Add to favorites

The essence of financial stability and its main factors. Theoretical aspects of analyzing the financial stability of an enterprise

The role and significance of the financial stability of an enterprise

Demchuk Oleg Vladimirovich,

Doctor of Economic Sciences, Associate Professor,

Guminsky Vladimir Valentinovich ,

master's student

Kerch State Marine Technological University.

Financial stability can be considered one of the most important indicators of the stability of an organization. We can talk about financial sustainability if the level of income of an organization exceeds the level of its expenses. If an organization is able to freely manage its money and use it effectively, if it has an established mechanism for the constant production and sale of services or goods, then such an organization can be considered financially stable.

The financial stability of an enterprise, first of all, reflects its internal content, all its financial and commodity flows, income and expenditure parts and sources of formation of its own financial resources.

A stable financial position of a business entity is achieved through such values as equity capital, level of profitability, and investment flows. At the same time, the enterprise must have a flexible capital structure, and the movement of capital must occur in such a way that the income of a business entity is always higher than its expenses, since only in this case can the enterprise be solvent and have all the conditions for the process of self-reproduction.

The financial stability of an enterprise is directly related to the placement of its assets and the sources of their formation. This is due to the fact that a business entity must have funds for self-financing. This indicator reflects his autonomy and independence. But it should be noted that it is not always advisable to carry out your financial and economic activities with your own funds, since in some periods there will be reserves of assets, and in others they will not be enough. It should also be borne in mind that if the costs of attracting assets are small, and a business entity can provide a higher level of profitability in the use of assets than the payment for them, then using the attracted assets significantly increases the return on equity.

A sufficient share of equity capital means that borrowed sources of financing are used by the enterprise only to the extent that it can ensure their full and timely repayment. From this point of view, short-term liabilities should not exceed the value of liquid assets. In this case, liquid assets are not all current assets that can be quickly converted into money without significant loss of value compared to the balance sheet, but only a part of them. Liquid assets include inventories and work in progress. Their conversion into money is possible, but it will disrupt the smooth operation of the enterprise. We are talking only about those liquid assets, the transformation of which into money is a natural stage of their movement. In addition to the cash and financial investments themselves, this includes accounts receivable and inventories of finished products intended for sale.

Under the influence of internal and external factors, the financial condition of the enterprise is constantly changing, therefore neither the enterprise itself nor market participants are satisfied with discrete reporting data on the financial condition of the enterprise. They also need to know the qualitative characteristics of the financial state, that is, how stable it is over time, how long it can persist under the influence of internal and external factors, and what proactive measures need to be taken to maintain this normal state or to exit the pre-crisis or crisis state.

The financial condition of an organization can be assessed both in the long term and in the short term. For the short term, the priority characteristics for assessment will be the organization’s mobility and its solvency. For the long term, the financial stability of the organization is more important.

Financial stability is the ability of an organization to maintain its existence and uninterrupted operation, thanks to the availability of certain available funds and balanced financial flows. In addition to producing certain products or providing services, the organization’s activities should also include servicing received loans. Financial sustainability means that an organization will be solvent for a long time.

Financial stability is assessed based on absolute and relative indicators.

Absolute indicators – the state of financial reserves, as well as the sources covering them.

During the operation of the enterprise, its reserves are constantly replenished through the use of working capital and borrowed funds (various loans and borrowings). In order to find out the sources that form reserves, you need to have information about the presence of the enterprise’s own money, about the availability of sources from which the enterprise borrows funds. It is necessary to take into account the size of the main sources from which reserves are formed (own sources of financing, deficiencies or surpluses of working capital, the size of these sources of coverage).

Relative indicators provide analysts with a basis for research. Working with relative indicators of financial stability - an analytical method. This also includes analytics of expenses, budget and balance.

In this case, the main indicators that provide material for analysis are: financial leverage and financial independence ratios. Also, this includes the coefficient of own funds and the coefficient of maneuverability, the coefficient of mobility of property, the coefficient of investment coverage. Inventory coverage ratio and short-term debt ratio are also considered important indicators.

There are three types of financial stability:

Normal financial stability is characterized by the absence of non-payments and the reasons for their occurrence, that is, the operation of the enterprise is highly or normally profitable;

An unstable financial condition is characterized by delays in wages, interruptions in the flow of money to current accounts and payments, unstable profitability, and failure to meet the profit plan;

The financial crisis is characterized by the presence of regular non-payments, overdue loans to banks, overdue debts from suppliers for goods, and arrears to budgets. A crisis financial condition can lead to the economic insolvency of an enterprise, which is understood as its inability to finance current operating activities and pay off urgent obligations. This condition may result in the bankruptcy of the enterprise.

Literature

1. Sheremet A. Methodology for financial analysis of the activities of commercial organizations. M.: Infra-M. – 2005.– 237 p.

2. Demchuk O. V. Sushko N. A. Economics of fisheries: Textbook - Simferopol: DIAIP 2013. - 311 p.

3. Grachev A.V. Financial stability of the enterprise: Analysis, assessment and management. Tutorial. M.: Economics. 2004. – 192 p.

Financial stability is a goal-setting property of financial analysis, and the search for intra-economic opportunities, means and ways to strengthen it determines the nature of the conduct and content of the analysis. Assessing financial stability allows external subjects of analysis (primarily contractual partners) to determine the financial capabilities of the organization in the long term, which is related to the overall financial structure of the organization, the degree of its dependence on creditors and investors, as well as the conditions under which external partners are attracted and serviced. sources of funds. Thus, many businessmen prefer to invest a minimum of their own funds into the business and finance it with borrowed money. However, if the structure “equity - debt capital” has a significant bias towards debts, then a commercial organization may go bankrupt if several creditors suddenly demand to return their money at an “inconvenient” time. No less important is the assessment of financial stability in the short term, which is associated with the liquidity of the balance sheet and current assets, as well as the solvency of the organization.

Solvency is characterized by the degree of liquidity of current assets and indicates the financial ability of the organization to fully pay off its obligations as the debt matures.

The economic terms “liquidity” and “solvency” in modern economic literature are often confused, sometimes replacing each other. Despite the fact that these two concepts are very similar, there is still a certain difference between them: if the first is more an internal function of the organization, which itself chooses the forms and methods of maintaining its liquidity at the level of established or generally accepted norms, then the second, as a rule, refers to the functions of external entities.

Thus, liquidity acts as a necessary and obligatory condition for solvency, control over compliance with which is already assumed not only by the legal entity itself, but also by a certain external entity interested in the control of this entity. The solvency of the enterprise depends on the degree of balance sheet liquidity.

The variety of factors influencing sustainability divides it into internal and external (Fig. 1):

* internal stability is such a state of the organization, i.e. the state of the structure of production and provision of services, their dynamics, which ensures a consistently high performance result.

