Integral scoring of financial stability. Features of the integral assessment of the financial condition of an industrial enterprise in modern economic conditions. Methodology for assessing financial sustainability G.V. Savitskaya

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

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

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

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

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

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

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

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

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

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

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

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

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

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

This assessment is based on:

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

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

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

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

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

Table 12.17

integral assessment of financial stability

organizations

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

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

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

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

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

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

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

However, in these methodological recommendations there is no unified terminology regarding the designation of indicators, there are many criteria, the calculation procedure and standards for many of them are not given, and the methodology itself is cumbersome and logically incomplete, i.e. this document does not give specific recommendations for determining the average integral assessment, which makes it extremely difficult to carry out analytical work in practice.

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

In conclusion, it should be noted that currently:

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

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

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

Fourthly, the analysis of the financial condition is a rather complicated creative work that requires knowledge of the methods of express assessments, external and internal analysis, operational and in-depth studies, the ability to select the necessary minimum indicators from a variety of haphazardly proposed ones, give them a systemic sound, reasonably apply the standards, correctly evaluate dynamic changes, perform factor analysis, etc.

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

test questions

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

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

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

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

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

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

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

8. What are the criteria for assessing financial independence?

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

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

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

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

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

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

15.What is the calculation procedure net profit in Form No. 2 of the financial statements?

16. What elements does it consist of borrowed capital And under what condition is its involvement effective?

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

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

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

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

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

22. What is the purpose factor analysis tax payments?

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

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

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

SH Literature

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

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

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

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

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

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

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

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

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

10. Dontsova L.V., Nikiforova N.A. Complex analysis accounting reporting. Moscow: Business and Service, 2001.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Executed for the purpose information to one indicator of a set of 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. Critical liquidity ratio

3. Current liquidity ratio

4. Coefficient of autonomy (financial independence)

5. The coefficient of security of current assets with own sources working capital

6. The coefficient of provision of reserves and costs with own sources of fixed assets

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

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

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

§ calculation of the total score and assignment this enterprise to a certain class.

Characteristics of classes:

1 class. Organizations with absolute financial solvency and stability. Them financial position allows you to be sure of the timely fulfillment of obligations in accordance with the contract.

Grade 2 Organizations with a normal financial condition. Their indicators are close to optimal, but for some, a lag or deviation from the standard is allowed. These are organizations that demonstrate some level of risk in fulfilling financial obligations.

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

4th grade. Organizations with unstable financial condition. There is a certain financial risk in relationship with them. These are organizations that can lose all funds, even after taking measures to improve their business.

Grade 5 Organizations with a financial crisis, practically insolvent and financially unstable; high-risk organizations.

6th grade. Extra-curricular: "The dregs of society."

INTEGRATED ASSESSMENT OF THE FINANCIAL STABILITY OF THE ENTERPRISE
No. p / p	Financial condition indicators	Class boundaries according to criteria	Indicators
1 class	Grade 2	3rd grade	4th grade	5th grade	Extracurricular	Last year	Reporting year
	Absolute liquidity ratio	0.5 and above	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 above	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
	Coefficient of autonomy (financial independence)	0.6 and above	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
	The coefficient of security of current assets with own sources	0.5 and above	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
	The ratio of reserves and costs to be covered by own sources of OBS	1 and above	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 break values		85.2 and 66	63.4 and 56.5	41.6 and 28.3			-	-
	Total points



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

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

• Class 1 - enterprises with a good margin of financial stability, allowing you to be sure of the return of borrowed funds;
• Class 2 - enterprises that demonstrate some degree of debt risk, but are not yet considered risky;
• Grade 3 - troubled enterprises. There is hardly any risk of loss of funds, but the full receipt of interest seems doubtful;
• Class 4 - enterprises with a high risk of bankruptcy even after taking measures for financial recovery. Lenders risk losing their funds and interest;
• Class 5 - enterprises of the highest risk, practically insolvent.

Table 3.5.

