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Topic: Ways to improve the financial stability of an enterprise

Introduction

Chapter I. Theoretical foundations for assessing the financial condition of an enterprise

1.1 The concept of financial stability of the enterprise

1.2 Financial stability as one of the indicators for assessing the financial condition

1.3 Experience (practice) of the enterprise, comparisons

Chapter II. Methods for increasing the financial stability of an enterprise

2.1 General characteristics of the enterprise

2.2 Management of financial stability of the enterprise

2.3 Calculation and assessment of financial sustainability ratios

2.4 Development of a model for optimizing financial stability

Conclusion

Terminology

Bibliography

Applications

Introduction

The financial position of enterprises determines the prospects for its development, its characteristics, determines the competitiveness of the enterprise. In conditions market economy enterprises are faced with the task of independent planning, control, evaluation and analysis of their activities. The main goal of almost all enterprises was to survive in market conditions and maximize profits from their activities. This is influenced by many factors, both external and internal, since an increase economic efficiency activity of the enterprise becomes for him a primary task.

If an enterprise is stable and sufficiently solvent, then this gives it certain advantages in the face of other enterprises in the same niche (for example, in the face of creditors, investors, suppliers, etc.). The degree of stability of an enterprise shows its independence from a sudden change in market conditions and gives more chances of not being on the brink of bankruptcy.

The works of Russian scientists A.A. Belyaev, E.M. Korotkov, V.M. Rodionova, E.S. Stoyanova, M.A. Fedotova, A.D. Sheremet are devoted to the study of the problems of financial stability of enterprises of various organizational and legal forms. and others. A significant contribution to the solution of the problems under consideration was made by foreign scientists J. Keynes, J. Neumann, J. Hicks, I. Fisher. Of significant interest are the works of foreign scientists devoted to the use of rating systems to assess the bankruptcy or insolvency of business entities (Beaver V.Kh., Altman E., Brigham Y., Damary R., Kurz H.).

The relevance of this topic lies in the fact that at present, in the market conditions, the main factor in the stable state of an enterprise is its financial stability. Practice shows that sustainable enterprises are more focused on adapting their activities to difficult market conditions. The financial policy of such enterprises is aimed at identifying and making optimal use of their competitive advantages on the market. The low financial stability of a large part of Russian enterprises is associated not so much with a shortage of financial resources as with the inability to manage these funds.

To ensure the effective functioning of any enterprise, it is necessary to competently manage its activities, which is largely determined by the ability to analyze it. With the help of the analysis, trends in the development of the enterprise are studied, the factors of change in the results of its activities are investigated and evaluated, plans and decisions are formed and substantiated, their implementation is monitored, the results of the enterprise's activities are evaluated, an economic strategy for the development of the enterprise is developed, ways and reserves for increasing the efficiency of activities are determined.

The basis of any assessment of the efficiency of enterprises is formed by various criteria with a specific system of indicators. The criteria express a specific goal that must be fulfilled in the course of the business process.

The main principle of the analysis at the enterprise is the principle of economy, efficiency and effectiveness of the process, i.e. conducting analysis in such a way that it provides a complete and comprehensive study at a minimum cost of its implementation. This is achieved using the latest analysis techniques, computer technology, methods of collecting and storing information.

Despite the differences in methods, almost the entire range of methodological approaches to assessing the financial condition of an enterprise includes the calculation of a system of financial indicators in the following areas: liquidity and solvency indicators, financial stability indicators, business activity indicators, and profitability (profitability) indicators. The issues of optimizing the set of indicators that most objectively reflect the trends in the financial condition of the enterprise are solved by each author independently. In practice, each company is also independent in choosing a scorecard.

The definition of the concept and boundaries of financial stability of enterprises is one of the most important economic and practical problems in modern conditions. Insufficient financial stability can lead to the insolvency of the company and its bankruptcy.

In the works of domestic scientists, sufficient attention is paid to the financial stability of the enterprise and the composition of its indicators.

Artemenko V.G. and Belendir M.V. consider financial stability as a component of the overall stability of the enterprise. Financial stability, in their opinion, is a reflection of the stable excess of incomes over expenses, ensures free maneuvering of the enterprise's funds and, through their effective use, contributes to the uninterrupted process of production and sales of products.

Bocharov V.V. defines financial stability as such a state of monetary resources that ensures the development of an enterprise mainly at the expense of its own funds while maintaining solvency and creditworthiness with a minimum level of entrepreneurial risk.

V.V. Kovalev connects the essence of assessing the financial stability of an enterprise with an assessment of the company's ability to meet its long-term financial obligations.

Bykova E.V. also believes that in its most general form, financial stability can be characterized as the excess of stable income over the costs of an enterprise, which ensures free circulation of its cash flows. In other words, financial stability is a state of the process of formation and use of financial resources of an economic entity, which ensures its development based on an increase in profits and cost of capital while maintaining an appropriate level of solvency and creditworthiness. The author proposes to supplement the traditional methods of assessing financial stability with a system of cash flow indicators.

HELL. Sheremet and M.I. Bakanov note that " financial condition characterizes the placement and use of enterprise funds. It is conditioned by the degree of fulfillment of the financial plan and the measure of replenishment own funds at the expense of profit and other sources, as well as the rate of turnover of production assets and especially circulating assets. "According to these authors, the financial condition is manifested" in the solvency of enterprises, in the ability to timely meet the payment requirements of suppliers of equipment and materials in accordance with business contracts, to return loans , pay wages workers and employees, to make payments to the budget. "

It should be noted that, according to A.D. Sheremet and E.V. Negasheva, financial stability is one of the most important characteristics of the financial condition of an enterprise. To assess the financial stability of an enterprise, the authors recommend a system of indicators that does not include indicators of solvency, liquidity, rationality of placement and use of property.

The position that almost completely coincides with the position of the above authors is occupied by O.V. Efimova, although she does not provide a definition of the essence of financial condition and financial stability.

The concept of sustainability is multifactorial and multidimensional. So, depending on the factors influencing it, the stability of the enterprise is divided into internal and external, general, financial. According to V.M. Rodionova and M.A. Fedotova, the main factor determining the degree of stability of the enterprise is the state of the environment, both internal and external.

The highest form of stability of an enterprise is its ability to develop in conditions of internal and external environment... To do this, the company must have a flexible structure of financial resources and, if necessary, be able to attract borrowed funds, i.e. be creditworthy. An enterprise is creditworthy if it has the prerequisites for obtaining a loan and the ability to repay the loan in a timely manner with payment of the due interest from profit or other financial resources. Overall stability the enterprise is achieved with such an organization of cash flows, which ensures a constant excess of the receipt of funds (income) over their expenditure (costs). The general stability of the enterprise in the market conditions, from the point of view of M.A. Fedotova, requires a stable receipt of revenue, moreover, sufficient in size to pay off the state, suppliers, creditors, employees, etc. At the same time, the enterprise must continue its activities, ensure its development.

The main purpose of assessing and analyzing the financial stability of an enterprise is to identify the internal and external problems of the enterprise for the preparation, justification and adoption of various management decisions, including in the field of development, overcoming the crisis, transition to bankruptcy procedures, buying and selling a business, attracting investments, loans and other events.

According to L. V. Dontsova, N. A. Nikiforova, the use of financial stability indicators in the analysis of the financial condition of an organization is "the simplest and most approximate way to assess financial stability." The level of financial independence, first of all, is characterized by the share of equity in its total value.

The essence of financial stability is determined by the effective formation, distribution and use of financial resources, and solvency is its external manifestation. The calculation of solvency is carried out on a specific date. This assessment is subjective and can be performed with varying degrees of precision. To confirm the solvency, they check: the presence of funds in current accounts, foreign currency accounts, short-term financial investments. At the expense of the profit, the company not only pays off its obligations to banks, the budget, insurance companies and other companies, but also invests in the development of production. To maintain financial stability, it is important not only to increase the absolute value of profit, but also its level relative to the invested capital or costs of the enterprise, i.e. profitability. Often in economic activity high profitability is also associated with higher risk, which means that instead of generating income, the company may incur significant losses and even become insolvent.

In this regard, the question of the classification of factors affecting the indicators of financial stability, the choice of methods and techniques of financial management, depending on the trends of certain indicators, acquires particular importance. We consider this classification the most important and less developed in economic theory. The need for such a classification is associated with the solution of the following tasks, the organization of rational financial management as a result systems approach to the choice of financial instruments and constant replenishment and expansion of the database, including techniques and methods financial management.

A huge variety of factors affects the financial stability of an enterprise. In the work of V.M. Romanova and Fedotova M.A. the classification is given by place of occurrence, by the importance of the result, by structure, by the time of action. The influence of all these factors largely depends on the competence and professionalism of enterprise managers, their ability to take into account changes.

In order to ensure high quality analysis and assessment of the financial condition of the enterprise, it is possible to recommend the implementation of the following basic principles of the analysis methodology:

- the formulation of goals and objectives of the analysis, its sequence and frequency;

- selection of the optimal variant of the system of effective financial indicators;

- development of algorithms for calculating indicators and the degree of influence of factors on their change in order to ensure the transfer of analytical calculations to computer technologies;

- the elimination of complex analytical methods, the choice of the mathematical apparatus should be based on the idea of \u200b\u200bexpediency and justification, since the complexity of the apparatus itself does not guarantee better assessments and conclusions;

- caution of conclusions and assessments based on the results of the analysis, since it is impossible to get absolutely correct answers to all the questions posed, their understanding is always relative.

In the financial condition of enterprises, various problems and difficulties arise, which can be combined into two main manifestations:

- low liquidity (shortage of funds);

- insufficient return on capital invested in the enterprise (low profitability).

Low liquidity factors are low liquidity ratios, overdue accounts payable, debts to the budget, personnel and credit institutions. Insufficient return on capital invested in the company is evidenced by low profitability indicators.

There are two main problems arising in the financial condition of the enterprise:

- lack of potential opportunities to maintain an acceptable level of financial condition (low volumes of profit);

- irrational management of performance results (irrational financial management).

Therefore, an integral part of the analysis of the financial condition, which is necessary for monitoring and assessing the risk of violation of obligations for the settlements of the enterprise, is the assessment of financial stability.

Therefore, the relevance of the study to identify ways to improve the financial stability of enterprises is due to:

- the need to clarify the concepts of financial stability of an enterprise and its financial policy;

- the importance of generalizing methods for assessing and analyzing the financial stability of enterprises;

- analysis of factors influencing the financial stability of enterprises;

- determination of state policy and analysis of the main actions of the state in the field of ensuring the financial stability of enterprises;

- assessing the effectiveness of the impact of government measures on the financial stability of enterprises;

- determination of the main directions of the impact of financial policy on the financial stability of enterprises.

The research problem consists in revealing the reasons and factors affecting the financial stability and stability of enterprises in a changing market environment. An analysis of foreign and domestic scientific literature indicates that the problem of financial stability of companies is being intensively developed in economic theory and in practice.

The purpose of the study is to identify the stocks of sources of own funds at the studied enterprise, to develop measures to improve financial stability.

The object of research is OJSC "VolgaTelecom". The subject of the research is the financial condition of the studied enterprise.

The hypothesis of the study of financial stability, built on the example of an organization, is based on the theoretical principles of management, accounting, economic analysis and a well-grounded system of factors determines the assessment of the financial stability of the enterprise, allows you to fix the occurrence of economic danger (bankruptcy, hostile takeover of the company).

The research objectives are:

- study of the essence of enterprise finance and the study of the organization of their management;

- determination of the availability of sources of funds for the formation of stocks and costs; financial stability current asset

- assessment of the financial stability of the enterprise using financial ratios;

- development of directions for improving the financial activities of the enterprise, namely: improving the management of financial resources of the enterprise and increasing the efficiency of using circulating assets.

The main condition for solving the assigned tasks is the organization and analysis and substantiation of the enterprise management system that could provide an increase in the efficiency of its activities.

The methodological basis of the work was regulations, educational materials, periodical and electronic sources on the topic under study. The study will be carried out on the basis of documents of OJSC "VolgaTelecom", as well as materials from periodicals, Internet resources. financial stability current asset

In the process of studying the object, the techniques of a systemic approach and analysis were used, which made it possible to ensure the reliability of economic analysis and the validity of the conclusions.

The main methods for studying the topic were the methods of V.V. Kovalev, A.D. Sheremet. and Sayfulina R.S.

Information processing will be carried out by compiling analytical tables and aggregated reporting forms.

Despite the significant interest shown in the scientific literature in financial management, many theoretical and practical aspects assessments of the financial condition of enterprises remain poorly studied, therefore the topic "Ways to increase the financial stability of an enterprise" is quite relevant in modern economic conditions and requires more detailed study.

The scientific novelty of the research consists in the development of new approaches to the analysis of the financial stability of organizations, in the development of methods for the analysis and assessment of financial stability, taking into account the organizational and economic characteristics of the functioning of organizations at different stages of the life cycle.

The practical significance of financial analysis at an enterprise lies in the fact that it allows you to obtain objective information about the financial condition of an organization, profitability and efficiency of its work, since the financial condition of an organization is assessed by indicators characterizing the availability, placement and use of financial resources. These indicators reflect the results economic activity enterprises, determine its competitiveness, business potential, allow to calculate the degree of guarantees of the economic interests of the enterprise and its partners in financial and other relations.

