Analysis of the financial situation. Catalogue: Normal Sources of Stock Coverage Normal sources of stockpiling include

Reserve coverage ratio
Inventory coverage ratio formula Inventory coverage ratio Equity working capital Short-term loans and borrowings Accounts payable Average reserves ... A positive value of the inventory coverage ratio indicates that reserves and costs are secured by normal sources of coverage. The critical value of this indicator is 1. Its negative value
Assessment of the financial stability of a commercial organization and measures to improve it
The low indicators of these coefficients are due to the fact that not only own funds but also loans and credits. This means ... In Savitskaya, then, based on the absolute indicators of financial stability, the enterprise would have normal stability financial condition at which the value of reserves and costs is equal to the sources of their formation and
Analysis of financial statements. Practical analysis based on accounting (financial) statements
The situation in the organization is quite stable, as evidenced by the effective values of the groups of assets and liabilities in Table 8.2, as well as the percentage of coverage of obligations about normal solvency of the organization Table 8.3. Assessment of the liquidity of the balance sheet based on financial ratios Indicator Normal ... A general indicator of financial stability is an excess or shortage of sources of funds for the formation of reserves and costs, which is determined as the difference in the value of sources of funds ... Indicators Formula 2011 2012 Income and expenses from ordinary activities Net proceeds from product sales
Optimization of the structure of the balance sheet as a factor in increasing the financial stability of the organization
Total reserves and costs 37139 55020 96,002 17881 Surplus of own working capital LI1 -39790 -42154 131796 -2364 ... Surplus of own and long-term borrowed sources of coverage of LI2 reserves -10173 -10256 -65232 -83 Surplus of the total value of the main sources of financing LI3 reserves Sources of financing reserves are long-term and short-term loans and loans characterizes the violation of normal solvency, the need to attract additional sources of financing This means that despite some ... Type of property Formula 2012 2013 2014 Change 2014 to 2012 ± Coefficient
We determine the liquidity of the balance
At the same time, the exact rationale why, in order to maintain a normal level of liquidity Russian companies the amount of cash should cover 20% of current liabilities does not exist ... The growth of the coefficient absolute liquidity contributes to the growth of long-term sources of financing and a decrease in the level of non-current assets of stocks of receivables of short-term liabilities The company's liquidity with ... The company's liquidity, taking into account future receipts from debtors, characterizes the critical liquidity ratio other names the quick liquidity ratio the quick liquidity ratio the intermediate coverage ratio showing what part of the company's current debt can cover in the near future, subject to timely ... The forecasted payment capabilities of the company, subject to the repayment of short-term receivables and the sale of existing inventories, taking into account cost compensation, reflects the current liquidity ratio Other names, general liquidity ratio, total coverage ratio, total ... Calculation formula Regulatory limitation Critical liquidity ratio Kkl Kkl DS KFV KDZ KO where DS -
Determination of the nature of the financial stability of the enterprise
KS ZD ZS KZ PS Next, you can group the assets of the enterprise according to their participation in the production process and liabilities - according to participation in working capital enterprises thus obtaining the following formula: various sources funds, both own and ... IO sources that ease financial tension temporarily free own funds economic incentive funds financial reserves borrowed funds excess of normal accounts payable over accounts receivable Bank loans for temporary replenishment of working capital and other borrowed funds
Financial analysis of the enterprise - part 2
However, it cannot be considered as ideal, since the enterprise does not use external sources of financing in its economic activity The normal stability of the financial condition when the company optimally uses and ... The unstable financial situation is characterized by a violation of solvency, the company is forced to attract additional sources of coverage of reserves and costs, there is a decrease in the profitability of production However, there is still room for improvement ... The task of assessing the balance sheet is to determine the amount of coverage of obligations enterprise, its assets, the period of transformation into cash liquidity corresponds to the maturity ... It is determined by the formula 1.16 Within reasonable limits, the greater the number of turnovers, the better In this case, the enterprise
Assessment of the financial stability of the organization according to the annual financial statements
JVI Calculated as the sum of own and long-term borrowed sources of funding for reserves and short-term borrowed funds and is determined by the formula JVI SDI KKZ where SDI - own and long-term borrowed sources of financing for KKZ reserves ... CI > 0 ΔJVI > 0. 2 Normal financial stability under which the solvency of the subject is guaranteed Reserves and costs are equal to the sum of own ... JVI > 0. 3. Unstable pre-crisis financial condition when reserves and costs are equal to the sum of own working capital of bank loans for inventory and temporarily free sources of funds of the reserve fund of the fund social sphere etc. At the same time financial stability is ... Financial stability can be restored both by increasing loans and borrowings and by reasonably reducing the level of inventories and costs Unstable financial condition is characterized by the presence of violations financial discipline interruptions in the flow of funds to ... This requires the ability to determine the marginal boundaries of changes in sources of funds to cover investments in fixed assets and productive reserves When the financial situation is unstable
Working capital and financial condition of enterprises
