate with a particular company.
You can also assess the financial condition of the enterprise using the analysis of financial statements. It includes the use of various techniques and methods, which include:
1. method of averages and relative values;
2. method of grouping;
3. graphic method;
5. rows of dynamics.
There are the following types of analysis, which apply the above methods:
1. Horizontal analysis.
Horizontal analysis is characterized by the study absolute indicators reporting of the enterprise, comparing the reporting period with the base period, calculating the growth and growth rates, evaluating their changes. But in conditions of inflation, horizontal analysis is not effective, since the calculations carried out will not reflect the objective change in indicators.
2. Vertical analysis.
Vertical analysis presents reporting data in the form of relative indicators, taking into account the proportion of all items, as a result of reporting and evaluates their change in dynamics. Relative indicators help to smooth out the impact of inflation, this allows you to objectively assess all the changes that are taking place.
3. Trend analysis.
Trend is a price movement that has a certain direction. The concept of trend analysis implies determining the direction of the trend movement. Trend analysis is very important, since determining the direction of price movement is one of the important conditions for the efficient operation of the enterprise. Trend analysis is one of the types of horizontal analysis, which is focused on the future; it includes the study of indicators for a maximum period of time. Each statement of the reporting must be compared with the analyzed indicators for a number of periods preceding the reporting, and determines the trend, which is cleared of the influence of any random factors.
4. Spatial analysis.
Spatial (comparative) analysis includes both an analysis of the free indicators of workshops, divisions, subsidiaries within the farm, and analysis between different farms, namely, the analysis of an enterprise is compared with competitors, with general economic and industry data.
5. Factor analysis.
When conducting factor analysis, the organization sets itself the following tasks:
1. to evaluate the dynamics of the absolute and relative indicators of the financial activity of the enterprise;
2. to determine the direction and size of the influence of various factors on the profit of the enterprise;
3. identify and assess any potential reserves for profit growth and profitability;
4. evaluate the work of the company to realize the possibilities of increasing profits and profitability.
Conducting factor analysis, the studied indicator is expressed by the factors that form it, the influence of these factors on the change in the indicator is calculated and evaluated. Factor analysis is direct, when the studied indicator is decomposed into its component parts, the opposite, when the component parts are combined into a common indicator.
None of the analyzes provide sufficient information on the basis of which the company would be able to judge its financial condition.
Thus, we can conclude that in order to conduct a qualitative and complete analysis of the financial condition of the enterprise, it is necessary to use all the above methods in combination. Many companies neglect some methods of assessing their financial condition, which leads to the fact that the company cannot penetrate deeply enough and understand its production activities.
Literature:
1) Bocharov V.V. Financial analysis. Short course... 2nd ed. - SPb .: Peter, 2009. - p. 240 s
2) Sheremet A.D., Negashev E.V. Methodology of financial analysis of the activities of commercial organizations.- 2nd ed., Revised. idop. - M .: INFRA-M, 2008. - 208 s;
The assessment of the financial condition can be performed with varying degrees of detail, depending on the purpose of the analysis, available information, etc.
The content and the main goal of financial analysis is to assess the financial condition and identify the possibility of increasing the efficiency of the functioning of an economic entity with the help of a rational financial policy. The financial condition of a business entity is a characteristic of its financial competitiveness (i.e., solvency, creditworthiness), the use of financial resources and capital, and the fulfillment of obligations to the state and other business entities.
The analysis of the financial condition of the enterprise has several goals (Figure 3).
Figure 3 - Objectives of financial analysis
Achieving these goals is achieved using a variety of methods and techniques.
There are various classifications of methods of financial analysis. The practice of financial analysis has developed the basic rules for reading (analysis methodology) of financial statements. Among the main ones are:
Horizontal analysis (time-based) - comparison of each reporting item with the previous period.
Vertical analysis (structural) - determination of the structure of the final financial indicators, with the identification of the impact of each reporting item on the result as a whole.
Trend analysis - comparing each reporting item with a number of previous periods and determining the trend, i.e. the main trend of the indicator dynamics. A trend is used to conduct forward-looking predictive analysis.
Analysis of relative indicators (ratios) - calculating the relationship between individual report items or items of different reporting forms for individual company indicators, determining the relationship between indicators.