ChapterI... Theoretical foundations of financial assessmentstate of the enterprise

1.1 The concept of financial stability of the enterprise

The financial stability of an enterprise is its independence in financial terms and the compliance of the state of the company's assets and liabilities with the set objectives of financial and economic activities.

Financial stability is a concept for which there is no precise definition, at the same time, it is a final indicator that characterizes the financial condition of an economic entity as a whole, therefore there is no arguing about the importance of financial stability management for preventing bankruptcy. For successful management of financial stability, it is necessary to develop an approach to the definition of this concept and, in accordance with it, develop methods for assessing and methods of managing financial stability. It is one of the key characteristics of the financial condition, representing the most capacious, concentrated indicator reflecting the degree of safety of investment in this enterprise. This is a property of financial condition, which characterizes the financial viability of an enterprise.

Financial stability management is an important task of management throughout the entire existence of the enterprise in order to ensure independence from external counterparties (external financial stability - stability to meet its debts and obligations) and the rationality of covering assets by sources of financing (internal financial stability).

For successful management of financial stability, it is necessary to clearly understand its essence, which is to ensure stable solvency through a sufficient share of equity capital as part of funding sources. This makes the company independent from external negative influences, including ensuring independence from creditors and thereby reducing the possible risk of bankruptcy.

The earlier definition took into account the relationship between financial stability and solvency. At the same time, the concept of financial stability reflects the state of the enterprise in the long term, and the solvency reflects the ability of the enterprise to answer for all its debts at a given time and exclusively at the expense of property in cash (part of current assets). After all, settlement of debt obligations should take place only in cash, and settlements on them cannot be postponed without negative consequences, therefore, the degree of solvency (both absolute and relative) depends on the availability of funds. The main risk when using borrowed funds is the risk of insufficient funds to settle obligations in unfavorable conditions. Consequently, the availability of property in cash sufficient to settle debt obligations ensures risk reduction and, accordingly, is a condition for financial stability. Based on this, it is advisable to single out the monetary component (assets in monetary form) as part of the company's assets, which can be used to calculate obligations instantly and without damaging economic activity, which significantly reduces the risk of bankruptcy. This monetary component can be called an indicator of financial stability. Monetary assets are different from the rest liquid assets the fact that the transformation of the latter into cash it still takes some time. This approach to determining financial stability allows, firstly, to evaluate (analyze) it and, secondly, to highlight the factors influencing it. This approach develops and differs from the coefficient analysis, which is also used in the analysis and assessment of financial stability. However, it is known that ratio analysis has its drawbacks, which financial analysts have repeatedly pointed out to the formula for calculating the coefficients used and the recommended limits for changing these indicators are not indisputable, there are no industry recommended values, the accounting policy - by the method of shipment or by the method of payment - has a significant the influence on the value of these coefficients, the calculation of the coefficients at the beginning and end of the reporting period, and the identification of their deviations from the recommended values \u200b\u200bdo not disclose the mechanism for achieving the recommended values \u200b\u200bthemselves.

Using an approach to the definition and management of financial stability based on indicators of financial stability, it is possible to propose unconventional methods for its analysis and assessment. They are based on the allocation of monetary assets in the entire property of the organization. For example, it is generally accepted that the value of the current liquidity ratio for a satisfactory balance sheet structure should be at least two, which does not take into account the industry characteristics of many Russian enterprises. When implementing financial stability management, the choice of one or another approach (based on money capital or financial capital) will be influenced by:

a) features of the object of analysis, composition of assets;

b) the period of time for which it is necessary to assess financial stability;

c) the stage of development of the crisis at the enterprise (for the birth of a crisis or its developed forms, including in the form of persistent insolvency).

1.2 Financial stability as one of the assessment indicatorsfinancial condition

In Russian practice, a generalizing indicator of the financial stability of a company is the surplus or lack of funds for the formation of reserves and costs, obtained in the form of the difference in the size of the sources of funds and the amount of reserves and costs. This is essentially an absolute assessment of financial stability. The ratio of the value of reserves and the values \u200b\u200bof own and borrowed sources of their formation is one of critical factors the stability of the financial condition of the enterprise. The degree of provision of stocks with sources of formation acts as the reason for a particular degree of the current solvency (or insolvency) of the organization. In the economic literature, there are different approaches to the analysis of financial stability. Consider the methodology of Sheremet A.D. and Sayfulina R.S., recommending to determine the three-component indicator of the type of financial situation for assessing financial stability.

To calculate this indicator, the total amount of stocks and costs of the enterprise and the sources of funds for their formation are compared:

ЗЗ \u003d З + VAT \u003d line 210 (f. 1) + line 220 (f. 1),

where ЗЗ - the amount of stocks and costs; З - stocks (line 210 form 1); VAT - value added tax on purchased valuables (page 220 Form 1).

At the same time, different degrees of coverage of certain types of sources are used, namely:

Availability of own circulating assets, equal to the difference in the size of sources of own funds (equity capital) and the value of non-current assets.

SOS \u003d SS - VA - Y \u003d p. 490 - p. 190 - (p. 390),

where SOS - own circulating assets; SS - the amount of sources of equity capital; VA is the amount of non-current assets; Y - losses.

Many specialists, when calculating their own working capital, instead of their own sources, take permanent capital: the availability of their own working capital and long-term borrowed sources for the formation of reserves and costs, that is, taking into account long-term loans and borrowed funds.

PC \u003d (SS + DZS) - VA - (U) \u003d (p. 490 + p. 590) - p. 190 - (p. 390),

where PC - permanent capital; DZS - long-term borrowed funds.

The total value of the main sources of formation of stocks and costs, that is, the availability of own working capital, long-term loans and borrowed funds, short-term loans and borrowed funds, that is, all sources that are possible.

VI \u003d (SS + DZS + KZS) - VA -U \u003d (p. 490 + p. 590 + p. 610) - p. 190 - (p. 390),

where VI - all sources; KZS - short-term borrowed funds.

As the authors note, loans that have not been repaid on time are not added to the sum of short-term loans and borrowed funds. The indicator of the total value of the main sources of formation of stocks and costs is approximate, since a part of short-term loans is issued for goods shipped (that is, they are not intended for the formation of stocks and costs), and part of the accounts payable, set off by the bank when crediting, is involved to cover stocks and costs. Despite these shortcomings, the indicator of the total value of the main sources of formation of reserves and costs provides an essential guideline for determining the degree of financial stability.

Three indicators of availability of sources of formation of stocks and costs correspond to three indicators of availability of stocks and costs by sources of formation:

1) Surplus or shortage of own working capital:

Ф SOS \u003d SOS - ЗЗ,

where Ф SOS - surplus or shortage of own circulating assets.

2) Surplus or shortage of permanent capital:

Ф PC \u003d PC - ЗЗ,

where Ф PC - surplus or shortage of permanent capital.

3) Surplus or lack of all sources (indicator of financial and operational needs):

F VI \u003d VI - ЗЗ,

where Ф PC - surplus or deficiency of all sources.

Using these indicators, a three-dimensional (three-component) indicator of the type of financial condition is determined, that is:

S (Ф) \u003d 1, if Ф\u003e 0, S (Ф) \u003d 0, if Ф< 0.

Calculation of three indicators of the supply of reserves by the sources of their formation allows us to classify financial situations according to the degree of their stability.

According to the degree of stability, four types of financial situations can be distinguished:

1) Absolute financial stability, if: S \u003d (1,1,1). With absolute financial stability, the company does not depend on external creditors, stocks and costs are fully covered by its own resources. In Russian practice, such financial stability is extremely rare, it is an extreme type of financial stability.

2) Normal stability of the financial condition of the enterprise, guaranteeing its solvency, that is: S \u003d (0,1,1). This ratio shows that the company uses all sources of financial resources and fully covers reserves and costs.

3) An unstable financial condition associated with a violation of solvency, in which, nevertheless, it remains possible to restore equilibrium by replenishing sources of own funds, reducing debtors and accelerating inventory turnover, that is: S \u003d (0,0,1). The critical state of the enterprise is the limit of financial instability. It manifests itself in the fact that along with the lack of "normal" sources of coverage of inventories and costs (which may include a part of non-current assets, overdue debts, etc.), the enterprise has losses, unliquidated obligations, bad accounts receivable.

Professor A.D. Sheremet and R.S. Saifulin note that financial instability is considered normal (acceptable) if the amount of short-term loans and borrowed funds raised for the formation of reserves and costs does not exceed the total cost of inventories and finished products (the most liquid part of stocks and costs). If these conditions are not met, then financial volatility is abnormal and reflects a trend towards a significant deterioration in financial condition.

4) Crisis financial condition, in which the enterprise is on the verge of bankruptcy, since in this situation, cash, short-term financial investments (less the value of its own shares redeemed from shareholders), accounts receivable of the organization (less the debts of founders (participants) on contributions to authorized capital) and other current assets do not even cover its accounts payable (including reserves for future expenses and payments) and other short-term liabilities, that is: S \u003d (0,0,0). In a crisis and unstable financial condition, stability can be restored by reasonably reducing the level of stocks and costs.

Since a positive factor of financial stability is the presence of sources of formation of reserves, and a negative factor is the amount of reserves, the main ways of getting out of unstable and crisis financial conditions (situations 3 and 4) will be: replenishment of sources of formation of reserves and optimization of their structure, as well as a reasonable decrease in the level stocks. The most risk-free way to replenish the sources of formation of reserves should be recognized as an increase in real equity capital through the accumulation of retained earnings or through the distribution of profits after taxation to accumulation funds, provided that a part of these funds that is not invested in non-current assets grows. Decrease in the level of inventory occurs as a result of planning inventory balances, as well as the sale of unused inventory. An in-depth analysis of the state of stocks acts as an integral part of the internal analysis of the financial state, since it involves the use of information about stocks that is not contained in the financial statements and requires analytical accounting data. The sequence of conducting a practical analysis of the financial stability of an enterprise (organization) is shown in Figure 1 (Appendix 1). In international practice, and at present in the practice of progressive Russian firms, a relative assessment of the financial stability of an organization is carried out using financial ratios.

Financial stability according to this method is characterized by:

the ratio of own and borrowed funds;

the rate of accumulation of own sources;

the ratio of long-term and short-term liabilities;

providing material working capital with its own sources.

When assessing financial stability, an analytical approach is used, that is, the calculated actual indicators of financial stability are compared with extreme ones (arising from the practice of Western developed countries and Russia). To assess the financial stability of an enterprise, a set or system of coefficients is used. There are a lot of such coefficients, they reflect different sides of the state of the assets and liabilities of the enterprise. In this regard, difficulties arise in the overall assessment of financial stability. In addition, there are almost no unified regulatory criteria for the considered indicators. Their standard level depends on many factors: the industry sector of the enterprise, credit conditions. The existing structure of the sources of funds, the turnover of current assets, the reputation of the enterprise, etc. Therefore, the acceptability of the values \u200b\u200bof the coefficients, the assessment of their dynamics and directions of change can be established only for a specific enterprise. Taking into account the conditions of its activity. Some comparisons are possible for enterprises of the same specialization, but they are very limited. It should also be borne in mind that some of the ratios contained in the list provide repeated information about financial stability, while others are functionally related.

It can be seen that a large number of coefficients are used to assess the capital structure of an enterprise from different sides. To assess this group of coefficients there is one criterion that is universal in relation to all enterprises: the owners of the enterprise prefer a reasonable increase in the share of borrowed funds; on the contrary, lenders give preference to enterprises where the share of equity capital is high, that is, the level of financial autonomy is higher.

Having analyzed a fairly large set of available financial stability ratios, one can limit ourselves to the following seven indicators:

the ratio of debt and equity funds;

debt ratio;

autonomy coefficient;

financial stability ratio;

the coefficient of maneuverability of own funds;

coefficient of stability of the structure of mobile assets;

the ratio of working capital security with own sources of financing.

At present, on the pages of economic journals, questions are being discussed about the number of coefficients used in the analysis of the financial and economic activities of enterprises. It is believed that there are too many of them. It should be noted that in addition to a large number ratios of liquidity and stability are calculated ratios of profitability, turnover of working capital, capital productivity. There is such a point of view that the number of coefficients should not exceed seven, since if the number of objects of observation exceeds seven, then human control over them is easily lost.

The above list of indicators convinces that it can really be continued, since not all possible ratios of sections and articles of the balance sheet are covered in it. At the same time, it is clear that the dispute about the number of indicators that should be limited cannot be resolved until the stakeholders come to the conviction that indicators for assessing the financial condition of an enterprise should not be a set, but a system, that is, not contradict each other, do not repeat each other, do not leave "blank spots" in the activities of enterprises. Of these seven coefficients, only three have universal application regardless of the nature of the activity and the structure of assets and liabilities of the enterprise: the ratio of borrowed and own funds, the coefficient of maneuverability of own funds and the ratio of working capital security with own sources of financing.

When analyzing the financial condition, a set of the following indicators of the company's financial stability is used:

1) The financial risk ratio (debt ratio, the ratio of borrowed and own funds, leverage) is the ratio of borrowed funds to own funds. It shows how much borrowed funds the company attracted for its own ruble.

K fr \u003d ZS / SS \u003d (p. 590 + p. 690) / p. 490,

where K fr is the financial risk ratio; ЗС - borrowed funds.

The optimal value of this indicator, developed by Western practice, is 0.5.

