When summarizing the results of the conducted analytical calculations, it is sometimes difficult to give a general assessment of the level of stability of the financial condition. This is due to the fact that it is recommended to use and use many indicators to characterize it, some of which were discussed above. For many indicators, there are no standard values ​​or there are differences in the level of recommended standards. In addition, the analysis reveals multidirectional dynamics of individual indicators and deviations of their actual values ​​from the established standards.

To overcome these difficulties, it is possible to apply the methodology of the integral assessment of the financial condition 1, in which the multi-criteria method of assessing the financial condition is reduced to a single-criterion one.

AT practical work the method of integral scoring of the degree of stability of the financial condition can be used, which is based on the ranking of organizations (assignment to one of five classes) according to the level of risk of relationships with them associated with the loss of money or their incomplete return. At the same time, organizations assigned to a certain class are characterized by their stability as follows:

I class - organizations with high financial stability. Their financial condition allows us to be confident in the timely and complete fulfillment of all obligations with a sufficient margin in case of a possible mistake in management.

Class II - organizations with good financial condition. Their financial stability as a whole is close to optimal, but some lag is allowed for certain coefficients. There is practically no risk in dealing with such organizations.

Class III - organizations whose financial condition can be assessed as satisfactory. The analysis revealed the weakness of individual coefficients. In relations with such organizations, there is hardly a threat of losing the funds themselves, but the fulfillment of obligations on time seems doubtful.

Class IV - organizations with an unstable financial condition. They have an unsatisfactory capital structure, and solvency (liquidity) is at the lower limit of acceptable values. They belong to the organizations of special attention, tk. in dealing with them there is a certain risk of loss of funds.

Class V - organizations with a financial crisis, practically insolvent. Relationships with them are extremely risky.

The constituent elements of the proposed methodology for the integral scoring of financial stability are:

The system of basic coefficients (K 1? K 2, K 3, K 4, K5, K5, the content and calculation method of which were discussed above), characterizing the financial condition of the organization;

Rating of coefficients in points, characterizing their significance in assessing the financial condition, the upper and lower limits of their values ​​and the order of transition from upper to lower limits, necessary to classify the organization as a certain class (rating, boundaries and order of transition are established by expert opinion) - table. 12.15. The definition of the class of organizations according to the level of values ​​of indicators of financial condition is given in Table. 12.16.

Based on the table 12.16 and the actual values ​​of the coefficients calculated in 12.5 and 12.6 in Table. 12.17 an integral assessment of the stability of the financial condition was made. She showed that if at the beginning of the year an organization whose accounting form No. 1 is given in Table. 12.1, can be attributed with some stretch only to class III, then the increase in the level of coefficients brought it closer to class II at the end of the reporting period. Calculations based on the revised indicators make it possible to fairly confidently attribute the organization to class II, i.e. to the class of organizations with financial stability close to optimal, in relations with which there is practically no risk.

Of interest are other methods of rating assessment, different from the ones discussed above, proposed by V.V. Kovalev and O.N. Volkova, as well as A.D. Sheremet, R.S. Saifu-lin and E.V. Negashev.

It should be noted that the need to assess the financial stability of organizations when determining the possibility of issuing loans to them has led to the development by almost every commercial bank of its own methodology for the integral assessment of the borrower's creditworthiness 1 .

This assessment is based on:

Indicators selected by the bank that most fully characterize, in his opinion, the financial condition of the organization (in addition to traditional indicators, profitability is usually included in the composition of indicators);

Calculation of the actual values ​​of these indicators according to the method adopted by the bank and comparing them with the criterion level established by it for each class of the borrowing organization. At the same time, the criteria levels are usually set differentially by sectors of the national economy;

Determining the number of points for each indicator and the total amount of points that allows the organization to be attributed, as a rule, to one of the five creditworthiness classes, which is understood as the client's ability to pay off his obligations to the bank in a timely and complete manner.

Basically, the characteristics of the creditworthiness of organizations belonging to each of the five classes are identical for banks:

The 1st class includes clients with a very stable financial position. The loans they provide have a low degree of credit risk;

Table 12.17

integral assessment of financial stability

organizations

No. p / p	Financial stability indicators	At the beginning of the reporting year	At the end of the reporting period
actual value	number of points	actual value	number of points
		0,23		0,99
	Quick (urgent) liquidity ratio (k5)	1,04		1,14
	Current liquidity ratio (K 6)	1,52		1,92
		0,60		0,74
		0,34		0,47
	Financial independence ratio in terms of reserves (k3)	1,26	13,5	1,31	13,5
	Total	X	50,5	X	71,5
updated financial stability indicators
	Absolute liquidity ratio (K 4)	0,37		1,19
	Quick (urgent) liquidity ratio (k5)	1,49		1,23
	Current ratio (Kg)	1,62		1,97	1,5
	Overall Financial Independence Ratio (Kj)	0,65		0,76
	Financial independence ratio in terms of current assets (K 2)	0,42		0,52
	Financial independence ratio in terms of reserves (K 3)	1,55	13,5	1,44	13,5
	Total	X	76,5	X	76,0

The 2nd class includes clients with a fairly stable financial position. The loans provided by them have a low degree of credit risk, subject to a sufficiently high category of corporateness. With a low category of corporateness, loans have a normal (permissible) degree of credit risk;

The 3rd class includes clients with a fairly stable financial position. The loans provided by him have a normal (permissible) degree of credit risk, and under the condition of a high category of corporatism - low;

The 4th class includes clients with a satisfactory financial situation. The loans provided by him have a normal (permissible) degree of credit risk, subject to a high category of corporatism or sufficiency of collateral;

The 5th class includes clients who are granted loans with a normal (permissible) degree of credit risk, subject to a high category of corporateness and sufficiency of collateral. It should be noted that in almost all commercial banks, a client who does not conduct financial and economic activities or does not carry out it for more than six months (in the absence of cash flow on settlement accounts) belongs to the 5th class of creditworthiness.

Consideration of banking methods for the integral assessment of the financial condition (creditworthiness) of organizations showed that, despite general principles their construction, they differ both in the system of indicators, and in the order of calculation of essentially identical indicators, and in criteria limits, and rating values.

In connection with the above, important methodological tasks in the field of increasing the objectivity of the integral assessment of the stability of the financial condition are the development of an optimal system of indicators, a reasonable methodology for their calculation, as well as the establishment of their standard values, differentiated by individual industries and based on the values ​​that have developed in the industry and take into account the regulatory (normal) their values ​​in countries with developed market economies. A serious attempt in this direction was made by the Ministry of Economy of Russia, which approved by its order of October 1, 1997 No. 118 Methodological recommendations for the reform of enterprises (organizations).

However, these Methodological Recommendations lack a unified terminology regarding the designation of indicators, contain many criteria, do not provide the calculation procedure and standards for many of them, and the methodology itself is cumbersome and logically incomplete, i.e. this document does not give specific recommendations for determining the average integral assessment, which makes it extremely difficult to carry out analytical work in practice.

It should be noted that the methods for assessing potential bankruptcy considered in 12.9 are, in fact, also methods for an integral assessment of the financial condition of an organization.

In conclusion, it should be noted that currently:

Firstly, in publications and official documents there is no unity in the definition of basic concepts related to the financial condition;

Secondly, the recommendations of specialists in the field of financial analysis are very diverse both in terms of the system of indicators used and in the terminology used, and instructions (recommendations) executive bodies the authorities are not systemic enough and are not coordinated among themselves;

Thirdly, the possibilities of external and internal analysis largely determined by analytical information, constantly changing and improving;

Fourthly, the analysis of the financial condition is a rather complex creative work that requires knowledge of the methods of express assessments, external and internal analysis, operational and in-depth studies, the ability to select from a variety of randomly offered necessary minimum indicators, give them a systematic sound, reasonably apply the standards, correctly assess dynamic changes, factor analysis etc.