Comparative analysis is both an on-farm analysis of aggregate reporting indicators for individual indicators of a firm, divisions, workshops, and an inter-farm analysis of the performance of a given firm with the indicators of competitors, with industry-average and average economic data.
Most of the currently existing methods for analyzing the activities of an enterprise, its financial condition repeat and complement each other, they can be used in a complex or separately depending on the specific goals and objectives of the analysis, the information base available to the analyst.
V.G. Artemenko, M.V. Bellendir believes that it is permissible to combine different items of the balance sheet to reflect the main salient features of financial condition.
HELL. Sheremet also emphasizes that comparative balance sheets reflect the essence of financial condition, since it links together and systematizes calculations and estimates, which are usually carried out by any analyst when first getting acquainted with the balance sheet.
Most of the authors, such as O. Efimova, V. V. Kovalev and others suggest the following areas of financial analysis: reading the balance sheet; assessment of the dynamics of the composition and structure of the asset and balance sheet liability; analysis of financial ratios; analysis of liquidity and solvency; business activity analysis.
Let's review the existing methods of analyzing the financial condition of an enterprise.
Consider the technique proposed by A.D. Sheremet.
The method of analysis of the financial condition of A.D. Sheremet. Financial analysis tasks are solved based on the study of the dynamics of absolute and relative financial indicators and are divided into the following analytical blocks (Figure 4):
structural analysis of assets and liabilities;
financial stability analysis;
analysis of solvency (liquidity);
analysis of the required increase in equity capital.
The main methods of analyzing the financial condition, which A.D. Sheremet, are horizontal, vertical, trend, coefficient and factor. In the course of horizontal analysis, the absolute and relative changes in the values \u200b\u200bof various balance sheet items for certain period... The purpose of vertical analysis is to calculate the proportion of individual items in the balance sheet total, i.e. clarification of the structure of assets and liabilities for a specific date.
Figure 4 - Analytical blocks in the analysis of the financial condition according to the method of A.D. Sheremet
Trend analysis consists in comparing the values \u200b\u200bof balance sheet items for a number of years (or other related reporting periods) to identify trends that dominate the dynamics of indicators. The coefficient analysis is reduced to the study of the levels and dynamics of the relative indicators of financial condition, calculated as the ratio of the values \u200b\u200bof balance sheet items or other absolute indicators obtained on the basis of reporting or accounting. When analyzing financial ratios, their values \u200b\u200bare compared with basic values, and their dynamics for the reporting period and for a number of adjacent reporting periods is also studied.
According to the analysis method of A.D. Sheremet, the financial position of enterprises is characterized by the placement of its funds and the state of the sources of their formation.
The main indicators for assessing the financial condition are:
level of provision with own circulating assets;
the degree of compliance of the actual stocks of assets with the standard and the amount intended for their formation;
the amount of immobilization of working capital;
turnover of current assets and solvency.
According to the author of this technique, the most important stage in the analysis of the financial condition is to determine the availability of own and equivalent funds, to identify the factors that influenced their change in the period under study. Further, the analysis of the enterprise's own working capital is carried out.
IN last years many authors try to apply foreign methods of financial analysis when assessing the performance of domestic enterprises. This leads to biased assessments and conflicting conclusions. Difficulties are associated with the difference in methodological approaches to accounting, for example: the difference between foreign and domestic chart of accounts of accounting, as well as the rules for drawing up public financial statements. These differences lead to the impossibility of using foreign analysis methods until Russian legislation agrees methodological base accounting and financial reporting forms adopted as accounting standards abroad or the procedure for converting the Russian financial reporting standard into foreign standards.
To determine the rating of organizations, it is proposed to use five indicators that are most frequently used and most fully characterize the financial condition (the following regulatory limitations of indicators are largely conditional and are used to demonstrate the construction of a rating).
1. Provision with own funds, which characterizes the availability of the organization's own circulating assets necessary for its stability, is determined by the formula:
where IIА is the result of section II of the balance sheet asset (current assets);
(p. 610 + 620 + 630 + 660) - the corresponding lines of section IV of the balance sheet liability, which characterizes short-term debt obligations.
Regulatory requirement: KP? 2.
