Integral generalized assessment of financial condition. Scoring of financial stability. Methods for analyzing the financial stability of an enterprise

Keywords

FINANCIAL STATE SIMULATION / INTEGRAL FINANCIAL ASSESSMENT / FINANCIAL INDICATORS/ PROFITABILITY / SOLVENCY/ LIQUIDITY / FINANCIAL STABILITY / COMPOSITION AND STRUCTURE OF ASSETS AND CAPITAL / EFFICIENCY OF ENTERPRISE MANAGEMENT / FORECASTING / MODELING OF FINANCIAL POSITION / INTEGRAL EVALUATION OF THE FINANCIAL POSITION/ FINANCIAL PERFORMANCE / PROFITABILITY / PAYING CAPACITY / LIQUIDITY / FINANCIAL STABILITY / COMPOSITION AND STRUCTURE OF ASSETS AND CAPITAL / EFFICIENCY OF ENTERPRISE MANAGEMENT/ FORECASTING

annotation scientific article on economics and business, the author of the scientific work - Sergey Panteleevich Kurdzhiev, Alexandra Alexandrovna Mambetova, Elena Petrovna Peshkova

The subject of the article is the development of theoretical provisions and methodological approaches to integral assessment of financial condition metallurgical enterprises of the region. The aim of the work is to show the possibility of decomposition integral assessment into individual elements in order to use this tool to build individual models based on forecasting various coordinates of the financial condition of the enterprise. The research hypothesis is based on the objective need to improve enterprises, which implies the modernization of existing theoretical and methodological approaches to improving the quality of analysis by eliminating certain shortcomings of discriminant models in order to fundamentally clarify the algorithm for constructing an integral indicator. The methodological foundations of a systematic approach and economic and mathematical modeling are applied: methods financial analysis, groupings, abstractions, comparisons, making it possible to determine financial indicators, which are necessary to build predictive models of financial condition; methods of correlation and regression analysis, which makes it possible to improve the integral indicator and build mathematical models forecasting... With the aim of improving integral assessment of financial condition the enterprise used its geometric interpretation, which provides for the division of the integral indicator into separate elements. The peculiarity of the proposed methodological approach consists in the implementation of certain procedures for assessing the financial condition and generalization of the analysis results. The proposed approach can be used by financial analysts to develop strategic plans for the development of an enterprise and optimize the structure of financial resources. This study allows you to determine the quantitative impact of individual parameters on the overall assessment of the financial condition in order to forecasting, understood as a system of scientifically based probabilistic assumptions about basic and alternative structural changes in the assets and liabilities of the enterprise.

The text of the scientific work on the topic "Integral assessment of the financial condition of enterprises in the region"

For citation: Economy of the region. - 2016 .-- T. 12, no. 2. - S. 586-601 doi 10.17059 / 2016-2-22 UDC 338.1

S. P. Kurdzhiev a), A. A. Mambetova b), E. P. Peshkova a)

a) South-Russian Institute of Management - branch of RANEPA (Rostov-on-Don, the Russian Federation; e-mail: [email protected]) b) Rostov State Economic University (Rostov-on-Don, Russian Federation)

INTEGRAL ASSESSMENT OF THE FINANCIAL STATE OF ENTERPRISES IN REGION 1

The subject of the article is the development of theoretical provisions and methodological approaches to the integral assessment of the financial condition of metallurgical enterprises in the region.

The purpose of the work is to show the possibility of decomposing the integral assessment into individual elements in order to use this tool to build individual models based on predicting various coordinates of the financial condition of an enterprise.

The research hypothesis is based on the objective need to improve the integral assessment of the financial condition of enterprises, which implies the modernization of existing theoretical and methodological approaches to improving the quality of analysis by eliminating certain shortcomings of discriminant models in order to fundamentally clarify the algorithm for constructing an integral indicator.

The methodological foundations of the systematic approach and economic and mathematical modeling are applied: methods of financial analysis, grouping, abstraction, comparison, which make it possible to determine the financial indicators that are necessary to build predictive models of the financial condition; methods of correlation and regression analysis, which makes it possible to improve the integral indicator and build mathematical forecasting models.

In order to improve the integrated assessment of the financial condition of the enterprise, its geometric interpretation was used, which provides for the division of the integral indicator into separate elements. The peculiarity of the proposed methodological approach consists in the implementation of certain procedures for assessing the financial condition and generalization of the analysis results.

The proposed approach can be used by financial analysts to develop strategic plans for the development of an enterprise and optimize the structure of financial resources.

This study allows you to determine the quantitative impact of individual parameters on the overall assessment of the financial condition in order to predict it, understood as a system of scientifically based probabilistic assumptions about basic and alternative structural changes in the assets and liabilities of the enterprise.

Keywords: modeling of financial condition, integral assessment of financial condition, financial indicators, profitability, solvency, liquidity, financial stability, composition and structure of assets and capital, efficiency of enterprise management, forecasting

Introduction

The overall assessment of the financial condition of the enterprise depends on a variety of indicators that need to be studied in interrelation. Consequently, it becomes necessary to aggregate all the attributes of a set (financial indicators), due to the fact that the object of modeling (financial condition) requires not only generalizing characteristics, but also the ordering of separate

1 © Kurdzhiev S.P., Mambetova A.A., Peshkova E.P. Text. 2016.

its elements according to certain properties and principles. It is possible to implement this mechanism with the help of an integral assessment, which is based on the parameters obtained as a result of the analysis of the main components of the financial condition of a business entity (profitability, solvency, liquidity, financial stability, efficiency of enterprise management). On the basis of an integral assessment of the financial condition of an organization, it is possible to comprehensively assess its financial and economic activities, identify shortcomings in the work and propose a direction

development. In addition, the integral assessment is the basis for predicting the financial condition of an economic entity, since the adequacy of the forecast data depends on the reliability of the input information.

The metallurgical industry is one of the leading in the industry of the Rostov region, on the territory of which there are more than 30 large enterprises of ferrous and non-ferrous metallurgy. The industry employs more than 30, 325 thousand people. able-bodied population of the region, and about 13% of all fixed assets of the industry are concentrated, with a high degree of wear. The prospective development of the industry depends on the speed of equipment modernization, the introduction of innovations and the improvement of financial management methods.

Thus, a number of metallurgical enterprises of the Rostov region were selected as the object of research.

Integral indicator of the financial condition of the enterprise

The role of an objective assessment of the financial condition of an enterprise as the basis for its sustainable development increases significantly in modern economic conditions. Financial

condition reflects efficiency economic activity of a business entity, and its analysis allows to optimize the use of financial resources in a timely manner and objectively determine priority directions enterprise development, form strategic plans and monitor their implementation.

Thus, an objective analysis of the financial condition determines the construction of adequate forecasting models, and a reliable assessment is the basis for the development of an enterprise.

A comparative analysis of the considered traditional methods revealed certain advantages and disadvantages of various methodological approaches, which, in turn, complicate their application for forecasting the financial condition of an enterprise. Therefore, we have improved (from the point of view of the procedural side) the methodology for analyzing the financial condition of an economic entity, which in a generalized form consists of interconnected blocks (Fig. 1).

The first block is the study of structural changes in the assets and capital of the enterprise, that is, carrying out vertical and horizontal

Structural analysis of assets and capital

2 block Analysis financial sustainability

3 block Analysis of liquidity and solvency

5 block Integral assessment of financial condition

4 block Analysis of the efficiency of capital use

Rice. 1. Structural and logical diagram of the analysis of the financial condition of the enterprise for forecasting purposes

analysis of aggregate balance sheet indicators, their assessment in dynamics.

The second block is an analysis of financial stability based on relative indicators, such as coefficients of independence, the ratio of own and borrowed funds, long-term borrowed funds, agility own funds ensuring current assets equity capital, concentration of debt capital and debt coverage.

The third block is based on the analysis of the liquidity and solvency of the enterprise, which provides for the calculation of a number of relative indicators: the total liquidity indicator, the absolute liquidity ratio, the intermediate coverage ratio, the current coverage ratio and the current liquidity ratio.

The fourth block includes the study of relative indicators of the efficiency of capital use: indicators of profitability of products, investments, current assets and capital.

The fifth block is generalized, it involves the definition of an integral indicator of financial condition. The basis is the union of the series baseline indicators, characterizing the components of the financial condition.

The peculiarity of the proposed approach consists in the sequence of carrying out certain procedures for assessing the financial condition and the mechanism for summarizing the results of the analysis.

So, the developed methodology as the first stage provides for an assessment of the composition of the assets and liabilities of the enterprise, their structural elements (current and non-current assets, equity and debt capital). Moreover, such an assessment involves both vertical and horizontal analysis of the balance sheet and its main sections. The expediency of this step is due to the fact that the quality of liabilities and assets has a direct impact on the main subsystems of the financial condition, in particular, on financial stability, liquidity and solvency.

In addition to the above, a feature of the grounded approach is the mechanism for generalizing the results of financial analysis. So, the authors propose to include in the integral assessment not only relative indicators reflecting financial stability, liquidity, solvency and efficiency

the use of capital, but also the relative indicators characterizing the composition and structure of assets and capital of the enterprise. It should be noted that the approach does not require the user to have specific information, for example, primary production or management accounting data.

Analysis of the financial condition of the enterprise, according to the developed methodology, is the first stage in determining the prospects for its changes. The need for analysis is due to the fact that its results are the information base for determining the predicted financial condition of the enterprise.

The main purpose of this analysis is to study the possibility of using heterogeneous financial indicators to predict financial condition. The achievement of the formulated goal is facilitated by the grouping of metallurgical enterprises of the Rostov region (using the methods of strategic analysis) according to the level of individual indicators and the study of the dynamics of changes in the proportion of certain groups of economic entities. This grouping made it possible to calculate the ranges of change in indicators and the dynamics of the frequency of their variation, as well as to determine the stability of the change and draw conclusions regarding the advisability of including the latter in the model of forecasting the financial condition. The analysis of the studied metallurgical enterprises allowed us to draw the following conclusion: to predict the financial condition, it is advisable to use indicators characterizing the vertical structure of the assets and liabilities of the enterprise, as well as the efficiency of capital use.

In general, the proposed approach can be the basis for forecasting the financial condition, since this system of indicators most fully reflects all financial aspects the functioning of an economic entity and their dynamics, makes it possible to show general trends that, in the future, affect the results of the organization's activities.

The economic content of the integral assessment consists in combining individual financial indicators according to a certain procedure and principles into a single quantitative indicator. The use of this approach will make it possible to determine the generalizing assessments of various business entities,

Enterprise 2011 2012 2013 2014 2015

Value (7) Class Value (7) Class Value (7) Class Value (7) Class Value (7) Class

METKOM LLC 16.61 A 249.27 A -20.24 D 28.74 A 14.37 A

Aloid LLC 3.18 A 4.07 A 5.29 A 3.45 A 5.93 A

OOO Trubstalkomplekt 1.74 A 2.67 A 4.73 A 7.98 A 5.26 A

ST LLC -0.10 B 1.18 B 3.64 A 4.18 A 4.01 A

LLC YugmetallStroy 2.33 A 2.26 A 3.40 A 4.09 A 3.99 A

LLC "Grand Resource" 1.81 A 2.80 A 0.46 B 2.99 A 2.60 A

Derkul CJSC 3.21 A 9.75 A 39.07 A 5.72 A 2.46 A

Atlantis LLC 3.86 A 4.42 A 7.91 A 4.51 A 2.04 A

LLC "TransMet" 0.31 V -0.01 V 0.02 B 0.34 B 0.13 V

ASTM-Standart LLC 2.85 A 4.50 A -121.25 D -2.12 G 0.00 B

OOO SVmetal -1.35 G -1.46 G -1.13 V -2.92 D -3.34 D

LLC Sevazh -2.13 G -2.21 D -2.16 G -4.85 D -6.39 D

LLC Alta -4.44 D -11.14 D 6.99 A -31.6 D -8.84 D

OptMetall-Service LLC 20.08 A -298.2 D -940.80 D -30.1 D -8.86 D

Metallotorg LLC 42.74 A -10.73 D -2.78 D -3.60 D -78.88 D

compare them in terms of financing efficiency and forecasting activities. It should be noted that the integral assessment is also an effective mechanism for comparing the financial and economic activities of individual enterprises.

The versatility and complexity of the integral indicator allows it to be used in forecasting the financial activities of an enterprise, that is, the predicted financial condition will be determined by the level of the predicted integral indicator.

