Basic research. Liquidity and solvency of the enterprise, methods of assessment and management Methodology for analyzing the liquidity and solvency of the organization

Introduction

2.3 Ways to increase liquidity and solvency

Conclusion

3.1 Importance of analysis of liquidity and solvency of the enterprise

3.3 Assessment of the solvency of the enterprise based on the study of cash flows

3.4 Methods for diagnosing the probability of bankruptcy

To achieve this goal term paper the following tasks are solved:

1. The value and essence of the liquidity and solvency of the enterprise, as well as the methods of their management are determined;

2. Methods for analyzing the liquidity and solvency of an enterprise are being studied;

3. Ways to improve financial stability;

4. Regulatory and methodological aspects of the analysis are being studied.

1. Theoretical foundations of liquidity and solvency of the enterprise

1.1 The meaning and essence of the concept of enterprise liquidity

The understanding of liquidity in modern economic literature and practice is not unambiguous. What is liquidity? The term “liquidity” comes from the Latin “liquidus”, which means fluid, liquid, i.e. liquidity gives this or that object a characteristic of ease of movement, movement. The term "liquidity" was borrowed from German language at the beginning of the twentieth century. Thus, liquidity meant the ability of assets to quickly and easily mobilize. The main points of liquidity have been reflected in the economic literature since the second half of the 20th century, in connection with the unprofitable activities of state banks and enterprises, as well as with the formation of commercial banks. For example, from the point of view of liquidity, economists wrote about the importance of observing the correspondence between the terms of active and passive operations at the end of the 19th century.

In modern economic literature, the term “liquidity” has a wide range of applications and characterizes completely different objects of the economy. In addition to the definitions already given, it is used in combination with other concepts related to both specific objects of economic life (goods, securities) and subjects of the national economy (bank, enterprise, market), as well as to determine characteristic features activities of economic entities (balance sheet of the enterprise, bank balance sheet).

The connection between the categories of money and liquidity is found, for example, in the analysis of the most common object of economic relations - goods. To be liquid, a product must be at least useful to someone, i.e. have a use value and, since it was produced with the direct participation of human labor, have a value, the measurement of which is money. At the same time, to examine the turnover of goods, the amount of money should be sufficient.

Besides, necessary condition comparison of commodity values in the asset of sale is the presence of an equivalent product - an intermediary capable of maintaining value throughout the entire period of sale and purchase. Under the gold standard, money performed this function, one might say, absolutely. The continuity of the C-D-T chain was practically ensured by a real guarantee, since the seller could exchange the credit instruments of circulation received from the buyer for metal in banks or demand gold in payment for his goods. Subsequently, the liquidity of a commodity was made dependent not only on public recognition of the labor expended on the production of this commodity, but also on the quality, availability and sufficiency of credit instruments that perform the function of money as a means of circulation.

In modern conditions, to maintain the continuity of the process of commodity-money exchange, credit instruments of circulation that have public recognition are used. Since in the process of commodity-money circulation a gap inevitably arises between buying and selling and, consequently, between the moments of the appearance of a debt obligation and its repayment, in the event of serious financial difficulties for the issuer of a debt obligation, the C-D-T chain may be interrupted. This is one of the main aspects that determine the content of the concept of liquidity - the unconditional fulfillment by the borrower of his obligation to the creditor within a certain period.

Thus, liquidity is connected, firstly, with the ability of instruments of circulation to perform their main functions, secondly, with the sufficiency of money, and thirdly, with the reliability of fulfilling debt obligations in society.

Consequently, liquidity can be defined as social relations that develop over the timely and adequate realization of the exchange value (ownership for an equivalent). In all cases where we are dealing with the circulation of value, whether it be the circulation of commodities or money, the problem of liquidity arises at the final stage of the circulation. The liquidity of an object can be considered such a qualitative characteristic of it, which reflects the ability to return the advanced value after a certain time, and the shorter the return period, the higher the liquidity. Thus, liquidity expresses a social bond that develops constantly when it is necessary to realize value in a timely manner, i.e. the essence of the concept of "liquidity" can be defined as the possibility of timely realization of value.

