The approach based on the analysis of the structure of the economic resources of the enterprise - Financial analysis

The approach based on the analysis of the structure of economic resources of the enterprise

Coefficient of mobile and immobilized assets (ratio of current and non-current assets) = current assets/non-current assets.

The value of this coefficient depends more on the sectoral features of the enterprise (in industrial enterprises it is higher than at the enterprises of trade or services). On this basis, in addition to analyzing the dynamics of the indicator for several periods, it is necessary to use industry-specific data, data from similar enterprises and various standards for comparison, which can give an idea of ​​the surplus or shortage, for example, of fixed assets or stocks of raw materials, materials, etc.

The coefficient of mobility of all funds = current assets/balance currency.

He characterizes the proportion of funds for debt repayment. The higher the value of the coefficient, the more opportunities for the company to ensure uninterrupted work, to settle with creditors.

The coefficient of mobility of working capital = (cash + + short-term financial investments)/current assets.

The higher the share of the most mobile working capital, the better the financial condition of the firm, the higher its solvency.

A sharp increase in accounts receivable and its share in current assets may indicate a careless credit policy of the enterprise towards customers, or an increase in sales, or insolvency and even bankruptcy of some buyers. On the other hand - the enterprise can reduce the shipment of products, then the accounts of the debtors will decrease. Consequently, the growth of accounts receivable is not always evaluated negatively.

The level of functioning capital = = (balance currency - financial investments)/balance currency.

It shows what proportion of the assets are taken by the capital directly engaged in production activities, since we subtract the amounts invested in shares, bonds and other securities of other enterprises from the balance currency. If this coefficient decreases, then the enterprise invests an increasing part of free financial resources not in its own development, but in the development of other enterprises. On the other hand - in these financial investments, a large proportion can be held by subsidiaries and affiliates. In this case, it is not possible to evaluate the decrease in the coefficient negatively.

The approach based on assessing the level of supply of sources of funding

The articles of assets and liabilities of the balance sheet are closely interrelated. The most complete financial stability of an enterprise can be disclosed on the basis of the study of the relationships between the articles of the asset and the balance sheet:

• The source of financing of long-term (non-current) assets is, as a rule, own capital and long-term loans and loans;

• Current (current) assets can be formed both at the expense of own capital, and at the expense of borrowed.

Indicators of the availability of stocks of sources of financing allow you to assess the degree of financial stability of the organization. The need of the enterprise in its working capital is subject to planning and is reflected in its financial plan. However, due to a number of objective reasons (inflation, production growth, delays in paying customers' bills and other reasons), the company has additional requirements for working capital. In these cases, the financial provision of economic activities involves borrowing sources. The requirements of the enterprise in current assets can be covered also through the issuance of debt securities or bonds. Loan circulating assets are formed at the expense of borrowed funds and additionally attracted sources. Borrowed funds are paid sources (since they have to pay interest for using them), and accounts payable and other additional sources are free of charge. In most cases, the effectiveness of using borrowed funds is higher than its own. For this reason, the main task of management of current assets is to ensure the effectiveness of borrowed funds, however, to ensure a stable financial condition, there should be a significant amount of own working capital.

Effective management of working capital of the enterprise involves not only the search and attraction of additional sources of financing, but also their rational placement in the assets of the enterprise, especially in current assets. In this regard, a very important classification of working capital in terms of liquidity and the degree of financial risk. To characterize the sources of the formation of reserves, indicators are used, the values ​​of which make it possible to classify financial situations in enterprises and organizations by types of financial stability , using three-dimensional (three-component) i> an indicator of the type of financial stability (Table 5.1).

