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Methods for assessing the financial condition of an enterprise. Methods for assessing financial condition The essence and methods of financial assessment

IN market economy in the totality of the organization's resources occupy an important position financial resources. Financial management decisions are made under conditions of uncertainty. Finding sources of funding is becoming the main problem for organizational leaders

Financial condition reflects the state of capital in the process of circulation and shows how capable an economic entity is of repaying debt obligations. Financial condition is expressed in the ratio of assets and liabilities of the enterprise. Assets and liabilities are the funds of the enterprise. Good financial condition is characterized by effective use resources, the ability to fully meet obligations and eliminate high risk, as well as the presence of prospects for making a profit. Poor financial health occurs when a business uses resources inefficiently. When a company is unable to meet its obligations, it goes into bankruptcy.

The efficiency of the enterprise and its financial position depend on the placement of capital and the type of activity in which it is used. The financial condition of an enterprise can be assessed by analyzing its financial activities.

Financial analysis - system special knowledge, which are associated with research into economic processes that develop under the influence of economic laws, aimed at providing recommendations for improvement financial condition enterprises and the development of a financial strategy.

Analysis of the financial condition of an enterprise is divided into internal and external.

Internal analysis is carried out by enterprise services. The results of internal analysis are used to control, forecast and plan financial condition. The purpose of the internal analysis of the financial condition of the enterprise is to establish income cash and placement of own and borrowed funds in such a way as to ensure the efficient operation of the enterprise, which is characterized by maximum profit and the exclusion of bankruptcy. Enterprise services identify weak positions in financial activities and determine the possibility of strengthening the organization’s operating conditions, ensure the effective operation of the enterprise by forming an information base.

External analysis is carried out by investors, suppliers of financial resources, and regulatory authorities using published reports. Purpose external analysis is to establish the possibility of the most profitable investment of funds to ensure maximization of profits and eliminate the risk of any financial losses. External analysis is carried out to assess guarantees and the ability of enterprises to respond to their obligations in a timely manner. This analysis helps investors evaluate how profitable and reliable it is to cooperate with a particular enterprise.

You can also assess the financial condition of an enterprise using analysis financial statements. It includes the use of various techniques and methods, which include:

1. method of average and relative values;

2. grouping method;

3. graphic method;

5. dynamics series.

There are the following types of analysis in which the above methods are used:

1. Horizontal analysis.

Horizontal analysis is characterized by the study of the absolute indicators of the enterprise's reporting, comparing the reporting period with the base period, calculating growth rates and gains, assessing their changes. But in conditions of inflation, horizontal analysis is not effective, since the calculations carried out will not reflect an objective change in indicators.

2. Vertical analysis.

Vertical analysis presents reporting data in the form of relative indicators, taking into account specific gravity of all articles, as a result of reporting and evaluates their changes over time. Relative indicators help smooth out the impact of inflation, this allows you to objectively assess all the changes that occur.

3. Trend analysis.

Trend is a price movement that has a certain direction. The concept of trend analysis implies determining the direction of trend movement. Trend analysis is very important, since determining the direction of price movement is one of the important conditions for the effective operation of an enterprise. Trend analysis is one of the types of horizontal analysis, which is focused on the future; it includes the study of indicators for the maximum period of time. Each reporting provision must be compared with the analyzed indicators for a number of periods preceding the reporting one, and determines a trend that is cleared of the influence of any random factors.

4. Spatial analysis.

Spatial (comparative) analysis includes both intra-farm analysis of free indicators of workshops, divisions, subsidiaries, and analysis between different farms, namely, the analysis of the enterprise is compared with competitors, with general economic and industry data.

5. Factor analysis.

When conducting factor analysis, the organization sets itself the following tasks:

1. assess the dynamics of absolute and relative indicators of the financial activity of the enterprise;

2. determine the direction and size of the influence various factors on the profit of the enterprise;

3. identify and evaluate any possible reserves for profit growth and profitability;

4. evaluate the enterprise’s efforts to realize opportunities to increase profits and profitability.

When conducting factor analysis, the indicator under study is expressed by the factors that form it, the influence of these factors on the change in the indicator is calculated and assessed. Factor analysis can be direct, when the indicator under study is broken down into its component parts, and reverse, when the components are combined into a common indicator.