It is believed that if its value exceeds one, then the financial autonomy and stability of the evaluated enterprise reaches a critical point, but everything depends on the nature of the activity and the specifics of the industry to which the enterprise belongs. The growth of the indicator indicates an increase in the company's dependence on external financial sources, that is, in a certain sense, a decrease in financial stability and often complicates the possibility of obtaining a loan. However, the analyst must build his conclusions on the basis of analytical (internal) accounting data that reveal the direction of investment. Therefore, when calculating the normal level of the ratio of borrowed and own funds, it is necessary to take into account the qualitative structure and rate of turnover of material working capital and accounts receivable. If accounts receivable turn out faster than material working capital, this means a fairly high intensity of cash flow to the company's accounts, and as a result - an increase in own funds; with a high turnover of material circulating assets and an even higher turnover of accounts receivable, the ratio of debt and equity funds can exceed one. ... The normative value of this coefficient is that the ratio should be less than 0.7. Exceeding the specified limit means the enterprise's dependence on external sources of funds, the loss of financial stability.

2) The debt ratio (financial tension index) is the ratio of borrowed funds to the balance sheet total:

K d \u003d ZS / Vb \u003d (p. 590 + p. 690) / p. 699,

where K d - debt ratio; Wb - balance currency.

International standard (European) up to 50%.

The trend of normal financial stability is also confirmed by the debt ratio: if the share of borrowed funds in the balance sheet currency decreases, then there is a tendency to strengthen the financial stability of the enterprise, which makes it more attractive for business partners. The standard value of the raised capital ratio should be less than or equal to 0.4.

3) The coefficient of autonomy (financial independence) is the ratio of equity to the balance sheet of the enterprise:

K a \u003d SS / Vb \u003d p. 490 / p. 699,

where K a is the coefficient of autonomy.

This indicator is used to judge the extent to which the enterprise is independent of the borrowed capital. The autonomy ratio is the most general indicator of the financial stability of an enterprise. In the practice of Russian and foreign firms, several varieties of this indicator are used (the share of borrowed funds in assets, the ratio of own funds to borrowed funds, and others). Each of them, in one form or another, reflects the structure of the firm's capital according to the sources of its formation. Thus, the optimal value of this ratio is 50%, that is, it is desirable that the amount of own funds be more than half of all funds at the enterprise. In this case, lenders feel comfortable knowing that all of the borrowed capital can be offset by the property of the enterprise. The growth of this ratio indicates the strengthening of the financial stability of the enterprise.

4) The financial stability ratio is the ratio of the total of own and long-term borrowed funds to the balance sheet of the enterprise (long-term loans are legitimately added to the equity capital, since they are similar in terms of the mode of their use):

K fu \u003d PK / V b \u003d (p. 490 + p. 590) / p. 699,

where K FU is the coefficient of financial stability.

Long-term borrowed funds (including long-term loans) are quite legitimate to add to the company's own funds, since in terms of their use they approach their own sources. Therefore, in addition to calculating the coefficients of financial stability and independence of the enterprise, they analyze the structure of its borrowed funds: a large proportion of long-term loans in it is a sign of a stable financial condition of the enterprise. The optimal value of this indicator is 0.8 - 0.9.

5) The coefficient of maneuverability of own sources is the ratio of its own circulating assets to the sum of sources of its own funds:

K m \u003d (SS - VA - U) / SS \u003d (p. 490 - p. 190 - (p. 390)) / p. 490,

where K m is the coefficient of maneuverability of own sources.

The coefficient of maneuverability of own sources shows the value of own circulating assets per 1 ruble. equity capital. This indicator is inherently close to liquidity indicators. However, it complements and significantly increases the information content of the first indicator.

The coefficient of maneuverability of own sources indicates the degree of mobility (flexibility) in the use of own funds, that is, what part of equity capital is not fixed in the values \u200b\u200bof an immobile nature and makes it possible to maneuver the funds of the enterprise.

Provision of own current assets with own capital is a guarantee of a stable credit policy. The high value of the coefficient of maneuverability positively characterizes the financial condition of the company, and also convinces that the managers of the enterprise put down sufficient flexibility in using their own funds. Some authors consider the optimal value of this indicator equal to 0.5. However, this supposed criterion can be questioned. The level of the maneuverability coefficient depends on the nature of the enterprise's activity: in capital-intensive industries, its normal level should be lower than in material-intensive industries (since in capital-intensive industries, a significant part of its own funds is a source of coverage for fixed assets). From a financial point of view, the higher the agility ratio, the better the financial condition.

In the numerator of the indicator - own circulating assets, therefore, in general, the improvement of the state of circulating assets depends on the outstripping growth of the amount of own circulating assets in comparison with the growth of own sources of funds. Dependence can also be determined based on the fact that the company has the more own circulating assets, the less fixed assets and non-current assets fall on the ruble of sources of own funds. It is clear that it is not always advisable to strive for a decrease in fixed assets and non-current assets (or for their relatively slow growth). The standard value of this coefficient is 0.2 - 0.5. The closer the value of the indicator is to the upper limit, the more opportunities for financial maneuver the enterprise has.

6) The coefficient of stability of the structure of mobile assets is the ratio of the net working capital to the total working capital:

To the mouth. ms. \u003d (OB - CP) / OB \u003d (p. 290 - p. 690) / p. 290,

where K mouth. ms. - coefficient of stability of the structure of mobile assets; ABOUT - the amount of current assets; KP - short-term liabilities.

Net working capital is the current assets held by the company after paying off current liabilities. There is no standard for this ratio.

7) The ratio of the provision of working capital with own sources is the ratio of own working capital to working assets. It shows what part of current assets is financed from its own sources and does not need to be borrowed:

K SOS \u003d (SS - VA - U) / OB \u003d (p. 490 - p. 190 - (p. 390)) / p. 290,

where K sos is the coefficient of the provision of working capital with own sources.

The normative value of this coefficient: the lower limit is 0.1. If the indicator is below 0.1, the structure of the balance sheet is recognized as unsatisfactory, and the organization is insolvent. A higher value of the indicator (up to 0.5) indicates a good financial condition of the organization, about its ability to pursue an independent financial policy. Some authors propose a criterion for this indicator at a level of at least 0.6. However, this supposed criterion can be questioned. The level of the indicator of the provision of inventories with own circulating assets is estimated, first of all, depending on the state of inventories. If their value is significantly higher than the justified need, then own circulating assets can cover only part of the material reserves, that is, the indicator will be less than one. On the contrary, if the enterprise lacks material reserves for the smooth implementation of activities, the indicator may be higher than one, but this will not be a sign of a good financial condition of the enterprise. In the numerator of the indicator - own working capital, therefore, in general, the improvement of the state of working capital depends on the outstripping growth of the amount of own working capital compared to the growth of inventories. The dependence can also be determined based on the fact that the enterprise has the more own circulating assets, the less fixed assets and non-current assets fall on the ruble of sources of own funds. It is clear that it is not always advisable to strive for a decrease in fixed assets and non-current assets (or for their relatively slow growth).

Table 1 gives a concise and clear description of the indicators of the financial stability of the enterprise.

Table 1 - Indicators of the financial stability of the enterprise

Thus, as noted above, of the seven financial stability ratios, only three have universal application: the debt-to-equity ratio, the equity flexibility ratio and the ratio of working capital security with equity sources of financing. But even within the limits of the three named universal coefficients, it is easy to see that the same factors determine their growth and decline: the coefficient of maneuverability of own funds and the coefficient of provision of reserves with own sources have the same numerator - own circulating assets. Therefore, the ratio of their level depends on the ratio of the value of capital and reserves and the value of tangible current assets. Accordingly, the dynamics of the coefficients is determined with the same dynamics of own circulating assets only by differences in the levels and directions of change in the denominators - stocks and equity. This does not prevent them from remaining independent coefficients, but in practice it should be borne in mind that an increase in their own working capital leads to an increase in financial stability at once according to two criteria for its assessment. In turn, the growth of own working capital is the result, as a rule, of an increase in equity capital, and in some cases - and a decrease in the cost of non-current assets. An increase in equity capital under certain conditions also leads to a decrease in the ratio of borrowed and equity funds. Consequently, the three universal coefficients of financial stability are interconnected by factors that determine their level and dynamics. All of them orient the company towards increasing its equity capital, with a relatively smaller increase in non-current assets, that is, at the same time increasing the mobility of property. It should be noted that one cannot "blindly" transfer international criteria from the practice of Western developed countries to Russian practice. It is necessary to work on the creation of a criterion base in Russia, for which it is necessary to apply both statistical and analytical methods, and the criteria should be differentiated by industry, type of activity, region and enterprise. The calculation of financial stability indicators gives the manager some of the information necessary to make a decision on the advisability of attracting additional borrowed funds. Along with this, it is important for the manager to know how the company can grow without attracting funding sources.

1.3 Experience (practice) of the enterprise, comparisons

Consider the assessment of financial stability abroad. In foreign practice, there are four approaches to determining the financial stability of enterprises.

The first approach is associated with the activities of the so-called "school of empirical pragmatists". Its representatives are trying to justify a set of indicators for analyzing the creditworthiness of the enterprise. The main purpose of this approach is to select such indicators that are able to answer the question of whether an enterprise will be able to pay off its short-term obligations. This aspect of the analysis of the enterprise is considered as the most important. That is why all analytical calculations are based on the use of indicators characterizing working capital, own working capital, short-term accounts payable. The main contribution of the representatives of this school to the development of the analysis of corporate finance is the determination of a variety of analytical coefficients used to make management decisions of a financial nature. Initially, individual coefficients were determined, later the analysis began to use groups of coefficients, and then the relationship between these groups was analyzed.

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1.3 Ways to improve the financial stability of the enterprise

First of all, the competent financial analysis contributes to the improvement of the financial stability of the enterprise. When using personal computers, it became possible to form operational and other economic indicators economic activity of the enterprise where the initial information appears and these indicators are needed. As a result, the length of information flows is significantly reduced, and the probability of errors in data transmission and processing is reduced. The productivity, technical capabilities of modern computers allow for the analysis of economic activities of practically all economic and other information entered into the computer memory and to ensure the continuity of the analysis as the initial data are entered into them. The use of modern PCs and functional packages of modern application programs in managing the economy makes it possible, without the help of a programmer, to create layouts of analytical tables of the required content, organize databases according to specified rules and criteria, use business graphics, etc.

Packages of modern applied financial analysis programs provide a comprehensive and in-depth study of the effect of various factors on income, profit, solvency, and financial stability of an enterprise. The results of such an analysis, performed with the help of a modern computer, contribute to the optimization of the sale of goods, distribution costs, income, profits, profitability, and the use of economic potential.

Thorough detailed planning of finances makes it possible to determine the justified main (operational), investment and financial activities of the enterprise, the flow of funds received from entrepreneurship. One of the main directions financial planning is the preparation of a forecast (plan) of income, expenses, profits and profitability.

Based on the results of financial analysis, in order to increase the financial stability of an enterprise, it is necessary:

Acceleration of working capital turnover, i.e. it is necessary to take measures for the fastest sale of goods, reducing the duration of one turnover. This can be achieved with well-established relations with suppliers and buyers, a competent choice of price and marketing strategies... An important indicator is the level of inventory. In a crisis and unstable financial condition, a reasonable decrease in the level of inventories makes it possible to restore the financial stability of the enterprise. Decrease in the level of inventory occurs as a result of planning inventory balances, as well as the sale of unused inventory. An in-depth analysis of the state of stocks acts as an integral part of the internal analysis of the financial state, since it involves the use of information about stocks that is not contained in the financial statements and requires analytical accounting data.

Replenishment of sources of formation of reserves and optimization of their structure. The most risk-free way to replenish the sources of formation of reserves should be recognized as an increase in real equity capital through the accumulation of retained earnings or through the distribution of profits after taxation to accumulation funds, provided that a part of these funds that is not invested in non-current assets grows.

With a large specific weight in the currency of the balance of accounts receivable, it is necessary to analyze it in dynamics by type and amount, using the data of current accounting and reporting. To prevent losses, the enterprise needs to keep records of overdue debt (for each debtor) by the timing of its occurrence. Decrease in accounts receivable can be facilitated by the revision of the conditions and amounts of loans to buyers, the provision of discounts for prepayment (full or partial), timely filed claims for the collection of overdue debts, etc.

II Financial stability analysis of AVTOPOISK LLC

2.1 Characteristics of AVTOPOISK LLC as a subject business activities.

LLC "AUTOPOISK" is located at the address: Minsk, st. Filimonov, 57a. The premises are leased from the branch of the Minsk City Club of Trade Unions, occupying an area of \u200b\u200b211 sq.m. together with warehouses. Located in the center of the city. Such a favorable location is able to provide the enterprise with a more or less permanent clientele, which allows planning the activities of the enterprise, establishing trusting relationships with customers. The company employs 13 people.

The main activity of AVTOPOISK LLC is the wholesale of auto parts for passenger cars foreign production. The product of AVTOPOISK LLC differs from the product on the market in quality, design and affordable prices. The company is engaged in the wholesale of auto parts for foreign cars.

Organized by AVTOPOISK LLC on July 01, 1996. Developed at an average pace. Has a license for the right to transport goods by car in the Republic of Belarus.