The foregoing indicates that the methodology for analyzing the financial condition requires constant further reflection and improvement.

test questions

1. What are the main tasks and directions of the analysis of the financial condition?

2.What methods are used to analyze the financial condition?

3. What is the composition and content of financial statements, including each section of the sample of its forms?

4. What regulatory framework determines the content of the balance sheet items?

5. What is the composition of the system of main indicators for assessing the financial condition?

6. What is the essence of the express analysis of the financial condition?

7. What is financial independence and what is the system of absolute and relative indicators characterizing it? What is the method of their calculation?

8. What are the criteria for assessing financial independence?

9.What is solvency and liquidity and how do they differ? What indicators are they characterized by and what is the methodology for calculating these indicators?

10. What is net assets and what is the method of their calculation?

11.What is meant by cash flows and what is the purpose of their analysis?

12. What factors determine the amount of the final cash balance?

13. What indicators are used to assess the potential bankruptcy of an organization?

14. What is the factor-by-factor mechanism for the formation of retained earnings, reflected in the form No. 1 of financial statements?

15. What is the procedure for calculating net profit in the form No. 2 of financial statements?

16. What elements does borrowed capital consist of and under what condition is its attraction effective?

17. What is the essence of calculating the effect of financial leverage?

18. What is the composition of accounts receivable and what factors affect its value?

19. What is the composition of external and internal accounts payable and what indicators are used in its analysis?

20. What is meant by the current financial needs of the organization?

21. What are the main stages in the analysis of the state of settlements with the budget?

22. What is the purpose of factor analysis of tax payments?

24. What is the system of indicators of the effectiveness of the use of current assets?

25. For what purpose is an integral assessment of the stability of the financial condition?

26. What determines the credit relationship between banks and organizations?

SH Literature

1. Abryutina M.S., Granee A.V. Analysis of the financial and economic activity of the enterprise. Moscow: Delo i Service, 1998.

2. Analysis of economic activity in the industry / Ed. IN AND. Strazhev. Minsk: graduate School, 2000.

3. Artemenko V.G., Bellendir M.V. The financial analysis: Proc. allowance. M.: DIS, 1997.

4. Balabanov I.T. Financial analysis and planning of an economic entity. 2nd ed. M.: Finance and statistics, 2002.

5. Bernstein L.A. Analysis financial reporting: Theory, practice and interpretation: Per. from English. M.: Finance and statistics, 1996.

6. Blank I.A. Financial management: Proc. well. Kyiv: Nika-Center Elga, 1999.

7.Brigham Yu., Gapensky L. Financial management: TRANS. from English / Ed. V.V. Kovalev. SPb., 1997.

8. Bykadorov V.L., Alekseev P.D. Financial and economic state of the enterprise: Practical. allowance. M.: PRIOR, 2002.

9. Dontsova L.V., Nikiforova N.A. Annual and quarterly financial statements: Educational method, compilation guide. Moscow: Delo i Service, 1998.

10. Dontsova L.V., Nikiforova N.A. Comprehensive analysis of financial statements. Moscow: Business and Service, 2001.

11. Ermolovich L.L. Analysis of the financial and economic activities of the enterprise. Minsk: Ed. BSEU, 2001.

12. Efimova O.V. The financial analysis. M.: Accounting, 2002.

13. Karlin T.R. Analysis financial statements(based on GAAP): Tutorial. M.: INFRA-M, 1998.

14. Kovalev V.V. The financial analysis. M.: Finance and statistics, 1996.

15. Kovalev V.V., Volkova O.N. Analysis of the economic activity of the enterprise. M.: Prospekt, 2002.

16. Kravchenko L.I. Analysis of economic activity in trade. Minsk: Higher School, 2000.

17. Kreinina M.N. Financial management. Moscow: Delo i Service, 1998.

18. Lyubushin N.P., Leshcheva V.B., Dyakova V.G. Analysis of the financial and economic activities of the enterprise: Proc. allowance / Ed. N.P. Lyubushin. M.: UNITI-DANA, 2001.

19. Rodionova M.V., Fedotova M.A. Financial stability of the enterprise in the conditions of inflation. M.: Prospect, 1995.

20. Savitskaya G.V. Analysis of the economic activity of the enterprise. Minsk: LLC "New Knowledge", 2002.

21. Selezneva N.N., Ionova A.F. The financial analysis. M.: UNITI, 2001.

22. Sheremet A.D., Saifulin R.S. Enterprise finance. M.: INFRA-M, 1999.

23. Sheremet A.D., Saifulin R.S., Negashev E.V. Methods of financial analysis. M.: INFRA-M, 2002.

24. Richard J. Audit and analysis of economic activity of the enterprise. M.: Audit, UNITI, 1997.

25. Financial management: Theory and practice: Textbook / Ed. E.S. Stoyanova. M.: Prospect, 1999.

26.Altman El. Financial Ratios, Discriminat Analysis and the Prediction of Corporate Bankruptcy // Journal of Financt. Sept. 1968. P. 589-609.

Given the diversity of financial processes, the multiplicity of indicators financial stability and differences in the level of their critical assessments, many foreign and domestic analysts recommend an integral scoring assessment of financial stability (tab. 6).

The essence of this technique is to classify the organization according to the level of risk, i.e. any analyzed organization can be assigned to a certain class depending on the number of points scored, based on the actual values ​​of financial stability indicators.

Class I - organizations with absolute financial stability, whose loans and obligations are supported by information that allows you to be sure of the return of loans and the fulfillment of other obligations in accordance with contracts and a good margin for error.

Class II - organizations with a normal financial condition, demonstrating a certain level of risk on debts and liabilities and revealing a certain weakness in financial indicators.

Class III - these are problem organizations, the financial condition of which can be assessed as average. When analyzing the balance sheet, the weakness of individual financial indicators is revealed. It is unlikely that there is a threat of loss of funds, but the full receipt of interest and the fulfillment of obligations seems doubtful.

Table 6

Grouping of organizations according to the criteria for assessing the financial condition according to JSC Novodel for 2009, thousand rubles.

	Indicator of financial condition	Class boundary according to criteria
	Absolute liquidity ratio (K al)	0.5 and above - 20 points	0.4 and above - 16 points	0.3 - 12 points	0.2 - 8 points	0.1 - 4 points	Less than 0.1 - 0 points
	Urgent (quick) liquidity ratio (K bl)	1.5 and above - 18 points	1.4 - 15 points	1.3 - 12 points	1.2-1.1 - 9-6 points	0.1 - 3 points	Less than 1.0 - 0 points
	Current liquidity ratio (K tl)	2 and above - 16.5 points	1.9-1.7 - 15-12 points	1.6-1.4 -10.5-7.5 points	1.3-1.1 - 6-3 points	1 - 1.5 points	Less than 1.0 - 0 points
	Autonomy coefficient (K a)	0.6 and above - 17 points	0.59-0.54 - 15-12 points	0.53-0.43 - 11.4-7.4 points	0.47-0.41 - 6.6-1.8 points	0.4 - 1 point	Less than 0.4 - 0 points
	SOS security factor (K sos)	0.5 and above - 15 points	0.4 - 12 points	0.3 - 9 points	0.2 - 6 points	0.1 - 3 points	Less than 0.1 - 0 points
	The coefficient of financial independence in terms of the formation of reserves (K fnz)	1 and above - 13.5 points	0.9 - 11 points	0.8 - 8.5 points	0.7-0.6 - 6-3.5 points	0.5 - 1 point	Less than 0.5 - 0 points
	Minimum border value

Class IV - these are organizations with an unstable financial condition, because there is a risk in dealing with them. Such enterprises have an unsatisfactory capital structure, and solvency is at the lower limit of acceptable values. Profit is absent or insignificant.