Only working capital refers to cash sources of working capital, and current assets mean their types American financiers D ... The second approach to current assets involves the following two groups: tangible current assets - these are inventories including VAT; intangible current assets - these are receivables; financial investments. cash and ... At the same time, a number of problems are solved financing tangible current assets of own funds and, under favorable conditions, also at the expense of financial leverage, i.e., a profitable loan used, among other things, to cover the additional need for these assets, determining the actual volume of receivables, the timing and amount of it. .. At the same time, a number of problems are solved financing tangible current assets of own funds and, under favorable conditions, also at the expense of financial leverage, i.e., a profitable loan used, among other things, to cover additional needs for these assets. its accounts payable determination of the amount of funds necessary for normal planned activities, including reserves in case of unscheduled work planning the size and types of short-term ... the target value of this indicator is calculated from ... Small costs for loans and borrowings The turnover of working capital accelerates as a result financial cycle released
Assessment and analysis of receivables and payables taking into account the time factor
According to the terms of formation and repayment, receivables are divided into normal - related to the normal operating cycle, it includes receivables whose maturity has not yet come and ... Analysis of Table 2 shows that over the period under review, reporting suffered significant losses in terms of its information content and composition short-term sources of financing Similar to the presentation of receivables, this layer of information has moved to the Explanation to the accounting ... This suggests that in the face of a shortage of their own resources to cover inventories and costs in work in progress, enterprises are forced to use loans from commercial banks Starting from ... For calculation the discounted amount of receivables that arose in February, the formula is NPV PVD 3 Feb 13 1 r 12 11 3 Other calculations
On the issue of determining the value of the net working capital of an enterprise
It should take into account the current accounts receivable which arises in the course of the normal operating cycle or will be settled within twelve months from the date of occurrence In the balance sheet ... Organizational costs in the process of economic activity or the amount of working capital immobilized in inventories and receivables and not covered by short-term borrowed funds Depending on ... After determining the own working capital, we determine the amount of borrowed working capital as the difference between gross and own working capital according to the following formula ZOK OK shaft - SOK WB - &Sum Ip A - SOK 1 where
Topical issues and modern experience in analyzing the financial condition of organizations - part 4
So the coefficient of provision with own working capital not only exceeds the norm, but also tends to increase significantly, which is a negative factor and exacerbates the shortage in the organization of its own working capital necessary for normal financial stability. Also, in the organization under study, there is an excess of borrowed funds over its own, which is ... Coefficient financial independence confirms the previous conclusion that the organization is dependent on external sources of financing covering inventories with own working capital and the need ... Standard value the return on equity indicator should be focused on the level of bank deposit interest and determined by the following formula R n to αd 1 αnp 34 where R n to - standard
Analysis of the state and use of borrowed (attracted) capital based on accounting (financial) statements
Based on monitoring the state of borrowed capital, depending on the results of studying the information contained in the accounting financial reporting the following conclusions can be made: the company is insolvent due to the fact that the amount of term liabilities exceeds the amount of quickly liquid assets the company is solvent, since liquid assets are sufficient to cover urgent obligations, the company is financially unstable, since the capital structure of the enterprise’s economic assets predominates ... The main sources of analysis of borrowed funds funds are the following forms of financial accounting statements Balance sheet Statement of ... This state is normal, indicating that the company has acquired long-term loans and credits to replenish the main ... mz is defined as the ratio of short-term debt ZKkrat to ... With a return on assets of 5.6%, the average settlement rate was 8.33%, i.e., the level of costs exceeded the profitability by 2.73% Each business structure up to it is necessary to provide for such a return on assets so that ... EFR is recommended to be determined according to the formula EFR 1 Snp × ROA SP ZKsr SKsr
Analytical capabilities of consolidated reporting to characterize financial stability
Depending on the availability of the enterprise's reserves with the sources of their formation, four types of financial stability are distinguished: absolute and normal financial stability, unstable and ... Excess of equity over non-financial assets or excess of financial assets over borrowed capital indicates an increase in the margin of financial stability allowance M Business and service ... Coverage ratios make it possible to make a judgment about the ability to maintain the existing structure of sources and are calculated according to employees ... This is due to the fact that the ratio of fixed and variable costs in overall structure costs is a reflection not only of the characteristics of this group and the accounting policies applied at different enterprises... The effect of operating leverage is determined using the following formula DOL CM EBIT P - VC Q EBIT where DOL is the effect of operating production
Organization's capital management in market conditions