Foreign economists propose to use different methods: coefficient, expert assessments, etc.

In domestic scientific practice, much attention is paid to the study of the integral indicator of financial condition in the works of O. O. Tereshchenko. These models are built on the basis of discriminant analysis methods and empirical data of enterprises. different types activities.

The high level of objectivity and validity of discriminant models allows us to conclude that it is advisable to use them to predict the financial condition of domestic enterprises. That is, these models can be used as the basis for the development of financial forecasting models.

owl activity. That is why they are used for initial calculations.

The object of the research is a number of metallurgical enterprises of the Rostov region. For calculations, we will use the following model:

r = 0.674X1 + 1.633X2 + 0.488X3 + 0.223X4 + + 1.138X5 + 0.55X6 + 0.528X10 - 2.752, (1)

where X1 - current assets / current liabilities; X2 - equity / balance sheet total; X3 - net sales proceeds / balance sheet total; X4 - net cash flow from operating activities/ net sales proceeds + other operating income; X5 - movement Money from operating and investment activities / balance sheet currency; X6 - net sales proceeds / net borrowed capital; X10 - net sales proceeds / average balances of current assets.

On the basis of discriminant models, the integral indicator (£) was calculated, the quality of the financial condition of the metallurgical enterprises under study was established and their assignment to a certain class 1 (Table 1).

1 On the statement “ Methodical instructions to analyze the financial condition of organizations. Order of the FSFR RF dated January 23, 2001 No. 16 [ Electronic resource]. Access from the reference legal system "ConsultantPlus".

On the basis of the ranking of the scores of the integral assessment, a group of leading enterprises was identified, the value of the indicator of the integral assessment of which by the end of 2015 was included in the zone of stable financial condition and during the study period had a relatively stable trend. Such enterprises include METKOM LLC, Aloid LLC, Trubstalkomplekt LLC, ST LLC, YugmetallStroy LLC, Grand Resource LLC, Derkul LLC, Atlantis LLC. The second group includes enterprises whose financial condition was unstable, the value of the integral indicator fluctuated, while they entered the zone of uncertainty, both with positive and negative dynamics: LLC TransMet, LLC ASTM-Standard, LLC SVmetall ”, LLC“ Sevazh ”, LLC“ Alta ”, LLC“ OptMetall-Service ”, LLC“ Metalotorg ”.

The results of the conducted integral assessment indicate the possibility of using this approach to predict the financial condition, since for most of the studied enterprises, the analysis results obtained using the integral assessment and for individual financial indicators do not contradict each other. In addition, the integral indicator allows you to combine individual financial parameters with multidirectional dynamics. Despite certain advantages, the considered algorithm for the integral assessment of the financial condition of economic entities has some disadvantages:

1) ignoring the additive value of the integral assessment from the point of view of individual components of the financial condition of the enterprise, that is, the impossibility of determining the influence of the level of liquidity, financial stability and efficiency of capital use on the overall assessment of financial performance. The elimination of this gap will allow to study the financial condition in certain areas, to highlight the factors that negatively affect the overall level of the integral indicator, and also to develop measures to eliminate them;

2) limited use with a negative value of net borrowed capital. In this case, the financial condition is assessed as unsatisfactory, which is associated with a negative value of the loan capital turnover ratio, which further reduces the value of the integral indicator;

3) a high level of generalization and a low level of detail in the overall assessment of the financial condition;

4) the presence of a zone of uncertainty with a wide range of changes in the value of the integral indicator, which complicates the assessment of the financial condition. That is, when obtaining the value of an integral indicator that is included in the zone of uncertainty, the analyst needs to conduct a more detailed analysis of the financial activities of the enterprise. But this can be avoided by taking advantage of the opportunity to explore the individual components of the integral assessment.

It is advisable to eliminate these problems on the basis of a geometric interpretation of the integral assessment of the financial condition. This approach considers the integral estimate as a point in a multidimensional space, that is, the integral estimate is a point X with coordinates (x ^ x2; x3; ...; xt). Based on the theory of additive value, it can be argued that the integral assessment of the financial condition is formed on the basis of financial stability, liquidity and solvency, and the efficiency of capital use.

Since the indicators characterizing the financial condition have a different effect, it is recommended to use the formula of the arithmetic weighted average to construct the integral indicator, that is, each indicator has a certain level of significance:

where t is the number of financial indicators of the integral assessment; 5, - standardized value of the financial indicator; a, is the weight (significance) of the financial coefficient.

Thus, the construction of an integral indicator of the financial condition of a business entity, according to the proposed approach, provides for the following stages: 1) the formation of a certain set, in this case, it is the selection of indicators (factors) that characterize the financial condition of the enterprise; 2) substantiation of significance financial ratios and determining their impact on the level of integral assessment; 3) determination of the procedure for the standardization of indicators.

Economic meaning integral assessment consists in a comprehensive study of the financial condition of the enterprise, ha-

characterized by many different indicators, the analysis of each of which separately does not allow assessing the overall financial situation. In this regard, the use of an aggregate indicator is highly relevant.

Improvement of the integral assessment of the financial condition of metallurgical enterprises in the Rostov region

On the basis of the proposed approach and the previously defined integral indicator, it is proposed to improve the existing mechanism for the integral assessment of the financial condition of an economic entity.

The fundamental point in the construction of an integrated assessment should be the selection of financial indicators included in its composition. Based on the analysis carried out by the authors, it is advisable to consider the system of financial indicators as input data that characterize various aspects of the financial condition of an enterprise: return on investment in terms of net profit return on current assets (72); return on constant capital (£ 3); return on investment (capital) (74); return on equity (75); return on assets in terms of cash flows (76); overall product profitability (77); profitability of implementation (78); profitability of sales based on net profit (79); profitability of sales in terms of cash flows (210); turnover working capital(2I); turnover of tangible assets (212); equity capital turnover (213); turnover accounts payable(214); accounts receivable turnover (215); absolute liquidity (U1); general liquidity (U2); coverage of obligations by receivables (U3); current liquidity (U4); provision with own circulating assets (X1); the ratio of own and borrowed funds (X2); financial independence (X3); long-term attraction of borrowed funds (X4); maneuverability of own funds (X5); concentration of debt capital (X6); debt coverage by cash flow (X7).

The resulting indicator for assessing the financial condition is its integral value (I).

The above factors reflect various aspects of the financial condition of an economic entity, while for some of them it is possible to assess the financial component as a whole, while others act as additional

additional characteristics. In addition, as a result of the analysis of individual financial ratios, certain contradictions and inconsistencies arise that complicate the determination of an adequate and specific assessment of the financial condition of an enterprise.

Taking this into account, the density of connection and interdependence between individual coefficients was determined, which allows avoiding the inadequate influence of these indicators on complex conclusions regarding the financial condition of a business entity. The density of the relationship between individual indicators and their impact on the integral assessment of the financial condition is advisable to investigate using the methods of correlation analysis, which provides for the calculation of coefficients of sample and pair correlation. The maximum value of the correlation coefficient indicates the density of the relationship between financial indicators.

The parameters characterizing the financial condition of the enterprise are in a certain relationship, and this is a prerequisite for the emergence of a hypothesis about the presence of multicollinearity, the essence of which is a high interdependence between financial indicators, which negatively affects the objectivity of a comprehensive assessment of financial activities, since a slight change in any of them can cause significant impact on the value of the integral assessment.

This fact necessitates finding indicators that are closely related to each other, since neglect of this in the future can negatively affect the adequacy of forecast models.

Indicators with a high correlation coefficient (more than 0.8) should be excluded from the study. At the same time, the decision of which indicator to leave and which to eliminate will be influenced by the value of the correlation coefficient with the dependent indicator of the integral assessment.

Parameters that are closely correlated with each other can be excluded by defining pair correlation indicators. This approach provides for the construction of a correlation matrix, which reflects both sample and pair correlation coefficients (Table 2).

Based on the calculations carried out, the indicators are identified that inadequately affect the integral assessment of the financial condition of the enterprise due to the effect of multicolline

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Z4, Z5, Z6, Z11, Z14, ^ 2, ^ 3, X1, X2, X6 "

The exclusion of these indicators will allow, by eliminating multicollinearity, to increase the objectivity of the influence of some of them on the integral indicator of the financial condition of the enterprise.

The next stage in improving the integral assessment is to determine the impact of each of the financial indicators remaining after elimination. The need for this is due to the fact that individual financial parameters affect the overall performance assessment in different ways.

To determine the level of influence of each indicator on the integral assessment of the financial condition of the enterprise, we use the significance of the correlation coefficient:

Table 3

Calculated and tabular significance ^ of the Student's distribution for the sample population of the studied enterprises *

Influence level

Show - g 1 g g 1 - a; n - 2 yany per in-

tel g total assessment

0.20 1.783296 0.85 significant

0.01 0.065159 0.85 nonexistent

0.18 1.534401 0.85 significant

0.01 0.064849 0.85 nonexistent

^ 10 -0.02 0.132333 0.85 nonexistent

^ 12 -0.13 1.09404 0.85 significant

^ 15 -0.31 2.753947 0.85 significant

0.37 3.401118 0.85 significant

P -0.17 1.431922 0.85 significant

X3 -0.11 0.967139 0.85 significant

X4 0.01 0.044345 0.85 nonexistent

X5 0.01 0.118051 0.85 nonexistent

X7 -0.02 0.164526 0.85 nonexistent

where t1 is a. n - 2 - the tabular value of the Student's criterion, defined at the level a, with n - 2 degrees of freedom and the indicator of the Student's distribution:

where r is the value of the correlation coefficient; n is the number of observations (with n - 2 degrees of freedom and significance level a = 0.4).

The choice of these distribution parameters is due to a sufficient level of their adequacy for constructing financial models... The degree of influence of financial indicators determines the need for their inclusion in the integral assessment (Table 3).

Data analysis table. 3 allows you to highlight factors that do not significantly affect the integral assessment of the financial condition, in particular, these are the coefficients Z7, Z9, Z10, X4, X5, X7. Consequently, it is advisable to exclude these indicators from the system that determines the integral assessment.

Thus, an integral assessment of the financial condition of metallurgical enterprises should include the following indicators:

1) profitability of products sold and current assets;

2) turnover of tangible assets and receivables;

3) absolute, current liquidity and financial independence.

The interrelation of the integral indicator with individual indicators characterizing financial activity reflects the correlation indicator, which makes it possible to determine the level and direction of the indicators' influence on the integral assessment of the financial condition.

It is advisable to determine the significance of each indicator based on the range of variation of the actual level of the sample correlation coefficient, which reflects the density of the relationship between the integral estimate and the corresponding parameters. The choice of the change interval was based on the following principles:

1) if the indicator does not affect the financial condition, its weight, respectively, is equal to zero;

2) the greatest significance of the indicator was calculated based on the logic of constructing an integral assessment, in which the total amount should not exceed 100, and since the selected number of indicators is 7, then, accordingly, the maximum influence of the indicator is 14 (100/7);

3) for a more accurate reflection of the bond density, it is proposed to use the lag of the change in significance at level 1 (Table 4).

As it was determined, the financial condition of the enterprise is characterized by indicators of financial stability, liquidity, solvency and efficiency of

Table 4

Determination of the weight of financial indicators based on the correlation coefficient *

Absolute interval of variation of the correlation indicator Weight value (weight) of the financial indicator in the integral assessment

0.356 and more 14

Indicator Weight and. d Standard value a.

Return on current assets 8 0.175

Profitability of sold products 7 0.128

Tangible assets turnover ratio 5 12.836

Accounts receivable turnover ratio 12 7.617

Absolute liquidity ratio 14 0.189

Current liquidity ratio 7 1.648

Financial strength, X

Financial independence ratio 4 0.639

indices by the average value of the corresponding financial parameters of those enterprises, the dynamics of which tends to improve.

That is, the standard value is proposed to be calculated as follows:

where x. - the actual value of the financial indicator; a (is the average value of the financial indicator of the surveyed enterprises.

Thus, the integral indicator of financial condition (2), based on a certain standardization mechanism (5), will be calculated as follows:

Table 5

Indicators and their significance in the integral assessment of the financial condition of the enterprise *

use of capital, and the integral assessment is a summary of their standardized values.

The standardization of the values of financial indicators should reflect the optimal formation and placement of financial resources for the studied enterprises.

In this regard, the specified procedure is proposed to be carried out by dividing the fact

where x. - the actual value of the financial indicator; a (is the average value of the financial indicator; is the weight (significance) of the financial ratio.