Class V - organizations with a financial crisis. Non-paying capable and absolutely not stable.

The final values ​​of the indicators are drawn up in the form of a table from which you can determine the type of financial condition of the enterprise (to which class this enterprise belongs).

According to the analysis, it can be said with certainty that the financial condition of Novodel OJSC is unstable, since, in accordance with the table proposed above, it belongs to the fourth grade and scores only 34 points, which are made up of indicators:

1) absolute liquidity ratio 0.037, belongs to the 5th class;

2) quick liquidity ratio of 0.7 corresponds to class 4;

3) current liquidity ratio 1.63 3 classes;

4) the coefficient of financial independence of 0.55 corresponds to the 2nd class;

5) the coefficient of provision with own working capital is 0.3 and belongs to the 3rd class;

6) the coefficient of provision of stocks with own capital of 0.58 is included in the boundaries of the third class.

Such enterprises have an unsatisfactory capital structure, and solvency is at the lower limit of acceptable values. Profit is absent or insignificant.

In addition to the measures proposed in the course of the analysis to improve the financial condition of OAO Novodel, in this case, in order to achieve an increase in the efficiency of OAO Novodel, additional financing from the outside is advisable. The new production will raise sales, increase revenue, and hence the profitability of the enterprise.

Based on the analysis of the financial condition of the JSC "Novodel" enterprise, carried out on the basis of financial statements, recommendations were made to improve the financial condition of JSC "Novodel". In the course of the work, a vertical and horizontal analysis was made, the calculation of the net assets of the enterprise, an analysis of the dynamics of assets and liabilities, an analysis of the financial condition was made according to the absolute data of the balance sheet, an analysis of liquidity, business activity, diagnostics of Novodel OJSC were made using financial ratios, carried out an integral assessment of the financial condition of the enterprise.

In general, the state of the enterprise can be characterized as unstable, if at the beginning of the year the value of the main sources of inventory formation was 31998 thousand rubles, then by the end of the year the situation tends to decrease this indicator, amounting to 14878 thousand rubles, but it retains the possibility of restoring solvency.

The liquidity of the analyzed balance can be characterized as insufficient. At the beginning of the year, there is a shortage of the most liquid assets to cover the most urgent liabilities. But over the analyzed period, the lack of the most liquid assets to cover the most urgent liabilities has significantly decreased, which indicates a positive trend

The value of the financing ratio at the beginning of the reporting period is less than one (most of the company's property is formed from borrowed funds), this may indicate the danger of insolvency and make it difficult to obtain a loan if necessary. By the end of the year, the funding ratio had doubled. This happened in connection with the reduction of short-term debt, due to the timely payment of debts to suppliers and contractors.

The deterioration in turnover is due to the fact that in the reporting year there was a decrease in production and sales volumes, however, inventories and accounts receivable decreased at an even slower pace.

In the case of OAO Novodel for the study period, the demand for manufactured products significantly decreased, which led to a decrease in sales proceeds, profit fell below zero, profitability indicators are negative, which indicates that the company is operating at a loss.

These findings indicate that a program is needed to improve the financial condition of the enterprise, which will be discussed in the third chapter of the master's thesis.

Aubakirova G. M.

Aubakirova Gulnara Muslimovna, Doctor of Economics sciences, prof.
Karaganda State Technical University

The results of the assessment by the author of the activity are given industrial enterprises Republic of Kazakhstan. An approach to conducting comparative analysis activities of industrial enterprises by formalizing its financial and economic condition and calculation of the integral indicator.
Keywords: industrial enterprise, financial and economic condition, integral indicator, Kazakhstan.

There have been given the results of the author’s estimation of RK industrial enterprises activities. There has been suggested an approach to carry out a comparative analysis of industrial enterprises activity by means of their financial-and-economic state formalization and calculating their integral charcteristic.
keywords: industrial enterprise, financially economic condition, integrated indicator, Kazakhstan

In this article, the author focuses on the problem of transformation of industrial enterprises of the Republic of Kazakhstan (RK) in market conditions, the features of their behavior and adaptation: new policy features in the markets for goods and factors of production, concomitant changes in the organization and management functions with an emphasis on financial and economic aspects the work of enterprises.

The market environment brought to life the need to rethink the previously existing system of intra-production technical and economic indicators of enterprises. The restructuring of industrial enterprises in Kazakhstan was carried out mainly in an institutional and legal way using limited investments in fixed assets and innovative technologies. Enterprises, without receiving any directives, have weakened the work on improving the system of indicators at the intra-production level.

In this regard, the issue of the availability of such estimated characteristics among the performance indicators of the enterprise that would allow for a subsequent comparison with competitors is being updated. At the same time, the most significant aspect of the management of modern industrial enterprises is the development of a strategy for its financial recovery, based on financial diagnostics, modeling options for financial restructuring and evaluating its effectiveness.

In light of the above, consider the calculation integral indicator the financial and economic condition of the enterprise, which can be carried out, for example, by government bodies, as part of monitoring the economic condition of enterprises and resolving issues of providing them with financial assistance; credit departments of banks, when making a decision on granting loans; suppliers assessing the ability of the enterprise to pay for goods; investors who are interested in their investment attractiveness.

There is no need for a comprehensive analysis financial and economic state of the enterprise, as does, for example, the auditor. You can limit yourself to a somewhat simplified, although quite sufficient, financial and economic analysis with the presentation a small amount the most significant private indicators, allowing to build an integral indicator, while the reliability of the assessment will be ensured.

The objects of study are the leading industrial enterprises of the Republic of Kazakhstan - the steel structure plant (KZMK) of Imstalkon OJSC and the Stepnogorsk Bearing Plant (SPZ) CJSC of the European Bearing Corporation holding. Evaluation of the activities of enterprises in the period from 1993 to 2010 showed that the weakening of the functional component of their integrity was expressed, first of all, in a reduction in the share of innovation and investment processes, the stock of technological and communication knowledge. Industrial enterprises throughout the nineties continued to produce unprofitable products and minimized or completely eliminated R&D units.

Import pressure, volatility of domestic demand and lack of organizational and economic mechanism, reproduction of innovative engineering.

The weakening of the integrity of enterprises was also manifested in a decrease in the level of internal consolidation and coordination of business projects. Enterprise functions such as marketing, logistics, production preparation, personnel processes, etc. were insufficiently coordinated, did not have a unified plan and generated unnecessary costs. In structure external functions enterprises have weakened the motivation to expand production and earn more income. The influence of market signals on the behavior of enterprises turned out to be insufficient. All these problems were of an institutional nature; caused by the weak development of relevant institutions.

The objects of research, in the potential - production with a high share of added value and have a low competitiveness. The factors negatively affecting their competitiveness are the rather high cost of manufactured products, primarily due to excessive resource intensity (primarily energy and material intensity), the lack of advanced production technologies for a wide range of investment goods. Therefore, the strategy for the development of enterprises on a predominantly innovative basis should provide for improving the indicators of material intensity and energy intensity of production and products through a large-scale modernization of the fleet of machinery and equipment based on the latest resource-saving technologies.