For example, the theory of capital structure is based on a comparison of costs for raising equity and debt capital and the degree of influence of various combined financial options ... Studies have shown that covering current assets at the expense of own sources was used at the end of 2003 13.8% ... The largest share among all sources of current assets is occupied by short term liabilities specific gravity by years, respectively... For the normal functioning of an organization without the risk of loss of solvency, the value of the net working capital of the NFC should be... Next comes the state of net borrowing, which means that, along with financial assets, non-financial assets are already partially involved in covering liabilities, first stocks finished products then work in progress, further raw materials and materials in stock, etc. Based on the EFL formula, the optimization problem is as follows where x1 gross profit x2 value of assets x3
Modern approaches to assessing the solvency of business entities
O V Efimova In a normal situation, an assessment of the solvency of an enterprise should be carried out on the basis of a study of the sources of inflow and outflow of cash ... The reasons for this lie in the low profitability of sales and the high costs of forming working capital This situation can lead to insolvency Table1 The ratio of net cash ... Kdocm in given dependence characterizes the ability of the organization to finance working capital shows the sufficiency of cash inflows to cover the costs associated with financing working capital The recommended value of the indicator should be at least 1. ... The degree of sufficiency of net cash flow determined by summing up the differences in inflows and outflows for all types of activities for coverage of short-term obligations can show the net cash flow sufficiency ratio calculated according to the formula 4 where NPV is net cash flow for all types of activities thsd RUB CO short-term... Intensify contacts with critical suppliers in order to strengthen mutual understanding and desire for cooperation Find alternative suppliers offering more favorable conditions and use this information to further negotiations with current suppliers to reorganize the inventory analyze the turnover of inventory by type, reducing the volume of those that are not critical to the operation consider the possibility of selling
Errors in management analysis and recommendations for their elimination
Recall that the company's break-even is a situation when the sales volume of the product price and the number of sold products provides full coverage of the company's fixed and variable costs per product It is necessary to evaluate others ... Indicator and its formula Note Ratio of borrowed and own funds in percent Borrowed funds Own funds x... Characterizes the share of funding sources used by the organization for a long time Recommended value 50-60% Net assets Assets involved in the calculation... Duration of turnover of short-term assets in days Duration of turnover of inventories and duration of turnover of short-term receivables of funds of short-term financial investments Duration of turnover of inventories ... Number of turnovers of inventories Costs for the production of goods sold products works services Average cost of inventories for the period Increase duration... For normally functioning organizations, the value of indicators may be lower than recommended, for example, for organizations with high turnover
Modern methods of managing the company's working capital
As well as the Development Formula, ArchiMED practically does not participate in the assessment of the creditworthiness of buyers due to the specifics of the clientele The amount of shipments... there are no resources and ... Any company is able to calculate these indicators for itself and compare them with conditionally normal values. Next, using the example of a sample of companies, we will analyze the effectiveness of using working capital management methods The main ... Ideally, an organization should rank clients by importance and by debt amounts having assessed the feasibility of granting a deferral, but at the moment the company has enough funding to cover such losses, the receivables turnover ratio is still within the normal range of 2.1 turnovers, however ... In ArchiMED LLC, the main problem is the inventory Its share in the structure of working capital is about 30-40% depending on the season... this moment the coefficient of financial dependence of the company is 1.6, which indicates that the company depends on external sources of financing, while its assets are not able to cover the entire debt to
Development of a methodology for analyzing the financial condition of economic entities in the construction and repair of ships and assessing their financial and economic situation
V I Barylenko that solvency is the ability of an enterprise to timely and fully repay its obligations for payments to the budget by banks, suppliers and other legal and individuals within the framework of normal financial and economic activities 1 Here, the level of solvency is determined on a specific date In the conditions of the development of the methodology ... In this case, the formula for calculating will take the form Kv 1 Z DZav KO where Kv is the coverage ratio ... Less than 1 Source developed by the author Principle balance of indicators characterizing the financial and economic situation eliminates the possibility of manipulating one group of indicators
Model for assessing the credit risk of corporate borrowers based on fundamental financial indicators
Indicator name Calculation formula Property status NWBAL Share of non-current assets in the property of VA WB WABAL Share of current... Working capital ratio with own sources of financing SK-VA OA MOBAS Coefficient of ratio of mobile and immobilized assets OA BA STCOV ... OA BA STCOV Inventory coverage ratio SC 3 STDTRAT Long-term debt ratio of S/C KPC INVCOV Investment coverage ratio of S/C SC... Evaluation of the compliance of the empirical distribution of financial indicators with the normal law Choice of statistical criteria for comparing the averages of two independent samples of reliable and unreliable companies... Obviously, for stable and efficient companies, the share of commercial and management expenses in the cost structure and in relation to revenue will be less, as a result of which this indicator for them will be