LLC "AUTOPOISK" offers a wide range of automotive parts for shock absorbers, ball joints, steering rod ends, levers, bearings, silent blocks, water pumps, belts and other parts for cars from well-known manufacturers such as "FEBI", "OPTIMAL", "AJUST" , "DAYCO", "FTH", "KAYABA", "RUVILLE", "SFEC".

The company works with suppliers who have long established themselves as reliable partners, always supplying quality goods in the right quantity and on time. AVTOPOISK LLC is the first supplier and importer on the territory of the Republic of Belarus.

The plans of the company are diverse, but they are all subordinated to one goal of expanding the sales market and maximizing profit.

2.2 General assessment of the assets of AVTOPOISK LLC and the structure of its capital.

An analysis of the financial stability of an enterprise usually begins with a general acquaintance with assets and their sources (equity and debt capital), using data from the balance sheet, other forms of reporting and current accounting. The analysis studies the dynamics, relationships and interdependencies between indicators characterizing the financial condition of the enterprise.

One of the main methods of analyzing the financial condition of an enterprise is the study of data from the balance sheet and other forms of reporting, which makes it possible to assess the nature of changes in the balance sheet total, its individual sections and articles, the correct placement of funds, the main sources of their formation, etc.

According to the balance sheet data of AVTOPOISK LLC (see Appendix) for the reporting year 2005, the balance sheet total increased by 39,020 thousand rubles. or 41%. Wherein:

- current assets increased by 43,179 thousand rubles. (47.8%), which is mainly due to an increase in accounts receivable more than eightfold, as well as an increase in the amount of distribution costs (3 times), taxes on acquired values \u200b\u200b(more than 8 times) and cash (in 3 times).

- The amount of non-current assets decreased by 4159 thousand rubles. (75.8%) due to significant disposal of part of fixed assets.

Equity capital at the end of the analyzed period amounted to 35815 thousand rubles. and increased by 0.4% over the year. Long-term liabilities at the end of the reporting period did not change and amounted to 41,500 thousand rubles, short-term liabilities at the end of the year amounted to 38,885 thousand rubles, while at the beginning of the period the company had no short-term liabilities.

To analyze the dynamics of the composition and structure of assets and liabilities of AVTOPOISK LLC, we present the company's balance sheet (see Appendix 1) in the following form:

Table 1.

Composition and structure of assets and liabilities of AVTOPOISK LLC

According to Table 1, during the reporting year, the share of working capital in the assets of the enterprise increased by 4.8%. However, the share of goods for sale decreased by 29.7%. At the same time, there is an increase in the shares of distribution costs by 0.8% and taxes on purchased valuables by 0.6%. The share of accounts receivable in the structure of the company's assets also increased by 29.9%. The share of cash amounted to 5.2% of the company's assets, while at the beginning of the reporting period, the share of this balance sheet item was 1.8%.

Analysis of the structure of the liability of the balance sheet of AVTOPOISK LLC showed that the share of equity capital decreased by 10.8%, while the share of short-term loans and borrowings increased by 29.0%, which indicates an unfavorable structure of the company's liabilities. However, there is a decrease in the share of accounts payable by 1.8%.

When analyzing the financial stability of an enterprise, indicators of financial stability and net working capital are calculated, which will allow a more complete analysis of the structure of the enterprise's capital.

Let's calculate the indicators for assessing the capital structure using formulas (13) - (24) described in Chapter 1.2 of Section I. The results are presented in the form of a table.

Table 3.

Analysis of indicators for assessing the capital structure of AVTOPOISK LLC

As can be seen from Table 3, the share of borrowed capital in general exceeds the standard value (0.5), which indicates the existing financial risk. Moreover, during the analyzed period, the value of this coefficient increased by 0.2. The financial independence ratio (the share of equity capital in the total capital of the enterprise) accordingly decreased by 0.2 points and amounted to 0.2 at the end of 2005. The value of the coefficient of financial instability also significantly exceeds the norm (0.5-0.7), having increased by more than 2 times by the end of the reporting period, it amounted to 2.6. The dynamics of indicators (1) and (2) indicates a deterioration in the financial position of the organization in comparison with the beginning of the year. The investment attraction ratio shows that more than 50% of permanent capital is long-term borrowed funds. The decrease in indicators (4) and (5) is primarily due to the disposal of a part of fixed assets (see Appendix - Appendix to the balance sheet of Avtopoisk LLC, form 5, clause 3, page 370). The deterioration of the financial condition is also evidenced by the decrease in the autonomy ratio from 0.37 to 0.23 (at a rate of 0.5 - 0.8). The low value of this ratio also reflects the potential danger of a shortage of funds.

The value of the net working capital decreased by 629 thousand rubles, but it remains positive, which suggests that the company is able to cover its short-term liabilities with current assets. The coefficient of maneuverability of its own working capital increased by 0.15. The share of net working capital in current assets decreased by 0.3 points. The share of net working capital in total capital decreased by 0.22 points. This is primarily due to the growth of the company's short-term liabilities, since in 2005, AVTOPOISK LLC was issued by the bank a short-term loan of $ 40,000 with a maturity of 120 days. The fundraising ratio, which increased by the end of the reporting period to 0.63, shows that AVTOPOISK LLC is able to cover its liabilities with current assets by about 60%.

General acquaintance with the dynamics of the composition and structure of assets and liabilities of the enterprise testifies to the deterioration of its financial condition. This conclusion is based primarily on data on an increase in the share of borrowed funds in the capital of the enterprise, as well as an increase in the share of receivables, which slows down the turnover of funds.

... are the most important characteristics of the actual environment for the formation of profit and income of enterprises. For this reason, they are indispensable elements of comparative analysis and assessment of the financial condition of the enterprise. When analyzing production, profitability indicators are used as a tool for investment policy and pricing. Product profitability shows how much profit is accounted for ...

On the basis of which measures are developed to improve it. Using the above methods, formulas and indicators, we will analyze and assess the financial condition of the company "Kontur". 2. Analysis and assessment of the financial condition of LLC "Kontur" 2.1 Organizational and economic characteristics of the enterprise Limited Liability Company "Kontur" was founded by physical ...

COURSE WORK

In the discipline "Enterprise Economics"

Ways to increase the financial stability of the enterprise

financial sustainability economic efficiency

Introduction

Theoretical aspects of determining the financial stability of an enterprise

1 Formation of financial stability of the enterprise

2 Information base for determining the financial stability of the organization

3 Methodical approaches to assess the financial stability of the enterprise

Analysis of the enterprise

1 Organizational and economic characteristics of the enterprise LLC "First Window Plant"

2 Analysis of the financial activities of the organization LLC "First Window Factory"

3 Analysis of indicators of financial stability of the enterprise LLC "First Window Plant"

Improving the financial stability of the enterprise LLC "Pervy Okonny Kombinat"

1 Ways to increase the financial stability of the enterprise LLC "First Window Plant"

2 Development and implementation of mechanisms to improve the financial stability of the organization LLC "First Window Factory"

Conclusion

Introduction

The modern economy of Russia is characterized by instability, inconsistency of tax, credit and currency, insurance, customs, investment policies; loss of state support due to a change in the form of ownership without significant changes in the legislative framework of the Russian Federation; insufficient budget funding; inflation; subordination of the accounting system to the purposes of taxation; uncertainty in the behavior of buyers, suppliers, competitors.

One of the main obstacles on the way to stable economic growth is the slow process of transformations at the level of organizations (enterprises) due to the ineffectiveness of their management system, the low level of responsibility of managers for the consequences of decisions and performance results, as well as the lack of reliable information about their economic condition. financial stability, which is the most important characteristic of financial and economic activity in market conditions. To eliminate negative trends in economic development in order to increase the stability of the activities of economic entities, it is necessary to focus on ensuring the sustainable development of the organization as the main structural element of the economic system of the Russian Federation.

Overcoming the crisis situation in Russia, the market economy and new forms of management determine the solution of new problems, one of which today is ensuring the economic stability of development. To ensure the "survival" of an enterprise in a market environment, management personnel need to assess the possible and reasonable rates of its development from the standpoint of financial support, identify available sources of funds, thereby contributing to the sustainable position and development of economic 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 be involved in research and assessment of the sustainability of a particular organization.

Assessment of financial stability allows external subjects of analysis (primarily partners in contractual relations) to determine the financial capabilities of the organization for the long term, which are from the structure of its capital; the degree of interaction with lenders and investors; conditions on which external sources of financing are attracted and serviced. Thus, many business leaders, including representatives of the public sector of the economy, prefer to invest at least their own funds in the business, and finance it with borrowed money. However, if the structure "equity - borrowed capital" is significantly skewed towards debt, then a commercial organization may go bankrupt if several creditors unexpectedly demand to return their money at an "unspecified" time. Equally important is the assessment of financial stability in the short term, which is associated with identifying the degree of liquidity of the balance sheet, current assets and the solvency of the organization.

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", as it includes an assessment of various aspects of the organization. Domestic economists interpret the essence of the concept of "financial stability" in different ways. In the early 90s. the stock of financial stability of the enterprise was characterized by the stock of sources of its 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, sufficient provision of material working capital with its own sources.

Financial stability is a certain state of the company's accounts, which guarantees its constant solvency. Indeed, as a result of the implementation of any business transaction, the financial condition may remain unchanged or improve or deteriorate. The flow of business transactions performed 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 marginal boundaries of changes in the sources of funds to cover capital investments in fixed assets or production costs allows you to generate such flows of business operations that lead to an improvement in the financial condition of the enterprise and an increase in its stability. In the study of financial stability, a separate concept stands out - "solvency", which is not identified with the previous one. As you can see, solvency is an integral component of financial stability. The stability and stability of the financial condition depend on the results of the production, commercial, financial and investment activities of the enterprise, and the stable financial condition, in turn, has a positive effect on its activities.

The stability of the financial condition of the organization determines the ratio of the values \u200b\u200bof its own and borrowed sources of formation of reserves and the cost of the reserves themselves. The provision of stocks 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 security of stocks and costs is the reason for a particular degree of solvency, the calculation of which is made on a specific date. Consequently, the form of manifestation of financial stability can be solvency.

The relevance of the work is: financial stability is a goal-setting property of assessing the real financial condition of an organization, and the search for on-farm opportunities, means and ways of strengthening it determines the nature and content of economic analysis. Thus, financial stability is the guaranteed solvency and creditworthiness 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 their own sources of their formation, as well as the ratio of own and borrowed funds - sources of coverage of the company's assets.

The aim of the course work is to analyze financial stability using the example of the enterprise LLC "First Window Combine".

The subject of the course work is the relative and absolute indicators of the financial stability of the enterprise.

Object - Limited Liability Company "First Window Combine"

1. Theoretical aspects of determining financial stability

1 Formation of financial stability of the enterprise

The guarantee of survival and the basis for the stability of the position of the enterprise is its stability. The sustainability of an enterprise is influenced by various factors:

· position of the enterprise in the commodity market;

· production and release of cheap, high-demand products;

· its potential in business cooperation;

· the degree of dependence on external creditors and investors;

· the presence of insolvent debtors;

· efficiency of business and financial transactions.

Financial stability is a reflection of a stable excess of income over expenses, ensures free maneuvering of the enterprise's funds and, through their effective use, contributes to the uninterrupted process of production and sales of products. In other words, the financial stability of a company is the state of its financial resources, their distribution and use, which ensure the development of the company based on the growth of profits and capital while maintaining solvency and creditworthiness under conditions of an acceptable level of risk. Therefore, financial stability is formed in the process of all production and economic activities and is the main component of the overall stability of the enterprise.

Analysis of the stability of the financial condition at a particular date allows you to answer the question: how correctly the company managed financial resources during the period preceding this date. It is important that the state of financial resources meets the requirements of the market and meets the needs of the enterprise's development, since insufficient financial stability can lead to the insolvency of the enterprise and the lack of funds for the development of production, and the excess can hinder development, burdening the costs of the enterprise with excessive reserves and reserves. Thus, the essence of financial stability is determined by the effective formation, distribution and use of financial resources, and solvency is its external manifestation.

Assessment of the financial condition of an enterprise will be incomplete without an analysis of financial stability. Analyzing the liquidity of the company's balance sheet, compare the state of liabilities with the state of assets; this makes it possible to assess the extent to which the company is ready to pay off its debts. The task of the analysis of financial stability is to assess the size and structure of assets and liabilities. This is necessary to answer the questions: how independent is the enterprise from a financial point of view, whether the level of this independence is growing or decreasing, and whether the state of its assets and liabilities meets the objectives of its financial and economic activities. Indicators that characterize independence for each element of assets and for property in general make it possible to measure whether the analyzed entrepreneurial organization is sufficiently stable in financially.

The financial stability of an enterprise is associated with the overall financial structure of the enterprise and the degree of its dependence on creditors and debtors. For example, an enterprise that is financed primarily by borrowed money, in a situation where several creditors simultaneously demand their loans back, may go bankrupt. In this case, the structure of the enterprise "equity capital - borrowed capital" has a significant preponderance towards the latter. Thus, we can conclude that the financial stability of an enterprise in the long term is characterized by the ratio of its own and borrowed funds. The provision of reserves and costs with sources of formation is the basis of financial stability.

