INTRODUCTION

Relevance of the topic. In financial conditions economic crisis commercial organizations are forced to reconsider the terms of contracts with suppliers and customers; All the attention of the organization's management is aimed mainly at finding reserves for reducing costs. The financial and economic crisis is a kind of “exam” for commercial organizations; In a crisis, only those economic entities whose management has managed to adapt to changing macro- and microeconomic indicators will be able to function. During the crisis, the number of non-payments and the use of bankruptcy procedures increases. In this regard, many organizations lose regular customers and suppliers. In order to function, organizations are forced to establish correspondent relationships with other, unfamiliar counterparties.

The financial stability of the enterprise is one of the key characteristics financial condition, representing the most intensive, concentrated indicator reflecting the degree of safety of investing in this enterprise. This is a property of financial condition that characterizes the financial viability of an enterprise. Managing financial stability is an important task throughout the existence of an enterprise in order to ensure independence from external counterparties (external financial stability - stability to meet one’s debts and obligations) and the rationality of covering assets with sources of their financing (internal financial stability).

Before establishing business relationships with potential business partners, it is necessary to assess the extent of their financial stability. Financial stability is, first of all, the degree of independence of an organization from borrowed sources of financing; the degree of security of the organization's assets with its own funds. Establishment business relations with a financially unstable partner can result, for example, in a breakdown production process due to untimely delivery of raw materials. The result is downtime and associated additional costs. In a crisis, not every organization will be able to withstand the additional costs. In this regard, the systems of indicators are of particular relevance, allowing to most accurately determine the degree of financial stability of a potential business partner and, accordingly, reduce the risk of establishing business relations with a financially unstable counterparty.

Analysis of the financial stability of an organization allows you to answer the questions:

How independent is the organization from a financial point of view?

Is the financial position of the organization stable?

The purpose of the thesis is to develop recommendations for improving the financial stability of the enterprise OAO Neftekamskshina.

Based on the purpose of the study, the following tasks were set in the work:

Consider the theoretical and methodological foundations of the analysis, in particular the essence, meaning, structure and methodology of financial stability analysis;

Study the main approaches to assessing the financial stability of an enterprise;

Conduct an analysis of the financial stability of the enterprise on the example of JSC "Neftekamskshina" for 2007-2009;

On the basis of absolute and relative indicators, propose ways to improve the financial stability of the enterprise OJSC Neftekamskshina;

The object of the study was the enterprise OJSC Neftekamskshina.

The subject of the study was the problematic aspects of the financial stability of the enterprise.

The theoretical basis of the study was: the laws of the Russian Federation, regulations and documents, the works of domestic and foreign scientists and economists on the analysis of the financial stability of an enterprise, namely Savitskaya G.V.; Taburchak P.P.; Endovitsky D.A.; Lyubushin N.P.; Kovalev V.V. and others. Also materials of periodicals and scientific-practical conferences on the problem under consideration.

The works of Professor V.V. deserve special attention. Kovalev, distinguished by a high degree of scientific character. In his works, considerable attention is paid to indicators and models for assessing the financial stability of an organization based on balance sheet data.

The information basis of the study was the forms of financial statements of PJSC (Public company since 2014 under the Civil Code of the Russian Federation) Neftekamskshina:

Form No. 1 - Balance Sheet;

Form No. 2 - Profit and Loss Statement;

Form No. 3 - Statement of changes in capital;

Form No. 4 - Cash Flow Statement;

Form No. 5 - Appendix to the balance sheet;

Annual report.

Assessing the financial stability of an organization based on balance sheet data is very reasonable, since it contains significant information about the financial condition of the organization. It should also be noted that the balance sheet is the most accessible source of information, which is a significant factor. In stable market economy and in conditions of the financial and economic crisis, the balance sheet as the main form financial statements is business card economic entity.

As a methodological basis for the study, such methods of general scientific research as analysis and synthesis, a logical approach to assessing economic phenomena, comparison of studied indicators, the method of financial ratios and a systematic approach, etc. were used.

Systems approach is based on a deep study of objects as complex systems that consist of individual blocks in interconnection and interdependence. A systematic approach allows you to study an object in detail and get a complete picture of it.

The practical significance of the thesis lies in the development practical recommendations to improve the financial stability of the analyzed enterprise.

The thesis consists of an introduction, three chapters, a conclusion, a list of used sources and literature.

The first chapter discusses in some detail theoretical basis financial stability analysis, in particular the essence, meaning, main approaches, structure and methodology of financial stability analysis.

The second chapter provides a detailed analysis of financial stability based on practical data from OJSC Neftekamskshina for 2007-2009.

The third chapter formulates the main ways to increase the financial stability of the analyzed enterprise.

1. Theoretical and methodological foundations for analyzing the financial stability of an enterprise

1.1 The essence and significance of financial stability in the activities of an enterprise

In the context of the financial and economic crisis, commercial organizations are forced to reconsider the terms of contracts with suppliers and customers; All the attention of the organization's management is aimed mainly at finding reserves for reducing costs. The financial and economic crisis is a kind of “exam” for commercial organizations; In a crisis, only those economic entities whose management has managed to adapt to changing macro- and microeconomic indicators will be able to function. During the crisis, the number of non-payments and the use of bankruptcy procedures increases. In this regard, many organizations are losing regular customers and suppliers. In order to function, organizations are forced to establish correspondent relationships with other, unfamiliar counterparties.

Before establishing business relationships with potential business partners, it is necessary to assess the degree of their financial stability.

Any organization belongs to an open socio-economic system, in which the following properties can be distinguished:

The socio-economic system functions in time, interacts with the external environment and at any moment can be in one of the possible states predetermined by the life cycle curve;

The “input of the system” receives resources, and the “output” produces results (products, work, services);

Within the system, based on the technologies used, incoming resources are converted into results;

Under the influence of the external environment, deviations of specified development indicators arise within the system, which are a factor that predetermines the transition of the system from one state to another and lead to adaptation of the input and output parameters of the system;

The development of a socio-economic system should be considered sustainable when a minimum gap is achieved between its specified and actual characteristics, subject to minimal costs to ensure such a stable state.

Thus, the organization develops under the condition of ensuring sustainability, otherwise it may not come out of the next deviation from sustainable development (crisis). Sustainability is a factor in the development of the system.

Financial sustainability is one of the the most important characteristics financial condition of the organization. The works of both domestic and foreign authors show that the concept of “financial stability” is based on the optimal relationship between the types of assets of the organization (current and non-current, taking into account their internal structure) and the sources of their financing (own and borrowed funds).

The sustainability of an organization operating in a market economy is one of the most important factors assessing its competitiveness.

The factors that determine the financial stability of an organization are shown in Figure 1.1.

Before defining financial stability, it is necessary to address the terminological side of this issue. Thus, V. Dahl gives the definition of the original concept of “stability” from the word “to resist, to stand against someone, something - to stand firm, to withstand, to successfully resist force, to withstand, not to give in.” Steady, steadfast, strong, firm, not shaky.” In other words, we can say that resilience is steadfastness, not being subject to the risk of losses and damages, consistency.

Figure 1.1 - Components of the financial stability of an organization

Ozhegov S.I. in his Dictionary of the Russian Language gives a similar interpretation of the concept - “sustainable” and “finance”. Steady - standing firm, not wavering, not falling, not subject to fluctuations, constant, steadfast, firm. The word "finance" is revealed as cash, element of national economic turnover, money, monetary affairs.

From the point of view of M.V. Melnik, the financial condition is considered stable if the organization has a sufficient amount of capital to ensure the continuity of its activities related to the production and sale of products in a given volume, as well as to fully and timely repay its payment obligations to personnel wages, the budget for paying taxes and suppliers for supplies and services received from them, to generate funds for the renewal and growth of non-current assets.

L.I. Kravchenko also does not give a direct definition of the financial stability of the enterprise, but points out that the stable financial position of the enterprise is characterized primarily by the constant availability of funds in bank accounts in the required amounts, the absence of overdue debt, the optimal volume and structure of current assets, their turnover, rhythmic development of product output, trade turnover, profit growth, etc. .

In turn, L.A. Bogdanovskaya, G.G. Vinogradov argue that the concept of financial stability of an enterprise is closely related to long-term solvency. Assessing financial stability allows external subjects of analysis (especially investors) to determine the financial capabilities of an enterprise for the long term. Since in a market economy, the implementation of the production process, its expansion, and the satisfaction of various needs of the enterprise are carried out through self-financing, and if they are insufficient, through borrowed funds, financial independence from external borrowed sources is of great importance, although it is difficult to do without them. Therefore, the ratio of debt, equity and total capital is studied from various positions.

V.V. Bocharov is one of the few who does not present financial stability as a group of characteristic indicators, but gives a formulation of the definition of financial stability: the financial stability of an economic entity is such a state of its monetary resources that ensures the development of the enterprise mainly due to own funds while maintaining solvency and creditworthiness with a minimum level of business risk.

Financial stability is a goal-setting property financial analysis, and the search for goal-setting opportunities, means and methods of strengthening it has a deep economic meaning and determines the nature of its implementation and content, says L.T. Gilyarovskaya.

In our opinion, G.V. reveals the problem of the financial stability of the enterprise in the most detail. Savitskaya: “The financial stability of an enterprise is the ability of a business entity to function and develop, to maintain the balance of its assets and liabilities in a changing internal and external environment guaranteeing its constant solvency and investment attractiveness within the acceptable level of risk.”

The difference between real equity capital and authorized capital is the main initial indicator of the stability of the financial condition of the enterprise.

Many foreign authors emphasize that the financial stability of an organization is determined by rules aimed at simultaneously maintaining the balance of financial structures and avoiding risks for investors and creditors. In their opinion, it is advisable to measure financial stability by indicators characterizing different kinds the relationship between own and borrowed sources of funds used to form property reflected in the balance sheet asset.

An analysis of the stability of the financial condition on a particular date allows you to find out 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 development needs of the enterprise, since insufficient financial stability can lead to the insolvency of the enterprise and a lack of funds for the development of production, and excess financial stability can hinder development, burdening the enterprise’s costs with excess inventories and reserves.

The financial stability of an enterprise is related to the overall financial structure of the enterprise and the degree of its dependence on creditors and debtors. For example, a company that is financed mainly by borrowed money may go bankrupt if several creditors demand their loans back at the same time. In this case, the structure of the enterprise “equity capital - borrowed capital” has a significant advantage in favor of the latter.

The essence of assessing financial stability is the assessment of the provision of reserves and costs with sources of formation. The degree of financial stability is the reason for a certain degree of solvency of the organization. The most general indicator of financial stability is the surplus or shortage of sources for the formation of reserves and costs.

Assessing financial stability allows external subjects of analysis to determine the financial capabilities of the organization for the long term.

Purpose of financial stability analysis- assess the ability of the enterprise to pay its obligations and retain ownership of the enterprise in long term. In this case, it is necessary to solve the following problems:

Objective assessment of financial stability;

Identification of factors affecting financial stability;

Development of specific options management decisions aimed at strengthening financial stability.