Carrying out all stages of constructing an integrated assessment allowed the authors to single out a system of financial indicators, to determine their standardized value and influence (through significance) on the overall assessment of the financial condition (Table 5).

The analysis of the results obtained allows us to conclude that the level of the integral indicator in particular and the assessment of the financial condition in general is most influenced by the turnover of accounts receivable and the level of absolute liquidity.

The resulting model makes it possible to determine which components of the integral assessment of the financial condition - the efficiency of capital use, solvency and liquidity or financial stability - tend to deteriorate, and timely develop measures to prevent negative dynamics.

The advantage of this model is a clear identification of the component that negatively affects the overall assessment of the financial condition of the enterprise.

Detailing the types of the financial condition of the enterprise

The question of the expediency of attributing an enterprise to a certain class remains relevant, that is, the assignment, depending on the value of the integral indicator, of a certain value of the letter (A, B, C, etc.). On our

Table 6

Integral indicator of the financial condition of the studied metallurgical enterprises of the Rostov region *

Enterprise / years 2011 2012 2013 2014 2015

Z Y X I Z Г X I Z Г X I Z Г X I Z Г X I

LLC METKOM 26.38 7.10 3.99 37.47 25.19 8.68 4.22 38.09 31.25 11.57 4.19 47.01 21.63 7.22 4.00 32 , 84 20.73 5.25 3.11 29.10

LLC Aloid 6.56 3.94 2.91 13.41 -75.57 3.77 1.42 -70.38 20.92 6.34 1.90 29.16 13.40 6.24 1, 63 21.28 24.76 6.76 2.17 33.69

OOO Trubstal-komplekt 27.69 2.85 2.98 33.52 16.02 3.45 2.87 22.35 18.84 3.88 2.63 25.34 27.16 4.88 3, 57 35.61 32.43 5.55 3.48 41.47

ST LLC 3.39 1.44 -1.34 3.49 3.42 1.02 -2.06 2.37 35.87 1.50 -1.79 35.58 56.27 1.85 - 1.24 56.88 23.82 3.50 0.67 28.00

LLC Yugmetall-Stroy 11.26 21.39 1.95 34.59 12.22 6.80 1.34 20.36 4.23 7.05 1.07 12.36 10.85 8.61 2, 06 21.53 13.18 7.93 1.89 23.00

LLC Grand Resource 3.82 3.25 1.51 8.58 9.21 5.95 1.69 16.85 4.11 3.05 0.29 7.45 7.79 6.36 2.09 16.25 17.39 4.08 1.38 22.85

Derkul CJSC 20.35 5.40 3.25 28.99 28.47 22.07 3.28 53.81 30.50 29.91 3.51 63.92 22.93 12.08 3.23 38 , 25 18.47 14.26 2.43 35.16

LLC Atlantis 14.07 2.42 2.25 18.73 28.57 2.77 1.90 33.24 46.56 4.10 1.89 52.55 39.99 6.60 1.78 48 , 37 30.81 5.45 2.28 38.53

LLC TransMet 8.85 3.73 1.11 13.69 9.16 3.66 0.70 13.52 -9.03 2.98 -0.03 -6.09 8.73 3.49 - 0.18 12.04 10.29 3.50 0.70 14.49

ASTM-Standard LLC 12.16 5.37 1.95 19.47 26.98 8.49 2.52 37.99 29.52 8.94 2.93 41.39 18.38 11.27 4, 17 33.82 17.05 15.28 4.48 36.81

LLC SVmetal 22.93 0.91 -1.90 21.95 -17.33 0.74 -2.14 -18.73 -8.33 0.56 -3.06 -10.84 -5, 19 0.87 -5.69 -10.00 -24.85 0.62 -10.22 -34.45

LLC Sevazh -49.43 1.04 -4.03 -52.42 -59.10 0.84 -6.04 -64.30 -25.02 1.47 -7.53 -31.07 - 35.26 0.58 -13.92 -48.60 -10.74 0.59 -14.32 -24.47

LLC Alta 15.10 9.55 4.88 29.53 25.69 10.92 4.63 41.24 34.85 15.92 3.53 54.30 37.31 56.06 4.21 97 .58 31.43 54.86 4.34 90.63

Optmetal-Service LLC 46.20 33.70 4.90 84.79 73.21 67.04 5.13 145.38 74.74 54.79 5.15 134.67 67.30 58.91 5, 44 131.65 58.90 92.91 5.32 157.14

Metallotorg LLC 35.57 9.53 5.05 50.15 54.61 21.75 5.38 81.74 67.89 71.46 5.43 144.77 49.44 67.52 5.41 122 .37 31.77 22.75 4.44 58.96

Table 7

Classification of types of financial condition depending on the value of the integral indicator *

The value of the integral indicator Financial condition Generalizing characteristics of the financial condition

Less than 0 Unsatisfactory Characterized by unprofitable activities, low liquidity, dependence on external sources of financing and lack of own working capital

0 -30 Unstable Low level of capital utilization efficiency, characteristic unstable capital structure and low level of liquidity

31-61 Satisfactory Average level of profitability and turnover of assets with insufficient level of solvency or financial stability

61 and more Stable Indicators characterizing the financial condition, which are at the optimal level

opinion, such a methodological approach is limited, since it provides for a generalized assessment of the financial condition based on the value of the integral indicator and does not consider the dynamics of changes in its main components. This may lead to an inadequate conclusion regarding the reasons for the change in the financial condition of the enterprise. Therefore, the authors propose to detail the types of financial conditions of the enterprise by analyzing the main components of the integral assessment. To determine the type of financial condition, it is advisable to use the calculated value of the components of the integral assessment Z, X, Y (Table 6).

The grouping of enterprises by the levels of indicators characterizing individual elements of the financial condition made it possible to determine the types of financial condition determined by the quality and level of efficiency of capital use, financial stability, liquidity and solvency.

Based on the possible range of changes and standard values of financial indicators, the following types of the company's financial condition are schematically identified (Fig. 2).

The proposed approach assumes the assignment of an enterprise to a certain group, depending on the value of integral indicators characterizing financial stability, efficiency of capital use, liquidity and solvency. The advantage of this approach is the determination of the financial condition on the basis of its components, characterizing individual aspects of the financial condition, that is, this approach has a large degree of de-

talization, which has a positive effect on the adequacy and reliability of the general conclusion about the financial condition of an economic entity.

If it is necessary to draw conclusions about the financial condition of the enterprise, you can use the value of the integral indicator - I, which allows you to objectively conduct a comprehensive assessment of the financial condition, since it is a consolidating mechanism of financial indicators.

On the basis of certain types of financial condition and the level of their integral assessment, the types of financial condition of an economic entity that determine its characteristics are determined (Table 7).

It should be noted that the choice of detailing the linguistic definition of the type or type of financial condition depends on the goals of analysis and forecasting.

It is advisable to assess both on the basis of individual components of the financial condition and on the basis of an integral indicator, since these linguistic characteristics complement each other.

Thus, the integral indicator of financial condition is calculated in stages:

1. Calculation of financial indicators characterizing the financial condition of the enterprise (the list of indicators is given in Table 5).

2. Determination of standardized indicators of financial condition by formula (5).

3. Determination of the coordinates of the financial condition of the enterprise according to the formulas:

Capital efficient use zone 12th type Profitable enterprises with high level liquidity, but lack of internal sources of funding; leads to a loss of financial independence Zone of optimal liquidity and solvency 15th type Profitable enterprises with unsatisfactory financial stability, which is largely due to the significant amount of borrowed capital 18th type Successful enterprises with a high level of capital efficiency, optimal structure of financing current activities and high level of liquidity and solvency

1> 0 X<0 У>20 1>0 0<Х<3 У>20 1> 0 X> 3 Y> 20

11th type Enterprises that use capital efficiently, but the imbalance in the structure of assets and / or capital leads to the loss of financial independence Zone of insufficient liquidity and solvency level 14th type Profitable enterprises that depend on external sources of financing, with a low level of liquidity and solvency Type 17 Enterprises that use capital efficiently and have a sufficient level of financial stability, but do not pay sufficient attention to the level of solvency and liquidity of the enterprise

1> 0 X<0 10<У<20 1>0 0<Х<3 10<У<20 1>0 X> 3 10<У<20

Type 10 Profitable enterprises that have the ability to obtain loans, but this leads to the emergence of dependence on external sources of financing. At the same time, the level of solvency of these enterprises is outside the recommended level. Zone of unsatisfactory level of liquidity and solvency. 13th type of Enterprise with a sufficient level of capital efficiency and an insufficient level of solvency and financial stability. 16th type Stability of the financial condition is ensured through the efficiency of capital use and its optimal structure, while there is a lack of the most liquid funds to ensure a sufficient level of liquidity

1> 0 X<0 У <10 1>0 0<Х<3 У <10 1>0 X> 3 Y<10

Zone of negative financial stability Zone of unsatisfactory financial stability Zone of stable financial stability

Zone of ineffective use of capital type 1 The financial condition can be characterized as close to bankruptcy. This type is characterized by unprofitable activities, low asset turnover and a lack of equity funds to finance the current activities of the enterprise Zone of unsatisfactory level of liquidity and solvency Type 4 This type is characterized by a low level of liquidity and financial stability due to ineffective use of the capital of an industrial enterprise Type 7 Ineffective enterprises, but at the expense of their own and equivalent sources, it is possible to ensure the stability of financial stability

1<0 Х<0 У <10 1<0 0<Х<3 У <10 1<0 Х>3 Y<10

Type 2 The stability of this type depends on external sources of funding. This type is characterized by a low level of efficiency in the use of capital, liquidity and solvency Zone of insufficient level of liquidity and solvency Type 5 Loss of activity and a significant amount of current liabilities leads to a loss of financial stability and solvency of the enterprise Type 8 This type is characterized by an insufficient level of solvency and loss ratio , but a sufficient amount of own resources allows to ensure a high level of financial stability

1<0 Х<0 10<У<20 1<0 0<Х<3 10<У<20 1<0 Х>3 10<У<20

Type 3 Enterprises that use capital inefficiently, but due to synchronization of receivables and payables, they manage to achieve a high level of solvency with a suboptimal financing structure Zone of optimal liquidity and solvency level 6 Type 6 Enterprises whose liquidity level is at the standard level, but inefficient use of capital leads to the loss of financial independence Type 9 Enterprises with a low level of profitability, due to the balance of equity and borrowed capital, a high level of financial stability, liquidity and solvency is achieved

1<0 Х<0 У>20 1<0 0<Х<3 У>20 1<0 Х>3 Y> 20

Rice. 2. Matrix of types of the financial condition of the enterprise

where Z, Y, X are the coordinates of the financial condition, characterizing the dynamics of changes in its individual components; r, y, x, - the actual values of the corresponding financial indicators; Yu; - weight (significance) of the financial ratio; I. - the average value of the financial indicator; t - the number of financial indicators of the integral assessment.

Weight and standard value of indicators are defined in table. five.

4. Finding the integral indicator of financial condition according to the formula:

5. Comparison of the obtained numerical indicators with linguistic types of financial condition by coordinates (see Fig. 2, Table 7).

6. Generalization of the conclusion regarding the financial condition of the enterprise based on the integral indicator.

The application of the above approach involves the construction of a number of analytical tables. These calculations were carried out for all the enterprises under study, but the volume of the article does not allow for drawing conclusions and calculations for all business entities, therefore, calculations for Trubstalkomplekt LLC are given as an example, where the proposals developed by us were introduced into practice (Table 8) ...