Criteria for an integral scoring of the financial stability of an enterprise

Indicator	Class boundaries according to criteria
	0.5 and above = 20 points	0.4 = 16 points	0.3 = 12 points	0.2 = 8 points	0.1 = 4 points
	1.5 and above = 18 points	1.4 = 15 points	1.3 = 12 points	1.2-1.1 = 9-6 points	1.0 = 3 points
	2 and above = 16.5 points	1.9-1.7 = 15-12 points	1.6-1.4 = 10.5-7.5 points	1.3-1.1 = 6-3 points	1 = 1.5 points
	0.6 and above = 17 points	0.59-0.54 = 16.2-12.2 points	0.53-0.43 = 11.4-7.4 points	0.47-0.41 = 6.6-1.8 points	0.4 = 1 point
	0.5 and above = 15 points	0.4 = 12 points	0.3 = 9 points	0.2 = 6 points	0.1 = 3 points
	1 and above = 13.5 points	0.9 = 11 points	0.8 = 8.5 points	0.7-0.6 = 6.0-3.5 points	0.5 = 1 point
Minimum border value

After the calculations carried out in table 3.6, we can conclude that the company CJSC "Sibkulttorg" is in the 4th class of the integral scoring assessment of financial stability - that is, an enterprise with a high risk of bankruptcy even after taking financial recovery measures. Lenders risk losing their funds and interest.

To avoid the onset of bankruptcy, Sibkulttorg CJSC must take the following measures:

• 1. increase the volume of own working capital of the enterprise;
• 2. reduce inventory, short-term financial investment;
• 3. reduce accounts payable, short-term loans and borrowings;
• 4. increase the amount of equity capital, long-term liabilities;

Table 3.6

Indicators of the integral scoring of the financial stability of ZAO Sibkulttorg

Indicator	At the beginning of 2009	At the end of the period
	Number of points	The actual level of the indicator	Number of points
Absolute liquidity ratio
Critical Appraisal Coefficient
Current liquidity ratio
Financial Independence Ratio
Coverage ratio with own sources of financing
The coefficient of financial independence in terms of the formation of reserves and costs

Based on the analysis in this chapter, and taking into account the advantages and disadvantages of each individual approach the following conclusion can be made: despite the shortcomings of the latter approach - the use of integral indicators, in modern economic conditions it is, in my opinion, the most convenient and effective for assessing the potential bankruptcy of an organization.

In order to quickly determine the degree of financial stability and assess the organization as a potential partner in business relations, its comparative rating complex express assessment is carried out. The methodology for this assessment has the following features:

• 1. The system of financial indicators used is based on the organization's public reporting data, which allows all interested users to control changes in the financial condition.
• 2. Initial indicators for the rating assessment are combined into four groups: profitability assessment, management efficiency assessment, business activity assessment, liquidity and market stability assessment. The set of indicators is from four to seven in each group.
• 3. The conclusions drawn on the basis of the express rating assessment may differ somewhat from the conclusions obtained on the basis of the database of other types of analysis, since the group of coefficients used in the express assessment characterizes the economic development trends of the organization. Other methods use financial indicators calculated on a specific date, therefore, reflect ongoing economic processes with a certain delay.

The final rating assessment takes into account all the most important parameters of the financial activity of the enterprise, that is, economic activity in general. When building it, data on the production potential of the enterprise, the profitability of its products, the efficiency of the use of production and financial resources, the state and allocation of funds, their sources and other indicators are used.

R = 2 KO + 0.1 CL + 0.08 CI + 0.45 CM + CP; (3.6)

A detailed breakdown of the rating number is presented in the appendix. With full compliance of the values ​​of financial ratios with their normative minimum levels, the rating of the enterprise will be equal to 1 (the so-called "conditionally satisfactory enterprise").

1. Security with own funds (KO):

KO = 629 thousand rubles. / 2796 thousand rubles = 0.22 - 2008;

KO = 682 thousand rubles. / 2461 thousand rubles = 0.28 - 2009.

Regulatory requirement: KO? 0.1. It can be seen from the calculations that in 2008 the enterprise could provide itself with its own funds, the indicator is higher than the normative value. Its growth is observed, that is, the company strengthens its financial stability. In 2009, there is a slight increase in this indicator by 0.06 points. This is due to the fact that the growth rate of equity capital exceeded the growth rate of working capital.

2. Balance liquidity (CL):

CL \u003d (2796 thousand rubles - 83 thousand rubles) / 1310 thousand rubles + 857 thousand rubles. = 1.25 - 2008;

CL \u003d (2461 thousand rubles - 91 thousand rubles) / 1635 thousand rubles + 144 thousand rubles. = 1.33 - 2009;

Regulatory requirement: KL?2. In 2008, the liquidity of the balance exceeds the norm. In 2009, the indicator slightly, but still increases by 0.08 points and remains above the regulatory requirement. This is a positive moment for the enterprise.