Its achievement is based on the principle of active response to changes in the business environment;

* external stability is determined by the stability of the economic environment within which the organization operates, achieved by an appropriate management system throughout the country, i.e., external management.

The variety of reasons determines different facets of overall sustainability in relation to an enterprise; it may be (see Fig. 1p

* “inherited” stability is the result of the presence of a certain margin of financial strength of the organization, formed over a number of years, protecting it from accidents and sudden changes in external, unfavorable, destabilizing factors;

technical and economic sustainability - reflects the effectiveness of investment projects, the level of material and technical equipment, organization of production, labor, management; involves the movement of cash flows that ensure profit and allow the efficient development of production;

Rice. 1.

financial stability - reflects a stable excess of income over expenses and the state of resources, which ensures free maneuvering of the organization’s funds and, through their effective use, contributes to the uninterrupted process of production and sales, expansion and renewal. It reflects the ratio of equity and borrowed capital, the rate of accumulation of equity capital as a result of current, investment and financial activities, the ratio of mobile and immobilized funds of the organization, sufficient provision of reserves from its own sources. Financial stability is the main component of the overall stability of an organization, since it is a characteristic indicator of a steadily occurring excess of income over expenses. Determining its boundaries is one of the most important economic problems in a market economy, since insufficient financial stability can lead to the insolvency of the organization, and excessive financial stability will hinder development, burdening costs with excess inventories and reserves. Consequently, financial stability should be characterized by a state of financial resources that, on the one hand, meets the requirements of the market, and on the other hand, meets the development needs of the organization. Hence, the essence of financial stability is determined by the effective formation, distribution, and use of financial resources, and the forms of its manifestation can be different.

In the current conditions, financial stability can be structured as:

* current - at a specific point in time;

potential - associated with transformations taking into account changing external conditions;

formal - created and supported by the state, from the outside;

real - in a competitive environment, taking into account the possibilities of expanded production (Fig. 2).

Rice. 2.

Any science is based on generally accepted, well-founded theoretical concepts. The interpretation of the term “financial stability” in the professional financial lexicon still remains very vague and ambiguous. In foreign economic literature and world practice, the difference in interpretation of the concept of “financial stability” is explained by the presence of two approaches to balance sheet analysis: traditional and modern functional analysis of balance sheet liquidity. Given the presence of these two different approaches, analysts define the concept of financial stability in different ways.

Based on the traditional analysis of balance sheet liquidity, the financial stability of an enterprise is determined by rules aimed at simultaneously maintaining the balance of financial structures and avoiding risks for investors and creditors, i.e., traditional rules of the financial standard are considered, which include:

the rule of minimum financial balance, which is based on the presence of mandatory positive liquidity, i.e. it is necessary to provide a margin of financial strength, which is the amount of the excess of current assets over the excess of liabilities due to the risk of a discrepancy in the amount of time, the turnover rate of short-term elements of assets and liabilities balance;

maximum debt rule - short-term debts cover short-term needs, the traditional financial standard sets the limit for covering the enterprise's debt with its own sources of funds: long- and medium-term debt should not exceed half of the constant capital, which includes its own sources of funds and equivalent long-term borrowed sources of funds;

* the rule of maximum financing, which takes into account the implementation of the previous rule: the appeal to borrowed capital should not exceed a certain percentage of the amounts of all provided investments, and the percentage fluctuates depending on different lending conditions.

Based on a functional analysis of balance sheet liquidity, financial stability is determined subject to the following requirements:

* maintaining financial balance by including in the stable allocation of funds covered by constant capital, in addition to investments in fixed assets, and the need for current assets, which is understood as part of the constant capital used for their formation.

Thus, stable resources - constant capital and equivalent funds must completely cover stably placed assets. A ratio of less than 100% indicates that part of the stable allocation of funds was financed by unstable resources in the form of short-term liabilities, which reveals the financial vulnerability of the organization. As for short-term financing, it is assumed that the amount of need for current assets (in the amount of sources of own working capital) changes during the reporting period, and these changes can lead to:

or to excessive provision of current assets, as a result of which free sources of own working capital temporarily appear;

or to the unsatisfaction of the need for current assets, as a result of which it is necessary to use borrowed funds;

* assessment of total debt - the approaches (functional and traditional analysis of balance sheet liquidity) to the analysis of financial stability are the same. But here we add a definition of the level of the organization’s total debt, established by relating the amount of all borrowed funds to the amount of its own. Compliance with the above requirements allows us to ensure the so-called basic equality of funds.

In the current economic situation, in the conditions of transformation of the system of economic relations, fundamental changes in the activities of organizations are taking place, and according to the goals of the reform, they should lead to the creation of business entities that are obliged to ensure real financial stability. To do this, the organization's management should quickly respond to the restrictions created by the system of economic relations, maneuvering financial resources and production programs. It is necessary to “develop immunity” to the influence of external and internal factors that disrupt the reproductive activities of the organization. Thus, the financial activity of any organization is a complex of interrelated processes that depend on numerous and varied factors.

Factors influencing the financial condition of an enterprise are divided into external and internal. The reasons for the unfavorable position of the organization, first of all, are systemic macroeconomic reasons, especially in an unstable economy. When studying external factors that shape the financial stability of an organization, the following main characteristics can be identified:

close relationship between external factors and internal factors and among themselves;

the complexity of external factors, the difficulty or lack of their quantitative expression;

uncertainty, which is a function of the amount and confidence in the information that an organization has about a specific factor, therefore, the more uncertain the external environment, the much more difficult it is to identify to what extent and to what consequences this or that external factor will lead.

Thus, in an unstable economy, it is almost impossible to use a quantitative assessment method that allows one to organize the external factors being studied and bring them into a comparable form. Hence, it is almost impossible to make any accurate forecasts regarding the formation of the organization’s financial stability (taking into account the study of external factors). Therefore, they should be classified as uncontrollable. At the same time, external factors influence internal ones, as if they manifest themselves through them, changing the quantitative expression of the latter. For example, the spread of non-payments in the economy leads to an increase in receivables and payables, and in their structure - to an increase in the volume of overdue and doubtful debts. It should be noted the direct (bankruptcy of debtors) and indirect (social) ineffectiveness of external factors on financial stability - such a division allows a more correct assessment of the nature and degree of their influence on the stability of the organization. Of course, individual enterprises are unable to combat many external factors, but in the current conditions they can only pursue their own strategy that would mitigate the negative consequences of the general decline in production.

External factors that are beyond the control of the enterprise, and internal factors that depend on the organization of its work, are classified according to the place of origin (Fig. 3). A market economy is characterized and necessary by an active response of the organization's management to changes in external and internal factors.

In general, we can say that financial stability is a complex concept that has external forms of manifestation, is formed in the process of all financial and economic activities, and is influenced by many different factors.