One of the main tasks of the analysis of the financial condition is the study of indicators characterizing its financial stability. It is characterized by an excess of income over expenses, maneuvering free cash and their effective use in the process of current (operational) activities.

An analysis of financial stability at a certain date (the end of a quarter, a year) allows you to establish how rationally an enterprise manages its own and borrowed capital during the period preceding this date. It is important that the composition and structure of own and borrowed sources of funds meet the strategic goals of the development of the enterprise, since insufficient financial stability can lead to its insolvency, i.e., the lack of funds necessary for settlements with internal and external partners as well as with the state. At the same time, the presence of significant balances of free cash often complicates the activities of the enterprise due to their immobilization in excessive inventories and costs.

Thus, the content of financial stability is characterized by the effective formation and use monetary resources necessary for normal production and commercial activities. The company's own financial resources include, first of all, net (retained) profit and depreciation charges.

An external sign of financial stability is the solvency of an economic entity. It expresses the company's ability to fulfill its financial obligations arising from commercial, credit and other transactions of a payment nature.

Satisfactory solvency enterprises define such formal parameters as:

availability of free cash on settlement, currency and other accounts in banks;
the absence of long-term arrears to suppliers, contractors, banks, personnel, the state for taxes and fees and other partners;
availability of own working capital (net working capital) at the beginning and end of the reporting period.

Low solvency can be accidental, temporary and long-term (chronic). Its last type can lead the enterprise to bankruptcy. The highest type of financial stability- the ability of the enterprise to develop mainly at the expense of its own sources of financing. To do this, it must have a flexible structure of financial resources and the ability to attract borrowed funds if necessary, i.e. be creditworthy. An enterprise is considered creditworthy if it has the prerequisites for obtaining a loan and the ability to repay the loan to the lender in a timely manner with the payment of interest due from its own financial resources.

Through internal financial sources the company not only repays loans to banks, obligations to the budget for income tax, but invests in capital expenditures. To maintain financial stability, it is necessary to increase not only the absolute mass of profit, but also its level relative to invested capital or current costs, i.e. .

It should be remembered that high returns are associated with a significant level of risk. In practice, this means that instead of profit, the enterprise may suffer significant losses and even become insolvent (insolvent).

Consequently, financial stability of an economic entity- this is the state of its financial resources, which ensures the development of the enterprise mainly at the expense of its own funds, while maintaining sufficient solvency and creditworthiness with a minimum level of entrepreneurial risk.