The importance of financial stability individual economic entities for the economy and society as a whole is composed of its value for each individual element of this system:

For the state, represented by tax and other similar authorities, it is timely and full payment of all taxes and fees to budgets of various levels. The use of the revenue side of the budget depends on this, as well as the ability to fully realize one’s functions and fulfill obligations, which ultimately can lead to different negative consequences at the state and regional levels;

For extra-budgetary funds formed under the auspices of the state - timely and full repayment of debt on contributions to these funds. Failure of enterprises to fulfill their obligations entails violations in their work, in particular in the field of payment of pensions, child care benefits, unemployment benefits, etc.;

For employees of the enterprise and other interested parties - timely payment of wages, provision of additional jobs. In addition, an increase in the income of an enterprise leads to an increase in consumption funds, and therefore to an improvement in the material well-being of the employees of this enterprise;

For suppliers and contractors - timely and complete fulfillment of obligations. For them, these points are extremely important, since their income from their core activities is formed from income from buyers and customers. The withdrawal of financial resources from circulation due to late payments weakens their financial condition and forces them to attract additional borrowed funds to ensure normal functioning, which is associated with additional costs;

For servicing commercial banks - timely and full fulfillment of obligations in accordance with the terms of the loan agreement. Failure to comply with its terms and non-payments on issued loans may lead to disruptions in the functioning of banks;

For owners - profitability, the amount of profit used to pay dividends. For the owners of an enterprise, the importance of financial stability manifests itself as a factor that determines its profitability and stability in the future;

For investors (including potential ones) - the profitability and degree of risk of investing in an enterprise. The more stable it is financially, the less risky and more profitable is the investment in it.

Highest form The sustainability of an enterprise is its ability to develop. To do this, the enterprise must have a flexible structure of financial resources and the ability, if necessary, to attract borrowed funds, i.e. be creditworthy.

Analysis Russian practice management shows that an unstable financial situation is observed both in enterprises experiencing a decline in production and having signs of insolvency, and in enterprises that, on the contrary, are characterized by high growth and capital turnover, but have a high level of semi-fixed costs and are gradually losing profits.

Having examined the essence and significance of financial stability in the activities of an enterprise, let us move on to studying the main approaches to the financial stability of an enterprise.

1.2 Basic approaches to assessing the financial stability of an enterprise

Research has shown that the assessment of financial stability is based on the coefficient method (relative indicators). In the work of L.A. Bernstein states that ratios are among the most famous and widely used tools of financial analysis.

Let us highlight the following approaches to assessing the financial stability of an organization:

Traditional;

Resource;

Resource and management;

Based on the use of stochastic analysis;

Based on the use of fuzzy set theory;

Based on the use of other special methods and calculation models.

Traditional, resource and resource-management approaches are implemented within the framework of the coefficient method.

Traditional approach. The traditional approach is one that uses indicators characterizing the organization’s assets, sources of their formation and other aspects of financial economic activity without grouping according to a certain attribute.

In the methodology, indicators of solvency and financial stability are combined into one group containing 10 coefficients:

General solvency;

Debt ratio on bank credits and loans;

Debt ratio to other organizations;

Debt ratio to the fiscal system;

Domestic debt ratio;

The degree of solvency for current obligations;

Coverage ratio of current liabilities by current assets;

Own capital in circulation;

The share of own capital in working capital;

Autonomy coefficient.

YES. Endovitsky believes that the system of comprehensive analysis of the financial stability of an organization should consist of fourteen blocks (Appendix A).

Disadvantages of this method:

The diversity of the set of coefficients is due to the different sources of information used by the authors;

The significance of each coefficient depends on the qualifications of the experts;

Ratios calculated on the basis of financial statements reflect retrospective data, which leads to a decrease in the quality of the assessment;

Resource approach. The essence of the resource approach is that resources are considered as factors of production used to achieve results. There are labor, material, financial, information, intellectual resources, etc. Their availability, composition and efficiency of use determine sales volume (revenue), profit, cost.

As a rule, when assessing and forecasting the development of an organization, it does not make sense to use a large number of indicators. Indicators may be from different groups in economic content and purpose, but their purpose is a characteristic of the “economic development of production” type in accordance with the structure and dynamics of indicators characterizing the use of resources.

Various combinations of the dynamics of sales (production), consumed resources and the value of their return determine the type economic development production and identify indicators characterizing the financial stability of the organization (Appendix B).

When assessing the financial stability of an organization, the question of the time of deterioration in the financial condition of an enterprise is relevant. Within the framework of the approach under consideration, such a moment will be the presence of extensive factors in the development of production. The presence of extensive factors indicates the available reserves, the use of which can lead the organization out of the upcoming crisis.

An analysis of existing and research of new systems shows that in order to ensure the systemic and structural stability of complex systems of production, economics, painting, music and other areas, it is necessary to establish relationships between the main indicators of the system that correspond to the principle of the "golden proportion" (table 1.1).

Table 1.1 - Classification of financial stability, taking into account the principle of the "golden proportion", depending on the type of economic development of production

Resource management approach. The effectiveness of the resources used depends on the quality of the organization's management, which is not taken into account in the above methods for assessing sustainability. Poor organization can lead to a crisis situation. In this regard, the growth of economic potential should be supplemented with the following condition: the growth rate of management costs per output volume should not exceed the growth rate of specific resource consumption for the output of the same output:

where is the growth rate of management costs;

Growth rate of direct resource costs.

The rating assessment of the financial stability of organizations over the study periods is determined in accordance with algorithms. The significance of indicators may change under the influence of external conditions of the organization's functioning.

Methods and models based on stochastic analysis. Conclusions about the likelihood of loss of financial stability can be made based on a comparison of the indicators of this and similar organizations that have gone bankrupt or avoided bankruptcy. Moreover, in Russia it is very difficult, and often impossible, to find a suitable analogue for comparison in each case. The reliability of conclusions about the possibility of loss of financial stability increases significantly if financial analysis is supplemented with forecasting the probability of loss of financial stability of the organization using methods of multifactor stochastic analysis.

Methodological approaches to the construction of multifactor bankruptcy forecasting models can be used to predict financial stability Russian organizations. To achieve more high precision results, it is necessary to constantly adjust the set of indicators and the values ​​of the weighting influence coefficients of each indicator, taking into account the type economic activity and other listed conditions.

Methods and models based on the theory of fuzzy sets. Fuzzy logic is one of the most successful modern technologies for the development and evaluation of complex organizational management systems. It fills an important gap in design methods with unaffected mathematical approaches (e.g. design linear control) and logical approaches (for example, expert systems) in the design and evaluation of system performance.

Having studied the main approaches to assessing the financial stability of an enterprise, it is advisable to move on to considering the methodology for its analysis.

1.3 Methodology for analyzing the financial stability of an enterprise

Carrying out an analysis of financial stability, its assessment and forecasting within the framework of an operating organization is based on numerous sources of financial, economic, technological, technical, social information generated both within an economic entity and in the external business environment. The high role of obtaining objective and reliable data is explained by the proportional dependence of the results of the financial stability analysis, i.e. the quality of the conclusions drawn and recommendations developed on this basis depends on the degree of accuracy and completeness of the initial information. Even simplified decision-making methods based on accurate input data provide more reliable forecasts than complex discount portfolio analysis methods based on approximate data.

The main information base for financial analysis in general and assessment of its financial stability, in particular, is the financial statements:

Balance sheet (form No. 1);

Profit and loss statement (form No. 2);

Statement of changes in capital (form No. 3);

Cash flow statement (form No. 4);

Appendix to the balance sheet (form No. 5).

In addition, a number of organizations, regardless of industry affiliation, include annual report an explanatory note that reflects the main results of financial and economic activities and the reasons that determined them, as well as the accounting policy adopted by the business entity.

The analytical capabilities of financial statements make it possible to expand the variability of financial stability assessments. It is known that a financially stable entity is one that does not allow unjustified receivables and payables and pays its obligations on time; covers funds invested in assets from its own funds.

The object of financial analysis can also be the final part of the audit report in the farms where the audit was carried out at the request of the business entity, or in accordance with current legislation. This document as a whole indicates the reliability of the financial statements and their compliance with accepted standards.

The concept of insolvency is also associated with the assessment of financial stability. IN regulations to regulate the analysis of the financial condition of an organization, indicators of solvency and financial stability are combined into one group. This is due to the fact that an insolvent organization cannot be financially stable, but financially sustainable organization must be solvent.

No less important is the assessment of financial stability in the short term, which is associated with identifying the degree of liquidity and solvency of the organization.

The concepts of solvency and liquidity are very close, but the second is more capacious. Solvency depends on the degree of liquidity of the balance sheet and the enterprise. An enterprise may be solvent at the reporting date, but at the same time have unfavorable opportunities in the future, and vice versa.

Balance sheet liquidity is defined as the degree to which an enterprise's liabilities are covered by its assets, the period of transformation of which into cash corresponds to the period of repayment of liabilities. Asset liquidity is the inverse value of balance sheet liquidity in terms of the time of transformation of assets into cash. The less time it takes to this type assets acquired monetary form, the higher its liquidity.

Consequently, it is the basis (foundation) of the solvency and liquidity of the enterprise. In other words, liquidity is a way to maintain solvency.

Analysis of balance sheet liquidity consists of comparing assets, grouped by the degree of their liquidity and arranged in descending order of liquidity, with liabilities, grouped by their maturity dates and arranged in ascending order.

Depending on the degree of liquidity, i.e. the rate of conversion into cash, the assets of the enterprise are divided into the following groups:

A 1 - to the greatest extent liquid assets - the enterprise’s cash and short-term financial investments ( securities); amounts for all cash items that can be used to perform current settlements immediately:

A 1 =c. 250 + s. 260. (1.2)

A 2 - quickly realizable assets - accounts receivable and other assets:

A 2 =c. 240. (1.3)

A 3 - slow-moving assets - items of section II of the asset (with the exception of "Deferred expenses"):

A 3 = c. 210 - p. 217. (1.4)

A 4 - hard-to-sell assets - items in section I of the asset balance "Non-current assets", as well as receivables, payments for which are expected in more than 12 months. after the reporting date, with the exception of articles in this section included in the previous group:

A 4 = c. 190 + p. 230. (1.5)

Balance sheet liabilities are grouped according to the degree of urgency of their payment:

P 1 - the largest short-term liabilities - these include accounts payable, dividend payments, other short-term liabilities, as well as loans not repaid on time:

P 1 = s. (620+630). (1.6)

P 2 - short-term liabilities - short-term loans and borrowings and other loans payable within 12 months. after the reporting date:

P 2 =s. 610. (1.7)

P 3 - long-term liabilities - long-term loans and borrowings (section IV articles):

P 3 = s. (510+520). (1.8)

P 4 - permanent liabilities:

P 4 = s. (490+640+440+650). (1.9)

To determine the liquidity of the balance sheet, you should compare the results of the given groups for assets and liabilities. The balance is considered absolutely liquid if the following ratio holds:

A1?P1; A2?P2; A3?P3; A4<П4. (1.10)

Liquidity ratios are used to assess a firm's ability to meet its short-term obligations. They give an idea not only about the solvency of the company at the moment, but also in case of emergency.

Along with absolute indicators, relative indicators are calculated to assess the liquidity and solvency of an enterprise (table 1.2).

Various liquidity indicators not only provide a versatile description of the stability of the financial condition of an enterprise with varying degrees of accounting for liquid funds, but also meet the interests of various external users of analytical information. So, for suppliers of raw materials and materials, the absolute liquidity ratio is most interesting. Buyers and holders of shares and bonds of the enterprise to a greater extent evaluate the financial stability of the enterprise by the current liquidity ratio.

To assess the degree of liquidity of organizations of certain organizational and legal forms (joint stock companies, limited liability companies, unitary enterprises), an indicator of the value of net assets is established.

Net assets is a value determined by subtracting from the amount of assets accepted for calculation, the amount of its liabilities accepted for calculation.

Estimation of the balance sheet items involved in the calculation of the value of net assets is made in the currency of the Russian Federation as of December 31 of the reporting year.

Conventionally, the procedure for assessing the value of net assets can be presented as follows:

HA=Ar-Pr, (1.11)

where Ar - assets accepted for calculation;

Pr - liabilities accepted for calculation;

NAV - net asset value.

Table 1.2 - Relative indicators of enterprise liquidity

Absolute indicators of financial stability are indicators characterizing the state of reserves and the availability of their sources of formation.