The financial stability of a business entity, even a single indicator, can be influenced by numerous and varied reasons. It is necessary to establish the most significant reasons that decisively influenced the change in indicators. Due to the fact that the indicators are interconnected, they cannot be taken in isolation. However, this circumstance does not exclude the possibility and necessity of their logical isolation in the process of economic calculations.

Rice. 3.

Modern economic science has at its disposal a huge number of different techniques and methods for assessing financial indicators, which, in the conditions of the emergence of market relations, change due to the increasing requirements for analysis. The possibility of a real assessment of the financial stability of an organization is ensured by a certain analysis methodology, appropriate information support and qualified personnel.

At different stages of analysis, various methods can be used, originally developed in other economic sciences and inherent only to it, since there is a process of interpenetration and interborrowing of scientific tools of various sciences. (Methods for analyzing the financial stability of a commercial organization are shown in Fig. 9.4.

To assess the management of an organization's activities, in addition to methods of analysis, science and practice have developed special tools - economic indicators, the purpose of which is to measure and assess the essence of an economic phenomenon.

Fig.4.

An organization is a complex system consisting of many subsystems, therefore the assessment of its sustainability should be characterized by a comprehensive approach, i.e., the use of a system of financial stability indicators. The composition of indicators is varied - these include both absolute and relative indicators. Of great importance in analyzing the financial stability of an organization is the use of absolute indicators: the amount of equity and borrowed capital, assets, cash, accounts receivable and payable, profit, as well as absolute indicators calculated on the basis of reporting, such as net assets, own working capital, indicators of the provision of reserves with own working capital, the amount of sustainable liabilities. These indicators are criterial, since with their help criteria are formed that make it possible to determine the quality of the financial condition.

In modern conditions, relative values play an extremely important role in the analysis of financial stability, since they smooth out the distorting effect of inflation on the reporting material. Their prevalence (87% of those used in the analysis) is due to a certain advantage over absolute ones. how they make it possible to compare objects that are not comparable in absolute values, are more stable in space and time, and therefore characterize more homogeneous variation series, and also improve the statistical properties of indicators. Indicators for assessing the financial stability of an organization should not be a set, but a system. This means that they must:

do not contradict each other;

do not duplicate each other;

do not leave “blank spots” in the organization’s activities;

reflect the most significant aspects of their activities.

The main assessment indicators of the financial stability of the organization from the point of view of their rationality and sufficiency are given in Table. 1.

System of indicators for assessing the financial stability of an organization

	Index	Calculation formula	Interpretation
Group 1. Solvency indicators
	Absolute liquidity ratio	Cash + Securities / Current Liabilities	Shows the possibility of repaying current liabilities using the most liquid assets
	Critical liquidity ratio	DZ+DS+KFV+POA / Short-term liabilities	Characterizes the projected payment capabilities of the enterprise, subject to timely settlements with debtors
	Current ratio	Current assets Current liabilities	Shows the sufficiency of working capital to pay off current liabilities
	Net current assets	Current assets - Short-term liabilities	Shows the amount of working capital generated from equity capital
Group 2. Capital structure indicators
	Autonomy coefficient	Equity balance sheet assets	Shows the share of equity in total assets
	Permanent asset ratio	(Equity + Long-term liabilities) Balance sheet assets	Shows the share of assets financed by sustainable liabilities
	Debt to equity ratio	Debt capital equity	Shows the ratio between attracted resources and own
	Funding ratio	Equity capital debt capital	Shows how much borrowed funds are covered by equity capital
	Net assets	Assets accepted for calculation - liabilities accepted for calculation	Shows the presence and sufficiency of real equity capital
	Excess (shortage) of sources of funds for the formation of reserves	Value - the value of sources of reserves of funds	Shows the availability of reserves from certain types of sources
Group 3. Indicators of the condition of fixed and current assets
	Current assets coverage ratio with own funds	Own working capital current assets	Shows the share of working capital generated from equity capital
	Inventory coverage ratio with own funds	Own working capital inventories	Shows the share of reserves formed from equity capital
	Equity agility ratio	Own working capital equity capital	Shows the share of own working capital in equity
	Ratio coefficient of OA and VA	Current assets Non-current assets	Shows current assets per 1 ruble. non-current assets

The financial condition of the enterprise and its stability may depend on the optimal structure of capital sources (the ratio of equity and borrowed funds) and on the optimal structure of the enterprise's assets (primarily on the ratio of fixed and working capital), as well as on the balance of the assets and liabilities of the enterprise.

The financial stability of an enterprise is the state of its financial resources, their distribution and use, which ensures the development of the enterprise based on the growth of profits and capital while maintaining solvency and creditworthiness under conditions of an acceptable level of risk. financial money management economics

The stock of sources of own funds is the stock of financial stability of the enterprise, provided that its own funds exceed borrowed funds.

Financial stability is the ability of an enterprise to finance its activities, avoiding unnecessary risks.

There are risks:

Left-handed (associated with erroneous or placed in capital assets).

Mixed (caused jointly by assets and liabilities).

Right-sided (related to the unsatisfied structure and solvency of sources).

When can a chosen financing method be considered risky? In two cases.

Right-hand side - equity capital is less than or equal to borrowed capital, that is, the company cannot guarantee the return of obligations to its creditors.

Mixed - equity capital is less than or equal to equity capital for financing the material part of current assets, this means that the enterprise must connect less reliable sources (borrowed capital) to financing.

Own working capital - part of own capital according to the residual principle of allocation for financing current assets.

From what sources can reserves be formed so as not to disrupt financial stability?

Answer: It’s best to limit yourself to your own capital. If it is not enough, you can attract bank loans.

What source cannot be used to generate inventories and costs?

Answer: Due to borrowed capital, that is, payment discipline can be violated.

One of the main criteria for the financial position of an enterprise is the assessment of its solvency, which is usually understood as the ability of the enterprise to pay off its long-term obligations. Consequently, a solvent enterprise is one that has more assets than external liabilities.

The ability of a company to meet its short-term obligations is called liquidity. In other words, an enterprise is considered liquid if it is able to meet its short-term obligations by selling current assets.

To assess the liquidity of an enterprise, balance sheet data is used. The information reflected in the second section of the balance sheet characterizes the value of current assets at the beginning and end of the reporting period. Information on the company's short-term liabilities is contained in the fourth section of the balance sheet.

An enterprise can be liquid to a greater or lesser extent, since current assets include heterogeneous working capital, among which there are both easily sold and difficult to sell to repay external debt.

At the same time, short-term liabilities can include obligations of varying degrees of urgency.