Based on the calculations and the proposed matrix of types of the financial condition of Trubstalkomplekt, LLC, general trends in its change were determined and factors that negatively affect the financial condition of the company were identified. Analysis of the data obtained makes it possible to assert that the main reason for the negative dynamics of changes in the integral indicator in 2011-2013. there was a reduction

Table 8

Integral indicator of the financial condition of Trubstalkomplekt LLC *

Indicator and. d a. y 2011 2012 2013 2014 2015

g y x f g y x f g y x f g g y x f g g y x f

Capital efficiency, Z

Return on current assets 8 0.175 0.231 10.55 0.021 0.97 0.043 1.96 0.191 8.73 0.208 9.49

Profitability of sold products 7 0.128 0.142 7.77 0.075 4.08 0.069 3.76 0.131 7.16 0.159 8.71

Mother turnover rate - 5 12.836 8.670 3.38 9.395 3.66 11.220 4.37 8.533 3.32 7.358 2.87

other assets

Debtor turnover ratio - 12 7.617 3.806 6.00 4.637 7.31 5.556 8.75 5.047 7.95 7.212 11.36

debt

27,69 16,02 18,84 27,16 32,43

Solvency and liquidity, U

Absolute liquidity ratio 14 0.189 0.001 0.101 0.001 0.065 0.001 0.087 0.002 0.145 0.001 0.093

Current liquidity ratio 7 1.648 0.647 2.747 0.798 3.390 0.892 3.789 1.114 4.733 1.286 5.460

Y 2.85 3.45 3.88 4.88 5.55

Financial strength, X

Financial independence coefficient 4 0.639 0.477 2.984 0.459 2.871 0.420 2.631 0.571 3.575 0.556 3.479

X 2.98 2.87 2.63 3.57 3.48

Integral indicator 33.52 22.35 25.34 35.61 41.47

General characteristics of the financial condition satisfactory unstable unstable satisfactory satisfactory

economy of the region vol. 12, no. 2 (2016) www.economyofregion.com

the level of efficiency in the use of capital, due to a decrease in the profitability of product sales. In addition, there was an insufficient level of liquidity and financial stability, but at the same time a slight gradual improvement in the company's solvency. In 2014-2015. LLC Trubstalkomplekt by increasing the efficiency of capital use managed to improve its financial stability and bring its level closer to the recommended value.

It should be pointed out that during the study period, the enterprise experienced a lack of liquid funds, which led to an insufficient level of solvency, which negatively affected the overall assessment of the financial condition of the enterprise. Thus, Trubstalkomplekt, LLC, in order to further improve its financial condition, it is necessary to introduce a policy aimed at

aimed at optimizing the ratio of assets and liabilities.

Based on the study, it can be argued that the integral assessment is the basis for predicting the financial condition of an enterprise, since it consists of key indicators that comprehensively reflect it.

The possibility of decomposing the integral assessment into components - financial stability, liquidity, solvency and efficiency of capital use - will reveal the factors that significantly affect the financial condition of an enterprise and forecast its activities in a dynamic perspective. In general, the versatility and adequacy of the proposed approach to integral assessment will make it the basis for predicting the financial condition of an enterprise.

List of sources

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2. Balabanov IT Financial management. Theory and practice: textbook. - M .: Perspektiva, 2010 .-- 656 p.

3. Savitskaya GV Complex analysis of the economic activity of the enterprise: textbook. allowance. - M .: NITs Infra-M, 2013 .-- 607 p.

4. Kovalev V. V. Analysis of the balance, or how to understand the balance: educational and practical. manual, 3rd ed. - M .: Prospect, 2013 .-- 320 p.

5. Berdnikova TB Analysis and diagnostics of financial and economic activities of the enterprise: textbook. allowance. - M .: Infra-M, 2012 .-- 215s.

6. Taffler R., Tisshaw H. Going, going, gone - four factors which predict // Accountancy. - 1977. - No. 3. - P. 50-54.

7. Sahakian C. E. The Delphi Method // The Corporate Partnering Institute. - 1977. - No. 5. - P. 47-54.

8. Tereshchenko OO Anti-crisis financial management at the enterprise. - Kiev: KNEU, 2004 .-- 268 p.

9. Erina AM Statistical modeling and forecasting: textbook. allowance. - Kiev: KNEU, 2012 .-- 170 p.

10. Dougherty K. Introduction to econometrics: trans. from English - M .: Infra-M, 2002 .-- 402s.

11. Kremer N. Sh., Putko BA Econometrics: a textbook for universities. - M .: Unity-Dana, 2013 .-- 311 p.

12. Pogostinskaya NN System analysis of financial reporting: textbook. allowance. - SPb .: Mikhailov V.A. Publishing House, 2010 .-- 96 p.

13. Chesser D. L. Predicting Loan Noncompliance // The Journal of Commercial Bank Lending. - 1974. - No. 56 (12). - R. 28-38.

14. Beaver W. H. (1966). Financial ratio and Predictions of Failure. Empirical Research in Accounting Selected Studies // Supplement to Journal of Accounting Research. - 1966. - No. 4. - P. 39-47.

15. Altman E. I. Personal Internet homepage. Retrieved from http://www.pages.stern.nyu.edu/~ealtman/index.html (date accessed: 03/21/2015).

Kurdzhiev Sergey Panteleevich - Doctor of Economics, Associate Professor, Professor, Head of the Department of Economics, Finance and Environmental Management, South-Russian Institute of Management - branch of RANEPA (Russian Federation, 344002, Rostov-on-Don, Pushkinskaya st., 70; e- mail: [email protected]).

Mambetova Alexandra Alexandrovna - Doctor of Economics, Associate Professor, Professor, Rostov State Economic University (RINH) (Russian Federation, 344002, Rostov-on-Don, Bolshaya Sadovaya st., 69, 522; e-mail: [email protected]).

Peshkova Elena Petrovna - Doctor of Economics, Professor, South-Russian Institute of Management - branch of RANEPA (Russian Federation, 344002, Rostov-on-Don, Pushkinskaya st., 70, 614; e-mail: [email protected]).

For citation: Ekonomika regiona. - 2016. - Vol. 12, Issue 2. - pp. 586-601

S. P. Kyurdzhiev a), A. A. Mambetova b), E. P. Peshkova a)

a) South-Russian Institute of Management - Branch of the Russian Presidential Academy of National Economy and Public

Administration (Rostov-on-Don, Russian Federation; e-mail: [email protected]) b) Rostov State University of Economics (Rostov-on-Don, Russian Federation)

An Integral Evaluation of the Financial State of the Regional Enterprises

The subject matter of the article is the development of theoretical positions and methodical approaches to the integral evaluation of the financial state of the region "s metallurgical enterprises. The purpose is to show the possibility of dividing the integral evaluation into separate elements for using this tool to build individual models based on the forecasting of the various coordinates of the financial position of enterprise. The hypothesis of the study is based on the objective need to improve the integral evaluation of the financial position of enterprises.This involves the modernization of existing theoretical and methodological approaches to the increase of the quality of analysis by eliminating certain shortcomings of discriminant models in order to clarify the algorithm of constructing the integral index. The methodological bases of systemic approach and mathematical modeling in economics are applied: the methods of financial analysis, grouping , abstraction, comparison whi ch give the possibility of determining the financial indicators needed to build the predictive models of financial state; the methods of correlation and regression analysis, which allow to improve the integral value and to build the mathematical forecasting models. With the purpose of improving the integral evaluation of the financial condition of enterprise, the geometric interpretation is used, which involves the dividing of the integral indicator on the individual elements. The special feature of the proposed methodological approach consists in the implementation rules for the certain procedures of the evaluation of financial position and generalization of the analysis results. The proposed approach can be used by financial analysts to elaborate the strategic plans of company development and structure optimization of financial resources. This research allows to define the quantitative influence of separate parameters on the general assessment of the financial position for the purpose of its forecasting, which is understood as the system of the evidence-based probabilistic assumptions of the basic and alternative structural changes of the enterprise " s assets and liabilities.

Keywords: modeling of financial position, integral evaluation of the financial position, financial performance, profitability, paying capacity, liquidity, financial stability, composition and structure of assets and capital, efficiency of enterprise management, forecasting

1. Peshkova, E. P. & Kyurdzhiev, S. P. & Mambetova, A. A. (2015). Metodicheskiy podkhod k formirovaniyu i otsenke urovnya konkurentosposobnosti khozyaystvuyushchikh subektov. Vestnik Rostovskogo gosudarstvennogo ekonomicheskogo universiteta (RINKh), 2 (50), 117-125.

2. Balabanov, I. T. (2010). Finansovyy menedzhment. Teoriya i praktika: uchebnik. Moscow: Perspektiva Publ., 656.

3. Savitskaya, G. V. (2013). Kompleksnyy analiz khozyaystvennoy deyatelnosti predpriyatiya: ucheb. posobie. ... Moscow: NITs Infra-M Publ., 607.

4. Kovalev, V. V. (2013). Analiz balansa, ili kak ponimat balans: uchebno-praktich. posobie, 3rd izd. ... Moscow: Prospekt Publ., 320.

5. Berdnikova, T. B. (2012). Analiz i diagnostika finansovo-khozyaystvennoy deyatelnosti predpriyatiya: ucheb. posobie. Moscow: Infra-M Publ., 215.

6. Taffler, R. & Tisshaw, H. (1977). Going, Going, Gone - Four Factors Which Predict. Accountancy, 3, 50-54.

7. Sahakian, C. E. (1977). The Delphi Method. The Corporate Partnering Institute, 5, 47-54.

8. Tereshchenko, O. O. (2004). Antikrizisnoye finansovoye upravlenie na predpriyatii. Kiev: KNEU Publ., 268.

9. Erina, A. M. (2012). Statisticheskoye modelirovanie i prognozirovanie: ucheb. posobie. Kiev: KNEU Publ., 170.

10. Dougerti, K. (2002). Vvedenie v ekonometriku: per. s angl. Moscow: Infra-M Publ., 402.

11. Kremer. N. Sh. & Putko, B. A. (2013). Ekonometrika: uchebnik dlya vuzov. Moscow: Yuniti-Dana Publ., 311.

12. Pogostinskaya, N. N. (2010). Sistemnyy analiz finansovoy otchetnosti: ucheb. posobie. St. Petersburg: Mikhaylov V. A. Publ., 96.

13. Chesser, D. L. (1974). Predicting Loan Noncompliance. The Journal of Commercial Bank Lending, 56 (12), 28-38.

14. Beaver, W. H. (1966). Financial Ratio and Predictions of Failure. Empirical Research in Accounting Selected Studies. Supplement to Journal of Accounting Research, 4, 39-47.

15. Altman, E. I. Personal Internet Homepage. Retrieved from: http://www.pages.stern.nyu.edu/~ealtman/index.html (date of access: 03/21/2015).

Sergey Panteleyevich Kyurdzhiev - Doctor of Economics, Associate Professor, Head of the Department of Economics, Finances and Environmental Management, South-Russian Institute of Management - the Branch of the Russian Presidential Academy of National Economy and Public Administration (70, Pushkinskaya St., Rostov-on-Don, 344002, Russian Federation; e-mail: [email protected]).

Aleksandra Aleksandrovna Mambetova - Doctor of Economics, Associate Professor, Professor, Rostov State University of Economics (69, Bolshaya Sadovaya St., Rostov-on-Don, 344002, Russian Federation; e-mail: [email protected]).

Elena Petrovna Peshkova - Doctor of Economics, Professor, South-Russian Institute of Management - the Branch of the Russian Presidential Academy of National Economy and Public Administration (70, Pushkinaskaya St., Rostov-on-Don, 344002, Russian Federation; e- mail: [email protected]).

Arsenal OJSC (EXAMPLE)

as of 01.01.2015

Taking into account the variety of financial processes, the multiplicity of financial stability indicators, the difference in the level of their critical assessments, the emerging degree of deviation from them of the actual values of the coefficients and the resulting difficulties in the overall assessment of the financial stability of enterprises, an integral point assessment is carried out.

The essence of the methodology lies in the classification of enterprises according to the level of risk, i.e. any analyzed enterprise can be attributed to a certain class depending on the "scored" number of points, based on the actual values of indicators of financial stability.

Criteria for assessing the indicators of the financial stability of the enterprise

Item No.	Indicators financial condition	Ratings while- gates	K R I T E R I
Item No.	Indicators financial condition	Ratings while- gates	higher	lower	Reduction conditions criterion
1	Absolute liquidity ratio (L2)	20	0.5 and higher - 20 points	less than 0.1 - 0 points	For every 0.1 pips decrease, compared from 0.5, removed by 4 score
2	Critical coefficient grades (P3)	18	1.5 and higher - 18 points	less than 1.0 - 0 points	For every 0.1 pips decrease, compared from 1.5, removed by 3 score
3	Current ratio liquidity (P4)	16,5	2.0 and up - 16.5 points	less than 1.0 - 0 points	For every 0.1 pips decrease, compared from 2.0, removed by 1.5 score
4	Financial ratio independence (U12)	17	0.6 and higher - 17 points	less than 0.4 - 0 points	For every 0.01 point decrease, compared from 0.6, removed by 0.8 score
5	Coefficient of security own sources of funding (U1)	15	0.5 and higher - 15 points	less than 0.1 - 0 points	For every 0.1 pips decrease, compared from 0.5, removed by 3 score
6	Financial ratio independence in part formation of reserves and costs (U24)	13,5	1.0 and higher - 13.5 points	less than 0.5 - 0 points	For every 0.1 pips decrease, compared from 1.0, removed by 2.5 score
Total:		100,0	100,0	0

Classification of financial strength by the amount of points

The number of points scored characterizing financial stability

Indicators financial condition	01.01.2014		01.01.2015
Indicators financial condition	Actual values	Number of points	Actual values	Number of points
1. Absolute liquidity ratio (L2)	0.233	9.32	0.413	16.52
2. Coefficient of critical assessment (L3)	0.239	0	0.429	0
3. Current liquidity ratio (L4)	1.387	7.31	2.202	16.5
4. Ratio of financial independence (U12)	0.43	3.4	0.601	17
5. Coefficient of provision with own sources of financing (U1)	124.245	15	124.459	15
6. Coefficient of financial independence in terms of the formation of reserves and costs (U24)	0.943	12.08	1.474	13.5
		47.11		78.52

At the beginning of the period: 01.01.2014: 4 class of financial stability

The company has a satisfactory financial condition close to bankruptcy. The risk of partner relationships with this company is very significant.