Factors that ambiguously affect the efficiency of the functioning of enterprises subject to strong fluctuations in demand are identified. These are the factors that affect the state of production and determine the prospects for their development:

The dynamics and structure of industry markets, primarily investment goods, consumer goods durable;

Continuing bias trend industrial productions(mainly mass, based on fairly well-known technologies) into a new industrial belt (a factor of globalization and increased specialization of the world economy);

Strong positions of the main world players in the sectoral (domestic and foreign) markets (competition factor in the markets);

Different starting state of technologies, fixed and working capital, labor, investment and innovative capabilities of the enterprise (factors of production of competitive products);

Different (in terms of technical level, price, market infrastructure) dynamics of the competitiveness of innovative technologies, goods, services of an industrial nature, industries, industries (factor of supply of competitive products);

The uncertainty of the prospects for the manufacturing industries of the Republic of Kazakhstan in the global technological balance, the state of the fundamental and search areas of scientific activity, the effectiveness of the R&D sector, pre-commercial developments and standards, the stages of growth and replication of new products (a factor in the technical and technological international division of labor);

The state of the support institution innovative development(development banks, a network of technology transfer centers, business incubators, etc.) and an adequate organizational and economic mechanism (institutional and legal factors);

Efficiency of functioning of the triad "education - science - industry" (factor of qualification structure of labor).

The analysis made it possible to conclude that the prospects for the development of the situation in the industry of the Republic of Kazakhstan are associated with the further adaptation of enterprises in the industry to the new economic conditions, that is, with the development of a strategy for the renewal of production and, above all, an increase in the efficiency of domestic investment.

Studies have also found that among the urgent problems of enterprises can be attributed to a weak level of analytical and predictive study of external and internal environment, underestimation of the conscious, proactive style of enterprise management. At the objects of study, it was not in the management structure of the service involved in the development of predictive options for its alternative development. The heads of economic departments do not have enough knowledge of the methods of collecting, processing and adequate analysis of leading information, they do not develop forecasts for the adaptive mechanism of enterprises' activities. There is no information base for predictive monitoring; processing current information for internal search for potential growth reserves, studying the behavior of competitors and consumers.

To solve these problems and conduct a comparative analysis of enterprises, a system of indicators is proposed that characterizes their financial and economic condition. To the first group indicators of financial stability included coefficients of autonomy, the ratio of borrowed and own funds, provision with reserves and costs from own sources, the real value of industrial property, capital structure, financial dependence. To the second group liquidity indicators of the balance sheet included current liquidity ratios, actual solvency and absolute liquidity. Third group indicators of the financial activity of the enterprise is represented by the coefficients of profitability of sales of products, profitability of fixed assets and other non-current assets, turnover of tangible working capital, capital productivity of fixed assets and other non-current assets. The indicators of the third group characterize the effectiveness of activities both inside and outside the enterprise.

The calculation of the integral indicator is based on a comparison of enterprises for each relative indicator with a conditional reference enterprise that has the best results for all assessed indicators. The reference base for obtaining an integral indicator is not the subjective decisions of experts, but those that have developed in real conditions. market competition the highest results from the entire set of compared objects. This approach corresponds to the practice of market competition, where each independent commodity producer strives to look better than its competitor in all respects.

After calculating the coefficients for all enterprises, we bring them to a single scale of dimensions. To do this, we equate the indicators of a conditionally satisfactory enterprise to one, and all the rest are determined in fractions of a unit in relation to the standard. The table shows the values ​​of the adjusted indicators.

Table - Values ​​of coefficients reduced to a single scale of dimension

Coefficient	Reference enterprise
1. Indicators of the financial stability of the enterprise
autonomy K A
ratio of borrowed and own funds To ZSS
availability of reserves and costs from own sources TO OZ
real value of the property industrial purpose K IP
capital structures K SC
financial dependence K FZ
2. Balance liquidity indicators
current liquidity K TL
actual solvency K FP
absolute liquidity K AL
3. Financial activity indicators
profitability of product sales K RP
profitability of fixed assets and other non-current assets TO OS
turnover of material working capital K MOS
capital productivity of fixed assets and other non-current assets TO FOS

IP \u003d 0.45 (0.25 K A + 0.15 K ZSS + 0.10 K OZ + 0.20 K IP + + 0.15 K SK + 0.15 K FZ) + 0.35 (0, 10 K TL + 0.30 K FP + 0.60 K AL) + 0.20 (0.40 K RP + 0.20 K OS + 0.20 K MOS + + 0.20 K FOS).

To calculate the integral indicator for the objects of study, let us alternately substitute the values ​​of the coefficients of the “reference” enterprise and the enterprises being evaluated: Ukzmk = 0.519; EPS = 0.431.

The processing of statistical information and actual data was performed by the author using modeling tools (pilgrim package). When analyzing simulation results based on multidimensional statistical methods The Statistica package was used. The software was developed in C++.

The performed calculations allow us to draw the following conclusions:

1. In information-analytical enterprise management systems, the method for determining the integral indicator of the financial and economic state of enterprises allows you to automate the calculation of analytical coefficients. With its help, the task of comparative analysis of enterprises is formalized, which can be used by persons interested in an objective assessment of their activities.

2. Formalization of the concept of financial and economic condition, as well as other indicators of enterprises, can significantly reduce the duration of assessment procedures, in many cases, to abandon experts and, therefore, subjective assessments, which reduces overall costs and increases the degree of reliability of the assessment.

3. The proposed approach to assessing the activities of an enterprise, based on an integral indicator, increases the reliability of the results of a comparative analysis of the activities of potential competitors. Considering that the methodology is quite universal and express, economic monitoring can be carried out on its basis. In addition, it can be used as a tool for the operational management of an enterprise, aimed at improving the evaluation criteria for its work in order to achieve managerial synergy of management, reflecting the development and potential of the enterprise, their interaction and optimal combination.

4. The considered algorithm is given the role of a tool that controls the correctness of the chosen strategy for the financial restructuring of the enterprise. The model will make it possible to predict financial and economic indicators even in conditions of unprofitable business, since the formulas take into account all possible results of financial activity, which is a very important point for insolvent enterprises. At the same time, it is applicable for the purposes of financial planning of a sustainable business and is aimed at creating and constantly maintaining an advantageous technological advance by an enterprise through iterative consideration of management problems, continuous innovation and the formation of key competencies.

5. In the course of the development of market relations, the need for the formation of new structures and management mechanisms has objectively emerged. Most of the industrial enterprises of the Republic of Kazakhstan, which had an established system of production and economic activities, planning and accounting, were unable to adequately and consciously respond to constantly changing environmental conditions due to the underdevelopment of market tools for flexible management.

Differences in the understanding of the goals and priorities of the development of the real sector of the economy, the inconsistency of the actions taken, the lack of a scientifically based approach led to the predominance of spontaneous decisions that do not have the necessary strategic potential. A natural consequence of this was the formation of "hybrid" forms of management, consisting of elements of heterogeneous, non-formalized, often mutually exclusive approaches containing a lot of internal contradictions. In this regard, we can say that at this stage of development of the economy of Kazakhstan, one of the central problems is the further improvement of the principles and organizational and methodological aspects of the functioning of management systems at enterprises, which largely determine the nature and results of the ongoing reforms. Of particular importance are theoretical applied research aimed at developing and improving conceptual approaches and mechanisms for the functioning of enterprise resource management systems, including financial ones.