To characterize the sources of reserve formation, three main indicators are used:

Own working capital(SOS) are calculated as the difference between capital and reserves (III section of the liability side of the balance sheet) and non-current assets (I section of the asset). This indicator is absolute; its increase in dynamics is considered as a positive trend. Calculated using formula (1.12):

SOS = SI - VA = s. 490 - p. 190, (1.12)

where SI - own sources (III section of the balance sheet liabilities);

VA - non-current assets (I asset section).

The value of own and long-term borrowed sources of formation of reserves and costs (SD) is determined by formula (1.13):

SD = SOS + DP (p. 590), (1.13)

where DP are long-term liabilities (IV section of liabilities).

The total value of the main sources of formation of reserves and costs (OC) is determined by formula (1.14):

OI \u003d SD + KZS, (1.14)

where KZS is short-term borrowed funds (p. 610 V of the liabilities section of the balance sheet).

Three indicators of the availability of sources of formation of reserves and costs correspond to indicators of the provision of reserves and costs with sources of formation:

Excess (+) or deficiency (-) of own working capital
funds?SOS:

SOS = SOS - 3, (1.15)

where 3 is reserves (p. 210 II of the assets section of the balance sheet).

Excess (+) or lack (-) of own and long-term sources of reserve formation? SD:

SD = SD - 3. (1.16)

Excess (+) or deficiency (-) of the total value of the main sources of reserves? OI:

ROI = ROI - 3. (1.17)

Using these indicators, you can determine a three-factor indicator of the type of financial situation (S):

S = (?SOS; ?SD; ?OI). (1.18)

The provision of reserves with sources of formation is the essence of financial stability, while solvency is its external manifestation.

Absolute stability the financial condition of the company shows that all inventories are fully covered by its own working capital. This situation is extremely rare and occurs when there is a surplus or equality of own working capital with the amount of reserves. And it can hardly be considered ideal, since it means that the administration is unable, unwilling or unable to use external sources of funds for core activities. Occurs under the condition:

SOS>0, ?SD>0, ?OI>0, then S (1; 1; 1). (1.19)

Normal stability financial condition (guarantees the solvency of the enterprise; this ratio corresponds to the situation when a successfully operating enterprise uses various “normal” sources of funds to cover its reserves - its own and borrowed funds). This characteristic of the financial condition is determined by the conditions of a lack of own working capital for the formation of reserves, a surplus or equality of long-term sources with the amount of reserves. Occurs under the condition:

SOS< О, ?СД>0, ?OI>0, then S (0; 1; 1) (1.20)

Unstable financial condition (characterized by a violation of the solvency of the enterprise, when restoring balance is possible by replenishing sources of own funds and accelerating inventory turnover; this ratio corresponds to the situation when an enterprise, to cover part of its reserves, is forced to attract additional sources of coverage that are not “normal”, i.e. e. justified). At the same time, it remains possible to restore balance by replenishing one’s own working capital and additionally attracting loans and borrowings. This type of financial stability is determined by the conditions of a lack of own working capital and long-term sources for the formation of reserves, a surplus or equality of the main sources of formation of reserves with the amount of reserves.

Occurs under the condition:

SOS< О, ?СД<0, ?ОИ>0, then S (0; 0; 1) (1.21)

Crisis financial condition (in which the enterprise is insolvent and is on the verge of bankruptcy), because the main element working capital- reserves are not provided with sources to cover them. A critical financial situation is characterized by a situation where, in addition to the previous inequality, the enterprise has loans and borrowings that are not repaid on time, as well as overdue accounts payable and receivable. This situation means that the company cannot pay its creditors on time. In a market economy, if the situation recurs chronically, the enterprise must be declared bankrupt, provided:

SOS< 0, ?СД<0, ?ОИ< 0, тогда S {0; 0; 0} (1.22)

And the three-component indicator (S) characterizes the situation as absolutely stable: S=(1,1,1). Consequently, the enterprise is provided with all the provided sources of reserve formation.

In the long term, financial stability is characterized by the ratio of own and borrowed sources of financing. This indicator gives only a general assessment, therefore, in global and domestic accounting and analytical practice, a system of indicators has been developed that allows one to assess financial stability using relative indicators - coefficients characterizing the degree of independence of the organization from external sources of financing (Appendix B).

Financial stability indicators characterize the degree of protection of the interests of investors and creditors. The basis for their calculation is the cost of funds or sources of functioning of the company.

The calculated actual ratios for the reporting period are compared with the norm, with their value for the previous period, with the indicators of similar enterprises, and thereby the real financial condition, strengths and weaknesses of the company are revealed.

Financial leverage (financial leverage) is the ratio of a company's borrowed capital to its own funds; it characterizes the degree of risk and stability of the company. The lower the financial leverage, the more stable the situation. On the other hand, borrowed capital allows you to increase the return on equity ratio, i.e. get additional profit on your own capital. An indicator reflecting the level of additional profit when using borrowed capital is called the effect of financial leverage. It is calculated using the following formula (1.23):

EGF = (1 - Kn) ? (RK - CZK)? ZK/SK, (1.23)

where EFR is the effect of financial leverage;

Кн - profit taxation coefficient, which is calculated as the ratio of income tax expenses to the amount of profit before tax;

RK - return on total capital (economic profitability, return on total assets), calculated as the ratio of profit before tax and acquisition costs borrowed money to the average balance sheet value of total capital (balance sheet currency);

CZK - the weighted average price of borrowed funds, which is calculated as the ratio of costs associated with servicing borrowed sources of funds (for example, interest on the use of a loan) to the average balance sheet value of both “paid” and “free” borrowed capital;

ZK - average balance sheet amount of borrowed capital;

SK is the average annual balance sheet value of equity capital.

Funds additionally mobilized on the loan capital market have a great influence on the financial stability of the organization. The more funds an organization can attract, the higher its financial capabilities, but the financial risk also increases - will the organization be able to pay its creditors on time.

Thus, the level of financial stability can be judged by individual indicators, namely the autonomy ratio, the debt-equity ratio, and the debt capital concentration ratio. Strengthening the stability of the financial condition can be facilitated by accelerating the turnover of capital in current assets, justifying the reduction of inventories (to the standard); replenishment of own working capital from internal and external sources.

The solution to this problem is possible by carrying out an in-depth study of the reasons for changes in inventories, turnover of working capital, the availability of an acceptable amount of own working capital, identifying reserves for reducing long-term and current tangible current assets, accelerating their turnover.

2 . Analysis of the financial stability of an enterprise using the example of JSC"Neftekamskshina"

2.1 general characteristics enterprises

Joint Stock Company "Neftekamskshina" is the largest Russian enterprise in the tire industry. Its peculiarity is large-scale and large-scale production, a monopoly in the production of tires for Kamaz all-wheel drive vehicles. JSC Neftekamskshina has accumulated vast theoretical and practical experience in developing and improving manufactured tires, testing finished products. The development of new generation tire designs and the latest technology has made it possible to ensure high quality and performance levels of finished products on the world market. The joint-stock company does not stop technical re-equipment of tire production, which makes it possible to expand the range and improve the quality of products with high consumer properties.

Today, JSC Neftekamskshina is one of the largest and most powerful enterprises producing tires. In the ranking of world tire companies, Neftekamskshina ranks 20th among 98 companies. The main activity is the production of tires for trucks, cars, light trucks, agricultural machinery, and buses.

Gradually increasing production volumes, the administration of the joint-stock company and tire production workers do not forget about the quality of the products. Thus, the KamAZ trucks “shod” by Neftekamskshina successfully ran a huge distance from Paris through Moscow to Beijing, thereby strengthening the prestige of the enterprise. In 1996, Neftekamskshina JSC was awarded the international prize for quality awarded by the Trade Leaders Club and the Big Golden Cliche prize of the World Without Borders - Partnership for Progress Association. For volumes products sold the company received the Golden Mercury.

About 20 percent of the company's products are exported to countries near and far abroad. Tires bearing the Kama brand are shipped to the CIS countries, as well as England, Holland, Iraq, Finland, Jordan, Cuba and other countries.

OJSC Neftekamskshina is integrated into the petrochemical business area of ​​OJSC Tatneft-Neftekhim.

One of the Company's main priorities is environmental protection and ensuring production and industrial safety. The environmental management system is certified for compliance with the requirements of the international standard ISO 14001-2004.

The strategic goal of Neftekamskshina OJSC is to strengthen the position of the leader in the tire industry of the Russian Federation through global reconstruction and modernization of production facilities, allowing for the production of tires using more efficient technologies, updating the range of products, improving their quality, and developing new markets.

The Company's environmental policy is aimed at maintaining the confidence of personnel, suppliers, consumers and the public, and an effective system for protecting the environment from the adverse effects of harmful production factors.

In 2008, JSC Neftekamskshina celebrated 35 years since the release of its first products.

The main financial and economic indicators of the enterprise's activities are presented in Table 2.1.

Table 2.1 - Main financial and economic indicators of the enterprise OJSC Neftekamskshina

As can be seen from Table 2.1, 11,882.3 thousand tires were produced in 2008, which is 510.4 thousand tires less than in 2007. The decrease in production volumes is due to adjustments to the production program as a result of the Kama Trading House's failure to fulfill the tire sales plan due to a decrease in effective demand for tires.

Sales revenue for the Company for 2008 amounted to 7,409.2 million rubles. The main part of the revenue in the amount of 7,221 million rubles. received from the sale of services for processing customer-supplied raw materials and manufacturing finished products.

Compared to 2007, revenue increased by 1,084.8 million rubles. as a result of an increase in the cost of services for processing customer-supplied raw materials and manufacturing finished products.

Compared to 2007, the average number of employees decreased by 363 people and amounted to 10,193 people. The decrease in the average number of employees occurred as a result of a reduction in personnel, the removal of non-core types of work from the enterprise, as well as due to structural changes.

The average salary of employees increased by 3,429.6 rubles. and amounted to 16,794.1 rubles.

The cost of sold products and services for 2008 amounted to 6,899.7 million rubles, incl. the cost of processing customer-supplied raw materials is 6,719.7 million rubles.

Profit from sales for the Company for 2008 amounted to 509.6 million rubles, including profit from the sale of services for processing customer-supplied raw materials and manufacturing finished products - 500.2 million rubles.

Compared to 2007, profit decreased by 33.8 million rubles. as a result of Davalts reducing the share of profit in the cost of services for processing toll raw materials and manufacturing finished products (under the tolling scheme, profit is a regulated indicator).

The loss before tax for the Company for 2008 amounted to 82.3 million rubles. For 2007, profit before tax was received in the amount of 174.3 million rubles. .

OJSC Neftekamskshina is a socially oriented enterprise. Patronage assistance to educational institutions, charitable assistance to public organizations of veterans and disabled people, educational and healthcare institutions, sponsorship of athletes, cultural and artistic figures, maintenance of the Shinnik sports complex, Chaika and Naratlyk recreation centers.

2.2 Assessment of the property status of an enterprise and the sources of its formation using the example of an OJSC"Neftekamskshina"

We will conduct a horizontal and vertical analysis of the balance sheet of OJSC Neftekamskshina. Horizontal analysis of reporting consists of constructing one or more analytical tables in which absolute balance sheet indicators are supplemented by relative ones - growth (decrease) rates.

From the above analysis of financial stability, we can conclude that Atlant LLC is in a state that can be characterized as normal stability. A normally stable financial situation is characterized by the fact that the enterprise uses various “normal” sources of funds to cover inventories - its own and borrowed funds (own working capital; short-term loans and borrowings; accounts payable commodity transactions). https://sairus-law.ru garden plot design.

Nevertheless, for each enterprise it is necessary to develop measures to increase financial stability, whatever it may be. Since in the long term, the financial condition can sharply change its direction: from stable to crisis.

