Extended list of literature on the topic: "Financial analysis". List of used sources and literature Financial stability of the enterprise Literature

BIBLIOGRAPHY

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

1. Factors affecting financial stability………….……...5

2.Indicators of financial stability…………………………….…7

3. Determination of the type of financial stability…………….…..….....11

4.Measures to improve financial stability……….….13

Conclusion……………………………………………………….….....14

References……………………………………………..….…..15

Introduction

To answer the questions: how independent is the organization from a financial point of view, is the level of this independence growing or decreasing, and whether the state of assets and liabilities meets the objectives of its financial and economic activities, it is necessary to assess the degree of independence from borrowed sources of financing. To do this, it is necessary to conduct a financial stability analysis.

The financial stability of an enterprise is such a state of its financial resources, their distribution and use, which ensures the development of the enterprise based on the growth of profits and assets while maintaining solvency and creditworthiness under conditions of an acceptable level of risk. It is important that the state of financial resources meet the requirements of the market and meet the needs of the development of the enterprise, since insufficient financial stability can lead to the insolvency of the enterprise and the lack of funds for the development of production, and excess financial stability can hinder development, burdening the costs of the enterprise with excessive stocks and reserves. Thus, the essence of financial stability is determined by the effective formation, distribution and use of financial resources. Its external manifestation is the solvency of the enterprise.

The stability of the enterprise is influenced by various factors:

The position of the enterprise in the commodity market;

Production and release of cheap, high-quality and marketable products;

Its potential in business cooperation;

The degree of dependence on external creditors and investors;

Presence of insolvent debtors;

Efficiency of business and financial transactions, etc.

To maintain financial stability at a "healthy" level, a constant financial analysis of the state of the enterprise is necessary, which is the relevance of the topic of control work.

For the analysis of financial stability, as part of the analysis of the financial condition, real materials of the operating enterprise of JSC "Parnas-M" were used.

1. Factors affecting financial stability

The financial stability of an enterprise is influenced by a huge variety of factors. They can be classified according to the place of occurrence into external and internal, according to the importance of the result into main and secondary, according to the structure into simple and complex, according to the time of action into permanent and temporary.

Internal factors depend on the organization of the enterprise itself. External ones, for obvious reasons, do not depend on the decisions of the management and the staff of the enterprise. In addition, the main internal factors include:

    composition and structure of products and services provided.

    optimal composition and structure of assets (including the amount of paid authorized capital).

    composition and structure, condition of property, financial resources, the right choice of strategy and tactics for managing them;

    reserves as one of the forms of financial guarantee of the solvency of an economic entity.

External factors include the influence of general economic and social conditions of management. Such are the level of development of engineering and technology in the industry, the effective demand of the population, the economic policy of the Government, its stability and validity, the legal framework for economic activity.

The financial stability ratios are convenient in that they allow you to determine the impact of various factors on the change in the financial condition of the enterprise, to assess its dynamics. Each group of coefficients reflects a certain side of the financial condition of the enterprise. However, we must not forget that relative financial indicators are only indicative indicators of the financial condition of the enterprise, its solvency and creditworthiness.

A good characteristic of the sustainability of an enterprise is its ability to develop in changing conditions of the internal and external environment. To do this, the enterprise must have a flexible structure of financial resources and, if necessary, be able to attract borrowed funds, i.e. be creditworthy.

The most general indicator of the financial stability of an enterprise is the surplus or lack of sources of funds for the formation of reserves and costs. This surplus or shortage is formed as a result of the difference in the value of sources of funds and the value of stocks and costs, while this refers to the availability of stocks and costs of certain types of sources.

    Indicators of financial stability

Absolute indicators of financial stability are indicators that characterize the degree of provision of reserves and costs with the sources of their formation.

The analysis of absolute indicators lies in the fact that three indicators of the availability of sources of formation of reserves correspond to three indicators of the availability of reserves with sources of their formation. The calculation is summarized in a table, after which we determine a three-component indicator of the situation, which shows the degree of financial stability of the enterprise.