None of the analyzes provides sufficient information on the basis of which the company would be able to judge its financial condition.

Thus, we can conclude that in order to conduct a high-quality and complete analysis of the financial condition of an enterprise, it is necessary to use all of the above methods in combination. Many companies neglect some methods of assessing their financial condition, this leads to the fact that the company cannot delve deeply enough and understand its production activities.

Literature:

1) Bocharov V.V. Financial analysis. Short course. 2nd ed. - St. Petersburg: Peter, 2009.- p. 240 s

2) Sheremet A.D., Negashev E.V. Methods of financial analysis of the activities of commercial organizations. - 2nd ed., revised. idop.- M.: INFRA-M, 2008.- 208 p.;

Business management in a market economy is characterized by many features, some of which should be highlighted. Firstly, in the total set of resources of an enterprise, financial resources acquire dominant importance. Secondly, acceptance management decisions financial nature is always carried out under conditions of uncertainty. Secondly, as a consequence of the real independence of enterprises, the main problem for managers is finding sources of financing and optimizing investment policy. Fourthly, when establishing commercial relations with any counterparty, you can rely solely on your own assessment of its financial solvency. Under these conditions, the validity of management decisions made in relation to a certain economic entity, and many of these decisions are essentially of a financial nature, is largely determined by the quality of financial and analytical calculations. Assessing the financial condition actually comes down to analyzing the financial activities of the enterprise.

Analysis is one of the general functions management economic systems, the significance of which is not subject to the influence of time, and can hardly be overestimated. To one degree or another, analysis is carried out by everyone who has even the slightest relation to the activities of economic entities. Analysis as a kind of purposeful human activity is multifaceted and has many areas of application, one of them is the financial activity of a business entity. The finances of an enterprise should be treated as its circulatory system. The extent to which this system functions is the viability of the enterprise. A set of analytical procedures that allow making financial decisions in relation to a certain business entity can be called financial analysis in a broad sense.

Organization financial flows and their management depend on many factors; including: type of business, size of the enterprise, its organizational structure management, etc. The current legislation of Russia provides for the creation of various types of business entities, the organizational and legal form of which leaves a certain imprint on the principles of financial management in a given case. Considering such important properties financial statements, such as the regularity of compilation, the knowledge of its main indicators, the certainty of algorithms and rules of compilation, the presence of confirmation by primary documents, we can say that accounting (financial) reporting in market conditions becomes almost the only reliable means of communication. Among other things, the reliability of the reporting data of enterprises of certain forms of ownership has been confirmed by independent experts (auditors) and the reporting refers to documents that must be stored for a certain and sufficiently long period, so with its help you can get an idea of financial history enterprises.

Therefore, the topic of this work is so relevant, since in a market economy it is necessary to have knowledge in the field financial assessment and be able to apply them in practice.

In addition, timely identification of negative trends in financial and economic activity The enterprise allows management to take certain actions to prevent bankruptcy.

The purpose of this work is to explore the main directions of assessing the financial condition of an enterprise. To achieve this goal, it is necessary to solve the following tasks:

Explore the essence and methods of financial analysis;

Explore the most important indicators financial condition of the enterprise;

Consider the use of financial statements to evaluate an enterprise.

1. NATURE AND METHODS OF FINANCIAL ASSESSMENTS

1.1. Main features, goals and methodology of financial analysis

Elements of the analytical function are inherent in any economic activity. However, the beginning of a certain formalization and systematization of analytical procedures is traditionally associated with the process of formation and development accounting. The rich information base formed within the framework of accounting provides good opportunities for analytical calculations, which becomes especially relevant as market relations develop.

In terms of content, financial analysis can be represented as a process consisting of identifying, systematizing and analytical processing of available financial information, the result of which is providing the user with recommendations that can serve as a formalized basis for making management decisions in relation to a given object of analysis.

The main features of financial analysis include:

Security general characteristics property and financial status of the enterprise;

Priority of assessments: solvency, financial stability and profitability;

Based on publicly available information;

Information support decisions of a tactical and strategic nature;

Availability of analysis results to any user;

Possibility of unifying the composition and content of accounting and analytical procedures;

The dominant of the monetary measure in the system of criteria;

High level of reliability and verifiability of analysis results (within the limits of reliability of public reporting data).