The most common techniques used to improve the financial condition of an enterprise include the following:

daily monitor the ratio of receivables and payables;

Buyers may not repay receivables all at once, but a little every day;

use discounts for early payment;

require advance payment for products;

to pay off receivables, use the form of payment in kind, when the debt is paid off with your goods or services;

identify and sell illiquid assets.

It often happens that an enterprise suffers losses mainly due to an ill-conceived approach to production. Based on this, we can propose various ways to improve the financial condition of the enterprise. Among them are:

· cost reduction (the main condition for profit growth and profitability can be considered as a consequence of all the others);

· improving the use of working time;

· implementation new technology and technology;

· saving energy resources;

· improving the use of all material resources;

· increase in sales volumes;

· reducing the balance of unsold products;

· successful implementation of non-operating operations.

Taking into account the negative phenomena identified during the analysis, we can give some recommendations to improve the financial stability of the enterprise:

It is necessary to increase the share of own working capital in the value of property and ensure that the growth rate of own working capital is higher than the growth rate of borrowed capital;

take measures to reduce accounts payable, primarily this concerns advances received from customers. According to them, either the products must be shipped or the funds must be returned;

the volume of investment in fixed capital and its share in the total property of the organization should be increased;

it is necessary to increase the turnover of the enterprise's working capital, which was clearly insufficient during the analysis of financial stability, so sources of own funds were directed mainly to non-current assets;

especially pay attention to the increase in the most liquid assets;

if the value of slowly selling assets is extremely large, you need to find out what is the reason for the accumulation of excess reserves. They must be put into production immediately. If there are stale, spoiled, illiquid inventories, then they must be sold at any cost or written off;

Introduction

1. Methodological issues of financial stability of industrial enterprises

1.1 Concept and content of financial stability

1.2 Types of financial stability of an enterprise

1.3 Methods for assessing the financial stability of an enterprise

2. JSC "KATEK", its characteristics and analysis of work

2.1 General characteristics of the enterprise

2.1.1. History of the enterprise creation

2.1.2 Organizational structure of the enterprise

2.1.3 Characteristics of manufactured products and the boundaries of their distribution

2.2 Analysis of technical and economic indicators of JSC KATEK for 2006–2008

2.2.1 Analysis of production volume

2.2.2 Product cost analysis

2.2.3 Profit and profitability analysis

2.2.4 Analysis of the composition and structure of the property of OJSC "KATEK"

2.2.5Analysis of sources of formation of property of OJSC "KATEK"

2.2.6Analysis of the solvency of OJSC "KATEK"

2.2.7 Financial stability analysis

3 Main measures to improve the financial stability of the enterprise

3.1 State mechanism for ensuring the financial stability of KATEK OJSC

3.2 Release of new products as one of the factors for increasing the financial stability of an enterprise

3.2.1 Defining the target market

3.2.2 Communication policy

3.2.3 Pricing, product and distribution policies

3.2.4 Expected results from the production of new types of products

3.3 Introduction of a target costing system into the work of KATEK OJSC

3.4 Organization of management of foreign economic activity of the enterprise

3.5 Assessing the efficiency of using borrowed capital

3.6 Design and technological directions for improving new types of products

3.6.1 Basic information about KRU Compact

3.6.2 Design features

3.6.3Description of design

Conclusion

Literature

The main thing in the context of the global financial crisis, the key to survival and the basis for a stable position of an enterprise is its financial stability. Determining financial stability, the most important features of which are solvency and the availability of resources for development, is one of the most important not only financial, but also general economic problems. After all, insufficient financial stability can lead to the insolvency of enterprises, to their lack of funds to finance current and investment activities, and if the financial situation worsens, to bankruptcy, and excessive financial stability puts obstacles in the way of enterprise development, burdening their costs with excess stocks and reserves , which determines the relevance of the issue under consideration.

Assessment of financial stability and solvency is also the main element of the analysis of financial condition, necessary for control, which allows assessing the risk of violating the obligations of the enterprise.

The enterprise chosen as the object of research was OJSC "KATEK" - an enterprise that produces high-quality medium and low voltage power equipment of full factory readiness.

The subject of the study is the financial condition of the enterprise in terms of financial stability, which in market conditions is the key to survival and the basis for the stable position of the enterprise. If an enterprise is financially stable and solvent, then it has a number of advantages over other enterprises of the same profile in obtaining loans, attracting investments, in choosing suppliers and in selecting qualified personnel. The higher the stability of an enterprise, the more independent it is from unexpected changes in market conditions and, therefore, the lower the risk of being on the verge of bankruptcy. Assessment of financial stability and solvency is also the main element of the analysis of financial condition, necessary for control, which allows assessing the risk of violating the obligations of the enterprise.

The long-term policy of KATEK OJSC is focused on expanding business ties with a flexible response to changing conditions and characteristics of demand, cooperation in the development of advanced types of power equipment, a combined approach to combining the capabilities of internal production reserves and customer needs in new market conditions of economic activity.

These circumstances influenced the choice of the topic of work, the purpose of which is to identify the stock of sources of own funds and develop measures to improve their management. The objective of the work is: to reveal the economic content and essence of the concept of financial sustainability; study information about the characteristics of KATEK OJSC, analyze the main technical and economic indicators; determine the availability of sources of funds for the formation of reserves and costs using a three-component indicator; assess the financial stability of an enterprise using ratios financial risk, debt, autonomy, financial stability, agility, stability of the structure of mobile funds, provision of working capital from its own sources, and also develop a model for optimizing the financial stability of the enterprise. The assessment of the state of financial stability of JSC KATEK is carried out on the basis of the financial statements of the enterprise for three years: 2006–2008.

There are many methods for assessing the financial stability of an enterprise. For JSC KATEK, according to the author, the method of A.D. Sheremet is most suitable. and Saifulin R.S., as well as the development of Kovalev V.V. The methodology used is intended to ensure management of the financial condition of the enterprise and assessment of financial stability in a market economy.

And analysis of accounts receivable; - create a reserve for doubtful debts; - increase the profitability of products through the release of a new type of product. 3 Activities aimed at increasing the financial stability of the enterprise Energoremont LLC 3.1 Policy for accelerating settlements To improve the financial condition of the enterprise, it is necessary to clearly monitor and manage accounts receivable...

Works and services. Financial stability is formed in the process of all production and economic activities and is the main component of the overall sustainability of the enterprise. The overall assessment of the financial stability of an enterprise is based on a whole system of indicators that characterize the structure of the sources of capital formation for its placement, the balance between the assets of the enterprise and their sources...

Ways to increase the financial stability of OJSC Krasnodarkraigas

When assessing the financial stability of the enterprise, a lack of equity capital was identified, therefore it needs to be increased.

But an assessment of financial stability based on absolute indicators revealed that the analyzed organization has an unstable financial position and it is necessary to improve financial stability.

To increase the financial stability of the enterprise, it is necessary to reduce the level of inventories, since the enterprise experiences a significant outflow of funds associated with the costs of creating and storing inventories.

The enterprise needs to find out the reason for the accumulation of excess reserves, find the “golden mean” between excessively large inventories, which can cause financial difficulties (lack of funds), and excessively small inventories, which are dangerous for the stability of production.

This requires an established system for monitoring and analyzing the status of inventories.

The main objectives of monitoring and analyzing the status of inventories can be the following:

• - ensuring and maintaining liquidity and current solvency;
• - reduction of inventory storage costs;
• - prevention of damage, theft and uncontrolled use of material assets.

Achieving the set goals involves performing the following accounting and analytical work:

1. Assessing the rationality of the inventory structure, allowing to identify resources whose volume is clearly excessive, and resources whose acquisition needs to be accelerated.

This will avoid unnecessary capital investment in materials for which demand is declining or cannot be determined. It is equally important, when assessing the rationality of the inventory structure, to establish the volume and composition of spoiled and unusable materials.

This ensures that inventories are maintained in the most liquid condition and the funds immobilized in inventories are reduced.

2. Determining the timing and volume of purchases of material assets. This is one of the most important and difficult tasks.

The approach to determining the volume of purchases allows taking into account the following:

• - the average volume of consumption of materials during the production and commercial cycle (determined based on the results of an analysis of the consumption of material resources in previous periods and the volume of production under the conditions of expected sales);
• - an additional amount (safety stock) of resources to compensate for unforeseen expenses of materials or an increase in the period required to form the necessary reserves.
• 3. Selective regulation of inventories of material assets, suggesting that attention should be focused on expensive materials or materials that have high consumer appeal.
• 4. Calculation of turnover indicators of the main groups of inventories and their comparison with similar indicators of previous periods in order to establish the correspondence of the availability of inventories to the current needs of the enterprise.

As the analysis showed, the lack of own working capital at the enterprise is explained by the predominant investment of own funds in non-current assets.

In the structure of the enterprise's borrowed capital, accounts payable predominates. The company needs to reduce its involvement.

Debts can be repaid by restructuring accounts payable, restructuring taxes, and increasing accounts receivable turnover.

There has also been a significant increase in accounts receivable. Enterprise to improve its financial situation you can apply factoring, that is, the assignment to a bank or factoring company of the right to claim receivables, or an assignment agreement under which an enterprise assigns its claim to debtors to the bank as security for loan repayment.

Great assistance in identifying reserves for improving the financial condition of an enterprise can be provided by marketing analysis to improve supply and demand, sales markets and form an optimal assortment on this basis.

One of the main and most radical directions for the financial recovery of an enterprise is the search for internal reserves to increase profitability and achieve break-even operation by improving the quality and competitiveness of products, rational use material, labor and financial resources, reducing unproductive costs and losses.

To systematically identify and summarize all types of losses, it is advisable for an enterprise to maintain a special register of losses, classifying them into certain groups:

• - from marriage;
• - reduction in product quality;
• - unclaimed products;
• - loss of profitable customers, profitable markets;
• - incomplete use production capacity enterprises;
• - downtime work force, means of labor, objects of labor and monetary resources;
• - damage and shortage of materials and finished products;
• - write-off of incompletely depreciated fixed assets;
• - payment of penalties for violation of contractual discipline;
• - writing off unclaimed receivables;
• - attraction of unfavorable sources of financing;
• - untimely commissioning of capital construction facilities;
• - natural Disasters;
• - for industries that did not produce products, etc.

Analyzing the dynamics of these losses and developing measures to eliminate them will significantly improve the financial condition of the enterprise.

The complexity of the current situation in enterprise management is that in many organizations, accounting employees do not know the methods of financial analysis, and specialists who do know them, as a rule, do not always know how to read analytical and synthetic accounting documents. Hence the inability to determine the range of basic tasks, the solution of which is necessary for the formation of an enterprise financial management system adequate to market conditions, as well as ways and means of solving them.

In accordance with Order No. 118, the purpose of developing the financial policy of an enterprise is to build an effective financial management system aimed at achieving the strategic and tactical goals of its activities.

It is known that in today's conditions, most enterprises are characterized by a reactive form of financial management, that is, the adoption of managerial decisions as a reaction to current problems, or the so-called "patching holes".

One of the objectives of enterprise reform is the transition to financial management based on an analysis of the financial and economic state, taking into account the setting of strategic goals for the organization. The results of the activities of any enterprise are of interest to both external market agents (primarily investors, creditors, shareholders, consumers) and internal ones (enterprise managers, employees of administrative and managerial structural divisions). .

The key to the survival and basic stability of an enterprise’s position is its sustainability.

The sustainability of an enterprise is influenced by various factors:

the position of the enterprise in the product market;

release of in-demand products;

its potential in business cooperation;

the degree of dependence of external creditors and investors;

presence of insolvent debtors.

The highest form of enterprise sustainability is its ability to develop in an unstable internal and external environment. To do this, the enterprise must have a flexible structure of financial resources and, if necessary, be able to attract borrowed funds, that is, be creditworthy.