The total amount of reserves (line 210 of the asset balance) \u003d (for example) Z

To characterize the sources of reserves formation, several indicators are used that reflect different types of sources:

    Availability of own working capital (SOS). Its increase in comparison with the previous period indicates the further development of the enterprise. In a formalized form, the availability of working capital can be recorded.

SOS \u003d IrP - IrA \u003d p. 490 - p. 190,

where IrP - I section of the balance sheet liability (capital and reserves)

IrA - I section of the asset balance (non-current assets)

    Availability of own and long-term borrowed sources of formation of reserves and costs (SD) or functioning capital, determined by increasing the previous indicator by the amount of long-term liabilities (DO - III section of the balance sheet liabilities):

SD \u003d SOS + DO \u003d IrP - IrA + IIIrP \u003d p. 490 - p. 190 + p. 590

    The total value of the main sources of formation of reserves and costs (OI), determined by increasing the previous indicator by the amount of short-term bank loans (CC):

OI = SD + QC = p. 490 - p. 190 + p. 590 + p. 610

Three indicators of the availability of sources of formation of reserves correspond to three indicators of the availability of reserves with sources of their formation:

    Surplus (+) or shortage (-) of own working capital (Fsos):

Fsos = SOS - 3,

    Surplus (+) or shortage (-) of own and long-term sources of reserves formation (Fsd):

Fsd \u003d SD - 3

    Surplus (+) or shortage (-) of the total value of the main sources of reserves formation (Foi):

Foy = OG - 3

With the help of these indicators, a three-component type of financial stability is determined.

To characterize the financial situation in the enterprise, there are four types of financial stability:

First– absolute financial stability (a three-component indicator of the type of financial stability has the following form: S=(1,1,1)). This type of financial stability is characterized by the fact that all the reserves of the enterprise are covered by their own working capital, i.e. the organization does not depend on external creditors, the absence of non-payments and the reasons for their occurrence, the absence of violations of internal and external financial discipline.

Second– normal financial stability (an indicator of the type of financial stability has the following form: S=(0,1,1)). In this situation, the company uses to cover stocks, in addition to its own working capital, also long-term borrowed funds. This type of stock financing is “normal” from a financial management point of view.

The third- an unstable financial position (an indicator of the type of financial stability has the following form: S = (0,0,1)), characterized by a violation of solvency, in which it remains possible to restore balance by replenishing sources of own funds, reducing receivables, accelerating inventory turnover.

Financial instability is considered normal (acceptable) if the amount of short-term loans and borrowed funds attracted for the formation of stocks does not exceed the total cost of raw materials, materials and finished products.

If the conditions are not met, then financial instability is considered abnormal and reflects a downward trend in financial condition. The share of coverage by short-term loans of the cost of inventories and finished products, determined by the value

is fixed in the loan agreement with the bank and thus sets a more accurate criterion for distinguishing between normal and abnormal stability. (K t - loans)

In the event that the financial situation is unstable, it should be corrected by optimizing the structure of liabilities, as well as by a reasonable reduction in the level of stocks and finished products in stock. To relieve financial stress, the company needs to find out the reasons for the sharp increase at the end of the year in inventories, work in progress, finished products and goods.

Fourth– crisis financial condition (an indicator of the type of financial stability has the following form: S=(0,0,0)), in which the company is on the verge of bankruptcy, because cash, short-term securities and receivables do not even cover his accounts payable and delinquent loans.

For the convenience of determining the type of financial stability, we present the calculated indicators in Table. No. 1.

Table #1

Summary table of indicators by types of financial stability .

Indicators

Type of financial stability

absolute stability

normal stability

unstable state

crisis state

 Fsos = SOS - 3

 Fsd = SD - 3

 Foy = GR - 3

Financial stability is the state of the company's accounts, guaranteeing its constant solvency. As a result of any business transaction, the financial condition of the enterprise may remain unchanged or worsen. The outflow of daily business transactions 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. The value of the marginal boundaries of changing sources of funds to cover capital investments in fixed assets and inventories makes it possible to generate such flows of business transactions that lead to an improvement in the financial condition of an enterprise and an increase in its stability.