In certain cases, to achieve the goals of financial analysis, it is not enough to use only financial statements. Individual groups users, for example, management and auditors, have the opportunity to attract additional sources (production and financial accounting data). However, most often annual and quarterly reports are the only sources of external financial analysis.

The financial analysis methodology includes three interrelated blocks:

Analysis of the financial results of the enterprise;

Analysis of the financial condition of the enterprise;

Analysis of the effectiveness of the financial and economic activities of the enterprise.

The main goal of financial analysis is to obtain a small number of key (the most informative) parameters that give an objective and accurate picture of the financial condition of the enterprise, its profits and losses, changes in the structure of assets and liabilities, and in settlements with debtors and creditors. In this case, both the current financial condition of the enterprise and the forecast for the near or distant future, that is, the expected parameters of the financial condition, are of interest.

The content of the specific goals of financial analysis significantly depends on the tasks of the subjects of financial analysis. The goals of financial analysis are achieved as a result of solving a certain interrelated set of analytical tasks, which represent a specification of the goals of the analysis, taking into account the organizational, informational, technical and methodological capabilities of carrying out this analysis. The main factors are the volume and quality of the source information.

In order to make management decisions in the field of production, sales, finance, investment and innovation, management requires constant awareness of relevant issues, which is possible only as a result of selection, analysis, evaluation and concentration of initial information.

The basic principle of analytical reading financial reports- This is a deductive method, that is, from the general to the specific. But it must be used repeatedly. In the course of such an analysis, the temporal and logical sequence of economic facts and events, the direction and strength of their influence on the results of activity are reproduced.

Financial analysis is the prerogative senior management management structures of the enterprise capable of influencing the formation of financial resources and cash flows. The effectiveness or ineffectiveness of private management decisions related to determining the price of a product, the size of a lot of purchases of raw materials or supplies of products, the replacement of equipment or technology must be assessed from the point of view of the overall success of the enterprise, the nature of its economic growth and the growth of overall financial efficiency

The main functions of financial analysis are:

Objective assessment of the financial condition, financial results, efficiency and business activity object of analysis;

Identification of factors and causes of the achieved state and results obtained;

Preparation and justification of management decisions in the field of finance;

Identification and mobilization of reserves for improving financial condition and financial results, increasing the efficiency of all economic activities.

An approximate diagram of financial activity analysis is shown in the figure.



Rice. Scheme of financial analysis of an enterprise

The main goal of any type of financial analysis is to assess and identify the internal problems of the enterprise for the preparation, justification and adoption of various management decisions, including:

In the field of development;

Way out of the crisis;

Transition to bankruptcy procedures;

Purchases and sales of a business or a block of shares;

Attracting investments (borrowed funds).

Thus, the key issue for understanding the essence and effectiveness of financial analysis is the concept of the economic activity of an enterprise as a flow of decisions about the use of resources in order to make a profit.

Regardless of what area of ​​production the enterprise operates in, the final goal does not change. The variety of solutions to achieve this goal can be reduced to three main areas:

Decisions on investment of capital (resources);

Operations carried out using these resources;

Determination of the financial structure of the enterprise.

1.2. Types, forms and methods of financial analysis

The main goal of financial analysis is to obtain the key, most informative parameters that give an objective and accurate picture of the financial condition of the enterprise, its profits and losses, changes in the structure of assets and liabilities, and in settlements with debtors and creditors.

Depending on specific tasks financial analysis can be carried out in the following forms:

Express analysis (designed to obtain in 1-2 days a general idea of ​​the company’s financial position based on external accounting reporting forms);

Comprehensive financial analysis (designed to obtain, within 3-4 weeks, a comprehensive assessment of the company’s financial position based on external accounting reporting forms, as well as transcripts of reporting items, analytical accounting data, independent audit results, etc.);

Financial analysis as part of a general study of the company’s business processes (intended to obtain a comprehensive assessment of all aspects of the company’s activities - production, finance, supply, sales and marketing, management, personnel, etc.);

Focused financial analysis (designed to solve a company’s priority financial problem, for example, optimization of accounts receivable based on both the main forms of external accounting reporting and transcripts of only those reporting items that are related to the specified problem);

Regular financial analysis (designed to establish effective financial management of the company based on the presentation, within a certain time frame, quarterly or monthly, of specially processed results of a comprehensive financial analysis).