Funds additionally mobilized in the loan capital market also have a great influence on financial stability. The more funds a company can attract, the higher its financial capabilities, but the financial risk also increases - will the company be able to pay its creditors on time?

There are three fundamental types of enterprise credit policy in relation to product buyers - conservative, moderate and aggressive.

A conservative (or strict) type of credit policy of an enterprise is aimed at minimizing credit risk. Such minimization is considered a priority goal in the implementation of its lending activities. By implementing this type of credit policy, the enterprise does not seek to obtain high additional profits by expanding the volume of product sales.

The mechanism for implementing this type of policy is a significant reduction in the number of buyers of products on credit at the expense of high-risk groups; minimizing loan terms and size; tightening loan conditions and increasing its cost; use of strict procedures for collection of receivables.

A moderate type of credit policy of an enterprise characterizes the typical conditions for its implementation in accordance with accepted commercial and financial practices and is focused on the average level of credit risk when selling products with deferred payment.

The aggressive (or soft) type of credit policy of an enterprise sets the priority goal of credit activities to maximize additional profits by expanding the volume of sales of products on credit, regardless of the high level of credit risk that accompanies these operations.

The mechanism for implementing this type of policy is to extend credit to riskier groups of product buyers; increasing the loan period and its size; reducing the cost of the loan to the minimum acceptable size; providing buyers with the opportunity to extend the loan.

When determining the type of credit policy, it should be borne in mind that its hard (conservative) version negatively affects the growth of the enterprise’s operating activities and the formation of sustainable commercial relations, while its soft (aggressive) version can cause excessive diversion of financial resources and reduce the level of solvency of the enterprise, subsequently cause significant costs for debt collection, and ultimately reduce the profitability of current assets and capital used.

Belgorod State Technological University named after. V.G. Shukhova

Department of Financial Management

Course project

by discipline " Financial management»

on the topic of: “Ways to improve the financial stability of an enterprise”

Course project leader prof. Veretennikova Iraida Ivanovna

Belgorod 2009

Introduction

Chapter 1. The essence of financial stability and the methodology for its determination

1 The concept of financial stability and the methodology for its determination

1.2 Factors affecting financial stability

Chapter 2. Analysis of the financial stability of the enterprise

1 Financial stability of Russian enterprises

2 Analysis and assessment of the financial condition of Atlant LLC

Chapter 3. Ways to increase the financial stability of an enterprise

Conclusion

Bibliography

Introduction

The basis for the financial stability of the Russian economy is the financial stability of the organization, since it is this that serves as the key to survival and the basis for the strong position of the organization. If an enterprise is financially stable and solvent, then it has a number of advantages over other enterprises of the same profile in obtaining loans, attracting investments, in choosing suppliers and in selecting qualified personnel. The higher the stability of an enterprise, the more independent it is from unexpected changes in market conditions and, therefore, the lower the risk of being on the verge of bankruptcy.

Assessment of financial stability and solvency is also the main element of the analysis of financial condition, necessary for control, which allows assessing the risk of violating the obligations of the enterprise.

The subject of the work is the financial condition of the enterprise in terms of financial stability. The object of the study is the Limited Liability Company "Atlant".

The purpose of the work is to identify the level of financial stability of the enterprise and develop ways to improve it.

The objective of the work is to: determine the availability of sources of funds for the formation of reserves and costs; assess the financial stability of an enterprise using coefficients of financial risk, debt, autonomy, financial stability, maneuverability, stability of the structure of mobile funds, and the provision of working capital from its own sources.

There are many methods for assessing the financial stability of an enterprise. For this enterprise, the method of Sheremet A.D. is most suitable. and Saifulin R.S., as well as the development of Kovalev V.V.

Chapter 1. The essence of financial stability and the methodology for its determination

.1 The concept of financial stability and the methodology for its determination

The key to survival and the basis for the stability of an enterprise’s position is its sustainability. The essence of financial stability is determined by the effective formation, distribution and use of financial resources, and solvency is its external manifestation.

Solvency is the ability of an enterprise to fully fulfill its solvent obligations arising from trade, credit and other payment transactions in a timely manner.

An assessment of solvency is carried out on a specific date by checking the availability of funds in current and foreign currency accounts and the presence of short-term financial investments. The presence of significant cash balances indicates the solvency of the enterprise on a certain date. However, the presence of a small amount does not always mean that the company is solvent. A chronic lack of cash, overdue accounts payable, delayed payments, and long-term continuous use of loans can lead to bankruptcy of the enterprise. Guaranteed solvency of an enterprise presupposes, among other things, maintaining solvency under conditions of an acceptable level of business risk, determined both by the nature of the activity of the enterprise itself and by fluctuations in market conditions.

The financial stability of an enterprise is understood as such a distribution and use of financial resources that ensures the development of the enterprise based on the growth of profits and capital while maintaining solvency and creditworthiness under an acceptable level of risk.

Creditworthiness is the ability of a company to repay a loan in a timely manner with the payment of interest due.

To maintain financial stability, it is important not only to increase the absolute value of profit, but also to increase the efficiency of capital use, i.e. profitability.

A financially stable business entity is one that, using its own funds, covers funds invested in assets, does not allow unjustified receivables and payables, and pays off its obligations on time.

Financial stability is ensured by all production and economic activities of the enterprise, and its highest manifestation is the ability of the enterprise to develop primarily through its own sources of financing.

External sources of funds are serviced. Thus, many businessmen prefer to invest a minimum of their own funds into the business and finance it with borrowed money. However, if the structure “equity - debt capital” has a significant bias towards debt, then commercial organization may go bankrupt if several creditors suddenly demand their money back at an “inconvenient” time. No less important is the assessment of financial stability in the short term, which is associated with the liquidity of the balance sheet and current assets, as well as the solvency of the organization.

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

Fig.1. Types of sustainability of a commercial organization

internal stability is a state of the organization, i.e. the state of the structure of production and provision of services, and the dynamics that ensure a consistently high performance result.

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

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

The variety of reasons determines different facets of overall sustainability in relation to an enterprise; it can be (Fig. 1):

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

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

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

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

current - at a specific point in time;

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

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

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

Fig.2. Types of financial stability of a commercial organization

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

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

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

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

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

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

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

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

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

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

assessment of total debt - the approaches (functional and traditional analysis of balance sheet liquidity) to the analysis of financial stability are the same. But here we add the determination of the level of total debt of the organization, established by the ratio of the amount of all borrowed funds with the amount of own funds; compliance with the above requirements allows us to ensure the so-called basic equality of funds.

The main procedures for analyzing financial stability are the analysis:

provision of reserves and costs with the main economically justified sources of their formation;

composition and structure of enterprise financing sources;

stability and “quality” of equity capital;

reserve of financial strength of the enterprise;

relative indicators of financial stability;

solvency of the enterprise.

Approaches to the formation of a set of coefficients characterizing financial stability may be different. Almost all financial stability ratios are derived from the structure of assets and liabilities. Taking into account the influence of various factors on the financial stability of an enterprise, the analysis of the latter is supplemented by indicators of liquidity, turnover, profitability, and investment attractiveness. Due to their importance for investors, creditors, and owners, they are separated into separate areas of analysis of the financial condition of the enterprise.

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

At different stages of analysis, various methods can be used, originally developed in other economic sciences and inherent only to it, since there is a process of interpenetration and interborrowing of the scientific tools of various sciences.

Currently, many methods for assessing the financial condition of an enterprise have been developed and used, such as the method of Sheremet A.D., Kovalev V.V., Dontsova L.V., Nikiforova N.A., Stoyanova E.S., Artemenko V.G. , Belendira M.V. and others. And the difference between them lies in the approaches, methods, criteria and conditions of analysis. This course work uses the methodology of Sheremet A.D. and Saifulina R.S. The methodology used is intended to ensure management of the financial condition of the enterprise and assessment of financial stability in a market economy. Methods for analyzing financial stability are shown in Fig. 4.

Rice. 4. Methods for analyzing financial stability

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

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

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

do not contradict each other;

do not duplicate each other;

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

reflect the most significant aspects of their activities.

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

A general absolute indicator of financial stability is the surplus or shortage of sources of funds for the formation of reserves and costs, obtained in the form of the difference between the value of sources of funds and the value of reserves and costs. This refers to the provision of inventories and costs with such sources as own working capital, long-term and short-term loans and borrowings, accounts payable to suppliers, offset by the bank when lending.

To determine the level of financial stability of an enterprise, an analysis is required:

§ composition and placement of assets and liabilities of an economic entity;

§ dynamics and structure of sources of financial resources;

§ availability of own working capital;

§ accounts payable;

§ availability and structure of working capital;

§ accounts receivable;

§ solvency.

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

During the analysis, it is necessary to determine the degree of financial stability at the beginning and end of the period, assess changes in financial stability during the reporting period, and determine the reasons for the changes.

The stability of the financial condition in market conditions, along with absolute values, is characterized by a system of financial ratios. Analysis of financial ratios consists of comparing their values ​​with basic values, studying their dynamics for the reporting period and for a number of years.

In addition, to assess the financial condition, it is necessary to use expert estimates of values ​​that characterize the optimal or critical (threshold) values ​​of indicators from the point of view of the stability of the financial condition, evaluate changes in these coefficients over the past period, and draw a conclusion about how certain characteristics of the financial condition have changed for the reporting year.

The financial condition and trends in its change largely depend on how optimal the ratio of equity and debt capital is.

Thus, the main indicators characterizing financial stability are: the coefficient of financial autonomy, the coefficient of financial dependence, the coefficient of financial risk.

Thus, ratio analysis is finding the relationship between two separate indicators. There are many coefficients, but they can all be combined into 5 groups according to their characteristics:

a) the possibility of repaying current obligations;

b) the movement of current assets;

c) own capital;

d) results of core activities;

e) information about the state of the market.

The method for analyzing the above coefficients is to compare:

§ actual coefficients of the current year with last year's;

§ actual coefficients with standards;

§ the actual coefficients of the enterprise with the indicators of competitors

§ actual ratios with industry indicators.

An isolated study of the capital structure does not provide a complete description of the financial situation. A general assessment of the financial stability of an enterprise can be obtained by calculating the coverage ratio of non-current assets with stable financial sources (own and equivalent funds):

This coefficient should be greater than 1 (or 100%), since long-term sources should finance not only intangible assets, fixed assets, capital construction, long-term financial investments, but also form the part of inventories and receivables necessary for normal operation.

1.2 Factors affecting financial stability

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

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

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

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

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

Thus, in an unstable economy, it is almost impossible to use a quantitative assessment method that allows one to organize the external factors being studied and bring them into a comparable form. Hence, it is almost impossible to make any accurate forecasts regarding the formation of the organization’s financial stability (taking into account the study of external factors). Therefore, they should be classified as uncontrollable. At the same time, external factors influence internal ones. It should be noted the direct (bankruptcy of debtors) and indirect (social) impact of external factors on financial stability - such a division allows a more correct assessment of the nature and degree of their influence on the stability of the organization.

Fig.5. Factors influencing the financial stability of an organization

Of course, individual enterprises are unable to combat many external factors, but in the current conditions they can only pursue their own strategy that would mitigate the negative consequences of the general decline in production.

External factors that are beyond the control of the enterprise, and internal factors that depend on the organization of its work, are classified according to the place of origin (Fig. 5). A market economy is characterized and necessary by an active response of the organization's management to changes in external and internal factors.

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

The financial stability of a business entity, even a single indicator, can be influenced by numerous different reasons. It is necessary to establish the most significant reasons that decisively influenced the change in indicators. Due to the fact that the indicators are interconnected, they cannot be taken in isolation.

Chapter 2. Analysis of the financial stability of the enterprise

2.1 Financial stability of Russian enterprises

Analysis of financial stability, and in a broader sense, financial and economic stability, is an extremely important and pressing problem, both for an individual enterprise and for Russia as a whole.