Recognizing an enterprise as insolvent does not mean declaring it insolvent and does not entail civil liability for the owner. This is only a recorded state of financial instability, aimed at ensuring operational control over the financial condition of the enterprise and the early implementation of measures to prevent insolvency, as well as to stimulate the enterprise to independently overcome the crisis. Financial stability is the ability of a business entity to function and develop, to maintain a balance of its assets and liabilities in a changing internal and external environment, guaranteeing its solvency and investment attractiveness in the long term within the acceptable level of risk. The economic sustainability of an enterprise includes the following components: production-technological, financial-economic, social-ecological and market sustainability. The main activity of the enterprise is the production of products (provision of services), but without new modern equipment and the latest technologies it is impossible to ensure the competitiveness of national products, including in the environmental aspect. Therefore, one of the components of the economic sustainability of an enterprise is production and technological.

Financial and economic stability is an increase in the profitability of the financial and economic activities of an enterprise, an increase in financial stability and business activity, maintaining solvency and creditworthiness under conditions of an acceptable level of risk, and an increase in its investment activity.

In order to find a consumer for its products, its niche in the market for goods (works, services), an enterprise must be competitive.

Market sustainability is the competitiveness of an enterprise and its products, expanding the share of the enterprise’s products in the market.

Economic sustainability is the internal state of an economic entity, which is formed under the influence of many factors.

A stable financial condition is achieved with adequacy of equity capital, good quality of assets, a sufficient level of profitability taking into account operational and financial risk, adequacy of liquidity, stable income and ample opportunities to attract borrowed funds.

To ensure financial stability, an organization must have a flexible capital structure and be able to organize its movement in such a way as to ensure a constant excess of income over expenses in order to maintain solvency and create conditions for self-financing.

As a result of any business transaction, the financial condition may remain unchanged, improve or worsen. The flow of business transactions carried out daily is, as it were, a “disturber” of a certain state of financial stability, the reason for the transition from one type of stability to another. Knowing the limits of changes in sources of funds to cover capital investments in fixed assets or production costs allows one to generate flows of business transactions that lead to an improvement in the financial condition of the organization and an increase in its sustainability.

The financial condition of the organization, its sustainability and stability depend on the results of its production, commercial and financial activities. If production and financial plans are successfully implemented, then this has a positive effect on the financial position of the organization. On the contrary, as a result of a decline in production and sales volumes, there is an increase in its cost, a decrease in revenue and the amount of profit and, as a consequence, a deterioration in the financial condition of the organization and its solvency. Consequently, a stable financial condition is the result of competent, skillful management of the entire complex of factors that determine the results of the organization’s economic activities.

A stable financial position, in turn, has a positive impact on the implementation of production plans and the provision of production needs with the necessary resources. Therefore, financial activity as an integral part of economic activity should be aimed at ensuring the systematic receipt and expenditure of monetary resources, implementing accounting discipline, achieving rational proportions of equity and borrowed capital and its most efficient use.

In the process of operational, investment and financial activities, a continuous process of capital circulation occurs, the structure of funds and sources of their formation, the availability and need for financial resources and, as a consequence, the financial condition of the organization, the external manifestation of which is solvency, change.

The financial condition can be stable, unstable (pre-crisis) and crisis. An organization's ability to make payments on time, finance its operations on an extended basis, withstand unexpected shocks and maintain its solvency in adverse circumstances indicates its sound financial condition, and vice versa.

Solvency is a form of external manifestation of the stability of the financial condition of an organization.

Financial stability 1 is a form of internal manifestation of the stability of the financial condition of an organization, ensuring stable solvency, which is based on the balance of assets and liabilities, income and expenses, positive and negative cash flows.

Financial stability is a goal-setting property of assessing the real financial condition of an organization, and the search for intra-economic opportunities, means and ways to strengthen it determines the nature of the analysis and content of the management process. Thus, financial stability is the guaranteed solvency and creditworthiness of an organization as a result of its activities based on the effective formation, distribution and use of financial resources. At the same time, this is the provision of inventories with their own sources of their formation, as well as the ratio of own and borrowed funds - sources of covering the organization’s assets.

Solvency is an important component of financial stability. Solvency is calculated according to balance sheet data, based on the liquidity characteristics of current assets. Thus, solvency, characterizing the degree of liquidity of current assets, indicates, first of all, the financial capabilities of the organization to fully pay off its obligations as the debt matures.

The financial activity of any economic entity is a complex of interrelated processes that depend on numerous and varied factors. Being closely related, these factors often influence the results of an enterprise in different directions: some of them are positive, others are negative. The predominant effect of negative factors can reduce the positive influence of others. In addition, it should be taken into account that the effect of even the same factor may be different depending on specific conditions and circumstances.

Factors that determine the possibility of increasing the enterprise’s own funds, and, accordingly, the possibility of greater reinvestment in production:

1) the ratio of profit and revenue from sales of products (services). However, the enterprise’s desire to increase profitability encounters demand restrictions, causing prices to decline;
2) the rate of turnover of own funds. The greater the number of revolutions made by own funds, the smaller their value is needed to service the process of production and sale of products, and, consequently, the smaller their volume can ensure the profitability of the enterprise. But here, too, we must not forget about fluctuations in the market for material resources; Berdnikova T.B. Analysis of the enterprise's activities.
3) optimal ratio of own and borrowed funds. Too much borrowing to form the assets of an enterprise reduces its financial stability, although the return on equity may increase;
4) increasing the share of profits allocated to production development.

The greater the share of profit goes to the development of the enterprise, the higher the stability, but current dividend payments may fall. All this should be taken into account when assessing the financial stability of an enterprise.

In this regard, it is necessary to group the factors influencing the sustainability of the enterprise according to their significance. The classification of factors is based on various characteristics:

- according to the place of their occurrence: external and internal factors;
- according to the time of their action: constant and variable;
- by degree of importance: primary and secondary.

Identification and systematization of factors are subject to certain goals. An enterprise acts as both a subject and an object of market relations, having different opportunities to influence the dynamics of various factors, the most significant of which are internal and external. Internal factors directly depend on the degree of management of the enterprise's activities, the latter are external to it, their change is almost beyond the control of the will of the enterprise.

External factors of financial insolvency and insolvency include, first of all, economic (price increases, general decline in production, crisis of non-payments, bankruptcy of debtors), political (political instability of society, imperfect legislation in the field of economic law, including taxation, conditions of export and import), as well as the level of development of science and technology (aging technology, insufficient capital investment in high-tech production, unsatisfactory progress of conversion).

One of the most serious reasons that led to a sharp deterioration in the financial stability of enterprises in the real sector of the economy was the liberalization of prices, including banking services for a loan, deposit, etc., when their prices increased many times over. Enterprises have entered the era of market pricing in the complete absence of competition among producers. Therefore, the consequence of price liberalization was a continuous increase in both consumer and wholesale prices. Due to the increase in prices for basic raw materials, energy resources and tariffs for freight transportation, the costs of those enterprises that consumed these products (goods, services) in further production cycles increased. Consequently, consumers of products along the chain were forced to raise prices again. Due to the discrepancy between the production cycles of different types of products, their price increases are delayed differently. Therefore, prices push each other all the time. And since in this case the working capital of enterprises depreciates faster than they are replenished, due to the inertia of production, even simple reproduction is not ensured. It is important to note that effective demand for products is growing more slowly than production costs. Enterprises cannot sell their products, resulting in a decline in production.