Depending on the specified areas, financial analysis can be carried out in the following forms:

Retrospective analysis (intended to analyze current trends and problems in the financial condition of the company; however, we believe that, as a rule, quarterly reporting for the last reporting year and the reporting period of the current year is sufficient);

Plan-actual analysis(required to assess and identify the reasons for deviations of reporting indicators from planned ones);

Prospective analysis (required for examination financial plans, their validity and reliability from the standpoint of the current state and existing potential).

The practice of financial analysis has developed the basic methods for reading financial statements. Among them are the following:

Horizontal analysis;

Vertical analysis;

Trend analysis;

Method of financial ratios;

Comparative analysis;

Factor analysis.

Horizontal (time) analysis - comparison of each reporting item with the previous period.

Vertical (structural) analysis - determining the structure of the final financial indicators identifying the impact of each reporting item on the result as a whole.

Trend analysis - comparison of each reporting item with a number of previous periods and determination of the trend, that is, the main trend in the dynamics of the indicator, cleared of random influences and individual characteristics separate periods. With the help of a trend, possible values ​​of indicators in the future are formed, and, therefore, a promising, predictive analysis is carried out.

Analysis of relative indicators (coefficients) – calculation of ratios of reporting data, determination of interrelations of indicators.

Comparative (spatial) analysis is both an intra-company comparison of individual indicators of a company, subsidiaries, divisions, workshops, and an inter-company comparison of the indicators of a given company with the indicators of competitors, with industry averages and average general economic data.

Factor analysis is an analysis of the influence of individual factors (reasons) on a performance indicator using deterministic or stochastic research techniques. Moreover, factor analysis can be either direct (analysis itself), that is, consisting in breaking up an effective indicator into its component parts, or reverse (synthesis), when individual elements are combined into a common effective indicator.

Based on data about the past performance of an enterprise, financial analysis is aimed at reducing uncertainty about its future state.

The results of the analysis of the financial condition of the enterprise are of paramount importance for a wide range of users, both internal and external to the enterprise - managers, partners, investors and creditors.

For internal users, which primarily include enterprise managers, the results of financial analysis are necessary for assessing the activities of the enterprise and preparing decisions on adjustments financial policy enterprises.

For external users - partners, investors and creditors - information about the enterprise is necessary for making decisions on the implementation of specific plans in relation to of this enterprise(purchase, investment, conclusion of long-term contracts).

There are certain differences between internal and external financial analysis.

External financial analysis is focused on the open financial information of the enterprise and involves the use of standard (standardized) techniques. In this case, as a rule, a limited number of basic indicators is used. When performing the analysis, the main emphasis is on comparative methods, since users of external financial analysis are most often in a state of choice - with which of the enterprises under study to establish or continue relationships and in what form it is most advisable to do this.

Internal financial analysis is characterized by greater demands on initial information. In most cases, the information contained in standard accounting reports is not sufficient for him, and there is a need to use internal data management accounting. In the analysis process, the greatest emphasis is placed on understanding the causes of changes in the financial condition of the enterprise and finding solutions aimed at improving this condition. In this case, it does not matter at all whether the goal is achieved by using standard or original methods.

Unlike the external internal analysis is not limited to consideration of the enterprise as a whole, but almost always goes down to the analysis of individual divisions and areas of activity of the enterprise, as well as types of products.

The table provides a comparison of two approaches to financial analysis.

Property and financial situation from a long-term perspective;

Financial results regularly generated by the enterprise. That is, on average, an enterprise operates profitably or unprofitably.

The first aspect of activity is reflected in the balance sheet: the active side of the balance sheet gives an idea of ​​the enterprise’s property, the passive side gives an idea of ​​the structure of the sources of its funds.

The second aspect is presented in the “Profit and Loss Statement” - all income and expenses of the enterprise for the reporting period in certain groupings are presented in this form. By looking at the form in dynamics, you can understand how efficiently a given company operates on average.