It is quite obvious that in this case, the financial stability of the country, ultimately, directly depends on the financial stability of an individual enterprise.

Russia took sixth place in the ranking of the sustainability of financial and environmental development compiled by the German Allianz Insurance and Dresdner Bank. It overtook the USA, Great Britain and Germany, which took 17th, 7th and 9th places respectively. The report's authors call the result "unexpected."

The sustainability index was calculated using five parameters. For three of them, the volume of external debt, the balance of payments and the volume of net borrowing, Russia has the best indicators. In two more indicators - carbon dioxide emissions and energy use per unit of GDP, the country was at the bottom of the list. According to the researchers, the case with Russia showed that it may be necessary to build a rating for each indicator separately.

Other developing countries, notably China and India, also overtook the United States in terms of sustainability, but only ranked 13th and 16th.

The Financial and Environmental Sustainability Index is just a small part of Allianz Insurance and Dresdner Bank's research into how Germany's business environment compares with other developed and developing countries. In the overall list, Russia was only 15. Sweden tops the overall ranking. It is worth noting that in 2007, Finance Minister Alexei Kudrin said that Russia has the opportunity in 10 years to create an economy equal in strength to the economies of the United States, Germany or France.

.2 Analysis and assessment of the financial condition of Atlant LLC

Analysis of absolute indicators of financial stability

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

Availability of own working capital (SOC), as the difference between equity capital and non-current assets. This indicator characterizes capital. Its increase compared to the previous period indicates the further development of the enterprise's activities. In the form of working capital availability, you can write:

SOS = IrP - IrA

where IрП is the first section of the liability side of the balance sheet; рА is the first section of the asset side of the balance sheet.

SOS initial = 509689 - 1102713 = -593024

SOS con = 1001486 - 1765855 = -764369

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

SD = SOS + DO

SD start = -593024 + 878814 = 285790

SD con = -764369 + 1539703= 775334

The total value of the main sources of inventory formation and costs (OI), determined by increasing the previous indicator by the amount of short-term bank loans (CC) (CC - p. 610):

OI = SD + CC

OI start = 285790 + 30000 = 315790

OI con = 775334 + 41000 = 816334

Three indicators of the availability of sources for the formation of reserves and costs correspond to three indicators of the provision of reserves and costs with sources of formation:

Surplus (+) or deficiency (-) of own working capital (F sos ):

F sos = SOS - 3

where 3 is reserves.

F SOS beginning = -593024 - 318175 = - 911199; F sos beginning < 0

F SOS con = -764369 - 480142 = - 1244511; F sos con < 0

Excess (+) or shortage (-) of own and long-term sources of reserve formation (F sd ):

F sd = SD - 3

F sd beginning = 285790 - 318175= -32385; F sd beginning < 0

F sd con = 775334 - 480142= 295192; F sd con > 0

Excess (+) or deficiency (-) of the total value of the main sources of reserve formation (F oi ):

F oi = OR - 3

F oi beginning = 315790 - 318175= -2385; F oi beginning < 0

F oi con = 816334 - 480142= 336192; F oi con > 0

We will enter the obtained data into the analytical table. 1, which we will fill out based on the received data and data from form No. 1 “Balance Sheet”.

Table 1 Analysis of absolute indicators of financial stability

No. Indicators At the beginning of the reporting period, thousand rubles At the end of the reporting period, thousand rubles Changes for the year (+,-), thousand rubles 1 Equity capital (line 490 f.1) 50968910014864917972 Non-current assets (line 190 f.1) 110271317658556631423 Own working capital (SOS) -593024-764369-1713454 Long-term liabilities (L) (line 590 f.1) 87881415397036608895 Availability of own and long-term borrowed sources of formation of reserves and costs (SD) 2857907 753344895446 Short-term bank loans (CC) (p. 610 f.1) 3000041000110007 Total value of the main sources of funds for the formation of reserves and costs (OI) 3157908163345005448 Total value of reserves (Z) 3181754801421619679 Surplus (+) or deficiency (-) SOS for the formation of reserves (F SOS ) - 911199- 1244511-33331210 Excess (+) or lack (-) of own and long-term sources of reserve formation (F sd ) -3238529519232757711Excess (+) or deficiency (-) of the total amount of sources of reserve formation (F oi )-2385336192338577

According to Table 1, we can conclude that sources of own funds were directed to non-current assets (at the end of the year: 1765855/1001486 * 100% = 176.3%). Thus, no funds were received to replenish our own working capital. In addition, there is clearly not enough working capital both at the beginning of the year and at the end.

It should be noted that, in general, the enterprise has increased both its own capital and non-current assets, but its own working capital has decreased. At the same time, current and long-term liabilities increased. It can be assumed that with a general decline in production, the company takes out loans in order to increase the share of working capital, because There are clearly not enough of them at the enterprise’s disposal.

A positive aspect is the increase in the main sources of funds for the formation of reserves and costs (by 500,544). Thus, at the end of the year, most of the inventories and costs are covered from sources of own and borrowed funds.

Thus, we can highlight an increase in both the own and long-term sources of reserve formation, and the total value of the sources of reserve formation, but at the same time there is a lack of own working capital for the formation of reserves.

The provision of reserves and costs with sources of their formation allows us to classify financial situations according to the degree of their stability. It is possible to distinguish four types of financial stability:

ü The absolute stability of the financial condition of an enterprise is characterized by the fact that the inventories and costs of an economic entity are less than the sum of its own working capital and bank loans for inventory items. It is extremely rare in domestic practice and represents an extreme type of financial stability.

ü Normal stability of the financial condition of the enterprise, guaranteeing its solvency. Inventories and expenses of a business entity are equal to the sum of its own working capital and loans against inventory items.

ü An unstable (pre-crisis) state associated with a violation of solvency, in which, nevertheless, it remains possible to restore balance by replenishing sources of own funds and increasing one’s own working capital. Inventories and costs are equal to the sum of own working capital, bank loans for inventory items and temporarily free sources of funds (reserve fund, fund social sphere etc.).

However, financial stability is considered normal (acceptable) if the following conditions are met:

a) production inventories and finished products in total are equal to or exceed the amount of short-term loans, borrowed funds involved in the formation of inventories;

b) work in progress and deferred expenses are less than or equal to the amount of own working capital.

An unstable financial condition is characterized by the fact that the possibility of restoring solvency remains.

ü A crisis state in which an enterprise is on the verge of bankruptcy, since in this situation the company’s cash, short-term securities and receivables do not even cover its accounts payable and overdue loans.

Financial stability can be restored both by increasing loans and borrowings, and by reasonably reducing the level of inventories and costs.

An unstable financial condition is characterized by violations of financial discipline, interruptions in the flow of funds to the current account, and a decrease in the profitability of activities.

A financial crisis is characterized, in addition to the above-mentioned signs of an unstable financial situation, by the presence of regular payments (overdue bank loans, overdue debts to suppliers, the presence of arrears to the budget).

Let us determine the type of financial stability of Atlant LLC based on absolute indicators of financial stability. For convenience in determining the type of financial stability, we present the calculated indicators in Table 2.

Table 2 Summary table of indicators by type of financial stability

IndicatorsType of financial stabilityabsolute stabilitynormal stabilityunstable statecrisis stateF SOS = SOS - 3F SOS > 0F SOS < 0Ф SOS < 0Ф SOS < 0Ф sd = SD - 3F sd > 0F sd > 0F sd < 0Ф sd < 0Ф oi = OI - 3F oi > 0F oi > 0F oi > 0F oi < 0

This table shows that Atlant LLC was in a state of crisis at the beginning of the year, and at the end of the year its stability is characterized as normal:

§At the beginning of the year:

F sos beginning < 0

F sd beginning < 0

F oi beginning < 0

§At the end of the year:

F sos con < 0

F sd con > 0

F oi con > 0

Analysis of relative indicators of financial stability

To assess financial stability, a system of financial indicators (ratios) is used:

.One of the most important indicators characterizing the financial stability of an enterprise is the autonomy coefficient (minimum threshold value 0.5):

and the beginning =509689 / 1503021 = 0,34a con = 1001486 / 2686813 = 0.37

.Financial dependence coefficient (optimal value less than 2):

fz beginning = (878814+114518) / 1503021 = 0,66fz con =(1539703 + 145624) / 2686813= 0,63

.Current debt ratio:

tz beginning = 114518 / 1503021 = 0,08TZ con = 145624 / 2686813 = 0.05

4.Long-term financial independence coefficient (financial stability coefficient):

K dfn beginning = (509689 + 878814)/ 1503021 = 0,92dfn con =(1001486 + 1539703)/ 2686813= 0,95

5.Debt coverage ratio with equity capital (solvency ratio):

from the beginning = 509689/ (878814 + 114518) = 509689/993332= 0,51s con = 1001486/ (1539703 + 145624 = 1001486/1685327= 0,59

6.Coefficient financial leverage or financial risk coefficient (less than 0.67):

from the beginning = (878814 + 114518) / 509689 = 993332/ 509689 = 1,95s con = (1539703 + 145624) / 1001486 = 1685327/ 1001486 = 1,68

Using these calculated indicators, we will create a table.

Table 3 Structure of liabilities (liabilities) of the enterprise Atlant LLC

Indicator Level of indicators at the beginning of the year at the end of the year change 1. Specific gravity equity capital in the total balance sheet currency (the coefficient of financial autonomy of the enterprise), %3437+32. Share of borrowed capital (financial dependence ratio), %6663-33. Current debt ratio 0.080.05-0.034. Long-term financial independence coefficient 0.920.95+0.035. Debt coverage ratio with equity capital 0.510.59+0.086. Financial leverage ratio (financial leverage) 1.951.68-0.27

The higher the level of the first, fourth and fifth indicators and the lower the second, third and sixth, the more stable the financial condition of the enterprise. In our example (Table 3), the share of equity capital tends to increase. During the reporting year, it increased by 3%, since the growth rate of equity capital is higher than the growth rate of borrowed capital. Financial leverage has decreased. This indicates that the financial dependence of the enterprise on external investors has somewhat decreased.

Assessment of the changes that have taken place in the capital structure may be different from the standpoint of investors and the enterprise. For banks and other creditors, the situation is more reliable if the share of equity of clients is higher. This eliminates financial risk. Enterprises, as a rule, are interested in raising borrowed funds for two reasons:

) interest on servicing borrowed capital is treated as an expense and is not included in taxable income;

2) the cost of paying interest is usually lower than the profit received from the use of borrowed funds in the turnover of the enterprise, as a result of which the return on equity increases.

In a market economy, a large and increasing share of equity capital does not at all mean an improvement in the position of the enterprise or the ability to quickly respond to changes in the business climate. On the contrary, the use of borrowed funds indicates the flexibility of the enterprise, its ability to find loans and repay them, i.e. about his credibility in the business world.

The most general indicator among those discussed above is the financial leverage ratio. All other indicators to one degree or another determine its value.

There are practically no standards for matching borrowed and equity funds. They cannot be the same for different industries and enterprises. The share of equity and borrowed capital in the formation of the enterprise's assets and the level of financial leverage depend on the industry characteristics of the enterprise. In those industries where capital turnover is slow and there is a high proportion of non-current assets, the financial leverage ratio should not be high. In other industries, where capital turnover is high and the share of fixed capital is low, it can be significantly higher.

The level of financial leverage also depends on the situation in the commodity and financial markets, the profitability of core activities, the stage of the enterprise’s life cycle, etc.

To determine the standard value of the coefficients of financial autonomy, financial dependence and financial leverage, it is necessary to proceed from the actual structure of assets and generally accepted approaches to their financing.

The financial leverage ratio is not only an indicator of financial stability, but also has a great influence on the increase or decrease in the profit and equity capital of the enterprise.