The financial stability of an economic entity is influenced by many factors:

position of the enterprise in the commodity and financial markets;
production and sale of products that are competitive and in demand among buyers;
its rating in business cooperation with partners;
degree of dependence on external creditors and investors;
presence of insolvent debtors;
the size and structure of production costs, their correlation with cash income;
the amount of paid authorized capital;
amount of reserve capital;
efficiency of commercial and financial operations;
the state of property potential, including the ratio between non-current and current assets;
degree vocational training production and financial managers, their ability to constantly take into account changes in the internal and external environment and etc.

Practical work on the analysis of indicators of absolute financial stability is carried out on the basis of financial statements (forms No. 1 and No. 5).

During production process the company is constantly replenishing stocks of inventory items. For these purposes, they use both their own working capital and borrowed sources (short-term loans and credits). By studying the surplus or lack of funds for the formation of stocks, set the absolute indicators of financial stability.

For detailed reflection different types sources (internal and external) in the formation of stocks use the following system of indicators.

Availability of own working capital at the end of the billing period set according to the formula:
SOS \u003d SC - BOA,
where SOS - own working capital at the end of the billing period; SK - own capital (the result of section III of the balance sheet); VOA - non-current assets (the result of section I of the balance sheet).
Availability of own and long-term sources of financing for reserves determined by the formula:
SDI = SC - BOA + DKZ
SDI = SOS + DKZ,
where DKZ are long-term loans and borrowings (the result of section IV of the balance sheet “Long-term liabilities”).
The total value of the main sources of reserves formation (OIZ) defined as:
OIZ \u003d SDI + KKZ,
where KKZ - short-term loans and borrowings (the result of section V "Short-term liabilities").

As a result, one can determine three indicators of the availability of reserves with sources of their financing.

Surplus (+), lack (-) own working capital:
ΔSOS \u003d SOS - Z,
where ΔSOS is the increase (surplus) of own working capital; З - reserves (section II of the balance sheet).
Surplus (+), shortage (-) of own and long-term sources of financing reserves (ΔSDI):
ΔSDI \u003d SDI - Z.
Surplus (+), deficiency (-) of the total value of the main sources of reserve coverage (ΔOIZ):
ΔOIZ \u003d OIZ - Z.

The given indicators of the provision of reserves with the corresponding sources of financing are transformed into a three-factor model (M):

M = (ΔSOS; ΔSDI; ΔOIZ).

This model expresses the type of financial stability of the enterprise. In practice, there are four types of financial stability (Table 1).

Table 1. Types of financial stability of an enterprise

Type of financial stability	3D model	Reserve funding sources	Brief description of financial stability
1. Absolute financial stability	M = (1, 1, 1)	Own working capital (net working capital)	High level of solvency. The company does not depend on external creditors (lenders)
2. Normal financial stability	M = (0, 1, 1)	Own working capital plus long-term loans and borrowings	Normal solvency. Rational use of borrowed funds. High profitability of current activities
3. Unstable financial condition	M = (0, 0, 1)	Working capital plus long-term loans and borrowings plus short-term loans and borrowings	Violation of normal solvency. There is a need to attract additional sources. Restoration of solvency possible
4. Crisis (critical) financial condition	M = (0, 0, 0)		The company is completely insolvent and is on the verge of bankruptcy.

The first type of financial stability can be represented as the following formula:

M1 = (1, 1, 1), i.e. ΔSOS > 0; ΔSDI > 0; ΔOIZ > 0.

Absolute financial stability (M1) in modern Russia is very rare.

The second type (normal financial stability) can be expressed as follows:

M2 = (0, 1, 1), i.e. ΔSOS 0; ΔOIZ > 0.

Normal financial stability guarantees the fulfillment of the financial obligations of the enterprise to counterparties and the state.

The third type (unstable financial condition) is determined by the formula:

M3 = (0, 0, 1), i.e. ΔSOS 0.

The fourth type (crisis financial condition) can be represented as follows:

M4 = (0, 0, 0), i.e. ΔSOS In the latter situation, the enterprise is completely insolvent and is on the verge of bankruptcy, since the main element of current assets “Reserves” is not provided with funding sources.