The stable financial position of an enterprise is the result of successful calculated management of the entire set of production and economic factors that determine the results of the enterprise's activities. These are the so-called internal factors that influence the state of assets and their turnover, the composition and ratio of financial resources.

Introduction………………………………………………………………………………….3

1. Theoretical aspects of the financial stability of an organization…………………………………………………………………………………5

1.1 Concept, essence, classification of financial stability of an organization…………………………………………………………………………………5

1.2 Methods for assessing the financial stability of an organization……………….15

1.3 Main indicators and types of financial stability of the organization.................................................... ........................................................ .....24

2. Analysis of financial stability using the example of OJSC Gazprom……………………………………………………………………………………….…31

2.1 Brief description of the company’s activities……………………….31

2.2 Analysis of financial stability indicators…………………………38

3. Main directions for increasing the efficiency of the organization’s financial stability……………………………………………………….63

3.2 Calculation of the economic efficiency of the proposed measures………………………………………………………………………………….….69

Conclusion………………………………………………………………………………...75

List of used literature……………………………………………………..81

Applications

Introduction

The transition to a market economy requires enterprises to increase production efficiency, the competitiveness of products and services based on the introduction of scientific and technological progress, effective forms of business and production management, overcoming mismanagement, intensifying entrepreneurship, initiative, etc.

The relevance of this work lies in the fact that an important role in the implementation of this task is given to the analysis of the financial activities of the enterprise. With the help of financial analysis, a strategy and tactics for the development of an enterprise are developed, plans and management decisions are substantiated, their implementation is monitored, reserves for increasing production efficiency are identified, and the results of the activities of the enterprise, its divisions and employees are assessed.

In this thesis, a financial and economic analysis of the enterprise is necessary to identify the best ways to increase the financial stability of the enterprise.

The most pressing problem in the Russian economy today is non-payments. Non-payments of an enterprise, as a rule, are caused by a lack of liquid assets and, above all, funds for settlements of obligations related to current liquidity. An enterprise's liabilities are a reflection of its costs.

For many domestic enterprises, the implementation of rehabilitation measures based on the results of a comprehensive analysis of financial and economic activities should be primarily associated with the regulation of cash flows and costs that form accounts payable.

The information base of financial analysis is financial statements.

The analysis is used to identify problems in managing production and commercial activities. It can act as a forecasting tool for individual indicators and financial activities in general.

The assessment of the financial condition of an enterprise is carried out both by the management personnel of this enterprise and by any external analyst, since it is mainly based on publicly available information.

The purpose of the work is to analyze the financial activities of JSC Gazprom Gazoraspredeleniye Krasnodar for 2012 - 2014, to identify the reasons for the destabilization of its financial position and the excess of cost over sales revenue, to develop recommendations based on the analysis for overcoming a difficult financial situation and increasing financial stability.

In terms of the identified goal, the objectives of this thesis are:

– assess the current financial condition of the enterprise;

– identify available sources of funds and assess the possibility and feasibility of their mobilization;

– identify problems when conducting financial analysis;

– analyze the profitability of an economic entity;

Chapter 1. Theoretical aspects of the financial stability of an organization

1.1 The concept and essence of the financial stability of an organization

Features of a market economy and new forms of management determine the solution of new problems, one of which today is ensuring the economic stability of the development of an enterprise. To ensure the “survival” of an enterprise in market conditions, management personnel need to assess the possible and appropriate pace of its development from the perspective of financial support, identify available sources of funds, thereby contributing to the sustainable position and development of business entities. Determining the sustainability of the development of commercial relations is necessary not only for the organizations themselves, but also for their partners, who rightly want to have information about the stability, financial well-being and reliability of their customer or client. Therefore, an increasing number of counterparties are beginning to get involved in research and assessment of the financial stability of a particular organization.

The concept of financial stability is interpreted quite unambiguously by various Russian authors; there are no significant differences in the definition of this category.

So, according to M.N. Kreinina, financial stability is the stability of the financial position of an enterprise, ensured by a sufficient share of equity capital as part of the sources of financing. A sufficient share of equity capital means that borrowed sources of financing are used by the enterprise only to the extent that it can ensure their full and timely repayment.

A.Yu. Romanov believes that the economic essence of the financial stability of an enterprise is the provision of its reserves and costs with sources of their formation.

A.V. Grachev understands the financial stability of an enterprise as the solvency of the enterprise over time, subject to the condition of financial balance between its own and borrowed financial resources.

In turn, financial balance is the ratio of an enterprise’s own and borrowed funds in which both previous and new debts are fully repaid using its own funds. Moreover, if there is no source for repaying new debts in the future, then certain boundary conditions are established for the use of existing own funds in the present.

According to I.T. Balabanov, a financially stable enterprise is considered to be one that, at its own expense, covers funds invested in assets (fixed assets, intangible assets, working capital), does not allow unjustified receivables and payables, and pays its obligations on time.

Thus, financial stability is a goal-setting property of assessing the real financial condition of an organization, and the search for intra-economic opportunities, means and methods of strengthening it determines the nature of the conduct and content of economic analysis. Thus, financial stability is the guaranteed solvency of an enterprise as a result of its activities based on the effective formation, distribution and use of financial resources. At the same time, this is the provision of reserves with its own sources of their formation, as well as the ratio of own and borrowed funds - the sources of covering the assets of the enterprise.

Financial stability is a certain state of the company’s accounts, guaranteeing its constant solvency. Indeed, as a result of any business transaction, the financial condition may remain unchanged, improve or worsen. The flow of business transactions carried out daily is, as it were, a “disturber” of a certain state of financial stability, the reason for the transition from one type of stability to another. Knowing the limits of changes in the sources of funds to cover capital investments in fixed assets or production costs makes it possible to generate such flows of business transactions that lead to an improvement in the financial condition of the enterprise and an increase in its sustainability.

When studying financial stability, a separate concept is identified - “solvency”, which is not identified with the previous one. Solvency is an integral component of financial stability. The sustainability and stability of the financial condition depend on the results of the production, commercial, financial and investment activities of the enterprise, and a stable financial condition, in turn, has a positive impact on its activities. The stability of the financial condition of the organization determines the ratio of the values of its own and borrowed sources of reserve formation and the cost of the reserves themselves. The provision of reserves and costs with sources of formation, as well as the effective use of financial resources, is an essential characteristic of financial stability, while solvency is its external manifestation. At the same time, the degree of provision of inventories and costs is the reason for one or another degree of solvency, the calculation of which is made on a specific date. Consequently, the form of manifestation of financial stability can be solvency.