So, liquidity is the ability of a firm to:

There are several degrees of liquidity in determining the management capabilities of the enterprise, and hence the sustainability of the entire project. Thus, insufficient liquidity usually means that the company is not able to take advantage of discounts and emerging profitable commercial opportunities. At this level, the lack of liquidity means that there is no freedom of choice, and this limits the discretion of management. A more significant lack of liquidity leads to the fact that the company is not able to pay its current debts and obligations. The result is an intensive sale of long-term investments and assets, and in the worst case, insolvency and bankruptcy.

For business owners, insufficient liquidity can mean reduced profitability, loss of control, and partial or complete loss of capital investments. For creditors, the debtor's lack of liquidity may mean a delay in paying interest and principal, or a partial or complete loss of funds lent. The current state of a company's liquidity may also affect its relationships with customers and suppliers of goods and services. Such a change may result in the inability of the enterprise to fulfill the terms of contracts and lead to the loss of ties with suppliers. That is why liquidity is given such great importance.

If an enterprise cannot pay off its current liabilities as they fall due, its continued existence is called into question, and this pushes all other performance indicators into the background. In other words, the lack of financial management of the project will lead to the risk of suspension and even its destruction, i.e. to the loss of investor funds.

Liquidity characterizes the ratio of various items of current (current) assets and liabilities of the company and, thus, the availability of free (not related to current payments) liquid resources.

Depending on the degree of liquidity, the assets of the enterprise are divided into the following groups:

A1. The most liquid assets. These include all items of the company's cash and short-term financial investments.

A2. Marketable assets are accounts receivable, payments on which are expected within 12 months after the reporting date.

A3. Slowly realizable assets - items in section II of the balance sheet asset, including inventories, value added tax, receivables (payments for which are expected more than 12 months after the reporting date) and other current assets.

A4. Difficult-to-sell assets - items in section I of the asset balance - non-current assets.

Liabilities of the balance are grouped according to the degree of urgency of payment:

P1. The most urgent obligations, these include accounts payable.

P2. Short-term liabilities are short-term borrowed funds, etc.

P3. Long-term liabilities are balance sheet items related to sections V and VI, i.e. long-term loans and borrowings, as well as deferred income, consumption funds, reserves for future expenses and payments.

P4. Permanent liabilities or stable ones are articles IV of the balance sheet section "Capital and reserves". If the organization has losses, they are deducted.

1.2 The meaning and essence of the concept of solvency of the enterprise

Another indicator that characterizes the financial condition of the enterprise is solvency.

The solvency of an enterprise means:

1. Its ability to meet the payment requirements of suppliers of equipment and materials in accordance with business contracts on time and in full, repay loans, pay staff, make payments to the budget.

2. The ability to regularly and timely repay debt obligations is ultimately determined by the availability of funds from the enterprise, which depends on the extent to which partners fulfill their obligations to the enterprise. In addition, with a certain amount of sources of funds from the enterprise, the more money than less other asset elements. In the process of turnover of funds, the money is either released or redirected as the cost of replenishing non-current and current assets.

So, solvency is the ability of an organization to pay its debts on time. This is the main indicator of the stability of its financial condition. Sometimes, instead of the term "solvency", they say, and this is generally correct, about liquidity, that is, the possibility of certain objects that make up the balance sheet asset to be sold. This is the broadest definition of solvency. In a closer, specific sense, solvency is the availability of funds and cash equivalents for the enterprise, sufficient for settlements of accounts payable requiring repayment in the near future.