3. The intensity of the turnover of the advanced capital (CI):

CI = 5699 thousand rubles. / * 365 / 360 = 1.9 - 2008;

CI = 6518 thousand rubles. / * 365 / 360 = 2.4 - 2009.

Regulatory requirement: CI? 2.5.

All two values ​​of this indicator are below the norm, but their increase is observed. The reason for the increase in 2009 is the increase in revenue from the sale of products.

4. Management (effectiveness of organization management) (CM):

KM = 284 thousand rubles. / 5699 thousand rubles = 0.05 - 2008;

KM = 84 thousand rubles. / 6518 thousand rubles = 0.013 - 2009.

Regulatory requirement: КМ?(r-1)/r, i.e. КМ?0.9, where r=8.25 (the discount rate of the Central Bank of Russia as of May 3, 2011). The calculated indicator is significantly lower than the normative value, and its decrease in 2009 is also observed. This is due to the fact that the growth rate of net proceeds from sales of 114.4% (6518 thousand rubles / 5699 thousand rubles * 100) is higher than the growth rate of profit from sales of 27.17% (53 thousand rubles / 195 thousand rubles *100).

5. Profitability (profitability) of own capital (KP):

KP = 264 thousand rubles. / * 365 / 360 = 0.44 - 2008;

KP = 66 thousand rubles. / * 365 / 360 = 0.1 - 2009.

Regulatory requirement: KP? 0.2. There is a decrease in this indicator in 2009 to a value below the standard, this is due to a sharp decrease in profit before tax. This is a negative moment for the enterprise.

Based on the five indicators calculated above, we determine the rating number (R):

R1= 2*0.22 + 0.1*1.25 + 0.08*1.9 + 0.45*0.05+0.44 = 1.18 - 2008;

R2= 2*0.28 + 0.1*1.33 + 0.08*2.4 + 0.45*0.013+0.1 = 1 - 2009.

So, the express rating assessment showed that the company's financial condition is deteriorating. This is evidenced by a decrease in profits, a number of financial indicators are below the norm or are striving for it. But there are also such positive aspects as a slight increase in the equity ratio, as well as a slight increase in balance sheet liquidity.

Introduction. 3

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

1.1 The concept of financial stability of the enterprise. 4

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

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

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

Conclusion. 23

References:24

Introduction

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

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

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

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

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

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

1.1 The concept of financial stability of the enterprise

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

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

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

m state, and vice versa.

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

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

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

Financial stability of the enterprise

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

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

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

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

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

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

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

Rice. 2 Factors affecting the financial condition of the enterprise

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

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

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

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

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

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

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

1.2 Methods for analyzing the financial stability of an enterprise

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

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

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

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

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

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

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

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

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

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

Traditional methods of economic statistics: average and relative values, grouping, graphical, index, elementary methods of processing time series.

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

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

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

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

2. Integral assessment of the financial stability of the enterprise

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

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

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

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

Table 1

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

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

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

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

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

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

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

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

V - enterprises of the highest risk, practically insolvent.

Definitions:

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

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

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

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

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

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

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

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

Accounts receivable for which payments are expected within 12 months.

must be greater than 0.6

should not exceed 0.7.

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

must be greater than 2.

must be greater than 1.0

should be more than 0.25

table 2

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

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

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

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

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

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

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

Table 3

Scoring the quality of secondary forms of loan repayment security

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

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

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

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

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

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

Satisfactory financial condition;

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

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

Impeccable security;

Sufficient but unfavorable collateral structure;

Difficult-to-estimate collateral;

Lack of security.

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

Table 4

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

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

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

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

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

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

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

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

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

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

Lack of security.

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

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

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

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

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

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

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

Conclusion

In conclusion, we draw the following conclusions.

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

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

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

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

Bibliography:

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3. Proposals for improving the assessment of the financial condition of Market-Service LLC

To improve the assessment of the financial condition, first of all, it is necessary to draw up an explanatory note to the balance sheet.

In order to improve the assessment of the financial condition, it is recommended to use the methodology of the integral assessment of the financial condition.

1. Among the main areas of assessment stands solvency and financial independence.

2. To assess solvency, the following indicators are used: current liquidity ratio, quick liquidity ratio, absolute liquidity ratio. To assess financial independence, the following indicators are used: autonomy coefficient, financial stability coefficient, coefficient of equity capital maneuverability.