The basis for recognizing the structure of the balance sheet of an enterprise as unsatisfactory, and the enterprise as insolvent, is the fulfillment of one of the following conditions:

The current ratio at the end of the reporting period is less than 2;

The equity ratio at the end of the reporting period is less than 0.1.

If there are established grounds for recognizing the balance sheet structure as unsatisfactory, if the coefficient of restoration (loss) of solvency, determined based on the value of the period for restoration of solvency, is equal to six months, and set value current liquidity ratio equal to two has a value greater than one, a decision can be made about the existence of a real opportunity for the enterprise to restore its solvency.

In the absence of established grounds for recognizing the balance sheet structure as unsatisfactory, if the coefficient of restoration (loss) of solvency, determined based on the value of the period of loss of solvency equal to three months and the established value of the current liquidity ratio equal to two, has a value less than one, it may be a decision was made that the enterprise will not be able to fulfill its obligations to creditors in the near future (about the loss of solvency of the enterprise).

The main areas of financial analysis are:

1. Analysis of the balance sheet structure.

2. Analysis of the profitability of the enterprise and the structure of production costs.

3. Analysis of solvency (liquidity) and financial stability of the enterprise.

4. Analysis of capital turnover.

5. Return on capital analysis.

6. Analysis of labor productivity.

Traditionally, and especially when conducting external analysis, a standard balance sheet (Form No. 1) is used as initial information. Property and source data must be balanced.

Assets must be structured according to their economic nature (according to the principle of assigning value to manufactured products, terms of use and degree of liquidity).

Data on sources of financing should be divided according to the principle of ownership and timing of attraction.

Thus, summing up the above, we can draw the following conclusions:

The main purpose of financial analysis is to assess the financial condition and identify opportunities for the effective functioning of the enterprise;

The main task financial analysis is effective management financial resources of the enterprise.


Business management in a market economy is characterized by many features. Firstly, in the total set of resources of an enterprise, financial resources acquire dominant importance. Secondly, financial management decisions are always made under conditions of uncertainty. Secondly, as a consequence of the real independence of enterprises, the main problem for managers is finding sources of financing and optimizing investment policy. Fourthly, when establishing commercial relations with any counterparty, you can rely solely on your own assessment of its financial solvency. Under these conditions, the validity of management decisions made in relation to a certain economic entity, and many of these decisions are essentially of a financial nature, is largely determined by the quality of financial and analytical calculations.

Analysis is one of the general functions of managing economic systems, the importance of which is not subject to the influence of time and can hardly be overestimated. To one degree or another, analysis is carried out by everyone who has even the slightest relation to the activities of economic entities. The purpose of this work was to explore the main directions for assessing the financial condition of an enterprise. To achieve this goal, the following tasks were solved:

The essence and methods of financial analysis have been studied;

The most important indicators of the financial condition of the enterprise have been studied;

The use of financial statements to evaluate an enterprise is considered.

Thus, it can be stated that the objectives of the work have been completed and the goal has been achieved.

LIST OF REFERENCES USED

1. Order Federal service Russia on financial recovery and bankruptcy dated January 23, 2005 No. 16 “ Guidelines to analyze the financial condition of the enterprise"

2. Ginzburg A.I. Economic analysis. Tutorial. – St. Petersburg: Peter, 2004.

3. Kovalev V.V. Financial analysis: methods and procedures. Finance and statistics. M.: 2004.

5. Kovalev V.V., Volkova O.N. Analysis of the economic activities of the enterprise. Textbook. – M.: Prospekt, 2004. – p. 240

6. Patrushina N.V. Analysis of financial results based on financial statements/Accounting. M.: 2005. No. 5, p. 68-72.

7. Directory of an enterprise financier. 3rd ed., add. and processed INFRA-M, 2004.

8. Savitskaya G.V. Analysis of economic activities. Study guide. M.: INFRA-M, 2004.

9. Financial management/ Ed. A.M. Kovaleva - M.: INFRA-M, 2004.

10. Fedorova G.V. Financial analysis of enterprises under threat of bankruptcy. – M.: Omega, 2003

11. Sheremet A.D., Negashev E.V. Methodology of financial analysis. M.: INFRA-M, 2004.

12. Sheremet A.D., Saifulin R.S., Negashev E.V. Methods of financial analysis: Textbook. – M.: INFRA-M, 2005.


Order of the Federal Service of Russia for Financial Recovery and Bankruptcy dated January 23, 2005 No. 16 “Guidelines for conducting an analysis of the financial condition of an enterprise”

Savitskaya G.V. Analysis of economic activities. Study guide. M.: INFRA-M, 2004.-P.112.