At the end of the period: 01.01.2015: 2nd class of financial strength

The company is in good financial condition. There is an insignificant level of risk in the relationship of partners with this enterprise.

Keywords

FINANCIAL POTENTIAL/ FINANCIAL POTENTIAL / INTEGRAL ASSESSMENT/ INTEGRAL ESTIMATE / GRAPHIC ANALYSIS/ GRAPHICAL ANALYSIS / OIL AND GAS COMPANIES/ OIL AND GAS COMPANY

annotation scientific article on economics and business, the author of the scientific work - Aliev A.A., Solovyova M.G., Kachalina A.D.

Item. A set of theoretical, practical and methodological issues related to the determination of the financial condition of enterprises, based on the use of a group of relative indicators of companies. Goals. Getting a generalized integral assessment financial capacity companies in the oil and gas industry and building a graphical model to visualize the results of calculations. Methodology. Tools used graphical analysis, the theory of fuzzy sets and the Cartesian coordinate system for calculating general integral indicators characterizing the assessment of the company's financial condition. Results. The results of the assignment of ranks to each of the indicators were determined by calculating the corresponding weight coefficients based on the Fishburne criterion. The initial and normalized indicators are selected, on the basis of this, vector values are formed. Developed by integral assessment the financial position of the companies and a graphical model was built that reflects the position of the resulting assessment. The zones corresponding to the financial condition of the company at a certain point in time have been determined. Scope of the results. The methodology will be of interest to top management and investment companies focused on the oil and gas industry for comparative financial analysis of companies. The use of an integral indicator allows one to present generalized estimates. Conclusions. The main indicators for assessing the financial condition of an enterprise by forming an integral indicator were identified and graphic modeling of the results obtained, reflecting the financial condition of companies, was carried out.

Integral Estimation of the Company "" s Financial Condition

Subject This paper considers the theoretical, practical and methodological issues related to the definition of the financial condition of enterprises, based on the use of a set of relative indicators of companies. Objectives The paper aims to obtain a generalized integral assessment of the financial potential of oil and gas companies and build a graphical model for visual presentation of the results of calculations. Methods For the study, we used tools of graphical analysis, fuzzy set theory and Cartesian coordinate system for calculating common integrated indicators. Results The paper presents a developed technique of integral estimation of the financial position of the companies and a graphic model reflecting the received estimation position. It defines zones that correspond to the company "s financial situation at a particular point in time. Relevance The results obtained can be used in financial analysis of companies, as well as in the educational course on financial disciplines. The methodology offered can be of interest to top management and investment companies focused on the oil and gas industry, as well as during the comparative analysis of companies for scientific and educational purposes.

The text of the scientific work on the topic "Integral assessment of the financial condition of the enterprise"

pISSN 2071-4688 Financial Capital

INTEGRAL ASSESSMENT OF THE FINANCIAL STATE OF THE ENTERPRISE

Ayaz Aladdin oglu ALIEV3 ", Maria Gennadievna SOLOVIEVA *, Anastasia Dmitrievna KACHALINas

and Candidate of Economic Sciences, Associate Professor of the Department of Financial Management,

Russian University of Economics. G.V. Plekhanov, Moscow, Russian Federation

[email protected]

orcid.org/0000-0003-1476-9702

SPIN code: 8015-2460

ь student, Russian University of Economics. G.V. Plekhanov, Moscow, Russian Federation

[email protected]

ORCID: none

SPIN code: absent

s student, Russian University of Economics. G.V. Plekhanov, Moscow, Russian Federation

[email protected]

ORCID: none

SPIN code: absent

Article history: Abstract

Received 01/12/2018 Item. A set of theoretical, practical and methodological questions,

Obtained in a modified form related to the definition of the financial condition of enterprises, based on the form of January 26, 2018 using a group of relative indicators of companies.

Approved 02/09/2018 Objectives. Obtaining a generalized integral assessment of financial potential

Available online 02/27/2018 oil and gas companies and building a graphical model for visual

presentation of the results of calculations.

Methodology. The tools of graphical analysis, the theory of fuzzy sets and the Cartesian coordinate system were used to calculate the general integral indicators characterizing the assessment of the company's financial condition. Results. The results of the assignment of ranks to each of the indicators were determined by calculating the corresponding weight coefficients based on the Fishburne criterion. The initial and normalized indicators are selected, on the basis of this, vector values are formed. An integral assessment of the financial position of companies has been developed and a graphical model has been built that reflects the position of the resulting assessment. The zones corresponding to the financial condition of the company at a certain point in time have been determined.

Scope of the results. The methodology will be of interest to top management and investment companies focused on the oil and gas industry for comparative financial analysis of companies. The use of an integral indicator allows one to present generalized estimates.

Conclusions. The main indicators for assessing the financial condition of an enterprise by forming an integral indicator were identified and graphic modeling of the results obtained, reflecting the financial condition of companies, was carried out.

Please cite this paper as: Aliev A.A., Solovieva M.G., Kachalina A.D. Integral assessment of the financial condition of the enterprise // Finance and Credit. - 2018. - T. 24, No. 2. - P. 288 - 303. https://doi.org/10.24891/fc.24.2.288

Financial condition is a complex allocation of funds, real and potential concept and is characterized by a system of financial capabilities of the enterprise and indicators that reflect the availability and efficiency of their use.

UDC 336.64 JEL: G32, G34

Keywords:

financial potential, integrated assessment, graphical analysis, oil and gas companies

The relevance of the issue largely determined the development of various methods for analyzing the financial condition of enterprises, which are aimed at preparing information for the purpose of making management decisions, assessing the financial condition and developing a strategy for managing the financial condition of enterprises.

Based on the analysis of scientific literature on the problem of assessing the financial condition of companies, a system of relative indicators has been formed. This system will make it possible to develop a methodology for the integral assessment of the financial condition using the example of companies in the oil and gas industry.

The criteria for assessing the financial condition of companies identified in the course of the critical analysis are based on indicators of financial stability, liquidity and profitability of enterprises (Table 1).

The method of integral assessment of the financial condition of companies involves taking into account the shortcomings of existing approaches and assessment methods. At the same time, the system is not only based on sectoral assessment, but should also take into account the assessment for individual enlarged groups of indicators of the financial and economic condition of enterprises.

In addition, for the integral assessment of the financial condition of companies, three groups of indicators were used: the company's profitability, financial liquidity and financial stability.

In a number of scientific works, there are comments on the fundamental importance of profitability indicators in assessing the financial condition of a company. The following indicators are used to assess the return on assets and sources of capital:

Return on sales ratio (ROS) - characterizes the amount of profit that falls on a unit of products sold;

Return on assets ratio (return on total capital, overall profitability of the enterprise) (ROA) - reflects the results of operations

enterprise, allows you to assess the ability of assets to generate profits regardless of sources of funds and indicates the level of competitiveness of the company;

The return on equity ratio (financial profitability) (ROE) - shows how efficiently the company uses equity capital or the income it receives on the monetary unit of its own funds.

In his works, E.A. Markaryan, G.P. Gerasimenko, in order to assess the company's liquidity, three main indicators are used:

The ratio of absolute (instant) liquidity - shows that part of the current debt that the company can repay on the date of the balance sheet at the moment or in the very near future. Standard value - 0.2 - 0.5;

Critical liquidity ratio - characterizes the part of the company's short-term liabilities, which can be repaid not only at the expense of cash and short-term financial investments, but also at the expense of expected receipts for services rendered. Standard value - 0.7 - 1;

Current liquidity ratio (general coverage ratio) - reflects the current financial condition of the organization and allows you to assess the adequacy of working capital, which can be used to pay off its short-term liabilities, that is, to what extent current liabilities are secured by similar assets of the organization. The normative value is 1-2.

The third group of indicators includes indicators of the company's financial stability. In the works of A.O. Nedosekina argues that the following indicators have the greatest weight in the system for assessing the financial condition of an enterprise:

The coefficient of autonomy (financial independence) - characterizes the degree of formation of the company's assets at the expense of

own funds, reflects the level of independence from external sources of financing activities. Standard value - 0.7;

Investment coverage ratio - shows the share of the company's property covered by long-term sources of its financing. Standard value - 0.75 - 0.9;

The interest coverage ratio shows the amount of the collateral of the paid interest on loans and credits by the received profit. The standard value is greater than 1.

The structure of assets of companies in the oil refining industry is focused on non-current assets, as a result of which they have lower liquidity and provide a sufficient level of profitability.

Financial profitability. As discussed earlier, profitability metrics are important. But the most important is the profitability of sales, as it allows you to correctly interpret the data on sales. Useful for economic forecasts in conditions of a limited market size, holding back sales growth.

Based on the calculation of the investment coverage ratio and autonomy, it makes sense to use the indicators of return on assets and equity, including to reflect the efficiency of using the assets of these companies and generating revenue, which in aggregate implies a higher rank of return on assets.

Financial liquidity. To compile the model, three indicators of liquidity are used, which is associated with the need to impose restrictions on liquidity as it decreases, as well as the use of an integral assessment in the model with the identification of areas corresponding to various financial conditions of the company at a certain point in time.

Due to the predominance of non-current assets in the structure of the balance sheet of companies

of the sector under consideration, it makes sense to distribute the ranks of the financial liquidity indicators in the order corresponding to the increase in liquidity. The normative values of financial liquidity have a bilateral limitation, which implies their limited use within the framework of the generalized indicator.

In the oil industry, the need for a constant availability of highly liquid assets is not a paramount task, unlike a number of other industries.

Financial stability. In this group, ranks occupy their position for a number of reasons. Oil production activities require large investments for the implementation of one project, based on which it is important to take into account the share of funds attributable to interest payments from operating income.

The next value is the investment coverage ratio, which includes an assessment of liquidity and allows the investor to assess the situation in the company when its own assets have low liquidity, financing of any investment project will seem risky to the investor and with a high degree of probability he will abandon this project.

The third indicator included in this group is the autonomy ratio, as it is the most general. At the same time, the ratio of equity capital to assets is not informative enough, since the companies of the oil refining industry in the balance sheet attach great importance to assets, moreover, to non-circulating assets, which is associated with the presence of a large number of pipelines, equipment for oil production and processing. Financial stability provides an assessment of the company's solvency, but in the case of unprofitable financial activities, this indicator loses its relevance.

Based on the above parameters, the main indicators were delineated in descending order of their weight in the assessment system, as well as

the allocation of ranks from 1 to 3 within each group of financial indicators, in aggregate, characterizing the financial condition of enterprises. The results of ranking indicators are presented in table. 2.

The proposal to use the method of expert assessment, which consists in identifying the most and least priority indicators of companies, is associated with the absence of a developed mechanism for differentiating indicators based on a scientific basis.

In the absence of a specific quantitative assessment of the significance of indicators, it makes sense to use the tools used in other scientific disciplines, one of which is the ranking of criteria according to the Fishburne rule.

The main provisions state that the only known information about the ratio of the significance of indicators is the following ratio:

Г1> г1 + 1> г1 + 2, (1)

where i is the rank of the coefficient or the ordinal number after ranking;

D - the significance of each criterion or the degree of its manifestation.

This provision makes it possible to identify the sequence of relations of the considered indicators in relation to each other. The quantitative characteristic of the r "-th criterion is determined by the following formula:

where N is the total number of ranks.