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The article substantiates the need for the formation and use integrated assessment when implementing the procedure for financial analysis of the state of an industrial enterprise. As a basis for constructing the final value, it is proposed to use the mechanism of forming an integral indicator using an additive model. The choice of initial indicators for constructing an assessment is based on the application of the method expert assessments: a reasoned choice is made, weight values ​​of financial indicators are calculated. Based on the analysis, the integral coefficient is determined. The necessity of including bankruptcy indicators in the integral indicator of assessment as one of the main criteria affecting the financial condition of an enterprise in modern economic conditions is substantiated. The issues of determining the lower and upper boundaries of the integral indicator of an enterprise in the industrial sector under the conditions of changing factors of the external economic environment are considered.

financial condition

comprehensive assessment

integral indicator

expert method

industrial enterprise

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6. Lagutin M.B. Visual Mathematical Statistics: Textbook. – M.: BINOM. Knowledge Laboratory, 2007. - 472 p.

7. Rinchina T.Yu. Integral assessment of the financial stability of an insurance company // Proceedings of the St. Petersburg State University of Economics. - 2010. - No. 5. - P. 149a–152.

8. Fomin Ya.A. Diagnosis of the crisis state of the enterprise: Textbook for universities. - M.: UNITI-DANA, 2003. - 349 p.

The current situation in the Russian economy is characterized by a curbing of industrial growth, our companies are denied access to Western loans and high technologies. External lending, as a result of the imposed sanctions, for the industry where "long and cheap" money is needed, is practically closed. Industrial enterprises, which are currently experiencing a shortage of working capital, simply need credit funds. The currently observed lag in the development of its own high technologies is considered an even more serious problem for the industry of modern Russia. Taken together, the indicated difficulties put before the management sector of companies the primary task of developing short-term and medium-term strategies for operational management. Often, in the presence of such tasks, taking into account the unfavorable external economic environment, it is quite difficult to choose a starting point to start implementing the plans.

The initial analysis of the enterprise as a whole helps to identify the main problems and discover the hidden potential of the enterprise, which is still not in demand and is clearly relevant in the new economic conditions. The basis of such a study is an analysis of the financial condition of the enterprise. The dynamics of financial indicators will help to most objectively assess the enterprise from the standpoint of the availability of financial potential and build the most correct management strategy, taking into account the available capabilities and own resources.

In the theory and practice of analyzing the financial condition of an economic entity, the system of indicators obtained in the calculations is used very widely: to determine the current financial situation in its various aspects, to predict the likelihood of bankruptcy and to determine the main points in financial activity that contribute to an increase in the probabilistic indicator, to develop directions for improving economic activity, not only in the direction of the main type of activity, but, at the same time, investment and financial operations in the market. It is worth noting that, despite the entire long period of use of financial analysis tools at Russian enterprises, a system of generally accepted financial assessment indicators has not yet been developed to provide a complete, reliable and objective picture of the financial and economic activities of the entity. Along with this, of particular interest is the use of an integral estimate to solve the problem. The introduction into practice of applying an integral assessment will allow solving the designated problem for any enterprise, excluding the differentiation of the latter, taking into account industry affiliation.

In general, the use of integral estimates is intended to give a general indicator characterizing the rate of decline and the amount of deviation of the controlled variable in the aggregate, without determining both indicators separately. Some aspects of the formation of the integral indicator have already been considered by the example of ferrous metallurgy enterprises, railway transport, and insurance organizations. Since this issue is addressed in the works of a number of researchers, the problem of developing a methodology for constructing a comprehensive assessment of the financial condition of industrial enterprises based on an integral indicator can be considered quite relevant.

Within the framework of the theory of financial analysis, researchers who touch upon the issue of improving the process under consideration offer quite a lot of alternative ways of implementation. At the same time, according to the observations of the authors, the most common stages for improving the methods of financial analysis in order to achieve the task of integration can be considered the following:

Analysis of the structure of financial statements for the subsequent determination of the current situation in industrial enterprises;

Identification of specific features of the values ​​of financial ratios for industry, optimal levels of indicators that objectively characterize the process;

Determination of the specific weight of the influence of the indicators under consideration on the final assessment of the financial position of the enterprise, taking into account the opinions of experts and the characteristics of the industrial sector;

Integral assessment of the financial activity of the enterprise, based on the calculations of previous procedures;

Presentation of an opinion on the financial activity of the enterprise, where the rating of the enterprise is determined, the factors of current and future changes and recommendations are formulated for further building a strategy and making decisions.

When determining and selecting diagnostic features for assessing the financial condition of industrial enterprises, first of all, it is necessary to be guided by indicators that allow an objective assessment of the current state of the object in question. Among the features characteristic of this assessment, we single out the analysis of liquidity, solvency and financial stability indicators, as well as indicators of financial performance and bankruptcy analysis. This group of indicators, according to the authors, allows you to form an objective initial picture when conducting a financial analysis and will determine the ways of forming and conducting further research in dominant directions.

The calculation of the integral assessment should be carried out on the basis of an additive model, in which the factors selected for the study are included in the form of an algebraic sum:

where In is the integral indicator of the n-th industrial enterprise,

i - number of partial integral indicators (indices), i from 1 to I,

ri - i-th partial integral indicator (index),

pi - expert weight of the i-th private integral indicator (index).

To compile the integral index, let's focus on the following financial indicators:

absolute liquidity ratio,

Quick liquidity ratio,

Total solvency ratio,

The ratio of the share of own funds in current assets,

autonomy coefficient,

Altman bankruptcy assessment coefficient (five-factor model),

Product profitability ratio.

In the current economic conditions of instability, non-payments and sanctions, the need to introduce additional control the financial situation in industrial enterprises, as well as the possible bankruptcy is of particular importance. Based on the above factors, it is proposed to introduce Altman's bankruptcy coefficient, which characterizes the creditworthiness of the organization, as one of the indicators of the financial analysis of the enterprise into the list of mandatory ones. This creditworthiness index is formed using the apparatus of multiplicative discriminant analysis and allows, as a first approximation, to divide economic entities into potential bankrupts and those who, according to current indicators, are not threatened with bankruptcy.

The choice of financial ratios can diversify depending on the current targets of an industrial company and the position of its management regarding the valuation. The weight of individual indicators is determined by the method of expert assessments, which is implemented through the analysis of the significance of financial ratios in assessing the current financial condition of an economic entity.

The integral indicator, taking into account the selected coefficients, will take the following form:

I = p1* Cabs.liq. + p2* Kbys.liq. + p5*Kavt + p6*Co. bankr. + p7*Krent.pr

The experts are faced with the task of determining the degree of influence of the proposed indicators on the overall financial condition of an industrial enterprise. It is worth noting that for each enterprise, the set of weights will be unique: not only the industry and the size of the enterprise will influence, but also the degree of intensity of environmental factors, the stage of the enterprise's life cycle and the targets of management at the moment.

The sum of points for assessing the totality of financial indicators is N points. The coefficient that has the greatest impact on the financial condition is assigned the highest score, the least impact - the lowest.

We calculate the weighted average value of each expert assessment. The share of the assessment of each indicator of individual experts (j) in their total amount is calculated by the formula:

where k is the value of the assessment of each indicator by a separate expert.

Total specific gravity indicator can be determined:

The total share of the i-th indicator in their total assessment:

With the help of the coefficient of concordance, the degree of agreement between the opinions of experts is determined. The coefficient can take values ​​from 0 (in the absence of consistency) to 1 (with maximum consistency). As an example, the Kendell concordance factor can be used. The significance of the values ​​of the indicators is established using the Pearson distribution criterion.

The Kendell Concordance Coefficient is calculated using the formula:

where S is the sum of squared deviations of the sum of ranks of each object of expertise from the arithmetic mean,

n - number of experts,

m - number of financial indicators.

The Pearson distribution criterion includes:

The greater the discrepancy between two comparable distributions, the greater the empirical value of .