Table 5.1

Financial Stability Types

The type of financial stability/

Metric

Absolutely stable financial condition

Normal financial stability

Unstable financial condition

Crisis Financial Condition

Surplus (deficiency) of own circulating assets

≥0

& lt; 0

& lt; 0

& lt; 0

Surplus (shortage) of own and long-term borrowed sources of stock formation

≥0

≥0

& lt; 0

& lt; 0

Surplus (shortage) of the total value of the main sources of stock formation

0

0

≥0

& lt; 0

Three-dimensional (three-component) indicator of the type of financial stability

(1.1.1)

(0, 1, 1)

(0, 0,1)

(0, 0, 0)

Absolute and normal financial stability is characterized by high profitability and profitability of the enterprise, its high solvency. Unstable financial condition is associated with a violation of solvency, in which, nevertheless, it is possible to restore the balance by replenishing sources of own funds and additional borrowing. Unstable financial condition is characterized by the presence of violations of financial discipline, interruptions in the flow of funds to the settlement account, a decrease in the profitability of the enterprise. In crisis financial condition, the company is on the verge of bankruptcy, as the cash, short-term securities and accounts receivable of the enterprise do not cover even its accounts payable and overdue loans. Such an enterprise has regular non-payments (overdue bank loans, overdue debts to suppliers, budget and extra-budgetary funds, personnel).

In addition, the following coefficients are used to analyze the security of assets with own circulating assets.

Coefficient of coverage of assets with own circulating assets = own current assets/currency of balance = = (equity - non-current assets)/balance currency.

It shows what kind of assets an enterprise can provide at its own expense. The smaller this indicator, the less assets are formed at the expense of own funds and the lower the financial stability of the firm.

Coefficient of security of current assets by own funds (own funds ratio) = = own current assets/current assets = (equity - non-current assets)/current assets.

In accordance with the Methodological Guidelines for Assessing the Financial Condition of Enterprises and the "Methodological Recommendations for the Development of the Financial Policies of Enterprises" approved by Order of the US Ministry of Economics on 01.05.1997 No. 118 (hereinafter - Methodological Recommendations for the Development of the Financial Policy of an Enterprise), this ratio should be more than 0,1. The higher its value (about 0.5), the better the financial condition of the enterprise, the more it has the capacity to conduct an independent financial policy. The value of the factor of the security of current assets by own funds, equal to 0.5, indicates that 50% of current assets are financed from own funds, which characterizes the enterprise as sustainable.

Coefficient of provision of stocks with own circulating assets (share of own circulating assets in coverage of stocks) = own circulating assets/stocks = (equity capital - non-current assets)/reserves.

This coefficient follows from previous coefficients and absolute indicators and is one of the main indicators of financial stability. Obviously, to assign an enterprise to an absolutely stable type, the value of this coefficient should be greater than 1. However, in the analysis, one should proceed from the fact that there is no need to provide all the reserves with own resources, only the necessary stock sizes should be covered by own sources. The remaining reserves can be covered with short-term borrowed funds. At the same time, the necessary size of reserves and costs corresponds more to the justified demand for them in those periods when their turnover speed is higher. For industrial enterprises, the normal value of this indicator is about 0.6 to 0.8.

Coefficient of maneuverability (coefficient of maneuverability of equity or equity) = own working capital/equity = (equity - - non-current assets)/equity.

The coefficient shows what proportion of the company's own funds are in mobile form, which allows relatively easy maneuvering by these means. The low value of this indicator means that a significant part of the company's own funds is fixed in illiquid and immobile values.

From a financial point of view, the increase in the maneuverability coefficient and its high level always positively characterizes the enterprise: own funds are mobile, most of them are invested not in fixed assets and other non-current assets, but in current assets. For this reason, the growth of the maneuverability coefficient is desirable, but within the limits in which it is possible with a specific structure of the enterprise's property. If the coefficient increases not due to a decrease in the value of fixed assets, but due to the receipt of profit and the increase of own capital, then an increase in the coefficient does indeed indicate an increase in the financial stability of the enterprise.

In accordance with the Methodological recommendations for the development of the financial policy of the enterprise, the value of the indicator is considered to be 0.2 or 0.5. The closer the value of the indicator to 0.5, the more opportunities for financial maneuvering at the enterprise. The level of functioning capital characterizes the investment activity of the enterprise.

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