A necessary condition for standardizing specific gravity is:

In order to develop a methodology for the integral assessment of the state of companies, it is proposed to

considering three groups of indicators. This system, on the one hand, answers the question of what is the current financial potential of the company, on the other hand, it includes the most significant financial indicators of the state of the enterprise, which together makes it possible to ensure the complexity and completeness of assessing the financial state at a certain point in time.

By applying relation (1) on the example of the identified indicators, the results of ranking the coefficients and their weight values are determined (Table 3).

Based on the obtained values of the specific weights for each of the assigned ranks, the values of the integral indicator1 were calculated for each separately taken time period in the period 2014-2016. for companies in the oil and gas sector, namely British Petroleum and Rosneft (Table 4).

As a result of calculations, three indicators were obtained for each company for 2014-2016. (Table 5).

As a result of calculations, the values of the integral indicator were revealed taking into account the weights by the Fishburne method. In order to graphically display the assessment of the financial condition of the company, the Cartesian coordinate system is selected. The abscissa represents the data obtained by the integral assessment; on the ordinate - the estimate obtained without taking into account the weights.

In order to build a model, values are calculated for groups of indicators without taking into account the specific weight by the Fishburne method (Table 6).

To determine the zones characterizing the financial condition, it is necessary to assess the normative values, taking into account the specific weight and without taking it into account. The data for determining the areas are given in table. 7 and 8.

Based on the obtained values, regions were formed, at the intersection of which a zone of absolute stability is formed (Fig. 1)

1 Data of the annual financial statements for 2014-2016. British Petroleum. Annual accounting data for 2014-2016 PJSC Rosneft.

As a result of the analysis, four zones were identified that reflect the financial condition of the company. The first zone has an interval on the abscissa:, on the ordinate:. The following zones were obtained by parallel transfer:

1) green - absolutely stable financial condition;

2) yellow - normal financial condition;

3) gray - zone of uncertainty;

4) red - the critical state zone.

Based on the data obtained, a model was built for the integrated assessment of the financial condition of BP and Rosneft, which is graphically presented in Fig. 2.

Based on the results of assessing the financial condition of companies for 2014-2016. revealed:

For Rosneft, one can note the entry of the integral indicator into the zone of absolute stability in 2014 and 2015. due to high profitability and interest coverage rates, as well as normal financial stability in 2016;

The integral indicator for British Petroleum falls into three different zones in the periods under review. The most critical condition was observed in 2015, according to the results of 201 6, the integral indicator was located in the intermediate zone.

Table 1

Systems of indicators for assessing the financial condition of companies

Indicator systems to assess the financial status of companies

Components of the financial assessment system Indicators

fortunes

Financial profitability Profitability ratio of sales

Return on assets ratio

Return on equity ratio

Financial liquidity Absolute liquidity ratio

Critical liquidity ratio

Current liquidity ratio

Financial stability Autonomy ratio

Investment coverage ratio

Interest coverage ratio

table 2

A system of indicators for assessing the financial condition of oil and gas companies and their rank within each group

The indicator system to assess the financial status of oil and gas companies and their rank within each group

Components of the assessment system Rank Indicators Rank

financial condition

Financial profitability 1 Profitability ratio of sales 1

Return on assets ratio 2

Own profitability ratio 3

capital

Financial liquidity 3 Absolute liquidity ratio 3

Critical liquidity ratio 2

Current liquidity ratio 1

Financial stability 2 Autonomy ratio 3

Investment coverage ratio 2

Interest coverage ratio 1

Table 3

Results of ranking coefficients and assigning weights

The results of ranking of ratios and assignment of weights

System of indicators Indicators that make up Rank Specific Rank Specific

evaluating the financial system evaluating the financial as a whole weight by inside weight by

company states company states Fishburne rule (r) groups Fishburne rule (r)

Profitability ROS 1 0.5 1 0.5

Financial Ratio of autonomy 2 0.167 3 0.167

sustainability Investment coverage ratio 2 0.333

Interest coverage ratio 1 0.5

Financial Ratio absolute 3 0.333 3 0.167

liquidity liquidity

Critical coefficient 2 0.333

liquidity

Current liquidity ratio 1 0.5

Source: Authoring

Table 4

Calculation of BP and Rosneft indicators based on the use of specific gravity according to the Fishburne rule

Calculation of the BP and Rosneft parameters through specific weights according to Fishburn "s rule

Index Rank Weight 2014 Intp. 2015 Intp. 2016 Intp.

Rosneft

ROS 1 0.5 0.108 0.05 0.137 0.069 0.133 0.066

ROA 2 0.33 0.074 0.03 0.078 0.026 0.065 0.022

ROE 3 0.17 0.116 0.02 0.123 0.02 0.06 0.01

Profitability - - - 0.1 - 0.115 - 0.098

Cal (absolute liquidity) 3 0.17 0.463 0.08 0.851 0.142 0.447 0.074

Kl (critical liquidity) 2 0.33 0.855 0.28 1.123 0.374 0.668 0.223

Ktl (current liquidity) 1 0.5 1.049 0.53 1.323 0.662 0.829 0.415

Liquidity - - - 0.89 - 1.178 - 0.712

Ka (autonomy) 3 0.17 0.33 0.06 0.309 0.051 0.338 0.056

KPI (investment coverage) 2 0.33 0.768 0.26 0.818 0.273 0.749 0.25

KPP (interest coverage) 1 0.5 6.494 3.25 4.046 2.023 2.791 1.395

Stability - - - 3.56 - 2.347 - 1.701

Profitability 1 0.5 0.098 0.05 0.115 0.058 0.098 0.049

Liquidity 2 0.17 0.887 0.15 1.178 0.196 0.712 0.119

Stability 3 0.33 3.558 1.19 2.347 0.782 1.701 0.567

Total - - - 1.38 - 1.036 - 0.735

ROS 1 0.5 0.002 0.01 -0.047 -0.023 -0.016 -0.008

ROA 2 0.33 0.003 0.01 -0.038 -0.013 -0.011 -0.004

ROE 3 0.17 0.033 0.01 -0.061 -0.01 0.002 0

Profitability - - - 0.01 - -0.046 - -0.011

Cal (absolute liquidity) 2 0.33 0.554 0.18 0.564 0.188 0.455 0.152

KL (critical liquidity) 1 0.5 1.083 0.54 1.021 0.511 0.86 0.43

Ktl (current liquidity) 3 0.17 1.372 0.23 1.28 0.213 1.162 0.194

Liquidity - - - 0.95 - 0.912 - 0.775

Ka (autonomy) 3 0.17 0.396 0.07 0.376 0.063 0.368 0.061

KPI (investment coverage) 2 0.33 0.776 0.26 0.791 0.264 0.778 0.259

KPP (interest coverage) 1 0.5 2.301 1.15 -4.78 -2.39 -0.509 -0.254

Stability - - - 1.48 - -2.064 - 0.066

Profitability 1 0.5 0.008 0.01 -0.046 -0.023 -0.011 -0.006

Liquidity 3 0.17 0.955 0.16 0.912 0.152 0.775 0.129

Stability 2 0.33 1.475 0.49 -2.064 -0.688 0.066 0.022

Total value - - - 0.65 - -0.559 - 0.146

Executed with a purpose information to one indicator of many indicators characterizing financial stability. The analysis methods include a different number of indicators (from 6 to 9). There are 6 of them in this technique:

1. Absolute liquidity ratio

2. Ratio of critical liquidity

3. Current liquidity ratio

4. Ratio of autonomy (financial independence)

5. Coefficient of provision of current assets with own sources of working capital

6. Coefficient of supply of stocks and costs with own sources of fixed assets

The essence of the technique (see the calculations in the table.)

§ calculation of the values of indicators included in the methodology;

§ accrual of a certain number of points for achieving certain values;

§ calculation of the total amount of points and assignment of the given enterprise to a certain class.

Characteristics of the classes:

1 class. Organizations with absolute financial solvency and stability. Their financial position allows them to be confident in the timely fulfillment of obligations in accordance with the contract.

Grade 2. Organizations with a sound financial condition. Their indicators are close to optimal, but some of them lag behind or deviate from the standard. These are organizations that demonstrate some level of risk in meeting financial obligations.

Grade 3. Organizations whose financial condition is assessed as average. They show weakness in financial performance and creditworthiness. In relations with such organizations, the threat of loss of funds is unlikely, but full implementation of obligations seems doubtful.

4th grade. Financially fragile organizations. There is a certain financial risk in dealing with them. These are organizations that can lose all funds, even after taking steps to improve their business.

Grade 5. Organizations with a financial crisis, practically insolvent and financially unstable; organizations of the highest risk.

6th grade. Extracurricular: "Dregs of society."

INTEGRAL ASSESSMENT OF THE FINANCIAL STABILITY OF THE ENTERPRISE
P / p No.	Financial performance indicators	Class boundaries according to criteria	Indicators
1 class	2nd grade	Grade 3	4th grade	Grade 5	Extracurricular	Last year	Reporting year
	Absolute liquidity ratio	0.5 and higher	0,4	0,3	0,2	0,1	<0,1	0,351	0,169
20 points	16 points	12 points	8 points	4 points	0 points

	Critical liquidity ratio	1,5	1,4	1,3	1,2-1,1		<1	1,841	1,289
18 points	15 points	12 points	9-6 points.	3 points	0 points

	Current liquidity ratio	2 and higher	1,9-1,7	1,6-1,4	1,3-1,1		<1	3,388	2,223
16.5 points	15-12 points.	10,5-7,5	6-3 points	1.5 points	0 points
						16,5	16,5
	Autonomy (financial independence) ratio	0.6 and higher	0,59-0,54	0,53-0,48	0,47-0,41	0,4	<0,4	0,867	0,813
17 points	12.2 points.	11,4-7,4	1.8 points	1 point	0 points

	Coefficient of provision of current assets with own sources	0.5 and higher	0,4	0,3	0,2	0,1	<0,1	0,682	0,519
15 points	12 points	9 points	6 points	3 points	0 points

	Coefficient of supply of reserves and costs with own sources OBS	1 and higher	0,9	0,8	0,7-0,6	0,5	<0,5	1,495	1,235
13.5 points	11 points	8.5 points	6-3.5 points.	1 point	0 points
						13,5	13,5
	Minimum Class Boundary Values		85.2 and 66	63.4 and 56.5	41.6 vs 28.3			-	-
	Total points

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CALCULATION GRAPHICJOB

By discipline theoretical basics financial management

INITIAL DATA FOR PERFORMANCE OF RGR ON DISCIPLINE THEORETICAL BASIS OF FINANCIAL MANAGEMENT. OPTION No. 22

integral assessment of financial condition

Index	Structure,%
Negotiableassets-Total
including:
Cash
Short-term fin. investments
Accounts receivable
of her buyers

Owncapital-Total
including:
Authorized capital
Undestributed profits
Borrowedcapital-Total
including:
Short-term loans
Accounts payable
from it to suppliers
long term duties
Income-Total
including:

Other income
Costs-Total
including:
Cost price
Business expenses
Administrative expenses
other expenses

1 . PREPARATION INITIAL DATA

The initial data for the performance of the work are the forms of financial statements: Form No. 1 Balance Sheet (Table No. 1) and Form No. 2 Profit and Loss Statement (Table No. 2). To prepare them, the data entered in the source data sheet in accordance with the option is used.

Table 1 - Initial balance sheet (at the end of the quarter)

	Amount, thousand rubles		Amount, thousand rubles
I Non-current assets - total		III Capital and reserves - total
		including:
II Current assets - total		Authorized capital
including:
		Undestributed profits
Receivables		IV Long-term liabilities - total
from it to buyers		V Short-term liabilities - total
		including:
		Short-term loans
Cash		Accounts payable
		from it to suppliers

Table 2 - Initial income statement (for the quarter)

	Index	Value, thousand rubles
	Incomeandcostsonordinarytypesactivities
	Proceeds from the sale of goods, products, works, services

	Gross profit (page 1-page 2)
	Business expenses
	Administrative expenses
	Profit (loss) from sales (p.3-p.4-p.5)
	Otherincomeandcosts
	Other income
	other expenses
	Profit(lesion)beforetaxation(p.6 + p.7-p.8)
	Income tax
	Netprofit(lesion)(p.9-p.10)

2 . GRADE INFLUENCES VARIOUS EVENTS ON THE INDICATORS ACCOUNTING BALANCE

The balance sheet reflects the state of assets and sources of financing of the enterprise at a certain point in time.