At the next stage, we determine the value of pi, adjusting the calculated value by the normative value of each i-th financial ratio:

where hi is the lower limit of the norm for each indicator.

Further, taking into account the obtained values, the lower (H) and upper (B) normative limits of the values ​​of the coefficients are determined. According to the value of the calculated integral indicator, the corresponding financial position industrial enterprise:

with I ≤ H - the enterprise is located in crisis;

H< I ≤ В - предприятию не угрожает кризис;

I ≥ B - the company uses available resources inefficiently, which can lead to losses.

An analysis of the industrial sector shows that enterprises in this segment of the economy, characterized by a crisis level of financial condition, represent a fairly high level of slow-moving assets in the general structure of current assets of business entities, which is also confirmed by the low turnover of current assets. Along with this, own sources for the implementation of financial activities are clearly not enough, which is also reflected in the low profitability ratios of sold products and assets of organizations by type of activity.

In aggregate, the level of financial condition of the industrial sector is significantly affected by the lack of flexibility and readiness to adapt the development process of economic entities in the light of dynamic changes, both in the domestic and foreign markets in the industrial sector. This largely depends on the degree of elaboration of the enterprise's strategy, on the level of alternative development strategies and the degree to which they correspond to the variant development of the external economic environment.

Thus, when forming an assessment of the level of financial condition of industrial enterprises, the paramount and necessary condition the significance of each of the selected indicators for the assessment is considered. Inclusion of indicators that do not have a significant impact on the total may cause the total to deviate from the correct value and adversely affect subsequent decisions. Further work on regulating the activities of enterprises should be built taking into account the identified features and specifics, as well as the value of the integral coefficient for individual enterprises in the industrial sector.

Bibliographic link

Vinnikova I.S., Kuznetsova E.A. FEATURES OF THE INTEGRAL ASSESSMENT OF THE FINANCIAL STATE OF AN INDUSTRIAL ENTERPRISE UNDER MODERN ECONOMIC CONDITIONS // International Journal of Applied and fundamental research. - 2016. - No. 5-2. - S. 302-305;
URL: https://applied-research.ru/ru/article/view?id=9243 (date of access: 04/03/2020). We bring to your attention the journals published by the publishing house "Academy of Natural History"

Introduction. 3

1. Theoretical foundations of the analysis of the financial stability of the enterprise. 4

1.1 The concept of financial stability of the enterprise. 4

1.2 Methods for analyzing the financial stability of the enterprise. eight

2. Integral assessment of the financial stability of the enterprise. eleven

3. Using an integral score to ensure the repayment of a loan 16

Conclusion. 23

References:24

Introduction

In modern conditions, the main tasks of economic development are to increase production efficiency, as well as to occupy stable positions of enterprises in the domestic and international markets. Under market conditions, the financial and economic activity of the enterprise is carried out at the expense of self-financing, and with a lack of own financial resources, at the expense of borrowed funds. Therefore, it is necessary to know what is the financial independence of the enterprise from borrowed capital and what is the financial stability of the enterprise.

The degree of financial stability of an enterprise is of interest to investors and creditors, since on the basis of its assessment they make decisions about investing in an enterprise, therefore, the issues of managing the financial stability of an enterprise are very relevant for an enterprise.

A prerequisite for making the right management decision is objective and timely information about the current state of affairs at the enterprise, which can be obtained only as a result of a financial analysis that assesses the financial stability of an economic entity. Without these data, the decisions made by management personnel will be inadequate to the current situation and, in the worst case, may lead the enterprise to bankruptcy.

In the light of the foregoing, at present in Russia the problem of assessing the sustainability of the financial condition of an enterprise is extremely relevant, both for the management of the enterprise itself and for various government departments that control the activities of economic entities.

The purpose of this work is to analyze the concept of an integral assessment of the financial stability of an enterprise.

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

1.1 The concept of financial stability of the enterprise

The financial condition of an enterprise (FSP) is characterized by a system of indicators that reflect the state of capital in the process of its circulation and the ability of a business entity to finance its activities at a fixed point in time.

In the process of supply, production, marketing and financial activities, there is a continuous process of capital circulation, the structure of funds and sources of their formation, the availability and need for financial resources and, as a result, the financial condition of the enterprise, the external manifestation of which is solvency, are changing.

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

m state, and vice versa.

If solvency is an external manifestation of the financial condition of an enterprise, then financial stability is its internal side, reflecting the balance of cash and commodity flows, income and expenses, funds and sources of their formation (Fig. 1).

The financial stability of an enterprise is such a state of its financial resources, their distribution and use, which ensures the development of an enterprise based on the growth of profits and capital while maintaining solvency and creditworthiness under conditions of an acceptable level of risk.

The financial autonomy of an enterprise is a special case of its financial stability and characterizes the level of financial independence of an enterprise from creditors. The level of financial autonomy of an enterprise is determined by the structure of its capital. The larger the share of the company's own capital, the higher the level of its financial autonomy.

Financial stability of the enterprise

Fig 1. The basic concept of the financial stability of an enterprise

Financial stability of the enterprise - this is the ability of a business entity to function and develop, to maintain a balance of its assets and liabilities in a changing internal and external environment, which guarantees its constant solvency and investment attractiveness within the limits of an acceptable level of risk.

A stable financial position is achieved with equity capital adequacy, good asset quality, a sufficient level of profitability, taking into account operational and financial risk, liquidity adequacy, stable income and broad opportunities to raise borrowed funds.

To ensure financial stability, an enterprise must have a flexible capital structure (that is, have a high level of financial autonomy), be able to organize its movement in such a way as to ensure a constant excess of income over expenses in order to maintain solvency and create conditions for self-reproduction.

The financial condition of the enterprise, its sustainability and stability depend on the results of its production, commercial and financial activities. If the production and financial plans are successfully implemented, then this has a positive effect on the financial position of the enterprise. Conversely, as a result of underfulfillment of the plan for the production and sale of products, there is an increase in its cost, a decrease in revenue and the amount of profit and, as a result, a deterioration in the financial condition of the enterprise and its solvency. Consequently, a stable financial condition is not a fluke, but the result of a competent, skillful management of the entire complex of factors that determine the results of an enterprise's economic activity.

A stable financial position, in turn, has a positive impact on the implementation of production plans and the provision of production needs with the necessary resources. So financial activities as an integral part of economic activity, it should be aimed at ensuring the planned receipt and expenditure of financial resources, the implementation of settlement discipline, the achievement of rational proportions of equity and borrowed capital and its most efficient use.

In changing environmental conditions, it is the result of skillful, calculated management of the entire set of production and economic factors that determine the results of the enterprise (Fig. 2).

Rice. 2 Factors affecting the financial condition of the enterprise

To provide required level financial stability, the management system of an enterprise must actively respond to changes in external and internal factors.

For management to be effective, the financial condition must be constantly assessed. Determining the financial condition on a particular date answers the question: how correctly did the company manage its resources during the period preceding this date?

An analysis of the stability of the financial condition is a set of methods that make it possible to determine the state of affairs of an enterprise as a result of studying the results of its activities.

The study of the financial condition should give the management of the enterprise a picture of its actual financial condition.

It should be noted here that information about the past and present financial condition is useful only to the extent that it affects the future state of affairs.

The purpose of the financial stability analysis is not only to establish and evaluate the financial condition, but also to constantly work to improve it. The analysis shows in what directions this work should be carried out, makes it possible to identify the most important aspects and the weakest sides. The results of the analysis provide an answer to the question possible ways improvement of the financial condition in a specific period of its activity.

Therefore, in modern Russian conditions, serious analytical work at the enterprise associated with the study and forecasting of its financial condition is of particular importance. Timely and complete identification of the "pain points" of the company's finances allows you to implement a set of measures to prevent bankruptcy.