Level of financial leverage measured by the ratio of the growth rate of net profit ( ?PE%) to the growth rate of gross profit (? P%):

At fl = ?PE% : ?P%.

It shows how many times the growth rate of net profit exceeds the growth rate of gross profit. This excess is ensured due to the effect of financial leverage, one of the components of which is its leverage (the ratio of borrowed capital to equity). By increasing or decreasing leverage depending on prevailing conditions, you can influence profit and return on equity.

An increase in financial leverage is accompanied by an increase in the degree of financial risk associated with a possible lack of funds to pay interest on loans and borrowings. Slight change in gross profit and profitability invested capital in conditions of high financial leverage can lead to a significant change in net profit, which is dangerous during a decline in production. Let's calculate the level of financial leverage based on the data of the analyzed enterprise.

Table 4 Calculation of the level of financial leverage according to the data of the analyzed enterprise

Previous periodReporting periodGrowth, %Profit before taxes and interest, thousand rubles 272746755445+177 Net profit after taxes and interest, thousand rubles 114005574107+404

Ufl = 404:177=2,28

Based on these data, we can conclude that with the current structure of capital sources, each percentage increase in gross profit provides an increase in net profit by 2.28%. These indicators will change in the same proportion during a decline in production. Using this data, you can assess and predict the degree of financial risk of investing.

Important indicators characterizing the capital structure and determining the stability of the enterprise are the amount of net assets and their share in the total balance sheet currency. The value of net assets (the real value of equity capital) shows what will be left to the owners of the organization after repayment of all obligations in the event of liquidation of the organization. The calculation of net assets is presented in Table 5.

Table 5 Calculation of net assets of Atlant LLC

No. Indicator Line code At the beginning of the year, thousand rubles. At the end of the year, thousand rubles. Change (+,-), thousand rubles. 1. ASSETS 1.1. Intangible assets 110--- 1.2. Fixed assets 12079518511259083707231.3. Construction in progress 130265483002242736761. 4. Long-term financial investments 140280980339723587431.5. Other non-current assets 150---1.6. Inventories 2103181754801421619671.7. Accounts receivable 230+240-244478472222601744131.8. Short-term financial investments250---1.9.Cash 260172151475951303801.10.Other current assets270---1.11.Total assetsAmount 1.1-1.101485950261585211299022.LIABILITIES2.1.Targeted financing and revenues450---2.2.Borrowed funds510+61086076515091596483942.3.Accounts payable520+620132567175855432 882.4. Calculations for dividends 630-3133132.5. Other short-term liabilities 660--- 2.6. Total liabilities excluded from the value of assets Amount 2.1- 2.599333216853276919953. Net asset value (total assets minus total liabilities) 1.11 -2.6492618930525437903 The value of net assets is rather conditional, since it is calculated according to data not from the liquidation balance sheet, but from the balance sheet, in which assets are reflected not at market prices, but at accounting prices. However, their value must be greater than the authorized capital.

If net assets are less than the authorized capital, Joint-Stock Company is obliged to reduce its authorized capital to the amount of its net assets, and if the net assets are less than the established minimum amount of authorized capital, then in accordance with current legislative acts the company is obliged to decide on self-liquidation. If the ratio of net assets and authorized capital is unfavorable, efforts should be aimed at increasing profits and profitability, repaying the debt of the founders for contributions to the authorized capital, etc. At the enterprise in question, net assets are greater than the amount of the authorized capital.

Calculation of financial stability margin

In multi-product production, the break-even sales volume is determined not in natural units, but in value terms.

To determine the financial stability margin (FSM), it is necessary to subtract the break-even sales volume from revenue and divide the resulting result by revenue:

Break-even sales volume is determined as follows:

financial stability cost agility

Table 6 Calculation of break-even sales volume and financial stability margin of the enterprise

Indicator Last period Reporting period Revenue from sales of products less VAT, excise taxes, etc., thousand rubles 14303582746736 Profit from sales, thousand rubles 233138680092 Total cost of products sold, thousand rubles 11576121991291 Amount variable costs, thousand rubles 7871761354078 Amount of fixed costs, thousand rubles 370436637213 Amount of coverage margin, thousand rubles 6431811392658 Share of coverage margin in revenue, % 0.44970.507 Break-even sales volume, thousand rubles 8237401256830 Margin of financial stability: you rub. % 606618 42.4 1489906 54.2

As the calculation shows (Table 6), last year it was necessary to sell products worth 823,740 thousand rubles in order to cover fixed costs. With such revenue, profitability is zero. In fact, revenue amounted to 1,430,358 thousand rubles, which is higher than the critical amount by 606,618 thousand rubles, or 42%. This is the margin of financial stability, or the break-even zone of the enterprise. In the reporting year, the margin of financial stability increased slightly; revenue could decrease by 54.2%, and only then would profitability be zero. If the revenue becomes even lower, then the enterprise will be unprofitable, will “eat up” its own and borrowed capital and go bankrupt, so you need to constantly monitor the margin of financial stability, find out how close or far the profitability threshold is, below which the enterprise’s revenue should not fall. This is a very important indicator for assessing the financial stability of an enterprise.

Analysis of financial balance between assets and liabilities

The financial stability of an enterprise can be most fully revealed by studying the balance between the assets and liabilities of the balance sheet. When assets and liabilities are balanced across periods of use and cycles, a balance in the inflow and outflow of funds is ensured, and, consequently, the solvency of the enterprise and its financial stability. In this regard, analysis of the financial balance of assets and liabilities of the balance sheet is the basis for assessing the financial stability of the enterprise, its liquidity and solvency.

Schematically, the relationship between assets and liabilities of the balance sheet can be represented as follows:

1. Non-current assets Long-term loans Equity capital 2. Current assetsCurrent liabilities

According to this scheme, the main source of financing of non-current assets, as a rule, is permanent capital (equity and long-term loans and borrowings).

Current assets are formed both from equity capital and from short-term borrowed funds. It is desirable that they be formed half from own capital and half from borrowed capital: in this case, a guarantee of repayment of external debt and an optimal liquidity ratio of 2 are provided.

Own capital in the balance sheet is reflected in the total amount in section. III balance sheet liabilities. To determine how much of it is invested in long-term assets, it is necessary to subtract long-term bank loans for investment in real estate from the total amount of non-current assets.

Share of equity capital (D sk ) in the formation of non-current assets is determined as follows:

sk start =(1102713 - 878814) /1102713 = 0,2sk con =(1765855 - 1539703) /1765855 = 0,13

To find out what amount of equity capital is used in turnover, it is necessary from its total amount under section. III of the balance sheet liability, subtract the amount of long-term (non-current) assets (Section I of the balance sheet asset) minus the part that was formed through long-term bank loans.

Sec. Ш + page 640 + page 650 - (section I - section IV) = (section III + page 640 + page 650 + section IV) - section. I.

Own working capital n g = (509689 + 878814)-1102713 = 285790

Own working capital to g = (1001486+1539703)-1765855=775334

The coefficient of provision of current assets with own funds (minimum threshold value 0.1) can be calculated in another way. It shows the share of current assets financed from the organization's own funds. This indicator depends on many circumstances, therefore, no generally accepted recommendations regarding its value and dynamics are given in international accounting and analytical practice. As for domestic practice, when characterizing the degree of satisfaction of the balance sheet structure, its standard is not lower than 10%, i.e., the equity ratio is greater than or equal to 0.1, which is necessary for the financial stability of the organization. The calculation of this coefficient is given in Table 7.

ooah beginning = (400308 - 0 - 114518) / 400308 = 285790 /400308 = 0,71ooah con = (920958 - 0 - 145624) / 920958 = 775334 / 920958 = 0,84

Table 7 Initial data for the analysis of own working capital of Atlant LLC

Indicator At the beginning of the year At the end of the year Change (+,-) Equity capital, thousand rubles 5096891001486491797 Non-current assets, thousand rubles 11027131765855663142 Current assets, thousand rubles 400308920958520650 Own working capital, thousand rubles 285 790775334489544 Provision ratio of own working capital 0.710,840.13

The value of the coefficient of provision of current assets with own funds (the standard value of this coefficient is 0.1) at the beginning and end of the year corresponds to the recommended value (0.71 > 0.1 and 0.84 > 0.1). This means that at the beginning of the year, 71% of current assets were formed from own funds, and at the end of the year - 84%.

Let us evaluate the influence of factors on the change in the equity ratio (Table 8) using factor analysis using the method of chain substitutions.

Table 8 Calculation of the influence of factors on changes in the equity ratio

Indicator At the beginning of the period, thousand rubles At the end of the period, thousand rubles Change (+, -), thousand rubles Own capital 5096891001486+491797 Non-current assets 11027131765855+663142 Current assets 400308920958+520650 Own working capital 2857907 75334+489544 Influence on the change in the equity ratio of factors, total -0.324 Including: a) equity capital--+0.253b) non-current assets---1.657c) current assets--+1.08

Cumulative influence of factors:

Calculations show that the change in the equity ratio was significantly influenced by the change in current assets (increase by 520,650 thousand rubles at the end of the reporting period), as well as the change in non-current assets (increase by 663,142 thousand rubles at the end of the reporting period). The combined influence of the three factors was -0.324. The increase in current assets had a positive impact (+1.08), and the increase in non-current assets had a negative impact (-1.657).

The distribution structure of equity capital is also calculated, i.e. the share of own working capital and the share of own fixed capital in its total amount.

The ratio of own working capital to its total amount is called the “capital maneuverability coefficient”, which shows what part of the own capital is in circulation, i.e. in a form that allows you to freely maneuver these means. The ratio must be high enough to provide flexibility in the use of the enterprise's own funds.

The equity capital agility ratio (minimum threshold value 0.5) is equal to:

Moscow time start =(400308 - 0 -114518) / 1503021 =0,19Moscow time con =(920958 - 0 - 145624) / 2686813= 0,29

At the analyzed enterprise, as of the end of the year, the share of equity capital in circulation increased, which should be assessed positively.

An important indicator, which characterizes the financial condition of the enterprise and its stability, is the provision of inventories (tangible current assets) with sustainable sources financing, which include not only own working capital, but also short-term bank loans against inventory items.

The coefficient of provision of reserves with own sources for their formation (normal value is more than 0.6 - 0.8) characterizes the degree of provision of reserves with own capital.

K o.z beginning = (400308 - 0 - 114518) / (318175 + 17071) = 285790 / 335246 = 0,85oz con = (920958 - 0 - 145624) /(480142 + 70961) = 775334 / 551103 = 1,41

Its growth has a positive effect on the financial stability of the enterprise. For the enterprise Atlant LLC, the dynamics of this coefficient shows a trend toward improvement in the financial condition of the enterprise.

Solvency and liquidity analysis

No less important is the assessment of financial stability in the short term, which is associated with the liquidity of the balance sheet and current assets, as well as the solvency of the organization.

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

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

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

The assessment of solvency on the balance sheet is carried out on the basis of the characteristics of the liquidity of current assets, which is determined by the time required to convert them into cash. The less time it takes for collection of this asset, the higher its liquidity.

Table 9 Liquidity analysis of Atlant LLC

Name of indicator 200320042005200620072008Current liquidity ratio1,322,621,691,103,506.32Quick liquidity ratio0,230,690,410,370,572,54 Own funds autonomy ratio0,440,340,220,340, 340.37

The indicator of the current liquidity ratio for the period under review increased by 4.8 times, the indicator of quick liquidity increased by 11.0 times.

The indicator of the coefficient of autonomy of own funds for the same period decreased by 15.9%.

An analysis of the issuer's liquidity and solvency (table data) reveals the following trends in the change in indicators characterizing the level of liquidity and solvency.

During the period under study, there is a favorable trend in almost all relative indicators of the Company's liquidity.