The analysis of financial stability proceeds from the main balance sheet formula, which establishes the balance of the indicators of the asset and the liability of the balance sheet, which has the following form:

AND AT + A ABOUT \u003d K FROM + Z D + Z KR ,

where A AT - non-current assets (the result of section I of the balance sheet asset);

· AND ABOUT - current assets (the result of section II of the balance sheet asset), which include inventories (PP) and cash in cash, non-cash forms and settlements in the form of accounts receivable (DZ);

· TO FROM - the capital and reserves of the enterprise, that is, the equity capital of the enterprise (the result of section III of the company's balance sheet liability);

· Z D - long-term credits and loans taken out by the enterprise (the result of section IV of the enterprise's balance sheet liability);

· Z KR - short-term loans and borrowings taken by the enterprise, which are usually used to cover the lack of working capital of the enterprise (AP), the accounts payable of the enterprise, for which it must pay off almost immediately (KZ) and other funds in settlements (PS) (the result of the section V of the company's balance sheet liability).

Taking into account all the subsections of the balance sheet, this formula can be represented as follows:

AND AT + (PZ + DZ) \u003d K FROM + Z D + (ЗС + КЗ + ПС).

(AND AT + PZ) + DZ \u003d (K FROM + PS) + З D + ЗС + КЗ,

· AND AT + PZ - non-circulating and circulating production assets;

· DZ - current assets in circulation;

· TO FROM + PS - the company's own and equated capital, as a rule, used to cover the lack of working capital of the enterprise.

In the event that the non-current and circulating production assets of the enterprise are repaid at the expense of its own and equivalent capital with the possible attraction of long-term and short-term loans, and the funds of the enterprise in the calculations are sufficient to repay urgent obligations, then we can talk about one or another the degree of financial stability (solvency) of the enterprise, which is characterized by a system of inequalities:

(AND AT + PZ) ≤ (K FROM + PS) + З D + ЗС;

DZ ≥ KZ.

At the same time, the fulfillment of one of the inequalities automatically entails the fulfillment of the other, therefore, when determining the financial stability of an enterprise, they usually proceed from the first inequality, transforming it on the basis that, first of all, the enterprise must provide capital for its non-current assets. In other words, the amount of the company's reserves should not exceed the sum of its own and borrowed funds and borrowed funds of the enterprise after the provision of these funds to non-current assets, i.e.

PZ ≤ (K FROM + PS + Z D + ЗС) - А AT

The fulfillment of this inequality is the main condition for the enterprise's solvency, since in this case cash, short-term financial investments and active calculations will cover the short-term debt of the enterprise.

Thus, the ratio of the value of working capital and the values \u200b\u200bof own and borrowed sources of their formation determines the stability of the financial condition of the enterprise. The most generalized indicator of financial stability is the surplus or lack of sources of funds for the formation of stocks and costs, obtained in the form of the difference in the size of sources of funds and the amount of stocks and costs.

To assess the state of stocks and costs, use the data of the group of items "Stocks" of Section II of the balance sheet asset.

To characterize the sources of formation of reserves, three main indicators are determined.

Availability of own circulating assets (SOS) as the difference between capital and reserves (section III of the balance sheet liability) and non-current assets (section I of the balance sheet asset). This indicator characterizes the net working capital. Its increase in comparison with the previous period indicates the further development of the enterprise. In a formalized form, the presence of its own working capital can be written as follows:

SOS \u003d K FROM - AND AT

SD \u003d (K FROM + Z D ) - AND AT \u003d SOS + K D ,

3. 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 borrowed funds:

OI \u003d (K FROM + Z D ) - AND AT + ZS.

Three indicators of the availability of sources of formation of stocks and costs correspond to three indicators of the availability of stocks and costs by sources of their formation:

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

∆СОС \u003d СОС - З,

where З - stocks (page 210 + page 220 of section II of the balance sheet asset).

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

∆СД \u003d СД - З.

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

∆ОИ \u003d ОИ - З.

To characterize the financial situation in the company, there are four types of financial stability.

The absolute stability of the financial condition, which is very rare in the current conditions of the development of the Russian economy, is an extreme type of financial stability and is set by the condition:

Z< СОС.

This ratio shows that all stocks are fully covered by its own circulating assets, that is, the company is completely independent of external creditors. However, such a situation cannot be regarded as ideal, since it means that the company's management does not know how, does not want, or does not have the ability to use external sources of financing for core activities.

The normal stability of the financial condition of the enterprise, which guarantees its solvency, meets the following condition:

З \u003d SOS + ЗС.

The given ratio corresponds to the situation when an enterprise successfully uses and combines various sources of funds, both its own and borrowed, to cover reserves and costs.

An unstable state, characterized by a violation of solvency, in which it remains possible to restore balance by replenishing the sources of its own funds and increasing the SOS:

З \u003d SOS + ЗС + И ABOUT ,

where and ABOUT - sources that weaken financial tension (temporarily free own funds (economic incentive funds, financial reserves), attracted funds (excess of normal accounts payable over accounts receivable), bank loans for temporary replenishment of working capital and other borrowed funds).

Financial instability is considered normal (acceptable) if the amount of short-term loans and borrowed funds raised for the formation of stocks and costs does not exceed the total cost of inventories and finished goods (the most liquid part of stocks and costs).

Crisis financial condition, in which an entrepreneurial firm is on the verge of bankruptcy, since cash, short-term securities and receivables do not even cover its accounts payable and overdue loans:

З\u003e SOS + ЗС.

In the last two cases (unstable and crisis financial situation), stability can be restored by optimizing the structure of liabilities, as well as by reasonably reducing the level of stocks and costs.

2 Information base for the analysis of financial stability

For the analysis and disclosure of the essence of the phenomena, information is needed that would allow the analyst to track the state and results of the enterprise, helped to understand the movement of stock flows.

The analysis process includes the processing of a variety of formal and informal enterprise data that are used in the analysis.

In the definition of analysis as an economic science, it was emphasized that the analysis of financial stability is based on a system of indicators, on the complex use of data from a number of sources of economic information. Sources of analysis are divided into accounting and off-accounting.

Accounting sources include:

accounting and reporting;

statistical accounting and reporting;

operational accounting and accounting;

selective credentials.

The information that is used within the enterprise most fully meets the requirements of the analysis and comprehensively illuminates the analyzed object. Each enterprise, according to the current legislation, has the right to preserve business secrets that cannot be published in the open press.

The simplest and most accessible form of financial information is financial statementscompiled according to the rules of public accounting.

The reporting usually includes a balance sheet at a specific date, a profit and loss statement for the period, a statement of funds flows for the same period and a cash flow statement.

An explanatory note is attached to the report, where individual balance sheet items are deciphered and the reasons for the formation of some amounts are explained.

The financial statements are prepared according to generally accepted accounting principles, reflecting the impact of past and present management decisions with certain conservative principles:

transactions are recorded at prices prevailing at the time of their execution;

income and expenses are taken into account at the time of commission, and not when money changes its owners;

periodic comparison of income and costs is made through income, expense, balances;

the creation of contingency reserves leads to a decrease in profits.

These rules sufficiently distort the accounting results, especially in cases where the results are used to analyze the financial condition and determine the value of the property.

The balance sheet is drawn up on a specific date. Reflects the size of assets used by the enterprise and offsetting their liabilities in relation to creditors and owners.

The assets include:

working capital;

main capital;

other assets.

The main sources are:

short-term obligations;

long term duties;

equity.

Since the balance is static, and, in addition, it has a cumulative effect, since it reflects the consequences of all decisions and transactions that took place in the enterprise.

When making investment decisions, the current production activities and financing, the balance sheet can be viewed as a cumulative result of past investment and financing decisions. The net effect of operations in the form of profit or loss for the period is reflected in changes in equity

Statistical accounting and reporting, reflecting the totality of mass phenomena and processes, characterizing them from the quantitative side (linking with the qualitative side), revealing certain economic patterns, serve as an important source of analysis.

Operational accounting and reporting provide faster, compared to statistics and accounting, obtaining relevant information.

Off-line sources include the following:

materials of tax inspections;

printing materials;

materials of financial and credit organizations.

3 Methodological approaches to assessing the financial stability of an enterprise

Analysis of the financial condition of an enterprise is a tool for making management decisions, it is one of the stages of management, during which one or another is justified management decisions and their economic efficiency is assessed. In domestic and foreign scientific literature there are many methodological approaches to assessing the financial condition of an organization. The whole range of methodological approaches to assessing the financial condition of an enterprise

allows you to highlight the following stages:

calculation of the system of financial ratios;

diagnostics of the probability of bankruptcy of the enterprise.

The results of the enterprise and its financial condition are of interest to owners, managers, creditors, investors, partners, the state, that is, internal and external users of economic information. Each of them, depending on the goals and objectives of the analysis, develops its own methodological approaches to assessing the financial condition and sets its own accents. For example, for credit institutions, the analysis of the creditworthiness of an enterprise - a potential borrower of a bank is of particular importance. Many banks use the methods of a comprehensive economic analysis of the borrower to analyze the solvency and assess the creditworthiness, which includes:

analysis of the company's financial statements;

analysis of the company's cash flows;

analysis of the profitability of the upcoming transaction;

analysis of the financial performance of the enterprise;

assessment of the bank's credit risk.

The Central Bank of the Russian Federation regulates the procedure and criteria for assessing the financial condition of legal entities with the following provisions: - "On the procedure and criteria for assessing the financial position of legal entities - founders (participants) of credit institutions" dated 03.19.03; - "On the procedure for the formation of reserves for possible losses on loans, on loan and equivalent indebtedness "from 26.03.04.

The investor's main goal of analyzing the financial condition of an enterprise is to assess its profitability, profitability, the level of use of production and economic potential.

In the presence of private analysis goals for individual entities, the main purpose of analyzing the financial condition of the enterprise for all users (external and internal) is to assess the position of the enterprise in the market, its financial and economic activities and management efficiency, as well as to identify the key problems of the enterprise and the best ways to solve them. The Government of the Russian Federation, the Ministry of Economy and the Ministry of Finance of the Russian Federation have been developing and improving methodological approaches to the analysis of the financial condition of enterprises for ten years.

Consider the regulations governing the procedures for analyzing the financial condition.

In 1994, the main document regulating the methodology for assessing the solvency and financial stability of enterprises was the Decree of the Government of the Russian Federation of 20.05.94 "On some measures to implement legislation on the insolvency (bankruptcy) of enterprises" (now no longer valid).

In order to ensure a unified methodological approach to the analysis of the financial condition of enterprises and the assessment of the structure of their balance sheets, Methodological Regulations were developed for assessing the financial condition of enterprises and the establishment of an unsatisfactory balance sheet structure, approved by the order of the Federal Office for Insolvency (Bankruptcy) Affairs dated 12.08.94. The provisions contained a methodology for calculating current liquidity ratios, self-sufficiency (the value of which was used to assess the satisfactory structure of the balance sheet), restoration (or loss) of the solvency of enterprises and the direction of analysis of insolvent enterprises. However, the change in the economic situation in the country and the adoption of legislative acts regulating the activities commercial organizations, including the legislation on insolvency (bankruptcy) of organizations, the improvement of accounting and reporting determined the need to revise the methodological approaches to assessing the financial condition of enterprises.

In 1997, by the Order of the Ministry of Economy of the Russian Federation dated 01.10.97, "Methodological recommendations for the reform of enterprises (organizations)" were approved, which were intended, among other things, to assess the effectiveness of the financial management of an organization and its financial and economic activities. According to this normative act, the analysis of the financial condition of the enterprise is considered as the main tool for effective financial management, contributing to the formation of the strategic goals of the enterprise, “adequate to market conditions”.

The order emphasized the role of analysis of the financial and economic condition of the enterprise in the development of its financial policy and noted that a qualitative analysis makes it possible to develop well-grounded and effective management decisions. That, in turn, depends on the applied methods of financial analysis, on the reliability and accuracy of the used economic information. A feature of the order is the definition of the main components of the financial and economic analysis of the enterprise:

analysis of financial statements;

horizontal analysis:

vertical analysis;

trend analysis;

calculation of financial ratios.

The combination of the above components is a set of standard techniques and methods of financial analysis that are still used today. Order No. 118 for the first time in the Russian Federation defined a system of indicators for assessing the financial condition of an enterprise, recommended a methodology for their calculation, presented an economic characteristic and an assessment of the dynamics of the values \u200b\u200bof these indicators. It is important to note that this normative act determines the normative values \u200b\u200bof financial ratios and distinguishes two classes of coefficients: the first class includes indicators that have normative significance (indicators of liquidity and financial stability); the second class includes indicators of profitability (intensity of resource use) and business activity. For the second group of indicators, it is recommended to take into account the dynamics of values, which can be characterized as improvement, stability or deterioration.

The methodological approaches to financial analysis, defined by the order, should be classified as operational analysis, the results of which cannot serve as an accurate assessment of the financial condition of the enterprise. Consequently, a need arose to expand the system of indicators reflecting all processes and phenomena of economic and financial activities of enterprises.

Such an attempt was made in 2001 in the following normative acts: - Order of the Ministry of Finance of the Russian Federation dated 06.11.01 (as amended by the order of the Ministry of Finance of the Russian Federation dated 15.02.02) “The procedure for checking the current financial condition of an organization - a recipient of a budgetary loan for implementation investment projects in the coal industry, placed on a competitive basis "; - Order of the Federal Service of Russia for Financial Recovery and Bankruptcy of 23.01.01," Guidelines for analyzing the financial condition of organizations. "

The above normative acts determined the purpose of the analysis of the financial condition as an assessment of the solvency, stability, efficiency and dynamism of the organization's development, as well as its investment attractiveness.