1.2 Methods for analyzing the financial stability of an enterprise

The method of analysis is understood as a set of techniques and methods for studying an economic phenomenon. The methods of analysis are: 1) induction, deduction; 2) detailing; 3) systematization; 4) generalization.

The way to study causal relationships with the help of logical induction is that the study is conducted from the particular to the general, from the study of particular facts to generalizations, from causes to results. Deduction is such a way when research is conducted from general facts to particular ones, from results to causes. The inductive method in analysis is used in combination and unity with the deductive method.

Detailing represents selection constituent parts from the whole. The detailing of certain phenomena is carried out to the extent that is practically necessary to clarify the most significant and most important in the object under study. It depends on the object and purpose of the analysis. This difficult task requires the analyst to have specific knowledge of the essence of economic indicators, as well as the factors and causes that determine their development.

The systematization of elements is carried out on the basis of the study of their relationship, interaction, mutual subordination. This allows you to build an approximate model of the object under study, determine its main components, functions, subordination of system elements, reveal the logical and methodological analysis scheme that corresponds to internal relations studied indicators.

After studying the individual aspects of the economy of the enterprise, their relationship, subordination and dependence, it is necessary to summarize the entire material of the study. Generalization (synthesis) is a very crucial moment in the analysis. When summarizing the results of the analysis, it is necessary to single out typical factors from the entire set of studied factors, separating them from random factors. In addition, it is necessary to be able to identify the main and decisive factors on which performance results depend.

The basis of any science is its subject and method. The subject of financial analysis, that is, what is studied within the framework of this science, is financial resources and their flows. The content and main target of financial analysis is the assessment of the financial condition and the identification of opportunities to improve the efficiency of the functioning of an economic entity with the help of rational financial policy. Achieving this goal is carried out with the help of the method inherent in this science.

The main element of the method of science is its scientific apparatus. At present, it is practically impossible to isolate the techniques and methods of any science as inherent exclusively to it - there is an interpenetration of scientific tools of various sciences. In financial analysis and management, various methods can also be used that were originally developed within the framework of a particular science.

There are various classifications of economic analysis methods. The first level of classification distinguishes formalized and non-formalized methods of analysis. The former are based on the description of analytical procedures at the logical level, and not on strict analytical dependencies. These include methods: expert assessments, scenarios, psychological, morphological, comparisons, building scorecards, building systems of analytical tables, etc. The use of these methods is characterized by a certain subjectivity, since intuition, experience and knowledge of the analyst are of great importance.

The second group includes methods based on fairly strict formalized analytical dependencies. Dozens of these methods are known: they constitute the second level of classification. Let's list some of them.

Classical methods of economic activity analysis and financial analysis: chain substitutions, arithmetic differences, balance sheet, isolation of the isolated influence of factors, percentage numbers, differential, logarithmic, integral, simple and compound interest, discounting.

Traditional methods of economic statistics: averages and relative values, groupings, graphical, index, elementary methods for processing time series.

Mathematical and statistical methods for studying relationships: correlation analysis, regression analysis, analysis of variance, factor analysis, principal component analysis, covariance analysis, object-period method, cluster analysis and other methods.

Econometric methods: matrix methods, harmonic analysis, spectral analysis, methods of the theory of production functions, methods of the theory of input-output balance.

Methods of economic cybernetics, methods of machine simulation, linear programming, non-linear programming, dynamic programming, etc.

Operations research methods and decision theory, graph theory methods, tree method, game theory, queuing theory, network planning and control methods.

2. Integral assessment of the financial stability of the enterprise

Comprehensive diagnostics of the state of the enterprise allows you to evaluate all (or many) aspects of business processes, but is a rather laborious process, and is usually carried out by third-party consultants. In this regard, the potential frequency of conducting comprehensive diagnostics is very low - less than once a year, and practice shows that it is performed by a limited number of enterprises, mostly in crisis or before the implementation of any major projects (for example, the introduction of information systems management).

The use of complex diagnostics for assessing the reliability will obviously contradict an important economic principle - the principle of profitability, which means that the costs of reliability management should not exceed the financial result obtained from this.

Considering the variety of indicators of financial stability, the difference in the level of their critical assessments and the resulting difficulties in assessing the risk of bankruptcy, many domestic economists recommend making an integral scoring of financial stability.

The essence of this technique lies in the classification of enterprises according to the degree of risk based on the actual level of financial stability indicators and the rating of each indicator, expressed in points. In particular, in the work of L.V. Dontsova and N.A. Nikiforova proposed the following system of indicators and their rating, expressed in points:

Table 1

Integral model of L. V. Dontsova and N. A. Nikiforova

Indicators
						Less than 0.05-0
						Less than 0.05-0
			1,6-1,4 10,5-7,5			Less than 1.0-0
Financial Independence Ratio		0,59-0,54 15-12	0,53-0,43 11,4-7,4	0,42-0,41 6,6-1,8		Less than 0.4-0
						Less than 0.1-0
						Less than 0.5-0
Minimum border value

Strict criteria for assigning enterprises to any class according to the depth of insolvency are defined. The higher the class, the less financially stable the analyzed enterprise.

The assignment of a financial stability class to an enterprise is carried out on the basis of the classification of enterprises according to the degree of risk, based on the actual level of financial stability indicators and the rating of each indicator, expressed in points (the method of "Integral scoring of financial stability"). Further, according to the investment regulations, if the enterprise belongs to the first class (list of classes and indicators are given below), the price per share is calculated at face value, with each next class, 15% is deducted from the initial price.

I - enterprises with a good margin of financial stability, allowing you to be sure of the return of borrowed funds;

II - enterprises that demonstrate some degree of debt risk, but are not yet considered risky;

III - problem enterprises. There is hardly any risk of loss of funds, but the full receipt of interest seems doubtful;

IV - enterprises with a high risk of bankruptcy even after taking measures for financial recovery. Lenders risk losing their funds and interest;

V - enterprises of the highest risk, practically insolvent.

Definitions:

1. Fixed capital (non-current assets) = fixed assets + long-term investments+ intangible assets.

2. Working capital (current assets) = inventories + receivables + short-term financial investments + cash.

3. Own capital = Authorized capital + Reserve capital + Additional capital + Accumulation fund + Retained earnings + Target financing and receipts.

4. Capital of the enterprise \u003d Fixed capital (non-current assets) + working capital (current assets).

5. Borrowed capital = leasing + bank loans + loans + accounts payable.

6. Own working capital = Current assets - Short-term financial liabilities.

7. The first group of current assets: Cash Short-term financial investments

8. The second group of current assets: Finished products Goods shipped

Accounts receivable for which payments are expected within 12 months.

must be greater than 0.6

should not exceed 0.7.

The higher the level of the first indicator and the lower the levels of the second and third, the more stable the financial condition of the enterprise.

must be greater than 2.

must be greater than 1.0

should be more than 0.25

table 2

An example of the actual indicators of the financial stability of an enterprise with the definition of belonging to the stability class

Name of indicator	For the beginning of the year			At the end of the year
	actual level	points	Class	actual level	points	Class
Financial Independence Kt:
Kt of current liquidity:
Quick liquidity kit:
Kt of absolute liquidity:
Kt of security with own working capital:
Equity capital back-up ratio:
The class of financial stability to which the enterprise belongs

3. Using an integral score to ensure the repayment of a loan

In relation to the risk assessment of various forms of loan repayment, the experience of Germany on the use by banks of a three-point system for evaluating the effectiveness of various forms of repayment security, in accordance with which the maximum credit limit is set, is interesting. 3 shows a differentiated assessment (in points) of these forms.