Solvency and financial stability are the most important characteristics of the financial and economic activity of an enterprise in the conditions market economy. If an enterprise is financially stable, solvent, it has an advantage over other enterprises of the same profile in attracting investments, obtaining loans, choosing suppliers and selecting qualified personnel. Finally, it does not come into conflict with the state and society, since timely pays taxes to the budget, contributions to social funds, wages- to workers and employees, dividends - to shareholders, and guarantees to banks the return of loans and the payment of interest on them.

The higher the stability of the enterprise, the more it is regardless of an unexpected change. market conditions and, consequently, the less the risk of being on the verge of bankruptcy.

Solvency analysis is necessary not only for an enterprise for the purpose of assessing and forecasting financial activities, but also for external investors (banks). Before issuing a loan, the bank must verify the creditworthiness of the borrower. The same should be done by enterprises that want to enter into economic relations with each other. It is especially important to know about the financial capabilities of a partner if the question arises of providing him with a commercial loan or deferred payment.

Solvency has a positive impact on performance production plans and ensuring the needs of production necessary resources. Therefore, solvency is aimed at ensuring the planned receipt and expenditure of financial resources, the implementation of settlement discipline, the achievement of rational proportions of own and borrowed capital and its most efficient use.

In order to survive in a market economy and prevent the bankruptcy of an enterprise, you need to know well how to manage finances, what the capital structure should be in terms of composition and sources of education, what share should be occupied by own funds, and which should be borrowed.

The main purpose of the solvency analysis is to timely identify and eliminate shortcomings in financial activities and find reserves for improving the financial capabilities of the enterprise.

1. Based on the study of the causal relationship between various indicators of industrial, commercial and financial activities, assess the implementation of the plan for admission financial resources and their use from the standpoint of improving solvency.

2. Forecasting possible financial results, economic profitability, based on real conditions economic activity and availability of own and borrowed resources.

3. Development of specific measures aimed at more efficient use of financial resources.

The analysis of the solvency of the enterprise is carried out not only by the managers and relevant services of the enterprise, but also by its founders, investors. In order to study the efficiency of resource use, banks to assess credit conditions, determine the degree of risk, suppliers to receive payments in a timely manner, tax inspections to fulfill the plan for the receipt of funds to the budget, etc. In accordance with this, the analysis is divided into internal and external.

· Internal analysis is carried out by the enterprise services and its results are used for planning, forecasting and control. Its goal is to establish a systematic flow of funds and place own and borrowed funds in such a way as to ensure the normal functioning of the enterprise, maximizing profits and avoiding bankruptcy.

· External analysis is carried out by investors, suppliers of material and financial resources, regulatory authorities on the basis of published reports. Its goal is to establish an opportunity to invest funds profitably in order to ensure maximum profit and eliminate the risk of loss.

The main sources of information for analyzing the solvency and creditworthiness of an enterprise are the balance sheet (form No. 1), income statement (form No. 2), capital flow statement (form No. 3) and other forms of reporting, primary and analytical accounting data, which decipher and detail individual balance sheet items.

An analysis of the solvency of an enterprise is carried out by comparing the availability and receipt of funds with essential payments. There are current and expected (prospective) solvency. Current solvency is determined on the balance sheet date. An enterprise is considered solvent if it has no overdue debts to suppliers, bank loans and other settlements. The expected (prospective) solvency is determined on a specific upcoming date by comparing the amount of its means of payment with the urgent (priority) obligations of the enterprise on this date.

2. Liquidity and solvency management

2.1 Regulatory and methodological aspects of analytical management and assessment of the financial condition of organizations

An analysis of the financial condition of an enterprise is a tool for making management decisions, is one of the stages of management, during which certain management decisions are justified and their economic efficiency.

In domestic and foreign scientific literature, there are many methodological approaches to assess the financial condition of the organization. Of particular interest are the works of A.D. Sheremeta, V.V. Kovaleva, L.N. Gilyarovskaya, O.V. Efimova, M.V. Melnik and others. The whole range of methodological approaches to assessing the financial condition of an enterprise allows us to distinguish the following stages:

– system calculation financial ratios;

- diagnostics of the probability of bankruptcy of the enterprise.