By the order of the Ministry of Finance of the Russian Federation, four groups of indicators characterizing the financial result of the enterprise's activities, the structure of its balance sheet, efficiency and turnover of funds, the values \u200b\u200bof which are assessed from the point of view of the positive dynamics of change in the last reporting period of the current year in relation to the base period, are distinguished. This normative act contains a methodology for scoring the financial condition of an enterprise.

The order of the FSFR determined the information base for analyzing the financial condition: "Balance sheet", "Profit and loss statement", "Cash flow statement", "Appendix to the balance sheet". The main advantage of the Methodological Guidelines determined by the order of the FSFR is a wide range of recommended financial indicators for assessing the financial and economic activities of enterprises (26 indicators), methods of their calculation and economic interpretation of each indicator. Nevertheless, the presented system of financial indicators does not fully allow assessing the degree of liquidity, financial stability of the organization, determining the main financial result (profit), the efficiency of using equity capital. In addition, the Methodological Guidelines do not establish the recommended values \u200b\u200bof indicators, do not characterize the dynamics of the values \u200b\u200bof indicators.

The Resolution of the Government of the Russian Federation of June 25, 2003 approved the Rules for conducting financial analysis by an insolvency practitioner. These Rules make it possible to analyze the property of enterprises and sources of its formation, to group assets according to the degree of liquidity, liabilities - according to maturity, to assess the structure of revenue and net profit of enterprises on the basis of their public financial statements ("Balance sheet", "Profit and loss statement" ). Based on the financial ratios and the methodology for calculating them presented in the Rules, it is possible to assess the absolute and current liquidity, to identify the degree of solvency of enterprises, to determine the financial stability and the presence of overdue payments, to assess the profitability of assets and the level of profitability of economic activities of organizations based on the calculation of the net profit margin.

The decree defines the directions of analysis of external and internal conditions of the activities of enterprises and the markets in which they operate, which, of course, increases its practical value. Its advantages also include the content of the requirements for the analysis of investment and financial activities of enterprises, for the analysis of the possibility of break-even activities of enterprises. The main disadvantage of this document is the absence in the composition of financial indicators of profitability ratios characterizing the efficiency of using equity capital, production resources, investments; asset turnover; capital structures that characterize the financial stability of enterprises. The rules, like other normative acts, do not contain criterion values \u200b\u200bof financial indicators used to analyze the financial condition of enterprises of various industries and types of activity.

Analysis of the activities of the enterprise LLC "Pervy Okonny Kombinat"

1 Organizational and economic characteristics of LLC "First Window Combine"

The charter of the Limited Liability Company "First Window Combine" was approved in accordance with part one of the Civil Code, 1994, and the Law on Limited Liability Companies, by decision General meeting founders - members of the Company.

The company is a legal entity for russian legislation: owns separate property and is responsible for its obligations with this property, can acquire and carry out property and personal non-property amendments on its own behalf, bear obligations, be a plaintiff and defendant in court.

In its activities, it is guided by the Charter, the legislation of the Russian Federation and binding acts of the executive authorities. The company has a round seal with its name, corner stamp and letterhead, may have an emblem, its own trade and trade marks, and other symbols. Society is an independent business unit operating on the basis of full cost accounting, self-financing and self-sufficiency.

The company is liable for its obligations with the property on which, according to the legislation, collection can be levied. The state, its bodies and other organizations are not responsible for the obligations of the Society, and the latter is not responsible for the obligations of the state, its bodies and other organizations. The members of the company are not liable for its obligations and bear the risk of losses associated with the activities of the Company, within the value of their shares in the authorized capital.

The subject of the Society's activities are:

Production and economic activities aimed at meeting social needs for consumer goods;

Production, processing and sale of plastic windows;

Barter transactions for products manufactured by the company;

Performing other works and rendering services.

In accordance with the subject of the Society's activities, its main tasks are:

Organization of production and sale of consumer goods (works and services) to the population;

Organization of wholesale and retail, intermediary activity;

Implementation transportation and the provision of transport services;

Implementation of foreign economic activity;

Carrying out other types of economic and commercial activities not prohibited current legislation and do not contradict the subject and the main tasks of the Society.

Legal status of the company:

Society acquires rights legal entity from the moment of its registration;

The company, in order to achieve the goals of its activities, has the right to conclude transactions on its own behalf, acquire property and non-property rights and bear obligations, be a plaintiff and defendant in court, arbitration court.

The Company is the owner of the property belonging to it, including the property transferred to it by the Participants. The Company carries out the possession, use and disposal of the property in its ownership in accordance with the goals of its activities and the purpose of the property;

The company is responsible for its obligations with all of its property;

The Company can create independently and jointly with other companies, partnerships, cooperatives, enterprises, firms, institutions and organizations on the territory of the Russian Federation, CIS countries and abroad subsidiaries, branches and representative offices;

Branches and representative offices are provided with fixed and circulating assets at the expense of the company;

The establishment of branches and representative offices abroad is governed by the current legislation of these countries;

Branches and representative offices have their own balance sheets, which are included in the balance sheet of the Company;

The Company is responsible for the obligations of its branches and representative offices;

The company independently regulates its production, economic and other activities, as well as social development collective. The plan is based on contracts concluded with consumers of products and services, and suppliers of material, technical and other resources, as well as decisions of the general meeting on planning the work of the Company;

Sales of products, performance of works and provision of services are carried out at prices and tariffs established by the Company independently or on a contractual basis;

The company can purchase and sell products (works, services) of enterprises, associations and organizations, as well as foreign firms in the Russian Federation and abroad;

Society has the right to attract Russian and foreign specialists to work, independently determine the forms, systems, amounts and types of remuneration.

Reorganization and liquidation of a company

Reorganization of the company (merger, acquisition, division, separation, transformation) is carried out by decision of the General Meeting of Members of the Company in accordance with Civil Code RF.

The liquidation of the company is carried out by the decision of the general meeting of participants or by the decision of the general court or the arbitration court in the cases provided for by the legislation of the Russian Federation.

The supreme governing body of the company is the General Meeting of Directors.

The General Director manages the current activities of the Company and is accountable to the meeting of participants.

General manager:

· Ensures the implementation of decisions of the General Meeting of Participants;

· Independently disposes of the financial assets and property of the Company;

· Acts on behalf of the Company without a power of attorney, represents it in all institutions and organizations both in the Russian Federation and abroad;

· Appoints officers of the Company, hires personnel, dismisses and dismisses employees in accordance with labor legislation;

· Conducts all kinds of transactions and other legal acts;

· Issues powers of attorney, opens settlement and other accounts of the Company in banks;

· Performs other functions arising from the charter.

2.2 Analysis of the financial stability of the enterprise PA "First Window Combine"

Analysis of the asset and liability balance.

reading reports

horizontal

vertical

trendy.

Also apply the following tables:

Table 2.1 Analysis of the asset for 2008.

Name of item Absolute.value.p Relative.value.p. Deviation Increase,% Starting year End of year Start year End of year Absolute.Relative 123456781.excessive assets 1.1.OS 1.2.NZS 1.3. income.investment 1.4. long-term investment 1.5 Postpone cash ak213481 26740 29071 14860 44275872 33695 26346 14860 8823.71 2.97 3.23 1.65 0.00527.52 3.36 2.63 1.48 0.00962391 6955 -2725 0 443.81 0.39 -0, 6 -0.17 0.004 29.23 26.01 -9.37 -100 100 Total 28419635086131.5734.99666653.4223.462 Total assets. 2.1. Stocks. 2.2.DZ 2.3.den.wealth 2.4.short-term investment 108289 470682 21198 - 142988 479716 20051 - 12.03 52.28 2.35 - 14.26 47.85 2.0 - 34699 9034 -1147 - 2.23 -4.43 -0.35 - 32.04 1, 92 5.41 -Total 61615465162968.4365.035475-3.435.76 Balance currency. 900350100249010010010214011.34

A conclusion can be drawn from this table. During 2007, the total amount of the company's property in monetary terms increased by about 3.4%. This positively characterizes the dynamics of development and expansion of the enterprise. The assets are dominated by current assets, whose shares at the beginning of the year amounted to 68%, and at the end of the year 65%. The absolute amount of the value of current assets decreased by 3.4%. This is due to the fact that the company is focused on increasing inventories. The company expands production capacity and also continues to invest in non-current assets and their share has increased from 31% to 34%.

Non-current assets of the enterprise are mainly represented by fixed assets, which positively characterizes the potential of the enterprise. Investments in construction-in-progress increased, and both a part of these investments grew by 3% to 3.4%, and their share was + 26%. This can negatively affect the results of business activities. Long-term financial investments remained at the same level, although their share decreased from 1.65% to 1.48%, therefore, the investment orientation of the enterprise is falling. This can undermine the financial results.

Stocks in absolute amount and in share have grown. This happened for finished products and raw materials and materials. This is due to the increase in revenue, as evidenced by information from Form No. 2. Thus, the entity's inventory policy is effective.

Accounts receivable increased insignificantly during the year, and revenue also increased. Consequently, the increase in accounts receivable is due to an increase in the number of buyers. But it can also be said that the company effectively manages accounts receivable, since revenue grows at a much faster rate than accounts receivable.

Cash at the beginning of the year was 2.35%, at the end of 2.0%, but their growth was 5%. This is a positive trend, which means an increase in solvency.

Table 2.2 Analysis of the asset for 2008.

Name of items Absolute value.p Relative value.p. Deviation Increase,% Start year End year Start year End year Absolute Relative value 1 Extra assets 1.1. OS 1.2. NZS 1.3. Income invested. 1.4. Long-term investment 1.5 Deferred cash act 1.6 Other 275872 33695 26346 14860 88 - 322263 97282 1127 10304 1301 92 27.52 3.36 2.63 1.48 0.009 0 23.37 7.05 0.08 0.75 0, 09 0.007 46391 63587 -25219 -4556 1213 92 -4.15 3.69 -2.55 -0.73 0.081 0.007 16.82 188.71 -95.72 -30.66 1378.41 100 Total 35086143236934.9931.3581508 -3.6423.2312 Total assets. 2.1. Stocks. 2.2.DZ 2.3.den.web 2.4.short-term investment 2.5. Others. 142988 480626 20051 - - 276167 587934 15403 61022 132 14.26 47.94 2.0 0 0 20.02 42.63 1.12 4.42 0.01 133179 107308 -4648 61022 132 5.76 -5.31 0 , 88 4.42, 01 93.14 22.31 -23.18 100 100 Total 65162994677765,068.653766563.6545.29 Balance currency 1002490137914610010037.57

During 2008, the total value of the company's property in monetary terms increased by about 38%. This positively characterizes the dynamics of development and expansion of the enterprise. This is confirmed by the data on the dynamics of the increase in the production potential of fixed assets by 17% and stocks by 93%. Current assets prevail in the composition of assets, the share of which at the beginning of the year was 65%, and at the end of the year 68%. The absolute value of assets increased by 45%. This is due to the fact that in its activities the company focuses on increasing reserves, which worsens the financial results of the company. However, cash, short-term financial investments and deferred expenses are increasing, which indicates an increase in the liquidity of the enterprise's property and its solvency.

In the structure of non-current assets, the largest share belongs to fixed assets, NZS at the beginning of the year 3.36%, at the end of 7.05%. This is a consequence of the fact that some of the constructed facilities were put into operation and transferred to the category of fixed assets. Long-term financial investments at the beginning of the year 1.48%, at the end 0.75%. This decrease in the share is not associated with a change in the absolute amount, but is a consequence of a general change in the structure of assets.

Inventories have increased in absolute terms. This happened due to the fact that deferred expenses increased. This is due to the increase in revenue, as evidenced by information from Form No. 2. Thus, the enterprise's inventory policy is effective in principle.

Accounts receivable increased during the year, and revenue also increased. Consequently, the increase in accounts receivable is due to an increase in the number of buyers. But it can also be said that the company is not very effective in managing accounts receivable, since revenue is growing at the same rate as accounts receivable.

Cash at the beginning of the year was 2.0%, at the end of 1.12%, and in total they decreased. On the one hand, this is an alarming trend, which means a decrease in solvency, on the other, it means that money works.

Table 2.3 Analysis of liabilities for 2007.

Indicators Absolute indicators, thousand rubles Relative indicators, thousand rubles Increase,% N.y.K.y. deviation N.y.K.y. deviation 1.capital and reserves 1.1. .k-l 1.3.res.k-l 1.4.unsplat.prib. 1.5. Targeted finance 4651 156030 233 561728 484 4651 156030 233 684780 372 0 0 0 123052 -112 0.52 17.33 0.03 62.39 0.05 0.46 15.56 0.02 68.31 0.04 -0.06 -1.77 -0.01 5.92 -0.01 0 0 0 21.91 -23.14 Total 723126846066 -105480.3284.44.0817.02 obligations 2.1 long-term 2.2 short-term 2.2.1. Short term credits and loans 2.2.2. credit. back 3977 - 173247 8280 - 148144 4303 - -25103 0.44 - 19.24 0.43 - 14.78 -0.01 - -4.46 108.2 - -14.49 Total 173247148144 -2510319.2414, 78-0.47-14.49 Balance currency 900 350 100 2490 102 140 10010011.34

Based on this table, we can conclude:

The share of equity capital in the total structure of sources of property formation at the beginning of the year was approximately 80%, and at the end - 84%. Such a ratio for the enterprise is, on the one hand, positive, since equity capital is increasing, and on the other, not very positive, since by the end of the year there is a tendency to increase long-term liabilities, this can lead to dependence on creditors.