3. The intensity of the turnover of advanced capital, which characterizes the volume products soldper 1 rub. funds invested in the activities of the organization is determined by the formula:
The regulatory requirement is indirectly determined by the level of the discount rate of the Central Bank of Russia.
5. Profitability (profitability) of the organization, which characterizes the amount of profit per 1 ruble. equity capital is determined by the formula:
Thus, having calculated the values \u200b\u200bof financial indicators according to the formulas given above, and substituting them into this expression, we determine a rating express assessment of the financial condition of a commercial organization.
The analysis of the financial condition can be performed with varying degrees of detail, depending on the objectives of the analysis, available information, technical and personnel support. A.I. Kovalev points out that the most appropriate is the selection of preliminary analysis (express analysis) and in-depth (internal) analysis of the financial condition. In his works, three stages of express analysis are proposed.
The goal of the first step is to make sure the balance sheet is ready to be read. Here, a visual and simple counting check of the indicators of the accounting report is carried out according to formal and qualitative characteristics, such as:
the correctness and clarity of filling out reporting forms (the presence of such details as the name of the company, reporting date, etc.), compliance of the results, etc.
mutual linking of indicators of various forms of reporting. So, information on the amount and change of accounts receivable in the balance sheet must correspond to the data of form No. 5 "Accounts receivable and payable".
At the second stage, they get acquainted with the explanatory note to the report, assess the conditions in which the enterprise operated in reporting period... A comparative analytical balance is built by aggregating elements of balance sheet items that are homogeneous in their composition in the necessary analytical sections. Establish the nature of the changes that occurred in the analyzed period in the composition of funds and their sources.
The third stage is the main one in the express analysis. It calculates and evaluates the dynamics of analytical coefficients characterizing the financial position of the enterprise. Its purpose is a generalized assessment of the results of economic activity and the financial condition of the object.
IN general view the method of express analysis of reporting provides for an assessment of the composition of resources, their structure, financial results of management, the efficiency of using own and borrowed funds. The meaning of the express analysis is the selection of a small number of the most significant and relatively uncomplicated indicators in calculating and the constant tracking of their dynamics.
A.I. Kovalev proposes a method of in-depth analysis for the purpose of diagnosing bankruptcy, based on the liquidity (solvency) and financial stability ratios, which are presented as complementary groups of indicators. A methodology for analyzing business activity is proposed, where indicators of the efficiency (return) of resources, indicators of turnover, profitability and assessments of market activity are considered.
The analysis ends with forecasting the probability of bankruptcy based on E. Altman's model:
|
Z \u003d 0.717 X1 + 0.847 X2 + 3.107 X3 + 0.42 X4 + 0.995 X5 |
where X1 - own working capital / total assets;
X2 - retained (reinvested) profit / amount of assets;
X3 - profit before interest / amount;
X4 - book value of equity / borrowed capital;
X5 - sales volume (revenue) / total assets.
Comparison constant \u003d 1.23.
If the value of Z< 1,23, то это признак высокой вероятности банкротства; если значение Z > 1.23 or more indicates a low probability of bankruptcy. The analyst, calculating the value of Z at the beginning and end of the period, makes a conclusion about the viability of the organization and its proximity or remoteness from the stage of bankruptcy.
However, the use of such models requires great precautions: they are not fully suitable for assessing the risk of bankruptcy. domestic organizations due to different methods of reflecting inflationary factors, different capital structure, as well as due to differences in the legislative and information base.
According to the Altman model, insolvent organizations with high level the fourth indicator (equity / borrowed capital), receive a very high rating, which is not true. Due to the imperfection of the current methodology for revaluation of fixed assets, which attaches the same importance to old worn-out assets as to new ones, the share of equity capital is unreasonably increased at the expense of the revaluation fund.
As a result, there was an unrealistic ratio of equity and debt capital. Therefore, models in which this indicator is present can distort the real picture. Based on the foregoing, we came to the conclusion that it is necessary to develop our own discriminant functions for each industry, which would take into account the specifics of domestic reality.
Moreover, these functions should be tested every year on new samples in order to clarify their discriminant strength.
Consider the technique of V.V. Bocharova.
V.V. Bocharov as well as A.I. Kovalev singles out express analysis as part of analytical procedures. This author proposes to carry out the entire analysis of the financial condition of the organization in two stages:
express analysis of financial and economic activities;
in-depth financial analysis.