In this work, it is necessary to assess the impact on the balance sheet indicators of the following activities carried out during the reporting period (quarter):

1. Purchase (without prepayment) and posting of raw materials and materials in the amount of 400 thousand rubles;

2. Obtaining a long-term bank loan in the amount of 300 thousand rubles;

3. Purchase of equipment for cash in the amount of 500 thousand rubles;

4. Payment by buyers for previously delivered products in the amount of 200 thousand rubles;

5. Attraction of a short-term bank loan in the amount of 100 thousand rubles;

6. Using a loan to pay bills of suppliers for raw materials and materials purchased earlier in the amount of 100 thousand rubles;

7. Payment of wages in the amount of 250 thousand rubles.

The impact of each of the measures on balance sheet items is shown in Table 3.

Table 3 - The impact of various activities on the balance sheet indicators in thousand rubles.

Index	Base. var-t

INon-circulatingassets- Total
IINegotiableassets-Total
including:

Receivables
from it to buyers
Short-term financial investments
Cash
BALANCE
IIICapitalandreserves-Total
including:
Authorized capital
Undestributed profits
IVLong termcommitments-Total
VShort termcommitments-Total
including:
Short-term loans
Accounts payable
from it to suppliers
BALANCE

Each of the activities causes different changes in the balance items:

1) The amount of stocks in the initial version is 5130 thousand rubles, and the debt to suppliers is 4560 thousand rubles. The first event held is related to the purchase of raw materials and materials on credit. At the same time, the size of stocks and accounts payable to suppliers will increase (this will also increase the total value of the company's short-term liabilities) by 400 thousand rubles. Inventories (Z) and debt to suppliers (KZ post), respectively, will be:

З = 5130 + 400 = 5530 thousand rubles.

KZ post = 4560 + 400 = 4960 thousand rubles.

2) The amount of cash is 1140 thousand rubles, and long-term liabilities are 2400 thousand rubles. The second activity is related to obtaining a bank loan. At the same time, the amount of cash (DS) and long-term liabilities (DO) of the company will increase by 300 thousand rubles:

DS = 1140 + 300 = 1440 thousand rubles.

DO = 2400 + 300 = 2700 thousand rubles.

3) Before the third event, the cost of non-current assets is equal to 15,500 thousand rubles, and the amount of cash is 1,440 thousand rubles. When purchasing equipment for cash, the following changes will occur: the value of non-current (VA) assets will increase by 500 thousand rubles, and cash (DS) will decrease by the same amount:

VA = 15,500 + 500 = 16,000 thousand rubles.

DS = 1440-500 = 940 thousand rubles.

4) Accounts receivable to customers amounted to 2,755 thousand rubles, and cash - 940 thousand rubles. The fourth event is related to the payment by buyers for previously delivered products. At the same time, the amount of accounts receivable to customers (DZ pok) will decrease by 200 thousand rubles. (this will reduce the total amount of accounts receivable), and the amount of cash (DS) will increase by 200 thousand rubles:

DZ pok = 2755-200 = 2555 thousand rubles.

DS = 940 + 200 = 1140 thousand rubles.

5) Before attracting a short-term bank loan, the amount of funds was 1140 thousand rubles, and short-term loans were 2040 thousand rubles. After the implementation of the fifth measure, cash (DS) and the size of short-term loans (KSZ) increased by 100 thousand rubles:

DS = 1140 + 100 = 1240 thousand rubles.

KSZ = 2040 + 100 = 2140 thousand rubles.

6) The amount of cash was 1240 thousand rubles, and the amount of accounts payable to suppliers was equal to 4960 thousand rubles. After using a loan to pay suppliers' bills for raw materials and supplies previously purchased in the amount of 100 thousand rubles, cash (DS) and accounts payable to suppliers (as well as the total amount of accounts payable) decreased by 100 thousand rubles:

DS = 1240-100 = 1140 thousand rubles.

KZ post = 4960-100 = 4860 thousand rubles.

7) Before the payment of wages, the amount of cash was equal to 1140 thousand rubles, and the total amount of accounts payable was 7860 thousand rubles. After the implementation of the event, cash and the amount of accounts payable decreased by 250 thousand rubles:

DS = 1140-250 = 890 thousand rubles.

KZ = 7860-250 = 7610 thousand rubles.

The impact of all measures on balance indicators is reflected in the last column of Table 3 (after the event 7). These results represent the balance sheet.

3. CONDITION OF PROPERTY AND FUNDS OF THE ENTERPRISE

Assessment of the quality of financial security

In order to assess the condition of the property and funds of the enterprise, a horizontal and vertical analysis of the balance sheet is carried out.

Horizontal analysis is an analysis of the rate of change of individual items over several periods. The characteristic of the dynamics of indicators can be represented by absolute or relative values. Vertical analysis is an analysis of the proportion of individual articles in the total.

The calculation results are summarized in Table 4.

Table 4 - Horizontal and vertical balance sheet analysis

Indicator name	Value by options, thousand rubles	Absolute change, thousand rubles	Coefficient of dynamics	Share by options,%	Off beats weight,%

INon-circulatingassets- Total
IINegotiableassets-Total
including:

Receivables
from it to buyers
Short-term financial investments
Cash
BALANCE
IIICapitalandreserves-Total
including:
Authorized capital
Undestributed profits
IVLong termcommitments-Total
VShort termcommitments-Total
including:
Short-term loans
Accounts payable
from it to suppliers
BALANCE

Based on the results of the calculations, it can be concluded that during the period under review, such balance sheet items as non-current assets, stocks, long-term liabilities, short-term loans and accounts payable to suppliers increased to a greater extent.

The revenue growth rate (1.04) is ahead of the company's asset growth rate (1.02) (data from table 8), which indicates an increase in the efficiency of the use of the company's resources as a whole. But it can be seen from the table that stocks increased faster than revenue (stock dynamics ratio is 1.08), which indicates a decrease in the efficiency of their use.

The structure of the property value reflects the specifics of the enterprise and its industry affiliation. The share of the company's current assets decreased from 38.00% to 37.13%, i.e. the mobility of enterprise assets as a whole has declined. Of the current assets for the reporting period, only the share of inventories increased, and the share of cash assets in the property of the enterprise decreased to a greater extent.

Based on the results of calculating the share of liabilities, it can be concluded that the financial dependence of the enterprise has increased, since the share of equity capital has decreased from 52.00% to 51.08%. During the reporting period, there was a significant increase in the share of long-term liabilities of the enterprise from 9.60% to 10.61%, and there was an increase in the share of accounts payable to suppliers by 0.86%.

The structure of assets and liabilities of the enterprise in the reporting and base period can be reflected graphically (Figure 1).

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Figure 1 - The structure of assets and liabilities of the enterprise in the reporting and base period

When assessing the sources of financing for the enterprise, it is recommended to adhere to the “principles of matching” financing: the direction of financing should be consistent with the nature of the assets. There are strict requirements for ensuring a number of financial proportions in the balance sheet of the enterprise, strict correspondence of individual elements of an asset and a liability (table 5).

Table 5 - The sequence of using sources to finance the assets of the enterprise


1. Non-current assets	1. Share capital 2. Retained earnings 3. Long-term liabilities
2. Current assets 2.1. Stocks	1. Share capital 2. Retained earnings 3. Long-term liabilities (to replenish working capital) 5. Short-term loans and borrowings 6. Accounts payable to suppliers
2.2. Receivables	1. Accounts payable to suppliers 2. Short-term loans and borrowings 3. Other payables
2.3. Short-term financial investments	1. Share capital 2. Retained earnings 3. Accounts payable
2.4. Cash	1. Share capital 2. Retained earnings 3. Loans and loans 4. Accounts payable

To assess the quality of financial support and build a matrix (chess) balance, we transform the standard balance into an intermediate one (Table 6).

Table 6 - Interim balance in thousand rubles


		reporting

1. Non-current assets
2. Current assets
2.1 Inventories
2.2 Accounts receivable
2.3 Short-term financial investments
2.4 Cash


1. Own funds
1.1 Share capital
1.2 Retained earnings
2. Borrowed funds
2.1 Long-term liabilities
2.2 Short-term loans and borrowings
2.3 Accounts payable to suppliers
2.4 Other payables

In order to draw up a chess balance, we construct a matrix in coordinates of assets and liabilities (table 7). We will transfer the data from the interim balance to the matrix, selecting the source of funding in accordance with the required sequence. The table in the numerator of the fraction reflects the value of the indicator in the base period, in the denominator - in the reporting period.

Table 7 - Matrix balance in thousand rubles.

	authorized capital	retained earnings	TOTALownfunds	long term duties	Short-term loans	Accounts payable to suppliers	Other payables	TOTALborrowedfunds	BALANCE



Non-circulatingassets	7800	5200	13000	2400	100			2500	15500
								3000
								5130	5130

Receivables								2945	2945
								2745
Short-term fin. investments								285	285
								285
Cash								1140	1140
								890
TOTAL turnover.assets	0	0	0	0	1940	4560	3000	9500	9500
	0	0	0	0		4860	2750	9450	9450
BALANCE	7800	5200	13000	2400	2040	4560	3000	12000	25000
									25450

After analyzing table 7, we can conclude that the quality of the company's financial support for the period under review has changed slightly: in the reporting period, the same sources of financing were used to finance assets as before.

Both in the base and in the reporting period, there was not enough equity and long-term liabilities to finance non-current assets, therefore, short-term loans were also attracted for these purposes, which indicates the irrational use of the company's capital. At the same time, in the reporting period, financing of non-current assets at the expense of short-term loans increased.

In the reporting period, as in the base period, only borrowed funds were used to finance reserves. But in the reporting period, the quality of financing of stocks slightly decreased: a smaller part of stocks in the reporting period was covered by short-term loans, for this more accounts payable to suppliers were attracted.

4. FINANCIAL RESULTS OF ACTIVITIES OF THE ENTERPRISE AND YATIA

The financial result of an enterprise's activities is calculated as the difference between its income and expenses, therefore, the dynamics of income and expenses affects the value of the financial result.

Changes in some indicators of the enterprise's activity are reflected in table 8.

Table 8 - Additional initial data for determining the financial result in the reporting period (quarter)

Based on the data from table 2 and table 8, we will draw up a profit and loss statement for the reporting period, then we will conduct a horizontal and vertical analysis of financial results (table 9).

Table 9 - Horizontal and vertical analysis of financial results

Indicator name	Value by periods, thousand rubles	Absolute change, thousand rubles	Dynamics coefficient	Share by periods,%	Deviation beats weight,%
		Reporting				Reporting
Incomeandcostsonordinarytypesactivities
Proceeds from the sale of goods, works, products, services
Cost of goods, products, works, services sold
Gross profit
Business expenses
Administrative expenses
Profit (loss) from sales
Otherincomeandcosts
Other income
other expenses
Profit (loss) before tax
Income tax
Net income (loss)

As can be seen from table 9, in the reporting period, expenses increased faster than income, this led to a decrease in net profit by 3762 thousand rubles. The share of net profit in revenue decreased from 28.1% in the base period to 22.4% in the reporting period.

Graphical interpretation of the structure of income and expenses for ordinary activities in the reporting and base periods are shown in Figure 2.

Figure 2 - Structure of income and expenses by ordinary activities in the reporting and base period

In order to analyze the impact on profit from the sale of products of such factors as sales volumes, sales price, cost of goods sold, selling and administrative expenses, as well as to assess the impact of other income and expenses on the net profit, the following indicators must be calculated:

The influence of changes in the volume of sales of products on the amount of profit from sales is determined by the formula:

where В 1, В 0 - proceeds from the sale of products, respectively, in the reporting and base periods, thousand rubles;

V c - change in proceeds from the sale of products under the influence of price, thousand rubles;

Р 0 - profitability of sales in the base period,%;

And - the price index, which is determined on the basis of the initial data on the change in product prices.

Product prices increased by 2%, hence the price index was 1.02.

P 0 - profit from sales in the base period, thousand rubles.

In this case:

The influence of price changes on the amount of profit from sales is determined by the formula:

In this case:

The influence of changes in the cost of goods sold on the amount of profit from sales is determined by the formula:

where US 1, US 0 - the levels of the cost to the proceeds from the sale of products, respectively, in the reporting and base periods,%;

С 1 (0) - cost of products sold in the reporting (base) period, thousand rubles.

In this case:

Since the share of the cost price in the revenue increased, it means that this factor had a negative impact on the profit.

The influence of changes in selling expenses on the amount of profit from sales is determined by the formula:

where УКР 1, УКР 0 - the level of commercial expenses to proceeds from the sale of products, respectively, in the reporting and base periods,%.