Analyzing the structure of equity capital, the following conclusions can be drawn:

Ø The largest share is occupied by additional capital at the beginning of 17.33%, and at the end of 15.56%.

Ø The authorized capital did not change in absolute amount, decreased in terms of the share in liabilities, albeit insignificantly, this is due to a change in the structure of liabilities - an increase in the share of equity capital.

Ø The company has retained earnings, which means that the company has improved its financial results.

Ø The reserve capital is very small. This may be a consequence of a change in the structure of liabilities, since long-term liabilities have increased significantly.

During the year the company preferred short-term liabilities, while the share of long-term liabilities at the beginning of the year was 0.44%, and at the end of 0.43%. The share of short-term liabilities at the beginning of the year is 19.24%, and at the end of 14.78%, although they are decreasing, this still plays a negative trend in the eyes of external information users, since it means that the company is not very obligatory in relation to its debts, their repayment.

Table 2.4 Analysis of the liability for 2008.

Indicators Absolute indicators, thousand rubles Relative indicators, thousand rubles Increase,% N.y.K.y. deviation N.y.K.y. deviation 1.capital and reserves 1.1. .k-l 1.3.res.k-l 1.4.unsplat.prib. 1.5 targeted finance 4651 156030 233 684780 372 4651 156030 233 960182 - 0 0 0 275402 -372 0.46 15.56 0.023 68.31 0.037 0.34 11.31 0.017 69.62 0 -0.12 -4.25 - 0.006 1.31 -0.037 0 0 0 40.22 -100 Total 846066112109627503084.3981.29-3.132.512. Liabilities 2.1. Long-term 2.2. Short-term 2.2.1. Short-term credits and loans 2.2.2. credit. set 8280 - 148144 20070 4000 233990 11780 4000 85846 0.83 - 14.78 1.46 0.29 16.97 0.63 0.29 2.19 142.27 100 57.95 Total 1481442379908984614.7817.262, 4860.65 Balance currency 100249013791463766561001000.0137.57

Based on this table, we can conclude:

The share of equity capital in the total structure of sources of property formation at the beginning of the year was approximately 84%, and at the end of 81%. This ratio is positive for the company, since although there is a slight decrease, there is an increase in equity capital, but also increased by the end of the year, and short-term liabilities can be dangerous for the company as it can lead to dependence on creditors.

Analyzing the structure of equity capital, the following conclusions can be drawn:

Ø The largest share is occupied by retained earnings at the beginning of 68.31%, and at the end of 69.62%. This is a positive trend, which means that the company has improved its financial results.

Ø Additional capital at the beginning is 15.56%, and at the end 11.31%.

Ø The authorized capital did not change in absolute amount, decreased in terms of the share in liabilities, this is due to a change in the structure of liabilities - an increase in the share of equity capital

Ø The reserve capital is very small. This may be a consequence of a change in the structure of liabilities, as short-term liabilities have increased.

During the year the company preferred short-term liabilities, the share of long-term liabilities at the beginning of the year was 0.83%, and at the end - 1.46%. Generally, short-term debt increased at the beginning of 14.78%, and at the end of 16.97%. This negatively characterizes the company in the eyes of external users of information, as it means that the company is not necessarily in relation to its debts, their repayment.

3 Analysis of indicators of the financial stability of the enterprise

The stability of an enterprise is a condition for its survival and stability. It is formed under the influence of the following factors:

The position of the enterprise in the product market;

Degree of dependence on lenders and investors;

The presence of insolvent debtors;

The degree of efficiency of financial transactions.

The analysis is carried out in 3 stages:

Three main indicators are calculated that characterize the sources of reserves and costs:

a) Availability of own and working capital (SOS)

SOS \u003d equity - non-current assets \u003d lines 490-190

The presence of a SOS means that the enterprise has enough own funds to cover the need for long-term and non-current assets, as well as to acquire current assets. This is a positive trend.

b) Own and long-term borrowed sources of formation of reserves and costs (SD)

SD \u003d COC + long-term liabilities \u003d lines 490 + 590-190.

c) The total value of the main sources of reserves and costs (OI)

OI \u003d SD + current liabilities \u003d Lines 490 + 590 + 690-190

Calculation of indicators for ensuring reserves and costs of sources of their formation:

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

∆СОС \u003d СОС - stocks (line 210)

b) Surplus (+) or lack (-) own and long-term sources of formation of stocks and costs:

∆СД \u003d СД - stocks (line 210)

c) Surplus (+) or shortage (-) of the total value of the main sources of formation of stocks and costs:

∆OI \u003d OI - stocks (line 210)

These indicators are absolute indicators of financial stability. In order to characterize the financial situation, 4 types of financial stability are used:

Determination of the type of financial stability:

a) Absolute stability:

∆СОС\u003e \u003d 0

∆SD\u003e \u003d 0 S \u003d (1; 1; 1)

∆ОИ\u003e \u003d 0

b) Normal stability:

∆СОС< 0

∆ОИ\u003e \u003d 0

c) Unstable financial condition:

∆СОС< 0

∆SD< 0 S={0;0;1}

∆ОИ\u003e \u003d 0

d) Crisis financial condition:

∆СОС< 0

∆SD<0 S={0;0;0}

∆ОИ<0

Relative indicators characterizing the financial stability of the enterprise:

Financial risk ratio:

K1 \u003d Liabilities / Equity

Funding ratio:

Financial independence ratio:

К3 \u003d equity / balance sheet currency

4. The ratio of financial dependence:

К4 \u003d liabilities / balance sheet currency

Coefficient of provision of stocks of own funds of financing sources:

K5 \u003d SOS / reserves

Equity ratio of current assets:

K6 \u003d SOS / current assets

Financial stability ratio:

К7 \u003d equity + long-term liabilities / balance sheet currency

Equity capital flexibility ratio:

K8 \u003d SOS / equity

Permanent asset index:

K9 \u003d non-current assets / equity

Long-term borrowing ratio:

К10 \u003d long-term liabilities / equity + long-term liabilities

Real property value ratio:

К11 \u003d property value + fixed assets + raw materials, materials + WIP / balance sheet currency.

Financial stability analysis based on data from the balance sheet of Pervy Okonny Kombinat LLC:

Table 2.5 Analysis of financial stability using absolute indicators.

No. Indicators 2007 n.y. 2007.y.2008.y1СОС - Availability of own circulating assets 4389304952056887272СД - Availability of own and long-term borrowed sources of financing stocks and costs 4429075034857087873 ОИ - the total value of the main sources of formation of stocks and costs 4429075034857087874 D SOS 3306413522174125605 D SD3346183604974326206 D OI334618360497432620

Based on this table, we can conclude:

The company has an absolutely stable financial condition due to the fact that the company has enough own funds to cover the needs for long-term and non-current assets. By the end of 2008, the situation had not changed, the financial condition was also stable, own funds increased, non-current assets also increased, and short-term liabilities also increased. As a result, the company is able to fully finance the needs from its own funds. This is a positive trend.

3.Increasing the financial stability of the enterprise

1 Ways to improve the financial stability of the enterprise

Based on the conclusions from the analysis of the financial statements of Pervy Okonniy Kombinat LLC, we can say that, in general, the enterprise is developing quite well, but still I would give the enterprise several recommendations.

Considering the financial stability, we can conclude that the company is financially stable, revenue and equity are growing, but equity is increasing at a faster rate than their revenue is not enough for sufficient coverage in non-current assets. Short-term liabilities are also growing.

To increase financial stability, borrowed funds can be used within the normal ratio between equity and borrowed funds, which should lead to an even greater increase in revenue and, as a consequence, an increase in equity capital and a decrease in coverage of the need for non-current assets.

With growing revenues, it is possible to achieve significant repayment of short-term loans and borrowings.

The analysis of the return on assets and equity capital shows a generally positive trend, but there are also drawbacks. I would recommend to the company to ensure more efficient use of property so that its revenue grows faster. According to the analysis of equity capital:

Use the available borrowing power to ensure the effective impact of borrowed funds on P S.K , i.e. attract long-term loans.

Support further positive impact on P S.K factor P r

To do this, continue the policy of effective resource management of the enterprise. Considering work with clients as the main source of the resource base, the company seeks to maintain a leading role in the market for the production of such products. Taking into account the intensification of competition in this market, the increasing demands of citizens for quality standards and technologies, the company considers the task of improving the quality of service and providing each client with a wide range of products as a priority, striving to become a “home” company for clients of all social and age groups. The fulfillment of this task will ensure a significant increase in sales volumes, increase the attractiveness of the enterprise for customers, and ensure further growth in profitability. Business organization features make it possible to create unified service packages and mass sales of products. In this regard, the company intends to significantly increase the number of customers and the volume of sales of products and services, primarily through the formation of a comprehensive service system for this category of customers. Fulfillment of this task will ensure a significant growth of the enterprise's business and increase its efficiency.

2 Development and implementation of a program to improve the financial stability of the enterprise "First Window Factory"

Based on the results of the assessment of the financial condition, it can be concluded that the enterprise LLC "First Window Combine" faces the problem of improving its production and commercial activities. His financial policy solves short-term tasks that give positive results only today with a possible negative effect in the future, which is largely due to the lack of a financial strategy.

The transition to a market economy, the organization of production with various forms of ownership and management require a more thorough and systematic (integrated) approach to the analysis of the financial condition of the enterprise and the need to develop a financial strategy.

Proposals for the formation of the financial strategy of the enterprise are presented in Table 3.1, which proposes measures to restore financial stability and support the effective economic activity of Pervy Okonny Kombinat LLC

Table 3.1 Proposals for the formation of the financial strategy of the enterprise, thousand rubles

Objects of the financial strategyComponents of the financial strategyProposals for the formation of a financial strategyAffect the sections of the balance sheetOption 1Option 2Income and receiptsOptimization of fixed and circulating assets Policy in the field of securitiesIncrease of fixed assets through: - the acquisition of "know-how" to increase competitiveness in the market - sale of products and services in new regions - issue of shares for its employees - 300 200 1000 500 - Expenses and deductions Optimization of profit distribution Profit distribution for: - consumption - development of production - payment of dividends 500 500 - - - - Policy in the field of securities - performance of works free of indirect taxes - purchase of shares of a commercial bank - 2000 500 2000 Relations with the budget Optimization of profit distribution Optimization of tax payments - Reducing the amount of tax payments from taxable profits by creating a reserve fund - reducing property tax by reducing assets and by the end of the year - performance of work that is not subject to indirect tax 2000 300 - - 400 400 Credit relationships Optimization of fixed assets and working capital Optimization of profit distribution - Inclusion of know-how value in the price of products - obtaining a short-term loan - creating a reserve fund - 500 2000 1000 2000 -

The basis of the proposed options for the financial strategy is the policy of increasing the company's own working capital in order to maintain its solvency. Under the first variant of the financial strategy, this is supposed to be done by increasing long-term loans and borrowed funds by 2000 thousand rubles. compared to the 2007 reporting period. In the second option, the emphasis is on building up short-term borrowed funds - it is proposed to obtain a short-term loan in the amount of 2001 thousand rubles. Simultaneously with the growth of long-term and short-term borrowed funds, an increase in the amount of stocks and costs of the enterprise is expected (with the 1st option by 300 thousand rubles, with the second - by 500 thousand rubles).

The results of the analysis of the financial stability of the enterprise before and after the implementation of the financial strategy will be summarized in the final table (Table 3.2).

When analyzing the financial stability of the enterprise, it was found that the financial condition of the enterprise at the beginning and end of the period under review is in crisis.

With the implementation of the proposed measures, we observe an increase in the stability of the enterprise LLC "First Window Combine".

To overcome the crisis and further develop, it is necessary to develop a program for the financial recovery of the enterprise, which includes both a plan for cardinal changes in the activities of the enterprise (re-profiling) and solving the problem of debt obligations.

One of the ways out of the crisis situation can be recommended by LLC "Pervy Okonny Kombinat" capital investment by borrowing.

Table 3.2 Results on proposals for the formation of an internal general financial strategy, thousand rubles

Financial soundness indicators 2008 godaVariant 1Variant 2Istochniki own sredstv372469247724Osnovnye funds and other non-current aktivy680765077407Nalichie working capital-3083417317Dolgosrochnye loans and borrowings sredstva320152013701Nalichie equity and long-term borrowed sources of formation of reserves and zatrat1185618 4018Kratkosrochnye loans and borrowings sredstva608475848084Obschaya value of the main sources of formation of reserves and 62021320212102Velichina cost reserves and zatrat332936293828Izlishek (+) or shortage (-) own circulating assets-6412-3212-3511 Surplus (+) or shortage (-) own and long-term sources of formation of stocks and costs-32111989190 Surplus (+) or shortage (-) of the total amount of the main sources of formation of stocks and costs 287395738274 Type of financial situation Unstable Relatively stable Relatively stable

The analysis data show that certain measures must be taken to improve the financial stability of Pervy Okonny Kombinat LLC. To do this, it is necessary to achieve an increase in the share of the main sources of formation of stocks and costs in the total amount of sources of funds. This can be achieved in three ways:

) Increase in the size of own sources of funds - carried out by increasing the size of the authorized capital, as well as at the expense of profit (the second option, taking into account losses for the analyzed period, cannot give special results).