The results of the enterprise and its financial condition are of interest to owners, managers, creditors, investors, partners, the state, that is, internal and external users of economic information. Each of them, depending on the goals and objectives of the analysis, develops its own methodological approaches to assessing the financial condition and places its own emphasis.

The investor's main goal of analyzing the financial condition of the enterprise is to assess its profitability, profitability, the level of use of production and economic potential.

If there are private goals of analysis for individual entities, the main goal of analyzing the financial condition of an enterprise for all users (external and internal) is to assess the position of the enterprise in the market, its financial and economic activities and management efficiency, as well as identifying the key problems of the enterprise and the best ways to solve them. The Government of the Russian Federation, the Ministry of Economy and the Ministry of Finance of the Russian Federation have been developing and improving methodological approaches to the analysis of the financial condition of enterprises for ten years.

Consider the regulations governing the procedures for analyzing the financial condition.

In 1994, the main document regulating the methodology for assessing the solvency and financial stability of enterprises was Decree of the Government of the Russian Federation dated May 20, 1994 No. 498 “On certain measures to implement the legislation on insolvency (bankruptcy) of enterprises” (now no longer in force) .

In 1997, by Order of the Ministry of Economy of the Russian Federation of 01.10.97 No. 118 were approved « Guidelines on the reform of enterprises (organizations)", which were intended, among other things, to evaluate the effectiveness financial management organization and its financial and economic activities. According to this regulatory act, the analysis of the financial condition of the enterprise is considered as the main tool effective management finance, contributing to the formation of the strategic goals of the enterprise, "adequate to market conditions."

There was a need to expand the system of indicators that reflect all the processes and phenomena of the economic and financial activities of enterprises.

Such an attempt was made in 2001 in the following regulations:

- Order of the Ministry of Finance of the Russian Federation dated 06.11.01 No. 274 (as amended by the order of the Ministry of Finance of the Russian Federation dated 15.02.02 No. 36) "The procedure for checking the current financial condition of the organization - the recipient of a budget loan for the implementation investment projects in the coal industry placed on a competitive basis”;

- Order of the Federal Service of Russia for Financial Recovery and Bankruptcy dated January 23, 2001 No. 16 « Guidelines on the analysis of the financial condition of organizations”.

The above regulations have defined the purpose of the analysis of the financial condition as an assessment of the solvency, sustainability, efficiency and dynamism of the organization, as well as its investment attractiveness.

· Decree of the Government of the Russian Federation of June 25, 2003 No. 367 approved Arbitration Manager Rules financial analysis. These Rules make it possible to analyze the property of enterprises and the sources of its formation, group assets according to the degree of liquidity, liabilities - according to maturity, evaluate the structure of revenue and net profit of enterprises on the basis of their public financial statements (“Balance Sheet”, “Profit and Loss Statement” ). On the basis of financial ratios and the methodology for their calculation presented in the Rules, it is possible to assess absolute and current liquidity, identify the degree of solvency of enterprises, determine financial stability and the presence of overdue payments, assess the return on assets and the level of profitability of economic activities of organizations based on the calculation of the net profit rate.

Decree No. 367 defines the directions for analyzing the external and internal conditions of the activities of enterprises and the markets in which they operate, which, of course, increases its practical value. Its advantages also include the content of the requirements for the analysis of the investment and financial activities of enterprises, for the analysis of the possibility of break-even activity of enterprises. As the main disadvantage this document note the absence of financial indicators profitability ratios characterizing the efficiency of using equity, production resources, investment; asset turnover; capital structures that characterize the financial stability of enterprises. The Rules, like other normative acts, do not contain criterial values of financial indicators used to analyze the financial condition of enterprises in various industries and activities.