In this case:

As the share of selling expenses in revenues increased, this factor had a negative impact on profit.

The impact of changes in administrative expenses on the amount of profit from sales is determined by the formula:

where SDI 1, SDI 0 is the level of management costs to proceeds from the sale of products, respectively, in the reporting and base periods,%.

In the example:

As the share of administrative expenses in revenue increased, this factor had a negative impact on profit.

The influence of other income and expenses on the amount of profit can be determined by their absolute deviation. In the reporting period, other income decreased by 1,292 thousand rubles, therefore, profit decreased by this amount. Other expenses increased by 888 thousand rubles, which led to a decrease in profit by the same amount. Increase in income tax by 71 thousand rubles. also leads to lower profits.

The results of calculating the influence of factors on the profit from sales are shown in Table 10.

Table 10 - Calculation of the influence of factors on profit from sales and net profit

Indicator (factor)	Change in profit due to the influence of a factor, thousand rubles
Sales volumes
Prices for products sold
Cost of products sold
Business expenses
Administrative expenses
Profitfromsales	- 1511
Other income
other expenses
Income tax and other similar payments
Netprofit

Table 10 shows that the decrease in profit was largely influenced by the growth in production costs and administrative expenses. The increase in selling expenses also affected the decline in profits, but to a lesser extent. Net profit decreased significantly due to a decrease in profit from sales and other income, as well as an increase in other expenses.

5 . FINANCIAL CONDITION ENTERPRISES

The financial condition of an enterprise can be determined using indicators of liquidity and financial stability.

Liquidity indicators:

Liquidity indicators are determined by the ratio of current assets and short-term liabilities.

Let's calculate the liquidity indicators in the base case:

Overall Coverage Ratio:

The standard value of this coefficient is from 1 to 2, i.e. the calculated coefficient is slightly below the norm. This means that the enterprise does not have enough working capital to cover short-term liabilities.

Quick liquidity ratio:

The standard value is from 1 and above. The resulting value K CP = 0.46 (below the norm) indicates the need for constant work with debtors in order to ensure the possibility of turning the most liquid part of working capital into monetary form for settlements with its suppliers.

Liquidity ratio for fundraising:

Shows the degree of dependence of the company's solvency on inventories and costs in terms of the need to mobilize funds to pay off its short-term obligations. The obtained value of the coefficient corresponds to the norm (0.5-0.7).

The balance sheet items are influenced by various measures taken by the enterprise, therefore they are also reflected in the liquidity indicators. Table 11 shows how the measures discussed earlier affected the liquidity ratios.

Table 11 - Impact of various measures on liquidity indicators

According to table 11, it can be seen that as a result of the implementation of all measures, the overall coverage ratio has decreased. This is due to the fact that due to the growth of short-term loans and debts to suppliers, the size of the company's short-term liabilities increased, and current assets decreased due to a decrease in the amount of cash and receivables from customers.

The quick liquidity ratio also decreased due to the growth of short-term liabilities and a decrease in accounts receivable and cash.

The liquidity ratio during mobilization increased, since the stocks at the enterprise in the reporting period increased significantly.

The dynamics of liquidity indicators is presented graphically in Figure 3.

Figure 3 - Dynamics of liquidity indicators

Financial stability indicators:

Financial stability indicators are determined by the ratio of own and borrowed funds in the balance sheet liabilities: the greater the share of own funds, the higher the financial stability.

When calculating the coefficients, the indicator of own circulating assets is used, which characterizes the value of the company's own funds directed to financing circulating assets after covering non-circulating assets. In this case, the value of own circulating assets is defined as the difference between equity (capital and reserves) (SK) and non-current assets (VOA). It is also assumed that a long-term loan was attracted to replenish working capital.

Thus, in the basic version, the indicators of financial stability will be determined:

The ratio of borrowed and own funds:

The obtained value is higher than 0.7, this indicates the dependence of the enterprise on external sources and the loss of financial stability.

Equity ratio:

The calculated coefficient is much less than the standard value (lower limit of 0.1), which means the dependence of the financial policy of the enterprise on external sources and the unfavorable financial condition of the organization as a whole.

Maneuverability coefficient:

The norm for this coefficient is 0.2 - 0.5. The negative value of the coefficient shows the inability of the enterprise to maintain the level of its own working capital and replenish working capital, if necessary, from its own sources.

If the activities carried out by the company are associated with a change in funding sources, then they affect the indicators of financial stability. The impact of the measures under consideration on the indicators of financial stability is reflected in Table 12.

Table 12 Influence of various measures on indicators of financial stability

Index	Basic variant	Post-event option

The ratio of borrowed funds and own funds
Equity ratio
Maneuverability coefficient

Thus, as a result of all the measures, the equity ratio has decreased, which indicates a decrease in the financial stability of the enterprise. This is due to an increase in non-current assets, which required the diversion of own funds, and borrowed sources were attracted to a greater extent to finance current assets. The value of the coefficient of maneuverability also decreased, and the value of the ratio of borrowed and own funds increased, this also indicates an increase in the financial dependence of the enterprise on external sources.

The dynamics of financial stability indicators can be presented graphically in Figure 4.

Figure 4 - Dynamics of financial stability indicators

6 . EFFICIENCY ACTIVITIES ENTERPRISES

The efficiency of an enterprise can be assessed using indicators of the intensity of resource use (profitability) and business activity. To calculate these indicators, it is required to compare the data of the profit and loss statement with the data of the balance sheet.

Profitability indicators:

Profitability indicators are determined by the ratio of profit and cost or revenue and characterize the profitability of the enterprise.

When calculating the return on net assets, the value of net assets can be determined by the formula:

where A is the amount of assets taken into account, thousand rubles.

О - the amount of liabilities taken into account, thousand rubles.

In the reporting period, the amount of net assets is:

CHA = 25450 - 2700 - 9750 = 13000 thousand rubles.

Return on net assets:

When calculating the profitability of products sold, the total cost of manufacturing products sold should include the cost of products sold, selling and administrative expenses. In the example under consideration for the reporting period, the amount of costs will be:

OZ = 30558 + 12305 + 9837 = 52700 thousand rubles.

The profitability of the sold products will be:

The rest of the profitability indicators in the reporting period will be determined:

Return on sales by net profit:

Return on sales by profit from sales:

Return on equity:

The results of calculating profitability indicators are summarized in Table 13.

Table 13 Profitability indicators,%

As can be seen from table 13 in the reporting period, all profitability indicators are decreasing, which indicates a decrease in the efficiency of the enterprise.

It is important to analyze the factors that influenced the change in profitability indicators.

The factor analysis of the return on equity (RK) is performed using the Du Pont formula:

where PE - net profit, thousand rubles;

SK - equity capital, thousand rubles;

In pr - proceeds from the sale of products, thousand rubles;

A - asset value, thousand rubles;

P pr - profitability of sales,%;

О А - assets turnover, coeff .;

K fz - the coefficient of financial dependence.

Total change in return on equity:

where is the change in the return on equity under the influence of changes in the profitability of sales, asset turnover, and the financial dependence ratio, respectively.

Sign "1" refers to the reporting period, sign "0" - to the period taken as the comparison base.

The results of assessing the influence of these factors on the return on equity are presented in Table 14.

Table 14 Factor analysis of the return on equity

Index	Period value	Change in indicator level	Influence of the factor on the profitability of the IC, paragraph
		reporting
Return on sales,%
Asset turnover, coeff.
Dependency ratio
Return on equity

According to table 14, it can be concluded that the return on equity decreased only due to a decrease in the return on sales with a slight acceleration in asset turnover and an increase in the level of financial dependence of the enterprise.

Business activity indicators:

Business activity (turnover) indicators can be presented in two versions:

1. The number of revolutions for the period (year, quarter) (O);

2. Duration of one revolution (days) (D).

These indicators are interrelated:

where T is the duration of the period under consideration (days). In this work, the quarter is taken as -90 days.

In the reporting period, business activity indicators are determined:

Working capital turnover ratio:

Equity capital turnover ratio:

Inventory turnover ratio:

Duration of inventory turnover:

Accounts receivable turnover ratio:

Duration of accounts receivable turnover:

Buyers' accounts receivable turnover ratio:

The duration of the turnover of accounts receivable from buyers:

Accounts payable turnover ratio:

Duration of accounts payable turnover:

The turnover ratio of accounts payable to suppliers:

Duration of turnover of accounts payable to suppliers:

Duration of the operating cycle:

Duration of the financial cycle:

The calculation results are summarized in Table 15.

Table 15 Indicators of business activity

Index	Period value
		reporting
Working capital turnover ratio
Equity capital turnover ratio
Inventory turnover ratio
Duration of inventory turnover, days
Accounts receivable turnover ratio
Duration of accounts receivable turnover, days
Buyers' accounts receivable turnover ratio
Duration of customer receivables turnover, days
Accounts payable turnover ratio
Duration of accounts payable turnover, days
The turnover ratio of accounts payable to suppliers
Duration of turnover of accounts payable to suppliers, days
Duration of the operating cycle, days
Duration of the financial cycle, days

After analyzing the data in Table 15, we can conclude that the turnover of enterprise resources has accelerated. The duration of the operating cycle in the reporting period decreased by 0.37 days, this was achieved mainly due to the acceleration of buyers' payments for products.

A graphical interpretation of the duration of the operating and financial cycles in the reporting and base periods is shown in Figure 5.

Figure 5 - The duration of the operating and financial cycles in the reporting and base period

7 . DEFINITION MEDIUM INTEGRAL ESTIMATES FINANCIAL - ECONOMIC CONDITIONS ENTERPRISES

To determine the average integral assessment of the financial and economic condition of the enterprise, it is necessary to evaluate all the analyzed indicators, for which they are divided into the first and second classes.

The first class includes indicators for which standard values are determined, these include indicators of liquidity and financial stability. The second class includes non-standardized indicators, for the assessment of which it is necessary to compare with the corresponding indicators of other similar enterprises, industry average indicators, and also analyze the trends in these indicators. This group includes indicators of turnover, profitability, characteristics of the structure of property, sources and state of working capital.

Several possible states of indicators of the 1st class are presented in table 16.

Table 16 - State of indicators of the first class

When analyzing the second group of indicators, it is advisable to assess trends in their change and identify their improvement or deterioration, i.e. determine the state of indicators:

"improvement" - 1;

"stability" -2;

"deterioration" -3.

To obtain a more objective assessment, it is necessary to compare the indicators of the first and second class (table 17).

Table 17 - Comparison of indicators of the first and second class

Based on this comparison, the financial condition of the enterprise is assessed. The analysis of indicators by class is presented in Table 18.

Table 18 - Analysis of financial indicators

Class, group, indicator	Indicator value by period	Main trend	Standard	State
		reporting
Indicators of the 1st class
1.Indicators of liquidity
1.1 Overall coverage ratio			slight deterioration
1.2 Quick liquidity ratio			deterioration
1.3 Liquidity ratio in fundraising			deterioration
2. Indicators of financial stability
2.1 The ratio of debt and equity			deterioration	less than 0.7
2.2 Equity ratio			deterioration	not less than 0.1
2.3 Maneuverability coefficient			deterioration
Indicators of the 2nd class
3.Profitability Indicators
3.1 Return on net assets by net profit,%			deterioration
3.2 Profitability of products sold,%			deterioration
4.Business indicators
4.1 Working capital turnover ratio			improvement
4.2 Ratio of equity capital turnover			improvement

Table 18 shows that most indicators of the first class are in state 2.3, and the state of indicators of the second class is different: profitability indicators are deteriorating, and business activity indicators are improving, but not so significantly. After analyzing the state of all indicators of the enterprise as a whole, it can be concluded that the average integral assessment of the financial and economic state of the enterprise is close to satisfactory, but still the enterprise has many problems, such as:

Insufficient liquidity, lack of liquid assets;

Dependence of the company on external sources and low financial stability;

The inability of the enterprise to replenish working capital, if necessary, from its own sources;

Decrease in profitability of sales and net assets of the enterprise.

The identified problems require appropriate financial solutions aimed at improving the financial situation of the enterprise.

LIST LITERATURE

1) Smirnova I.V., Igumnova T.N., Sukhanov G.G. Theoretical foundations of financial management: Methodological instructions for the implementation of control and settlement-graphic work - Arkhangelsk: Publishing house of ASTU, 2004. - 41 p.

2) Student work. General requirements and rules for registration. Organization standard. STO 01.04 - 2005. - Arkhangelsk: Arkhangelsk State Technical University, 2006.

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