) Increasing the size of borrowed sources of funds - achieved by attracting long-term and short-term bank loans. Given the current economic situation, the company can at best hope to receive short-term loans.

) Revision of the weighted average stocks of products in warehouses for the day, week, month. Perhaps the size of the inventory is unreasonably overstated, which, of course, affects the accounts payable, the amount of which should be reduced.

When analyzing the current assets of Pervy Okonniy Kombinat LLC, much attention should be paid to accounts receivable. In the presence of competition and the difficulty of marketing products, enterprises sell them using forms of subsequent payment, therefore accounts receivable are an important part of working capital and have a significant impact on the financial condition of the enterprise.

Thus, the solvency and stability of the financial condition of Pervy Okonny Kombinat LLC can be further increased by:

) acceleration of capital turnover in current assets, as a result of which there will be a relative decrease in turnover per ruble;

) replenishment of own working capital at the expense of internal and external sources, i.e. increasing the share of own funds in the sources of covering current assets;

) adjusting the flow of payments in order to reduce the need for monetary assets, to ensure the acceleration of the turnover of monetary assets;

) use the opportunity to obtain long-term loans and credits in entrepreneurial activities;

) optimization of cashless settlements (use of a bill as a means of payment).

Conclusion

The work analyzes the economic activities of LLC "First Window Combine", specializing in the production of plastic windows. Based on the analysis performed, we will draw the following conclusions. The improvement in the use of fixed assets at the enterprise is noted. The depreciation rate during the entire analyzed period did not change and amounted to 65-70%, which indicates the deterioration of the company's fixed assets. The number of employees of the enterprise decreases during the period of analysis, the level of staff turnover at the "First Window Combine" LLC is not high. The wage fund, labor productivity and average wages are increasing annually.

In the work, on the basis of various methods of domestic authors, methods and indicators for assessing the financial stability and solvency of an enterprise are presented. The financial analysis of "Pervy Okonny Kombinat" LLC was carried out, on the basis of which the following conclusions can be drawn.

There was an increase in the share of non-current assets in the asset of the company's balance sheet. The share of equity capital tends to decrease, which characterizes the decrease in the financial independence of Pervy Okonny Kombinat LLC. The enterprise is financially stable, this is proved by the absence of overdue accounts payable, payments to the budget and off-budget funds, and arrears to employees for wages. The structure of the balance sheet of Pervy Okonny Kombinat LLC is satisfactory, as evidenced by the very high values \u200b\u200bof liquidity indicators. The current and quick liquidity ratios correspond to the recommended minimum values. The company also has absolute liquidity.

In market conditions, when the economic activity of an enterprise and its development is carried out at the expense of self-financing, and in case of insufficient own financial resources - at the expense of borrowed funds, an important analytical characteristic is the financial stability of the enterprise. At the end of 2007 and 2008 in LLC "First Window Kombinat" three-component indicator of the financial situation S \u003d (1; 1; 1). Thus, the financial stability in this period can be considered unsatisfactory.

Thus, by the end of 2008, all indicators characterizing the solvency of Pervy Okonny Kombinat LLC are below the norm. All this worsens the possibilities and reduces the flexibility of the implementation of various investment projects, both in-house and outside the enterprise.

One of the reasons for the deterioration of the solvency of Pervy Okonny Kombinat LLC may be the misuse of working capital: diversion of funds into accounts receivable, investment in excess stocks and for other purposes that temporarily do not have funding sources. As the company expands its activities, the reasons for its insolvency lie in the irrational use of profits, diversion of funds into accounts receivable, freezing funds in excess of production inventories, errors in determining the pricing policy.

The management of the enterprise LLC "Pervy Okonny Kombinat" should take measures in the following areas: reducing the share of accounts payable in the composition of sources of funds; reduction in the average turnover of receivables; attraction of borrowed funds. This can be achieved through the use of bank loans as well as the implementation of an effective receivables management policy.

The financial stability of Pervy Okonny Kombinat LLC can be restored by:

acceleration of capital turnover in current assets, as a result of which there will be a relative decrease in turnover per ruble;

reasonable reduction of inventories and costs (up to the standard);

replenishment of own working capital at the expense of internal and external sources.

First of all, it is necessary to pay due attention to marketing activities, that is, to conduct the necessary marketing research to find new sales markets and buyers. It is also necessary to develop measures to manage accounts receivable, as its growth is observed. For this, we can recommend the development of a discount system for various buyers.

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Introduction

Relevance of the research topic. Periodic instability of the economy of modern Russia puts many enterprises in the country in conditions of strict control over their financial stability. The financial stability of an enterprise is due to the constancy of the economic environment in which it operates, and also depends on the results of its functioning, active and effective response to changes in internal and external factors.

A financially stable enterprise has advantages in attracting investments, obtaining loans, choosing suppliers and consumers; it is more independent of an unexpected change in market conditions, therefore, it has less risk of being insolvent and on the brink of bankruptcy.

The financial stability of an enterprise intensively affects all aspects of financial performance, but most enterprises underestimate its importance.

The position of an enterprise can be recognized as financially stable if, with adverse changes in the external environment, it retains the ability to function normally, timely and fully fulfill its obligations for settlements with hired personnel, suppliers, banks, payments to the budget and extra-budgetary funds, and at the same time fulfill its current plans and strategic programs.

The topic of graduate qualification work is of particular importance for enterprises operating in unstable external conditions (such are the conditions of the modern Russian economic environment), since external instability must be compensated for by strengthening internal control over ensuring financial stability.

The topic of the final qualification work is becoming even more urgent due to the fact that in the very recent past, due to the international economic crisis in August 2008, a radical restructuring of Russian financial and economic relations took place.

To overcome the crisis situation in Russia, the market economy poses previously unheard of problems, one of which today is ensuring the economic stability of development.

Solving the problems of stabilizing the position of the organization requires finding sources of financial resources, their rational distribution, effective use in the course of financial analysis, which assesses the financial stability of an economic entity.

Thanks to the analysis, it is possible to investigate planned, actual data, identify reserves for increasing production efficiency, evaluate performance results, make management decisions, and develop an enterprise development strategy.

Thus, the importance of financial stability in the activities of the enterprise is noticeable, as well as the constant maintenance of it at a certain level favorable for the organization, and the development of measures that contribute to the effective growth of the financial stability of the company.

goal final qualification work is expressed in the analysis of the financial stability of the enterprise and the development of recommendations for its strengthening.

To achieve this goal in this work, the following were identified and resolved. tasks research:

To study the conceptual apparatus of financial stability, namely: to reveal the concept, essence and factors of financial stability of an enterprise, to study the methodological foundations of analyzing the financial stability of an enterprise, to reveal the role of financial analysis for a modern enterprise;

Analyze the financial condition of the enterprise;

On the basis of financial analysis, develop ways to improve the financial stability of the enterprise.

Research object serves the financial and economic condition of the small enterprise LLC "Leader".

Subject of study - analysis of ensuring the financial stability of LLC "Leader".

As theoretical basis The work used the works of scientists in the field of financial management: E.C. Stoyanova, V.M. Rodionova, A.P. Kovalev, B.B. Kovaleva, A.D. Sheremet, M.H. Kreinina, B.B. Bocharova, L.T. Gilyarovskaya, A.B. Grachev and others.

Used in the work methods financial and express - analysis of financial and economic activities, factor analysis, incremental analysis, traditional methods of economic statistics, methods of expert estimates, methods of planning, forecasting, economic and mathematical modeling, other economic - mathematical and economic - statistical methods.

The practical significance of the work. Assessment and analysis of the financial condition of LLC "Leader" made it possible to give a real assessment of the financial position of the enterprise and, on the basis of the results obtained, to develop proposals to improve the financial stability of LLC "Leader".

Structure work due to the tasks set in the study. Chapter one is devoted to the theoretical study of the financial stability of the enterprise. The second chapter analyzes the financial position of Leader LLC. On the basis of the results of the analysis, in the third chapter of the work, ways of increasing the financial stability of the enterprise are developed.

Chapter 1. Theoretical bases for the financial stability of the enterprise

1.1. Concept, essence and indicators of the financial stability of the enterprise

Any science is based on generally accepted, grounded theoretical concepts. The interpretation in the professional financial lexicon of the term - financial stability, remains very vague and ambiguous. Analysts in foreign economic literature and world practice reveal the concept of financial stability in different ways.

Financial stability is "the ability of a business entity to function and develop, 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."

"Financial stability (Long - Term Solvency) - the ability of a company to maintain a targeted structure of funding sources."

The essence that gave the opinion is predetermined by this circumstance, that, at first, free sources of funding practically cannot and, secondly, the cost of sources changes. The formulated thesis says o what is theoretically possible to optimize the structure of funding sources.

On the financial stability of the established condition, it is possible to structure kak:

Current - during a specific moment in time;

Potential - associated with transformations of the account c, changing external conditions;

Formal - created and maintained by the state, from the outside;

Real - in the condition of competition from the account of opportunities for the implementation of expanded production (Figure 1.1).

As a result of the realization that - or the financial condition of economic enterprises of the operation may remain unchanged, improved or worsened.

Figure: 1.1. Types of the financial stability of the enterprise

"The ability of an enterprise to make payments of time for good 0, finances its activities in an extended base, bears occasional shocks and maintains its solvency in witnesses to the circumstances of a shortage o its () a solid financial condition, and vice versa." "The financial stability of an enterprise is the ability of the subject of management to operate and develop, maintain a balanced own asset and responsibility in changing the internal and external environment, which guaranteed its solvency () and investment attractiveness in the long term at the marginal possible risk level." Financial stability reflects the constant surplus of proceeds over costs and resource conditions that provide free maneuvering of funds in the organization and the way of their effective use promotes a sustainable process in economic activity, expansion and renewal. It reflects the correlation of own and borrowed capital, indicators of accumulation of own capital as a result of the flow, investment and financial activities, mobile correlation and immobilized funds in the organization, a sufficient free own source of security.

"Financial sustainability is the main component to constitute sustainability in an organization, so that it is a stable resulting excess of a typical indicator of revenue over costs." ee Boundaries of the Definition corresponds to the account; calculate; indicate the most important economic problems in a market economy, so that as insufficient financial stability can lead to insolvency of organizations, excess - will prevent development, overloading the cost of excessive stock and reserves.

Consequently, financial stability should be charaterized by such a financial resource of the condition, which, on the one hand, bes up to the quality market, on the other hand, the answers need to be developed in the organization.

Hence, the essence of financial stability is determined by the effective formation, distribution, financial resource use, and the form of its manifestation () may be different.

It should also be noted that financial stability is a complex concept with external forms of manifestation, which is formed in the process of the whole financial - economic activity, living under the influence of another indicator of the set. So in the next paragraph of the course work, the main indicators that affect the financial stability of the enterprise are considered.

The financial position of an enterprise is considered a firm if it covers its own funds at least 50% of the financial resources necessary for the implementation of normal economic activities, effectively uses financial resources, maintains financial, credit and accounting discipline, in other words, solvent. The financial position is determined in the base of analysis of liquidity and solvency, as well as an assessment of financial stability.

Financial stability is due to both the stability of the economic environment in which the activities of the enterprise are implemented, so that from the result of its operation (), its () active and effective response to changes in the internal and external indicators.

The financial stability of the subject of management, even in a separate indicator, can be influenced by multiple and portable reasons.

"The reason for the unfavorable position in the organization, in general, is the system of macroeconomic reasons, in the condition of a sloppy economy" especially. A solid financial condition has been achieved in equity capital adequacy, a prettier asset quality has been obtained, a sufficient level of income and financial risk accounting, liquidity adequacy, incom stable and ample opportunity for borrowed funds to attract.

To ensure a financial institution of stability, it must have a flexible capital structure, know how to organize its movement () in order to ensure a constant surplus of proceeds over the costs of maintaining solvency and obtaining conditions for self-financing.

The financial condition can be hard, unstable (pre-crisis) and crisis. "The ability in the organization for a good time to make payments, fund its activities in an extended base, suffer occasional shocks and maintain its solvency in witness to the circumstance of a shortage o his () solid financial condition, and vice versa." Solvency is an external manifestation of the stability of the form of the company's financial condition.

Financial stability is "a form of internal manifestation of the stability of a financial condition for an organization that ensures stable solvency, in which the balance is an asset of lies and responsibility, incom and costs, positive and negative financial flow."

The financial stability of organizations is influenced by the indicator column, which possibly classifies:

In the place of the beginning - in the external and internal;

In the meaning of the result - based and secondary;

In structure - on simple and complex;

The time of action is permanent and temporary.

Thus, the financial activity of any enterprise presents itself with a complex of interrelated processes, hanging from a numerous and varied indicator.

Discovery and index of systematization are subordinated to a specific goal. An enterprise arises simultaneously both an object and an object of market relations, which have a mixed ability to influence a mixed indicator according to the speaker, most of all, among which - internal and external. Internal indicators directly depend on the degree of management of the enterprise, the second external to him, their change is almost beyond the control of the enterprise.