The largest number of points, which means the greatest efficiency, have: mortgage and pledge of deposits. In these cases, there is a relatively high maximum loan amount. At the same time, the complexity of mortgage appraisal lowers the maximum credit level.

Guarantees (guarantees) and pledge of securities received a lower score. The maximum loan amount in the presence of a guarantee with a high creditworthiness of the guarantor can reach 100%. If the creditworthiness of the guarantor is doubtful, the degree of risk increases and therefore the bank may reduce the amount of the loan provided compared to the amount specified in the guarantee agreement or in the letter of guarantee.

Assignment of claims and transfer of ownership have the lowest score due to the increase in the risk of repayment of the loan.

Table 3

Scoring the quality of secondary forms of loan repayment security

Loan repayment form	Usage Prerequisites	Advantages		Maximum loan amount in % to the amount of security
1. Mortgage	Notarial certificate; Entry in the land register	price stability; repeated use; Ease of safety control; Possibility of use by the mortgagor;	High costs for notarization; Difficulty of assessment;
2. Pledge of bank deposits	pledge agreement; The savings book can be deposited with the bank;	Low costs; Highly liquid collateral;	There may be problems related to tax law
3. Guarantee (guarantees)	Written guarantee agreement; Written guarantee	Low costs; Participation of a second person in liability; Quick use	There may be problems when checking the creditworthiness of the guarantor (guarantor)
4. Pledge of securities	pledge agreement; Transfer of securities to the bank for safekeeping	Low costs; Ease of control over price changes (when quoted on the stock exchange); Easy implementation;	There may be a sharp drop in the market price		Shares 50 - 60% fixed interest securities - 70 - 80%
5. Assignment of claims for the supply of goods or services	Assignment agreement; Transfer of a copy of invoices or a list of debtors	Low costs; With an open cession - quick use;	Intensity of control; Problems related to tax law; Special risk of silent cession;
6. Transfer of ownership	Agreement on the transfer of ownership	Low costs; In case of high liquidity - fast sale;	Evaluation problems; Control problems; Use of the appeal to the court;

The presence in the arsenal of banking tools of various forms of ensuring the repayment of a loan suggests the correct choice from an economic point of view of one of them in a particular situation.

To do this, at the time of consideration of a loan application in the banking practice of Germany, they analyze a particular borrower for the risk of a loan. Two indicators are used as risk criteria: the financial condition of the borrower and the quality of the loan security he has.

The financial condition of the borrower in the economic life of Germany is determined by the level of profitability in the share of provision with own funds.

In accordance with these criteria, three groups of enterprises with varying degrees of risk of late loan repayment are distinguished. These are companies with:

Impeccable financial condition, i.е. a solid base of own funds and a high rate of return;

Satisfactory financial condition;

Unsatisfactory financial condition, i.e. low share of own funds and low level of profitability.

According to the availability and quality of security, all enterprises are divided into four risk groups. These are the risks that:

Impeccable security;

Sufficient but unfavorable collateral structure;

Difficult-to-estimate collateral;

Lack of security.

Since both factors act simultaneously for each borrowing enterprise, the following table is compiled for the final conclusion on the degree of credit risk (Table 4.).

Table 4

Classification of enterprises according to the degree of risk of repayment of the loan

As Table. 4., according to the degree of credit risk, five types of enterprises are distinguished. Classification in the first group means minimal risk, since the loan is repaid either due to the impeccable financial condition, or due to the high quality of the security it has. In subsequent groups of enterprises, the degree of risk increases.

From the point of view of the financial condition, three groups of enterprises can be distinguished, differing in the level of profitability and the availability of their own resources. These are companies that have:

Impeccable financial condition, i.е. the share of own funds and the level of profitability are higher than the industry average;

Satisfactory financial condition, i.е. relevant indicators at the level of industry averages;

Unsatisfactory financial condition, i.e. the corresponding figures are below the industry average.

Based on the availability and quality of security, there are four groups of enterprises:

Impeccable security, which should include the predominance in its composition of deposits, easily marketable securities, goods shipped (receivables); currency values; finished products or goods in high demand;

Sufficient but unfavorable provision structure. What does the predominance of liquid funds of the second and third class mean;

Difficult-to-assess collateral structure, which means there are significant amounts of production costs (in agriculture), semi-finished products (work in progress) or products for which demand fluctuates (industries), unlisted securities;

Lack of security.

Since in real life these factors act in combination, it is possible that the influence of positive factors can offset the effect of negative ones; another is possible - the negative influence of one factor will be multiplied by the action of another. Specifically, this interrelation of factors, when considering the problem of the risk of repayment of a loan, can be represented by the following classification of types of enterprises. The enterprises of the first type have the least risk of not repaying the loan. These are enterprises that have an impeccable financial condition, regardless of the availability and quality of collateral, or enterprises that have impeccable collateral, regardless of their financial condition.

The main sources of loan repayment are: sales proceeds and liquid assets, including those serving as loan collateral. Therefore, the risk of non-repayment of the loan is minimal or non-existent if both factors or at least one of them are present. It is in the second case that the negative effect of one factor is leveled due to the positive effect of another factor. With regard to this type of enterprises (except for those with poor financial condition), it is advisable to consider the proceeds from sales as the main form of securing the repayment of a loan, without resorting to legal registration of guarantees. For this group of enterprises, the loan repayment mechanism will be based on trust based on the stable financial condition of the borrower. In this case, the bank does not attach importance to either the sufficiency or the quality of the collateral.

Enterprises referred to the second, third and fourth types, in the presence of a certain risk, are generally creditworthy. They have economic prerequisites for loan repayment, which must be legally fixed, but the forms of ensuring loan repayment must be differentiated.

For enterprises of the second type, it is advisable to use a pledge of material assets, taking into account the assessment of the quality of the security.

For enterprises of the third type, it is advisable to use both a pledge of values ​​and a guarantee, or both forms. The choice of form will depend on the real economic situation: assessment of the composition of the collateral and the financial condition of the client.

It is advisable to lend to enterprises of the fourth type either under the guarantee of a financially stable organization, since they have insufficient own sources to repay loans, or by concluding an insurance contract against the risk of not repaying a loan. At the same time, it is logical to increase the interest rate for the use of loans. These enterprises have an increased risk of late loan repayment, so the bank should pay special attention to the analysis of their financial condition and the composition of the collateral.

Finally, the fifth type of enterprises requires special attention and attitude from the bank in connection with a high degree risk. However, this type of enterprises is also heterogeneous. One part of them, with a significant reorganization of production and management, as well as financial support from the bank, can straighten out its reputation. The bank should not leave these enterprises without help, providing it on the terms of a surety (guarantee). Another part of the enterprises can be considered hopeless, it is not recommended to establish credit relations in it.

Conclusion

In conclusion, we draw the following conclusions.

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

Solving the problems of stabilizing the position of an enterprise requires finding sources of financial resources, their rational distribution, and effective use.

The main purpose of the analysis of the financial stability of an enterprise is to accumulate, use and transform information of a financial nature and assess the current and prospective financial condition of the enterprise, the possible and appropriate pace of development of the enterprise from the standpoint of their financial support, identifying available sources of funds and assessing the possibility and expediency of their mobilization, forecasting the position of the enterprise in the capital market. Future prospects The development of the analysis of the financial stability of an enterprise is associated with the development of new analytical coefficients, as well as with the expansion of the information base of the analysis.

The essence of this technique lies in the classification of enterprises according to the degree of risk based on the actual level of financial stability indicators and the rating of each indicator, expressed in points.

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