Vladimir Vladimirovich Bocharov

economic sciences

educational institution

vocational education

The financial stability analysis methodology, according to financial analysts, should be adapted to the operating conditions specific company, but, as a rule, the following areas of analysis are distinguished:

1. Determining the type of financial stability of the company (absolute, normal financial stability, unstable or pre-crisis financial condition).
2. Assessment of the capital structure, optimization of the ratio of own and borrowed funds.
3. Identification of factors influencing the capital structure, taking into account the specifics of the financial and economic activities of the company, the interests of a particular group of users.
4. Assessment of financial risks (the effect of financial leverage).

The main source of information for practical analysis is the balance sheet (Form No. 1). With a view to more full study the data contained in the appendix to the balance sheet (form No. 5), as well as the most complete information about competitive environment, equity risks, etc.

An analysis of the financial stability of an enterprise can be carried out using absolute and relative indicators. The group of indicators of financial stability combines such indicators that help the company determine the future financial policy, and creditors - to make decisions on providing it with additional loans.

An example of the use of absolute indicators in the analysis process is the methodology for determining the degree of financial stability of an enterprise, based on indicators such as reserves and costs and normal sources of their formation.

During operating activities stocks of inventory items are constantly replenished; analyzing the compliance or mismatch (surplus or shortage) of funds for the formation of reserves and costs, they find out the degree of financial stability of the company, i.e. the provision of reserves with sources of their formation can be regarded as a factor in the growth (decrease) of the organization's current solvency.

Surplus (shortage) of funds to cover stocks is identified by comparing the magnitude of sources with the size of stocks and costs (in the form of a difference between them).

Such a model involves a specific regrouping of balance sheet items and the allocation of homogeneous amounts of borrowed funds in terms of terms of repayment, including different kinds sources:

o inventory and costs;
o working capital;
o normal sources of inventory and costs. In this case, working capital can be calculated as the sum of equity (SC) and long-term liabilities (LT) minus non-current assets (VA), i.e.

RK \u003d SC + DO - VA.

The normal sources of financing for inventories (NIFZ) include working capital (RC), short-term loans and borrowings (CC), settlements with creditors for commodity transactions (RTO, i.e. part of accounts payable), namely: settlements with suppliers and contractors , settlements on bills payable and advances received from buyers:

NIFZ = RK + KK + RTO.

Inventories and costs (33) include actual inventory balances at the end of the period (3) and value added tax (VAT); information about them is presented in the second section of the balance sheet:

33 = 3 + VAT.

The essence of the methodology designed to determine the possibility of providing reserves and costs with normal sources of financing is as follows: the value of reserves and costs of the enterprise must be compared with the available sources of their formation (the value of sources is calculated in accordance with the methodology proposed by the authors).

Depending on the ratio of the value of reserves and sources of their formation obtained as a result of calculations, there are:

1) absolute financial stability, when reserves are fully covered by working capital, i.e.
2) normal financial stability, when the company uses various "normal" sources of funds to cover stocks - its own and attracted, i.e.

RK< 33 < НИФЗ;

3) an unstable financial situation, when the company does not have enough "normal" sources of funds for the formation of reserves, and it is forced to attract additional sources of coverage (delay in payment wages, overdue payments to the budget and off-budget funds); such a state is characterized by an increased risk of a decrease in solvency, in which the possibility of restoring equilibrium remains, i.e.
33 > NIFZ;
4) a critical financial situation, when the enterprise not only lacks sources of funds for the formation of reserves, but also has loans and loans that are not repaid on time, as well as overdue accounts payable, which is gradually turning into a stable trend.

Using this approach allows analysts to see the problem in time and make decisions on optimizing the balance of reserves or increasing their sources of financing in order to reduce the risk of the company losing financial stability.

Example 6.1

Analysis of a typical task

Using the data presented in the extract from the balance sheet of the Splin company, evaluate the degree of its financial stability (based on absolute indicators).

If the company has an insignificant share of reserves in the structure of current assets, the use of the above methodology is inappropriate. It is necessary to use another tool to assess financial stability, in particular, to resort to structuring assets by breaking them down into financial (FA) and non-financial (NFA) assets. TO financial assets cash and cash equivalents, receivables, financial investments will be included. The rest of the assets will be included in the group non-financial. This approach was proposed by M. S. Abryutina. Having broken down the assets into financial and non-financial, and the capital into equity and debt, it should be determined whether the debt capital is covered by the company's financial assets; moreover, the higher the liquidity of these financial assets, the better.