3. Determining the type of financial stability

To determine the type of financial stability, we use Table. #2

Classification of types of financial condition of the organization

Indicators

At the beginning of the reporting period, thousand rubles

At the end of the reporting period,

thousand roubles.

Changes for the year

thousand roubles.

Total reserves

Capital and reserves

Fixed assets

Availability of own working capital

Long-term liabilities

Functioning capital (FC)

Short-term credits and loans

Total value of sources

 Fsos = SOS - 3

 Fsd = SD - 3

 Foy = GR - 3

Three-component indicator of the type of financial situation S (F) = S( Fsos), S( Fsd), S( Foi)

These tables indicate a normal financial condition at the beginning of the year and an unstable one at the end of the analyzed year. It should be noted that, in general, both equity capital and non-current assets increased at the enterprise, but the increase in non-current assets occurred by 55% (483395/311763*100), and equity only by 12% (322950/287477*100). At the same time, long-term liabilities appeared and decreased significantly by 99.4% (2804/505097*100). This affected the result of financial stability, but even if we left the indicator of short-term loans and borrowings at the beginning of the year (although they increased by 198.8% (1844561/617427 * 100)), this would not change the situation, and the organization would not exit into a financial crisis. However, you should pay attention to the fact that there is simply no own working capital for the formation of stocks. Both at the beginning and at the end of the analyzed year, this indicator had a negative value, and by the end of the year it had decreased by another 136,159 thousand rubles.

Thus, the organization uses borrowed funds to form reserves. The provision of reserves with such a source as own working capital does not occur. But since at the beginning of the year 517% of reserves (1098238/212355*100) are covered by sources of own and borrowed funds, and 511% of reserves (1686920/330038*100) at the end of the year, it can be assumed that borrowed funds are attracted not only for formation of stocks, but for the development of the enterprise, which is its positive characteristic.

  1. Measures to improve financial stability

Activities can be presented in the form of a table (Table No. 3). This set of activities is common to all organizations. For each specific organization, it can be supplemented in the course of a general analysis of the finances of the enterprise and its activities.

Measures to improve the financial stability of the enterprise

Composition of events

Internal effect received by the enterprise

1. Creation of reserves from gross and net profit

Increase in the value of property of the share of equity capital, increase in the value of sources of own working capital

2.Strengthening work on the collection of receivables

Increasing the share of cash, accelerating the turnover of working capital, increasing the provision of own working capital

3.Reducing production costs

Reduction of stocks and costs, increase of sales profitability

4. Accelerating the turnover of receivables

The rhythm of receipt of funds from debtors, a large “margin of safety” in terms of solvency

Conclusion

One of the most important characteristics of the financial condition of an enterprise is the stability of its activities in the long term. It is related to the overall financial structure of the enterprise, the degree of its dependence on creditors and investors. Many businessmen in Russia prefer to invest a minimum of their own funds in a business, and finance it mainly with borrowed money. Indicators of financial stability characterize the degree of dependence of the enterprise on external sources of financing. However, if the equity/leverage structure is heavily skewed towards debt, the business can easily go bankrupt if multiple creditors demand their money back at the same time.

It is important that the state of financial resources meet the requirements of the market and meet the needs of the development of the enterprise, since insufficient financial stability can lead to the insolvency of the enterprise and the lack of funds for the development of production, and excess financial stability can hinder development, burdening the costs of the enterprise with excessive stocks and reserves. Thus, the essence of financial stability is determined by the effective formation, distribution and use of financial resources. It should be noted that financial stability and return on equity are inversely proportional. The greater the share of own funds in the composition of liabilities, the higher the stability of the enterprise, but the lower the return on equity. In this regard, the task of financial management at the enterprise can be formulated as follows: ensuring an acceptable level of financial stability, it is necessary to promote the growth of return on equity