In the economic literature of foreign countries, in the works of authors engaged in traditional analysis of balance sheet liquidity, it is established that the main goal of liquidity analysis is to make a judgment about the solvency of an enterprise. In this case, an organization that is able to fulfill its obligations in a timely manner is considered solvent. Here, the concept of solvency covers not only absolute or short-term, but also long-term solvency.

According to other foreign authors, the answer to the question of solvency is given from the point of view of the “rule of minimum financial balance”, i.e. A solvent enterprise is one that has sufficient own sources of working capital. In the domestic economic literature there are also different points of view on the content of solvency.

Solvency is calculated according to balance sheet data, based on the liquidity characteristics of current assets, i.e. the time it takes to convert them into cash. Thus, solvency, characterizing the degree of liquidity of current assets, indicates, first of all, the financial capabilities of the organization to fully pay off its obligations as the debt matures.

Solvency and financial stability are the most important characteristics of the financial and economic activities of an enterprise in a market economy. The concept of “financial stability” of an organization is multifaceted; it is broader in contrast to the concepts of “solvency” and “creditworthiness”, since it includes an assessment of various aspects of the organization’s activities.

Early 90s The margin of financial stability of an enterprise was characterized by a reserve of sources of own funds, provided that its own funds exceed borrowed funds. It was also assessed by the ratio of own and borrowed funds in the assets of the enterprise, the rate of accumulation of own funds, the ratio of long-term and short-term liabilities, and the sufficient provision of material working capital from its own sources.

Note that in world practice, the difference in interpretation of the concept of “financial stability” is explained by the presence of two approaches to balance sheet analysis: traditional and modern functional analysis of balance sheet liquidity. Given the presence of these two different approaches, analysts define the concept of financial stability in different ways.

The first approach, based on the traditional analysis of balance sheet liquidity, the financial stability of an enterprise is determined by rules aimed at simultaneously maintaining the balance of its financial structures and avoiding risks for investors and creditors, i.e. traditional financial standard rules are considered, which include:

– the rule of minimum financial balance, which is based on the presence of mandatory positive liquidity, i.e. it is necessary to provide for a margin of financial strength, which is the amount of the excess of current assets over the excess of liabilities due to the risk of a discrepancy in the volume, time, turnover rate of short-term elements of the asset and liability of the balance sheet;

– maximum debt rule – short-term debts cover short-term needs; the traditional financial standard sets the limit for covering the enterprise's debt with its own sources of funds; long-term and medium-term debts should not exceed half of permanent capital, which includes own sources of funds and equivalent long-term borrowed sources of funds;

– the maximum financing rule takes into account the implementation of the previous rule: the recourse to borrowed capital should not exceed a certain percentage of the amounts of all provided investments, and the percentage fluctuates depending on different lending conditions.

The second approach, based on a functional analysis of balance sheet liquidity, financial stability is determined subject to the following requirements:

1. Maintaining financial balance by including in the stable allocation of funds covered by constant capital, in addition to investments in fixed and partially in current assets, which is understood as part of the equity capital used for their formation. Thus, stable resources - equity capital and equivalent funds - must completely cover stable assets. A ratio of less than 100 percent indicates that part of the allocated funds was financed by unstable resources in the form of short-term liabilities, which reveals the financial vulnerability of the enterprise. As for short-term financing, it is assumed that the amount of need for current assets (in the amount of sources of own working capital) changes during the reporting period and these changes can lead to:

– or to excessive provision of current assets, as a result of which free sources of own working capital temporarily appear;

– or to the unsatisfaction of the need for current assets, as a result of which it is necessary to use borrowed funds.

2. Assessment of total debt - the approaches (functional and traditional analysis of balance sheet liquidity) to the analysis of financial stability are the same. But here we add a definition of the level of the organization’s total debt, established by relating the amount of all borrowed funds to the amount of its own. Compliance with the above requirements allows us to ensure the so-called basic equality of funds.

The ability of an organization to make timely payments, finance its activities on an expanded basis, and maintain its solvency in adverse circumstances indicates its stable financial condition.

A review of various approaches to defining sustainability showed that the variety of factors influencing sustainability divides it into internal and external, and the variety of causes determines different facets of sustainability as shown in Figure 1.

Figure 1. Types of sustainability of a commercial organization

In this case, internal stability is understood as such a state of the organization, i.e. the state of the structure of production and provision of services, their dynamics, which ensures consistently high performance results. Its achievement is based on the principle of active response to changes in the business environment.

External sustainability is determined by the stability of the economic environment within which the organization operates, and is achieved by an appropriate management system throughout the country, i.e. control from outside.

“Inherited” stability is the result of the presence of a certain margin of financial strength of the organization, formed over a number of years, protecting it from accidents and sudden changes in external, unfavorable, destabilizing factors.

Overall sustainability reflects the effectiveness of investment projects; level of material and technical equipment, organization of production, labor, management; involves the movement of cash flows that ensure profit and allow the efficient development of production.

Financial (directly, or actually) sustainability reflects a stable excess of income over expenses and the state of resources, which ensures free maneuvering of the organization’s funds and, through their effective use, contributes to the uninterrupted process of production and sales, expansion and renewal. It reflects the ratio of equity and borrowed capital, the rate of accumulation of equity capital as a result of current, investment and financial activities, the ratio of mobile and immobilized funds of the organization, sufficient provision of reserves from its own sources.

It is undeniable that financial stability is the main component of the overall sustainability of an organization, since it is a characteristic indicator of a steadily occurring excess of income over expenses. Determining its boundaries is one of the most important economic problems in a market economy, since insufficient financial stability can lead to the insolvency of the organization, and excessive financial stability will hinder development, burdening costs with excess inventories and reserves. Consequently, financial stability should be characterized by a state of financial resources that, on the one hand, meets the requirements of the market, and on the other hand, meets the development needs of the organization.

Thus, the essence of financial stability is determined, among other things, by the effective formation, distribution, and use of financial resources, and the forms of its manifestation can be different.

– current – at a specific point in time;

– potential – associated with transformations and taking into account changing external conditions;

– formal – created and supported by the state, from the outside;

– real – in a competitive environment and taking into account the possibilities of expanded production.

Formal

Financial

sustainability

Real

Potential

Figure 2. Types of financial stability of a commercial organization

The financial activity of any organization is a complex of interrelated processes that depend on numerous and varied factors. There are external and internal factors that influence the financial condition of an enterprise. The reasons for the unfavorable position of the organization are primarily systemic macroeconomic reasons, especially in an unstable economy. In our opinion, when studying external factors that shape the financial stability of an organization, it is necessary to highlight the following main characteristics:

– close relationship between external factors and internal factors and among themselves;

– the complexity of external factors, the difficulty or lack of their quantitative expression;

– uncertainty, which is a function of the amount and confidence in the information that an enterprise has about the impact of a particular factor; Therefore, the higher the uncertainty of the external environment, the more difficult it is to identify to what extent and to what consequences this or that external factor will lead.