There is a fact of the sufficiency of the presence of that part of equity, which is the source of coverage of current assets. A well-considered and well-planned policy of distribution and control of cash flows (into stocks, into products and goods, and other working capital) in this case has a significant impact.

The coefficient of autonomy of own funds (the coefficient of financial independence) characterizes the ability of the enterprise to pay off its debt obligations as a result of the sale of property formed at the expense of its own funds. During the period from 2006 to 2007, the structure and balance of the ratio of assets in terms of their liquidity and the structure of liabilities in terms of their maturity did not change. And in 2008, favorable growth was noted, which indicates an increase in the financial ability of the enterprise to repay its debt obligations.

The current liquidity ratio characterizes the degree of overall provision of the enterprise with working capital for conducting business activities and timely repayment of urgent obligations. The actual value of this indicator for 2008 was 6.32, which is significantly higher than the standard value (>2). This means that the provision of Atlant LLC with working capital for conducting business activities and timely repayment of urgent obligations can be considered sufficient. During the analyzed period, a favorable trend of growth in the value of this indicator by 1.8 times was outlined (from 3.5 in 2007 to 6.32 in 2008).

The quick liquidity ratio (or critical ratio) should be greater than 0.7 - 0.8. It characterizes how much short-term liabilities exceed the most liquid assets, which, along with cash, include accounts receivable. The value of this indicator according to the balance sheet of Atlant LLC for 2008 (2.54) lies above the standard zone for this indicator (0.7 - 0.8). This fact indicates that, during the analyzed period, a favorable upward trend in the value of this indicator is planned from 0.57 in 2007 to 2.54 in 2008. At the end of 2008, the value of this indicator was 2.54; accordingly, short-term liabilities throughout the entire analyzed period can practically be covered by the enterprise with the funds that are and are expected.

A sound financial policy in terms of attracting credit and borrowed resources, the obligation to fulfill contractual terms, and the creation of strong financial support in the banking environment make it possible for market relations to reach new level quality.

In addition, it should be noted that the values ​​of relative indicators of solvency are relevant in conditions of stable development, but with regard to the balance sheet of an enterprise that is at the stage of investment in expanding production capacity, when the return does not come immediately, reservations are necessary. Thus, the decrease in some relative financial indicators The Company, which can be assessed as temporary, characteristic of the transition period, against the backdrop of the Company’s impeccable credit history and the desire of the owners and management team to invest money “for the future” in the industry, which for Russia as a whole is a budget-generating one, can be considered an incentive for further development, prosperity and well-being of Russia and its inhabitants.

Chapter 3. Ways to increase the financial stability of an enterprise

Nevertheless, for each enterprise it is necessary to develop measures to increase financial stability, whatever it may be. Since in the long term, the financial condition can sharply change its direction: from stable to crisis.

The most common techniques used to improve the financial condition of an enterprise include the following:

daily monitor the ratio of receivables and payables;

Buyers may not repay receivables all at once, but a little every day;

use discounts for early payment;

require advance payment for products;

to pay off receivables, use the form of payment in kind, when the debt is paid off with your goods or services;

identify and sell illiquid assets.

It often happens that an enterprise suffers losses mainly due to an ill-conceived approach to production. Based on this, we can propose various ways to improve the financial condition of the enterprise. Among them are:

· cost reduction (the main condition for profit growth and profitability can be considered as a consequence of all the others);

· improving the use of working time;

· introduction of new equipment and technology;

· saving energy resources;

· improving the use of all material resources;

· increase in sales volumes;

· reducing the balance of unsold products;

· successful implementation of non-operating operations.

Taking into account the negative phenomena identified during the analysis, we can give some recommendations to improve the financial stability of the enterprise:

It is necessary to increase the share of own working capital in the value of property and ensure that the growth rate of own working capital is higher than the growth rate of borrowed capital;

take measures to reduce accounts payable, primarily this concerns advances received from customers. According to them, either the products must be shipped or the funds must be returned;

the volume of investment in fixed capital and its share in the total property of the organization should be increased;

it is necessary to increase the turnover of the enterprise's working capital, which was clearly insufficient during the analysis of financial stability, so sources of own funds were directed mainly to non-current assets;

especially pay attention to the increase in the most liquid assets;

if the value of slowly selling assets is extremely large, you need to find out what is the reason for the accumulation of excess reserves. They must be put into production immediately. If there are stale, spoiled, illiquid inventories, then they must be sold at any cost or written off;

take measures to increase own sources of funds and reduce borrowed liabilities;

pay attention to the organization of the production cycle, the profitability of products, and their competitiveness.

An important source increasing the financial stability of the enterprise is factoring, i.e. assignment to a bank or factoring company of the right to collect receivables, or an assignment agreement under which an enterprise assigns its claim to debtors to the bank as security for loan repayment.

One of effective methods updating the material and technical base of an enterprise is leasing, which does not require a full lump sum payment for the leased property and serves as one of the types of investment. The use of accelerated depreciation for leasing operations allows you to quickly update equipment and carry out technical re-equipment of production.

Attracting loans for profitable projects that can bring the company high income is also one of the reserves for the financial recovery of the enterprise.

This is also facilitated by the diversification of production in the main areas of economic activity, when forced losses in some areas are covered by the profits of others.

The deficit of equity capital can be reduced by accelerating its turnover by reducing construction time, the production and commercial cycle, excess inventory balances, work in progress, etc.

Reducing the cost of maintaining housing and social facilities by transferring them into municipal ownership also contributes to the influx of capital into core activities.

In order to reduce costs and increase the efficiency of main production, in some cases it is advisable to abandon certain types of activities serving the main production (construction, repairs, transport, etc.) and switch to the services of specialized organizations.

If a company makes a profit and is insolvent, it is necessary to analyze the use of profits. If there are significant contributions to the consumption fund, this part of the profit in conditions of insolvency of the enterprise can be considered as a potential reserve for replenishing the enterprise's own working capital.

Great assistance in identifying reserves for improving the financial condition of an enterprise can be provided by marketing analysis to study supply and demand, sales markets and, on this basis, forming an optimal assortment and structure of product production.

One of the most radical directions for improving financial stability is the search for internal reserves to increase the profitability of production and achieve break-even work through a more complete use of the production capacity of the enterprise, improve the quality and competitiveness of products, reduce its cost, rational use of material, labor and financial resources, reduce unproductive expenses and losses.

The main attention should be paid to the issues of resource conservation: the introduction of progressive norms, standards and resource-saving technologies, the use of secondary raw materials, the organization of effective accounting and control over the use of resources, the study and implementation of best practices in the implementation of the savings regime, material and moral incentives for employees to save resources and reduction of unproductive expenses and losses.

For a systematic identification and generalization of all types of losses at each enterprise, it is advisable to maintain a special register of losses with their classification into certain groups:

from marriage;

reduction in product quality;

unclaimed products;

loss of profitable customers, profitable markets;

incomplete use of the enterprise's production capacity;

downtime of labor, means of labor, objects of labor and monetary resources;

overexpenditure of resources per unit of production in comparison with established standards;

damage and shortage of materials and finished products;

write-offs of incompletely depreciated fixed assets;

payment of penalties for violation of contractual discipline;

writing off unclaimed receivables;

attraction of unprofitable sources of financing;

untimely commissioning of capital construction facilities;

natural Disasters;

for industries that did not produce products, etc.

Skillful application and combination of these measures helps not only to increase financial stability, but also to improve the financial condition of the enterprise.

Conclusion

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

An analysis of the stability of the financial condition on a particular date allows you to find out 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 development needs of the enterprise, since insufficient financial stability can lead to the insolvency of the enterprise and a lack of funds for the development of production, and excess financial stability can hinder development, burdening the enterprise’s costs with excess inventories and reserves. Thus, the essence of financial stability is determined by the effective formation, distribution and use of financial resources.

From the above analysis of financial stability, we can conclude that Atlant LLC is in a state that can be characterized as normal stability. A normally stable financial situation is characterized by the fact that the enterprise uses various “normal” sources of funds to cover inventories - its own and borrowed funds (its own working capital; short-term loans and borrowings; accounts payable for commodity transactions).

Nevertheless, for each enterprise it is necessary to develop measures to increase financial stability, whatever it may be. Since in the long term, the financial condition can sharply change its direction: from stable to crisis.

Knowing the limits of changes in the sources of funds to cover capital investments in fixed assets or inventories allows one to generate flows of business transactions that lead to an improvement in the financial condition of the enterprise and an increase in its sustainability.

Thus, an analysis of the financial stability of an enterprise makes it possible to assess how ready an enterprise is to repay its debts and answer the question of how independent it is financial side, the level of this independence increases or decreases, whether the state of the assets and liabilities of the enterprise meets the goals of its economic activity.

Bibliography

1. Alekseeva M. M. Planning of company activities: Textbook. - M.: Finance and Statistics, 2000. - 588 p.;

2. Bakanov M. I., Sheremet A. D. Theory of analysis of economic activity: Textbook. - 4th ed., revised. and additional - M.: Finance and Statistics, 2006. - 394 p.;

3. Balabanov I. T. Analysis and planning of finances of an economic entity: Textbook. -M.: Finance and Statistics, 2008. - 458 pp.;

Balabanov I. T. Fundamentals of financial management: Textbook. - M.: Finance and Statistics, 2004. - 522 pp.;

Berzin I.E., Pikunova S.A., Savchenko N.N., Falko S.G. Enterprise Economics: Textbook. For universities. - 2nd ed., rev. - M.: Bustard, 2004. - 368 p.;

Bykadorov V.L., Alekseev P.D. Financial and economic state of the enterprise. - M.: PRIOR-STRIX, 2000. - 268 p.;

7. Grebenshchikova E.V. Alternative calculation of the financial strength of an enterprise // Finance. - 2006. - No. 3. - With. 106.;

Efimova O. V. Analysis of liquidity indicators. // Accounting. - 2007 - No. 11, p. 27 - 28.;

Ignatushchenko M., Belyaev A., Izotova E. Assessment of the financial condition of the client in the preparation of the audit report.// Audit. - 2008 - No. 10, p. 23;

Kovalev VV Financial analysis: capital management, choice of investments, analysis of reporting. - M.: Finance and Statistics, 2007. - 372 p.;

Mazurina T.Yu. On assessing the financial stability of enterprises // Finance. - 2005. - No. 10. - With. 70-71;

Savitskaya G.V. Analysis of the economic activity of the enterprise. - Mn.: IP “Ekoperspektiva”, 2008.- 409 p.;

13. Sokolova O.V. Finance, money, credit: Textbook. - M.: Yurist, 2004. 784 p.;

Stoyanova E. S. Financial management: theory and practice. -M.: Perspective, 2006. - 592 p.;

15. Theory of economic analysis./ Ed. Sheremeta A.D. - M.: Progress, 2005. - 344 p.;

16. Chechevitsyna L.N. Economic analysis: Tutorial. Ed. 2nd, add. and rev. - Rostov n/d: publishing house "Phoenix", 2003. - 480 pp.;

Utkin E. A. Financial management: Textbook for universities. - M.: Mirror, 2007. - 376 p.;

18. Economic strategy of the company: Textbook / Ed. Gradova A.P. - St. Petersburg: Special literature, 2003. - 296 pp.;

Financial management: theory and practice./ Ed. Kuibara M.A. - M.: 2006. - 458 p.;

Sheremet A.D., Sayfulin R.S. Methodology of financial analysis of an enterprise. - M.: INFRA-M, 2006. - 538 p.;

21. Shokhin E.I. Financial management: tutorial/ Ed. prof. E.I. Shokhina. - M.: ID FBK - PRESS, 2006 - 408 p.;

http://www.rus-reform.ru/.

Tutoring

Need help studying a topic?

Our specialists will advise or provide tutoring services on topics that interest you.
Submit your application indicating the topic right now to find out about the possibility of obtaining a consultation.