The purpose of the express analysis of financial and economic activities is to obtain prompt, visual and reliable information about the financial well-being of the enterprise.
It is advisable to perform express analysis in three stages: preliminary stage; preliminary review of financial statements; economic reading and reporting analysis.
The purpose of the first stage is to decide on the advisability of analyzing the financial statements and their readiness to read. The first task is solved using audit report... With a standard opinion, an external analyst can rely on the opinion of the auditor and not perform additional analytical procedures in order to determine the financial condition of the firm.
The purpose of the second stage is to get acquainted with the annual report and the explanatory note to it. This is necessary to assess the operating conditions of the enterprise in the reporting period and to establish the main trends in the indicators of its activities (profitability, asset turnover, balance sheet liquidity, etc.).
The third stage is the key one in express analysis. Its purpose is a generalized description of the financial and economic activities of the enterprise. In general, at this stage, the study of the sources of funds of the enterprise, their placement and efficiency of use is carried out.
Express analysis ends with a conclusion about the advisability of further in-depth (detailed) analysis of the financial and economic activities of the enterprise.
The purpose of an in-depth analysis is a detailed description of the property and financial situation of the enterprise, an assessment of its current financial results and a forecast for the future period. It complements and expands the express analysis procedures. The level of detail depends on the qualifications and desires of the analyst.
In general, the program for in-depth analysis of the financial and economic activities of the enterprise according to the method of V.V. Bocharova looks like this (as one of the possible options).
Preliminary review of the financial and economic situation of the enterprise (characterization of the general direction of financial and economic activities and identification of unfavorable reporting items).
Assessment and analysis of economic potential (property assessment and financial assessment)
Assessment and analysis of the performance of the enterprise.
In the process of in-depth analysis, in addition to the given system of indicators, other parameters can be used that characterize the financial condition of the enterprise (structure and dynamics of non-current and circulating assets, equity and debt capital, their profitability and turnover, creditworthiness of the borrower, investment attractiveness joint stock company - the issuer of securities, etc.).
Consider the technique offered by N.P. Lyubushin.
Analysis, according to N.P. Lyubushin, it is necessary to start with "reading the balance sheet", which is understood as a preliminary general acquaintance with the results of the enterprise's work and its financial condition directly from the balance sheet.
At this stage of the analysis, it is necessary to conduct a horizontal and then a vertical analysis of the balance.
The next stage of N.P. Lyubushin is an assessment of the organization's solvency. It should be carried out using solvency ratios, which are relative values. Calculate the ratios of absolute, current liquidity and the coefficient of intermediate coverage.
Unlike the concepts of "solvency" and "creditworthiness", the concept of "financial stability" is broader, as it includes an assessment of various aspects of the enterprise.
The financial condition of an enterprise is largely determined by its production activities. Therefore, when analyzing the financial condition of an enterprise (especially for the coming period), one should assess its production potential.
Data on the structure of sources of economic assets is used primarily to assess the financial stability of an enterprise and its liquidity and solvency. The financial stability of an enterprise is characterized by the following coefficients: property, borrowed funds, the ratio of borrowed and own funds, mobility of own funds, the ratio of non-circulating funds to the amount of own funds and long-term liabilities.
The next stage in the analysis of the financial condition of the organization by the method of Lyubushin is the assessment of business activity. Qualitative criteria for assessing business activity are: the breadth of markets for products, the reputation of an enterprise, etc. The quantitative assessment is given in two directions:
the degree of fulfillment of the plan for the main indicators, ensuring the given rates of their growth;
the level of efficiency in the use of enterprise resources.
The generalizing indicators include the "resource productivity" indicator and the "sustainability of economic growth" coefficient.
The main indicators for assessing profitability by the method of N.P. Lyubushin include the return on capital advanced and the return on equity. When calculating, you can use either balance sheet profit or net profit.
In his methodology N.P. Lyubushin gives signs of insolvency (bankruptcy) of the company, which managers need to pay attention to first of all
Analysis of the financial condition according to the method of N.P. Lyubushin, the enterprises end up with its comprehensive assessment. When analyzing the financial condition of their enterprise, after a comprehensive assessment, they develop measures to improve the financial condition, paying special attention to the development of the financial strategy of the enterprise for the future and in the coming periods.