Thus, in an unstable economy, it is almost impossible to use a quantitative assessment method that allows one to organize the external factors being studied and brings them into a comparable form. Hence, it is almost impossible to make any accurate forecasts regarding the formation of the financial stability of an enterprise (taking into account the study of external factors), which is why, in our opinion, they are quite rightly classified as uncontrollable. But we especially emphasize that external factors influence internal ones, as if they manifest themselves through them, changing the quantitative expression of the latter. For example, the spread of non-payments in the economy leads to an increase in receivables and payables, and in their structure - to an increase in the volume of overdue and doubtful debts. It should be noted the direct (bankruptcy of debtors) and indirect (social) impact of external factors on financial stability. This division allows a more correct assessment of the nature and degree of their influence on the sustainability of the organization. Of course, individual enterprises are unable to combat many external factors, but in the current conditions they can only pursue their own strategy, which allows them to mitigate the negative consequences of the general decline in production.

External factors that are beyond the control of the enterprise, and internal factors that depend on the existing system of organizing its work, are classified according to their place of origin.

In general, we can say that financial stability is a complex concept that also has external forms of manifestation, which is formed in the process of all financial and economic activities under the influence of many different factors.

Currently, more and more attention is paid to the organization and functioning of the financial and economic services of the enterprise and the creation of a mechanism for managing financial stability.

Therefore, we consider it necessary to consider in more detail the target setting for managing the financial stability of an organization.

Financial stability is formed in the process of all production and economic activities and is the main component of the overall sustainability of the enterprise.

The financial stability of an organization is the state of its financial resources (distribution and use) that ensures the development of the organization based on the growth of profits and capital while maintaining payment and creditworthiness under conditions of an acceptable level of risk.

The main sources of information for financial stability analysis are accounting data and accounting (financial) reporting. The following forms of accounting reporting are used:

1. Balance sheet, form No. 1, which reflects retained earnings or uncovered losses of the reporting and previous periods (section III of liabilities);

2. The profit and loss statement, form No. 2, is compiled for the year and for intra-annual periods.

The central form of accounting is the balance sheet.

The balance sheet characterizes the financial position of the enterprise as of a certain date and reflects the resources of the enterprise in a single monetary value according to their composition and areas of use, on the one hand (asset), and according to the sources of their financing, on the other (liability).

The balance sheet consists of two parts: assets and liabilities. The balance sheet contains a detailed description of the enterprise's resources.

An enterprise's assets reflect the investment decisions made by the company during its period of operation. The arrangement of balance sheet items is based on the liquidity criterion (the ability to convert the enterprise's funds into cash), which is one of the most important indicators of the financial condition of the enterprise.

Financial stability is a characteristic that indicates a stable excess of income over expenses, free maneuvering of the enterprise’s funds and their effective use, uninterrupted production and sales of products. Financial stability is formed in the process of all production and economic activities and is the main component of the overall sustainability of the enterprise.

The financial stability of an enterprise is determined by the influence of a combination of internal and external factors:

1. Internal factors affecting financial stability.

The success or failure of entrepreneurial activity largely depends on the choice of composition and structure of products and services provided. At the same time, it is important not only to decide in advance what to produce, but also to accurately determine how to produce, i.e., what technology and what model of organization of production and management to act on. From the answer to these “what?” And How?" production costs depend.

For the sustainability of an enterprise, not only the total amount of costs is very important, but also the ratio between fixed and variable costs.

Variable costs (for raw materials, energy, transportation of goods, etc.) are proportional to the volume of production, while constant costs (for the purchase and (or) rental of equipment and premises, depreciation, management, payment of interest on a bank loan, advertising, employee salaries, etc. .) - do not depend on it.

Another important factor in the financial stability of an enterprise, closely related to the types of products produced (services provided) and production technology, is the optimal composition and structure of assets, as well as the correct choice of strategy for managing them. The stability of the enterprise and the potential efficiency of the business largely depend on the quality of management of current assets, on how much working capital is involved and what kind, what is the value of inventories and assets in cash, etc.

It should be remembered that if a company reduces inventories and liquid assets, it can put more capital into circulation and, therefore, make more profit. But at the same time, the risk of enterprise insolvency and production stoppage due to insufficient reserves increases. The art of managing current assets is to keep in the accounts of the enterprise only the minimum necessary amount of liquid funds that is needed for current operational activities.

The next significant factor in financial stability is the composition and structure of financial resources, the correct choice of strategy and tactics for managing them. The more a company has its own financial resources, primarily profit, the calmer it can feel. In this case, not only the total amount of profit is important, but also the structure of its distribution, and, in fact, the share that is directed to the development of production. Hence, the assessment of the policy for the distribution and use of profits comes to the fore in the analysis of the financial stability of the enterprise. In particular, it is extremely important to analyze the use of profits in two directions: firstly, to finance current activities - for the formation of working capital, strengthening solvency, enhancing liquidity, etc.; secondly, to invest in capital expenditures and securities.

Funds additionally mobilized on the loan capital market have a great influence on the financial stability of the enterprise. The more funds an enterprise can attract, the higher its financial capabilities; however, financial risk also increases - will the company be able to pay its creditors on time? And here reserves are called upon to play a major role as one of the forms of financial guarantee of the solvency of an economic entity.

So, from the point of view of the impact on the financial stability of the enterprise, the determining internal factors are:

a) industry affiliation of the business entity;

b) the structure of manufactured products (services), its share in demand;

c) the amount of paid authorized capital;

d) the amount and structure of costs, their dynamics in comparison with cash income;

e) the state of property and financial resources, including stocks and reserves, their composition and structure.

2. External factors affecting financial stability.

The term “external environment” includes various aspects: economic conditions of business, prevailing technology and equipment in society, effective consumer demand, economic and financial-credit policies of the government of the Russian Federation and the decisions they make, legislative acts to control the activities of the enterprise, the value system in society, etc. These external factors influence everything that happens inside the enterprise.

The phase of the economic cycle in which the country’s economy is located also significantly influences financial stability. During a crisis, the pace of product sales lags behind the pace of its production. Investment in inventory is reduced, which further reduces sales. In general, the income of economic entities decreases, and the scale of profits decreases relatively and even absolutely. All this leads to a decrease in the liquidity of enterprises and their solvency. During the crisis, a series of bankruptcies intensifies.

The fall in effective demand, characteristic of the crisis, leads not only to an increase in non-payments, but also to an intensification of competition. The severity of competition is also an important external factor in the financial stability of an enterprise.

Serious macroeconomic factors of financial stability are, in addition, tax and credit policies, the degree of development of the financial market, insurance business and foreign economic relations; It is significantly influenced by the exchange rate, the position and strength of trade unions.