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In this article we will analyze in detail methodology for assessing the financial condition of companies SPARK information agency.

SPARK– a company that evaluates enterprises using various methods and provides users with public information on companies.
Financial analysis in the SPARK system is carried out on the basis of Form No. 1 and Form No. 2 of company reporting. For this purpose, 16 financial ratios are calculated from four groups of indicators:

  • capital structure indicators (financial stability ratios);
  • liquidity indicators (solvency ratios);
  • profitability indicators (profitability ratios);
  • indicators of business activity (turnover ratio).

Capital structure indicators (financial stability) reflect the financial condition of the enterprise, its financial reliability, and show the ratio of equity and borrowed capital of the enterprise (company). This group according to the SPARK method includes the following indicators:

  • equity capital concentration ratio (autonomy ratio) – reflects financial stability of a company and is the ratio of equity to total assets. The standard for this financial ratio is greater than 0.5 or 50%;
  • equity ratio working capital– characterizes the degree of security of the company with its own current assets. The standard for this financial ratio is more than 0.1 or 10%;
  • maneuverability coefficient own funds– shows the mobility of the company’s own funds. The standard for this financial ratio is greater than 0.5 or 50%;
  • long-term borrowing ratio – shows the degree to which the company attracts long-term borrowed capital;
  • debt-to-equity ratio - reflects the capital structure of the enterprise and represents the ratio of the company's liabilities to the enterprise's equity capital. The standard for this financial ratio is less than 1 or 100%

The group of liquidity indicators includes:

  • Current liquidity ratio – reflects the degree of solvency and ability of the company to repay its obligations. The standard is greater than 2 or 200%;
  • quick liquidity ratio - reflects the degree of solvency of the company and the ability to repay obligations with the most liquid assets. The standard indicator is greater than 0.8 or 80%;
  • absolute liquidity ratio - reflects the degree of solvency of the company and the ability to pay off obligations with cash immediately. The standard indicator is more than 0.2 or 20%;

Group of profitability indicators:

  • overall profitability - reflects the profitability of the company and represents the ratio of profit before tax to revenue;;
  • profitability of sales - reflects the profitability of the enterprise to create profit through sales of created products or services provided;
  • return on equity (ROE) - reflects the profitability of the company's capital to create profit on equity and debt capital;
  • return on assets (ROA) - reflects the profitability of the company's capital to create profit from assets;
  • return on investment (ROI) – reflects the profitability and efficiency of a company to create profits through long-term capital and long-term financial investments;
  • net rate of return (ROS) – reflects the profitability of the company to create profit through the sale of products and provision of services, calculated as the ratio net profit on sales volume.

The standard for this group of indicators is positive values ​​of financial ratios.

Group of business activity indicators(capital turnover):

  • receivables repayment period – shows the rate of repayment of receivables;
  • payables repayment period – shows the speed of payables repayment;
  • inventory and cost turnover period – shows the rate of asset inventory turnover;
  • asset turnover period – shows the rate of turnover of the company’s assets.

For these financial ratios, the standard is determined in accordance with the type of activity of the enterprise and its nature.
To analyze these coefficients, not only the current assessment of these coefficients is used, but they are also compared with standard values ​​and analyzed in a dynamic aspect.
The table below shows the calculation and analysis of 16 financial ratios according to the SPARK method for the enterprise OJSC Severstal.

Name

2011 – I quarter
Capital structure
Equity concentration ratio (autonomy), %
Provision ratio of own working capital, %
Own funds maneuverability ratio, %
Long-term borrowing ratio, %
Debt to equity ratio, %
Liquidity
Current ratio, %
Quick liquidity ratio, %
Absolute liquidity ratio, %
Profitability
Total profitability, %
Return on sales, %
Return on equity (ROE), %
Return on assets (ROA), %
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