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NORTH WESTERN ACADEMY OF PUBLIC SERVICE

branch in Kaluga

Course work

subject: Analysis of financial and economic activity

on the topic: Analysis of financial stability

INTRODUCTION 3

1. THE ROLE OF FINANCIAL ANALYSIS OF FINANCIAL SUSTAINABILITY IN ENTERPRISE MANAGEMENT 6

1.1. Financial stability as one of the indicators for assessing the financial condition 11

1.2. Financial stability of the enterprise 16

Chapter 2. Analysis of the financial and economic activities of Parus LLC 23

References 47

INTRODUCTION

In this paper, an analysis of the financial stability of the enterprise will be considered.

The relevance of the chosen topic is due to a number of reasons:

The transition to a market economy requires enterprises to increase the efficiency of production, the competitiveness of products and services based on the introduction of the achievements of scientific and technological progress, effective forms of management and production management, overcoming mismanagement, enhancing entrepreneurship, initiative, etc. . An important role in the implementation of this task is assigned to the economic analysis of the activities of business entities. With its help, a strategy and tactics for the development of an enterprise are developed, plans and management decisions are justified, their implementation is monitored, reserves for increasing production efficiency are identified, and the results of the enterprise, its divisions and employees are evaluated. A qualified economist, financier, accountant, auditor must be proficient in modern methods of economic research, methods of systematic, comprehensive economic analysis, the skill of accurate, timely, comprehensive analysis of business results.

The financial condition of an enterprise is an economic category that reflects the state of capital in the process of its circulation and the ability of a business entity to self-develop at a fixed point in time.

The financial condition can be stable, unstable (pre-crisis) and crisis. The ability of an enterprise to make payments on time, finance its activities on an extended basis, withstand unforeseen shocks and maintain its solvency in adverse circumstances indicates its sound financial condition and vice versa.

To ensure financial stability, an enterprise must have a flexible capital structure, 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-reproduction. Thus, the financial stability of an enterprise 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, which guarantees its constant solvency and investment attractiveness within the limits of an acceptable level of risk.

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 planned receipt and expenditure of financial resources, the implementation of settlement discipline, the achievement of rational proportions of equity and borrowed capital and its most efficient use.

The purpose of writing this work is a theoretical study of the analysis of the financial activities of the enterprise, as well as conducting an analysis of the financial stability of Parus LLC and identifying ways to improve it.

In accordance with the purpose of the work, the main objectives of the study can be distinguished:

    to prove the importance of financial analysis in the enterprise, to study the indicators used in the analysis of the financial stability of the enterprise;

    study the organizational and economic conditions of enterprises

    analyze the company's balance sheet, its financial stability

    analyze the liquidity of the balance sheet and solvency of the enterprise

    identify ways to improve the financial stability of the analyzed enterprise.

The subject of research work is the financial stability of the enterprise. The object of study in this course work was Parus LLC. When analyzing financial stability, accounting data for 1998-2001 were used.

This topic is sufficiently studied and widely covered in the literature.

Among the authors of the Soviet period, it is necessary to highlight: Veitsman N.R. Gafanovich D.P., Dembinsky N.V., Fesenko F.D., Shpig A.A. and others. Of the modern authors, one can single out: Sheremet A.D., Dey GG., Shapovalov V.N. Artemenko V.G., Bellendir M.V. Kondrakov N.P.

The following methods will be used during the work: economic-statistical, monographic, synthesis, analysis, systematization, generalization, logical conclusions.

As sources of information, the works of domestic and foreign scientists on the problem under study, regulatory documents, educational and methodological literature, monographic research materials, annual reports, primary accounting documents, and economic literature were used.