As in the previous case, there are three possible states of the company in terms of its financial stability:

o financial assets cover all liabilities (FA > ZK), the surplus can be used for financial maneuvering; a situation interpreted as absolute financial stability;
o financial assets are equal to all liabilities (FA = ZK), and non-financial assets are fully covered by equity; financial equilibrium situation;
o financial assets are not enough to cover all liabilities (FA

With this approach, the criterion of financial stability will be the following ratio:

K = SK-NFA = FA-ZK.

If K is positive, then the company can be recognized as financially stable by the end of this reporting period; if the value of K is negative, there is financial instability. In a situation of financial equilibrium, K = 0.

This approach has a number of advantages: it can be used by companies with different structure property. At the same time, attention is focused not only on the availability of equity capital, but on the possibility of covering borrowed funds at the expense of the company's own financial resources, and the availability of means of payment.

A. V. Grachev proposes a more rigorous assessment of the financial stability of a company. The approach developed by him is based on the division of property according to two criteria: in form and content. The form defines property by location - monetary, in-kind or funds in settlements, therefore, this type of property is traditionally called assets. The content also reveals the sources of financing of this property, i.e. borrowed and own funds, which means that this type of property is called capital. Moreover, all property is simultaneously equal to property in form and property in content. How does this classification differ from the classic balance sheet?

Within the framework of this approach, the relationship between monetary and non-monetary assets and equity and borrowed capital is revealed. Unlike financial assets, which include cash, short-term and long-term financial investments and accounts receivable, monetary assets are strictly defined as cash only.

The main idea of A. V. Grachev’s approach is to find not only the optimal ratio between the SC and the SC (financial leverage in the capital structure: SC / SC), but also to create the optimal combination of property in cash and non-monetary form (financial leverage in the structure assets). As a result, it is possible to compare monetary and non-monetary assets with own and borrowed capital and, on the basis of this, determine the type of financial stability. Consider first the classification of the company's property in form and content.

SOS \u003d SC + DP - VA (7)

The normal source of reserves formation (IFZ), its value is determined by the formula:

IFZ \u003d SOS + Bank loans and loans used + Settlements with creditors for \u003d

to cover stocks of commodity transactions

Page 490 - p. 390 - p. 252 + p. 590 - p. 190 - p. 230 + p. 610 + p. 621 + p. 622 + p. 627 (8)

Depending on the ratio of the considered indicators, it is possible, with a certain degree of conditionality, to distinguish the following types of current financial stability and liquidity of an economic entity.

¨ Absolute financial stability, this situation is characterized by inequality:

PZ< СОС

This ratio shows that all stocks are fully covered by own working capital. This situation is extremely rare, and it can hardly be considered ideal, since it means that the administration is unable, unwilling or unable to use external sources of funds for its core activities.

¨ Normal financial stability, this situation is characterized by inequality:

SOS< ПЗ < ИФЗ

This ratio corresponds to the situation when a successfully functioning enterprise uses various “normal” sources of funds to cover its reserves - its own and attracted.

¨ Unstable financial situation, this situation is characterized by inequality:

PZ > IFZ

This ratio corresponds to the situation when an enterprise, in order to cover part of its reserves, is forced to attract additional sources of coverage that are not “normal”, that is, justified.

¨ The critical financial situation is characterized by a situation where, in addition to the previous inequality, the enterprise has loans and loans not repaid on time, as well as overdue accounts payable and receivable. This situation means that the company cannot pay its creditors on time. In conditions market economy in case of chronic repetition of the situation, the enterprise should be declared bankrupt.

But there is another method, somewhat different from the above. According to this method, to characterize the sources of formation of reserves and costs, several indicators are used that reflect different types of sources; they are calculated on the basis of balance sheet data;

Availability of own working capital (SOS)

SOS = p. 490 - p. 190 - p. 390 (9)

Availability of own and long-term borrowed sources of formation of reserves and costs or availability of functioning capital (CF)

KF = p. 490 + p. 590 - p. 190 - p. 390 (10)

The total value of the main sources of formation of reserves and costs (VI)

VI = p. 490 + p. 590 + p. 610 - p. 190 - p. 390 (11)

The three indicators of the availability of sources of formation of reserves and costs correspond to the indicators of the availability of reserves and costs by sources of formation

Surplus (+) or deficiency (-) SOS:

Fs = SOS - BZ (12), where BZ is calculated by formula (6)

Excess (+) or deficiency (-) CF:

Ft \u003d KF - ZZ (13)

Surplus (+) or deficiency (-) VI:

Fo \u003d VI - ZZ (14)

Using these indicators, you can determine a three-factor indicator of the type of financial situation (S). Further, with its help, four types of financial situation are distinguished.