The economic and financial stability of any enterprise depends on overall political stability. The significance of this factor is especially great for business activity in Russia. The state's attitude towards entrepreneurial activity, the principles of state regulation of the economy (its prohibitive or stimulating nature), property relations, principles of land reform, measures to protect consumers and entrepreneurs cannot but be taken into account when considering the financial stability of an enterprise.

Finally, one of the largest unfavorable external factors destabilizing the financial position of enterprises in Russia today is inflation.

The financial stability of an organization is characterized by a system

absolute and relative indicators.

Absolute indicators of financial stability are indicators that characterize the degree to which reserves and costs are covered by the sources of their formation.

Total sources of inventories and costs (ZZ):

ZZ = line 210 of balance

To characterize the sources of reserves and costs, several indicators are used, reflecting different degrees of coverage of different types of sources:

1. Availability of own working capital (SOC), which is defined as the difference between the amount of sources of own funds and the cost of fixed assets and non-current assets of the organization:

COS = Capital and reserves – Non-current assets

SOS = line 490 – line 190.

Own working capital characterizes net working capital. The increase in own working capital compared to the previous period indicates the further effective development of the organization’s activities.

2. Availability of own and long-term borrowed funds (operating capital (FC)) for the formation of reserves and costs. Determined by summing up own working capital and long-term loans and borrowings (long-term liabilities).

FC = (Capital and reserves + Long-term liabilities) –

- Fixed assets

FC = (line 490 + line 590) – line 190

3. The total value of the main sources of funds (VI) for the formation of reserves and costs, defined as the sum of own working capital, long-term and short-term loans and borrowings:

VI = (Capital and reserves + Long-term liabilities +

Short-term loans and borrowings) – Non-current assets

VI = (line 490 + line 590 + line 610) – line 190

These three indicators of the availability of sources of funds for the formation of reserves and costs correspond to three indicators of security:

1. Surplus (+) or deficiency (–) of own working capital

± F SOS = SOS – ZZ

2. Excess (+) or shortage (–) of own and long-term sources of funds for the formation of reserves

± F FC = FC – ZZ

3. Excess (+) or deficiency (–) of the total amount of the main sources of funds for the formation of reserves and costs.

± F VI = VI – ZZ

Calculation of three indicators of the provision of inventories and costs with sources of funds for their formation makes it possible to classify financial situations according to the degree of their stability.

Relative indicators of financial stability (financial ratios) are calculated as the ratio of the absolute indicators of assets and liabilities of the balance sheet. They can be divided into two groups:

1. Indicators characterizing the ratio of equity and borrowed funds.

1) Autonomy coefficient (financial independence coefficient, equity capital concentration coefficient) - characterizes independence from borrowed funds. Shows the share of equity capital (SC) in the total amount of all funds of the organization (WB):

K a = SK/WB

The minimum threshold value is 0.5. The excess indicates an increase in financial independence, expanding the possibility of attracting funds from outside.

2) An addition to this indicator is the debt capital concentration ratio - it shows what is the share of raised funds in the total amount of funds. Determined by the ratio of the amount of borrowed capital (LC) to the total amount of all funds of the organization (WB):

K kzk = ZK/VB

These coefficients in the sum of K a + K kzk = 1.

3) Debt-to-equity ratio - shows how much borrowed funds the organization attracted for each ruble of its own funds invested in assets. It is calculated as the ratio of total borrowed capital (LC) to the amount of equity capital (EC) of the organization:

K s/z = ZK / SK.

The value of K s/z is considered normal< 0,7. Превышение указанной границы означает зависимость организации от внешних источников средств, потерю финансовой устойчивости.

4) Long-term investment structure coefficient - shows what part of non-current assets is financed by long-term borrowed funds. At the same time, it is implicitly assumed that long-term liabilities as a source of funds are used in full to finance work to expand the material and technical base of the enterprise. It is calculated as the ratio of the value of long-term liabilities (LP) to the value of non-current assets (NCA):

K page = DP / VnA.

5) Industrial property ratio - shows the share of industrial property in the total cost of all assets of the organization. Equal to the ratio of the amount of fixed assets, capital investments, equipment, inventories and work in progress to the value of all property of the organization (WB):

K ipn = And mon / VB,

where And pn – production property – the sum of fixed assets, capital investments, equipment, inventories, work in progress.

The following limitation of this indicator is considered normal:

K ipn > 0.5.

This coefficient has limited application and can reflect the real situation only in organizations in manufacturing industries, and it will vary significantly in different industries.

6) Financial sustainability coefficient - shows what part of the asset is financed from sustainable sources. In addition, the coefficient reflects the degree of independence (or dependence) of the organization on short-term borrowed sources of coverage. It is calculated as the ratio of the total value of own and long-term borrowed sources of funds (permanent capital - PC) to the value of the entire property of the organization (WB):

K fu = PC/WB.

The following limitation of this indicator is considered normal: K fu ≥ 0.6

2. Indicators that determine the state of working capital:

1) Own funds ratio – characterizes the organization’s availability of its own working capital necessary for its financial stability. It is determined by the ratio of the value of own working capital (SOS) to the total value of current assets (ABA) of the organization:

K oss = SOS / ObA = (SC – VnA) / ObA.

The minimum threshold value of this coefficient is 0.1. The higher the indicator (0.5), the better the financial condition of the organization, the more opportunities it has to pursue an independent financial policy.

2) Equity agility ratio - shows what part of equity capital is used to finance current activities, i.e. invested in working capital, and what part is capitalized. It is determined by the ratio of own working capital (SOC) to the total amount of equity capital (SC):

K m = SOS / SK.

From a financial point of view, an increase in K m and its high level always positively characterize the organization’s activities: own funds are abundant, most of them are invested not in fixed assets and other non-current assets, but in current assets.

As an optimal value, the maneuverability coefficient can be taken as K m > 0.5. This means that the organization’s managers and its owners must adhere to the parity principle of investing their own funds in mobile and immobile assets, which will ensure sufficient balance sheet liquidity. However, the nature of the activities of the organization under study should be taken into account. For example, in capital-intensive industries, the normal level of this ratio will be lower than in material-intensive ones, since a significant part of equity is a source of covering fixed production assets and other non-current assets.

The agility coefficient should increase, while the growth rate of own sources should outstrip the growth rate of fixed assets and non-current assets. This dictates the need to compare them.

3) The ratio of the provision of material reserves with own working capital - shows to what extent the material reserves are covered with own funds and do not need to attract borrowed funds. It is calculated as the ratio of the value of own working capital (SOC) to the total amount of inventories and costs (ZZ):

K omz = SOS / ZZ = (SK – VnA) / ZZ.

The value of K ohm is considered normal< 0,6…0,8.

Analysis of financial ratios is carried out by calculating and comparing the obtained ratio values with established basic values, as well as studying the dynamics of their changes for a certain period.

Basic values can be:

Indicator values for the previous period;

Industry average values of indicators;

Competitors' indicator values;

Theoretically based or established through an expert survey or critical values of relative indicators.