1. THE ROLE OF FINANCIAL ANALYSIS OF FINANCIAL SUSTAINABILITY IN ENTERPRISE MANAGEMENT

In modern economic conditions, the activity of each economic entity is the subject of attention of a wide range of participants in market relations (organizations and individuals) interested in the results of its functioning. Based on the reporting and accounting information available to them, they seek to assess the financial position of the enterprise. The main tool for this is financial analysis, with which you can objectively assess the internal and external relations of the analyzed object, and then, based on its results, make informed decisions.

Financial analysis is a process based on the study of data on the financial condition and performance of the enterprise in the past in order to assess the prospects for its development. Thus, the main task of financial analysis is to reduce the inevitable uncertainty associated with making future-oriented economic decisions.

Financial analysis makes it possible to evaluate:

    property status of the enterprise;

    the degree of entrepreneurial risk, in particular the possibility of paying off obligations to third parties;

    capital adequacy for current activities and long-term investments;

    the need for additional sources of funding;

    ability to increase capital;

    rationality of attraction of borrowed funds;

    the validity of the policy of distribution and use of profits;

    the feasibility of choosing an investment and others.

In a broad sense, financial analysis can be used: as a tool to justify short-term and long-term economic decisions, the feasibility of investments; as a means of assessing the skill and quality of management; as a way to predict future results.

Modern financial analysis is constantly changing under the influence of the growing influence of the environment on the conditions of the functioning of enterprises. In particular, its target orientation is changing: the control function recedes into the background and the main emphasis is on the transition to the justification of management and investment decisions, determining the directions of possible capital investments and assessing their feasibility.

Financial analysis is an essential element of financial management and audit. Almost all users of the financial statements of the enterprise use the methods of financial analysis to make decisions.

It is based on the calculation of absolute and relative indicators characterizing various aspects of the enterprise and its financial position. However, the main thing when conducting financial analysis is not the calculation of indicators, but the ability to interpret the results.

The owners analyze financial reports in order to increase the return on capital, to ensure the stability of the company. Lenders and investors analyze financial reports to minimize their risks on loans and deposits. The quality of decisions made largely depends on the quality of their analytical justification.

Thus, the main goal of financial analysis is to obtain a small number of key (most informative) parameters that give an objective and accurate picture of the financial condition of the enterprise, its profits and losses, changes in the structure of assets and liabilities, in settlements with debtors and creditors. At the same time, the analyst and the manager (manager) may be interested in both the current financial condition of the enterprise and the forecast for the near or long term, that is, the expected parameters of the financial condition.

The objectives of the analysis are achieved as a result of solving a certain interrelated set of analytical tasks. The analytical task is a specification of the goals of the analysis, taking into account the organizational, informational, technical and methodological possibilities for conducting this analysis. The main factors are the volume and quality of the initial information. At the same time, it should be borne in mind that the periodic financial statements of an enterprise are only “raw” information prepared during the implementation of accounting procedures at the enterprise.

To make management decisions in the field of production, marketing, finance, investment and innovation, management needs constant awareness of relevant issues, which is possible only as a result of the selection, analysis, evaluation and concentration of the original "raw" information.

Financial analysis is the prerogative of the top management structures of the enterprise, capable of influencing the formation of financial resources and cash flows. The effectiveness or inefficiency of private management decisions related to determining the price of a product, the size of a batch of purchases of raw materials or deliveries of products, the replacement of equipment or technology, must be evaluated in terms of the overall success of the company, the nature of its economic growth and the growth of overall financial efficiency.

It should be noted that failures in the use of financial ratios for the purposes of making economic decisions are largely due to the fact that novice analysts use data that are incomparable in terms of accounting methodology for analysis and then draw inadequate conclusions based on them.

The second condition, following from the first, is the possession of methods of financial analysis. At the same time, qualitative judgments in solving financial issues are no less important than quantitative results. Such qualitative judgments should include, first of all, a general assessment of the situation and the problems that will determine both the use of certain specific methods of financial analysis and the interpretation of its results, the degree of required accuracy of which also depends on the specific situation and the goals of the analysis. To ensure qualitative judgments, it is necessary to assess the reliability of the information available, as well as the degree of uncertainty and risk.

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