3. Determination for each of the coefficients of the critical (normative) value.

4. Determining the weight of individual coefficients

5. Formation of general indicators: the level of solvency, the level of financial independence (see formulas 24.25):

where, J is an integral indicator,

UP - the level of solvency,

FN - the level of financial independence,

KA - asset quality level,

β1, β2, βЗ are the coefficients of significance of the corresponding indicators.

6. Formation of an integral indicator of the financial condition of the enterprise, taking into account all analytical areas.

Table 22 shows the values ​​of the solvency and financial independence ratios, the ratio of the actual and critical values ​​and the weighting factor.

Table 22. Integral assessment of the financial condition of the enterprise

Estimated direction, indicator	Actual value 2007	Actual value 2008	Actual value 2009		The ratio of actual and critical 2007	The ratio of actual and critical 2008	The ratio of actual and critical 2009	Weight factor
Solvency level
Quick liquidity ratio
Level of financial independence
Autonomy coefficient
Financial stability ratio
Equity maneuverability ratio

Let's calculate the integral indicator of the assessment of the financial condition for each year (see Table 23).

Table 23. Calculation of the integral indicator

Indicator
Solvency level actual	0,5*0,5+0,74*0,3+0,6*0,2=0,59	0,44*0,5+0,59*0,3+0*0,2=0,397	0,355*0,5+0,26*0,3+0*0,2=0,25
Actual level of financial independence	0,02*0,4+0,48*0,3+1,36*0,3=0,56	0,16*0,4+0,12*0,3+(-2,58)*0,3= -0,674	0,06*0,4+0,05*0,3+(-15,82)*0,3= -4,71
The level of financial independence is critical	0,02*0,4+0,48*0,3+1*0,3=0,452
Integral indicator actual	0,59*0,6+0,56*0,4=0,578	0,397*0,6+(-0,674)*0,4=-0,03	0,25*0,6+(-4,71)*0,4=-1,734
Integral indicator normative	0,59*0,6+0,452*0,4=0,53

As can be seen from Table 23, the calculated levels of solvency, financial independence and the integral indicator are significantly lower per unit, which indicate the unsatisfactory financial condition of Market-Service LLC, and there is a negative trend, by the end of 2009 the situation worsened significantly. Since all the coefficients that characterize the level of solvency do not reach a critical value, the indicator of the level of solvency was calculated only in the actual form.

An analysis of the coefficients that characterize the level of financial independence indicates that the coefficient of equity capital agility exceeds the critical level. Therefore, for this evaluation direction, both types of generalizing indicator were calculated - actual and standard. Accordingly, both types of integral indicator were calculated.

The advantages of the method include the possibility of supplementing any number of analytical areas and coefficients for assessing the financial condition of an enterprise if there is a need to include them in an integral indicator. The developed methodology can be used to evaluate the implementation of the plan.

At the same time, in the above formulas, the actual values ​​of the indicators (numerator) are compared with the planned ones (denominator).

Consider other methods for assessing the financial condition:

1. Integral scoring of the financial stability of an enterprise (method of L.V. Dontsov and N.A. Nikiforov). The essence of this technique is to determine the degree of risk based on the actual level of financial stability indicators and the rating of these indicators in points. Table 24 presents the calculation results.

Table 24

Indicator	For the beginning of the year		At the end of the year
		Number of points	The actual level of the indicator	Number of points
Absolute liquidity ratio
Current liquidity ratio

Table 25 presents tables of classes according to the criteria.

Table 25

Indicator	Class boundaries according to criteria
Absolute liquidity ratio	0.5 and above = 20 points	0.4 = 16 points	0.3 = 12 points	0.2 = 8 points	0.1 = 4 points
Critical Appraisal Coefficient	1.5 and above = 18 points	1.4 = 15 points	1.3 = 12 points	1.2–1.1 = 9–6 points	1.0 = 3 points
Current liquidity ratio	2 and above = 16.5 points	1.9–1.7 = 15–12 points	1.6–1.4 = 10.5–7.5 points	1.3–1.1 = 6–3 points	1 = 1.5 points
Financial Independence Ratio	0.6 and above = 17 points	0.59–0.54 = 16.2–12.2 points	0.53–0.43 = 11.4–7.4 points	0.47–0.41 = 6.6–1.8 points	0.4 = 1 point
Coverage ratio with own sources of financing	0.5 and above = 15 points	0.4 = 12 points	0.3 = 9 points	0.2 = 6 points	0.1 = 3 points
The coefficient of financial independence in terms of the formation of reserves and costs