S (Ф) 1 if Ф > 0

0 if F< 0 (15)

¨ Absolute stability of the financial condition, provided

Фс > 0, + Фт > 0, + Фо > 0, then S ( 1; 1; 1)

¨ Normal financial stability, subject to

Fs< 0, + Фт >0, + Ф o > 0, then S ( 0; 1; 1)

¨ Unstable financial condition, subject to

Fs< 0, + Фт < 0, + Фо >0, then S ( 0; 0; 1)

¨ Financial crisis

Fs< 0, + Фт < 0, + Фо < 0, тогда S { 0; 0; 0}

In addition, based on the data of the “Balance Sheet”, coefficients are calculated that characterize the financial stability of the enterprise:

¨ The ratio of own and borrowed funds (U1) gives the most general assessment of the financial stability of the enterprise. It has a simple interpretation: its value, equal to 0.178, means that for every ruble of own funds invested in the assets of the enterprise, there are 17.8 kopecks. borrowed money. The normative value of the indicator should be no more than 1. The growth of the indicator in dynamics indicates an increase in the dependence of the enterprise on external investors and creditors, i.e., a slight decrease in financial stability, and vice versa.

U1 = page 590 + page 690

p. 490 - p. 390 - p. 252 - p. 244 (16)

¨ The equity concentration ratio (U2) characterizes the share of the owners of the enterprise in the total amount of funds advanced in its activities. The higher the value of this ratio, the more financially stable, stable and independent of external loans the enterprise. The addition to this indicator is the concentration coefficient of attracted (borrowed) capital (U3), calculated by formula (18), - their sum is equal to 1 (or 100%). Regarding the degree of borrowing in foreign practice, there are different, sometimes opposing opinions. The most common opinion is that the share of equity capital should be large enough. indicate the lower limit of this indicator - 0.6 (or 60%).

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Financial stability - a certain state of the company's accounts, guaranteeing its constant solvency.

Financial stability is characterized by a system of absolute and relative indicators.

1. Absolute indicators of financial stability.

The financial stability of an enterprise is determined by the degree of provision of reserves and costs by own and borrowed sources of their formation. In the course of production activities at the enterprise, there is a constant formation (replenishment) of the stock of inventory items. For this, both own working capital and borrowed funds (long-term and short-term loans and borrowings) are used. Depending on what type of sources of funds are used to form stocks, it is possible, with a certain degree of conditionality, to judge the level of solvency of an economic entity.

Sources of reserve coverage:

a) Own working capital (SOS):

SOS = (p. 490 + p. 630 + p. 640 + p. 650) + p. 590 - p. 190

b) Normal sources of formation of reserves (IFZ):

= (p.490 + p.630 + p.640 + p.650) + p.590 - p.190 + p.610 + p.621

There are two types of financial stability:

Absolute financial stability. PZ< СОС

This ratio shows that all stocks are fully covered by own working capital, i.e. the company is not dependent on external creditors. This situation can hardly be regarded as ideal, since it means that the administration does not attract external sources of funds for its core activities.

Normal financial stability. SOS< ПЗ < ИФЗ

This suggests that a successfully functioning enterprise uses various “normal” sources of funds - its own and attracted.

Pre-crisis state (unstable). PZ > IFZ

This ratio corresponds to the situation when an enterprise, in order to cover part of its reserves, is forced to attract additional sources of coverage that are not justified.

Crisis state (critical).

In addition to the condition PZ > IFZ, the enterprise has loans and borrowings that are not repaid on time, as well as overdue accounts payable and receivable.

Table 10

Reserves and sources of their coverage

Output:

According to the table, it can be seen that the enterprise is absolutely financially stable, because the production reserves are covered by their own working capital.

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