Decree of the Government of the Russian Federation on the implementation of the Federal Law "On the financial recovery of agricultural producers" dated 30.01.03, No. 52 approved the Methodology for calculating the financial condition indicators of agricultural producers, which established the procedure for calculating the indicators of the financial condition of agricultural producers with debts, and the criteria for the values of these indicators. The Methodology considers six indicators: coefficients of absolute, critical and current liquidity, provision with own funds, financial independence, financial independence in relation to the formation of reserves and costs; moreover, the value of each coefficient is evaluated in points in accordance with the established criteria, and the type of financial stability of the enterprise (organization) is determined by the sum of the points.

· In 2005, the Government of the Russian Federation decided to develop a methodology for accounting and analyzing the financial condition of strategic enterprises, allowing to evaluate all financial and economic information about the financial and economic activities of an enterprise (Decree of the Government of the Russian Federation of December 21, 2005 No. 792 “On the organization of accounting and analysis financial condition of strategic enterprises and organizations and their solvency ").

· In 2006 , the Ministry of Economic Development and Trade of the Russian Federation by Order No. 104 dated April 21 , 2006 approved the Methodology for Accounting and Analysis of the Financial State and Solvency of Strategic Enterprises and Organizations by the Federal Tax Service . This Methodology establishes the procedure for accounting and analysis of the financial condition of strategic enterprises and defines a set of information for conducting a current analysis of the financial condition of these enterprises. Such information includes financial indicators, methods of their calculation and grouping criteria in accordance with the degree of threat of bankruptcy of enterprises (organizations).

Consideration of the methodological approaches contained in the regulatory and legislative acts showed that the analysis of the financial condition associated with the study of certain aspects of the enterprise's activities makes it possible to diagnose the probability of bankruptcy, the possibility of granting a loan, to evaluate effective directions for the formation of the financial policy of the enterprise. However, this type of analysis is local, thematic. Regulations do not contain methodological approaches for conducting a comprehensive analysis of the financial condition of enterprises (organizations). In addition, the issue of developing criteria for assessing the financial condition of an enterprise in the context of activities, sectors of the national economy is still relevant.

The efficiency of enterprise management, its financial condition is currently determined not only by liquidity, profitability, profitability, but also by an increase in the “price” of the business, which is the object of predominantly strategic financial management. All of the above actualizes the problem of further improvement of methodological approaches to the financial analysis of enterprises.

2.2 Solvency and liquidity management

One of the important conditions for successful financial management of enterprises is the analysis and diagnosis of its financial condition and financial stability. The main purpose of the analysis is to timely identify and eliminate shortcomings in financial activities and find reserves to strengthen the financial condition of the enterprise and its solvency. With its help, a strategy and tactics for the development of an enterprise are developed, plans and management decisions are substantiated, control over their implementation is carried out, reserves for increasing production efficiency are identified, and the performance of the enterprise and its divisions is evaluated.

The results of financial analysis make it possible to identify vulnerabilities that require special attention and develop measures to eliminate them.

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

An analysis of the financial condition of an enterprise is the calculation, interpretation and evaluation of a set of financial indicators that characterize various aspects of the organization's activities. The content of the analysis is a deep and comprehensive study of economic information about the functioning of the analyzed business entity in order to make optimal management decisions to ensure the implementation production programs enterprises, assessing the level of their implementation, identifying weaknesses and on-farm reserves.

The analysis is a comprehensive study of the action of external and internal, market and production factors on the quantity and quality of products manufactured by the enterprise, the financial performance of the enterprise, and indicate possible prospects for the development of further production activities of the enterprise in the selected area of management.

The object of financial analysis is the financial statements of the enterprise. Analysis of reporting data is carried out in order to timely identify and eliminate shortcomings in the financial activities of the enterprise and find reserves to improve its financial condition.

The main methods of analysis include:

· Horizontal (temporal) analysis - comparison of each reporting position with the previous period, which allows you to identify trends in balance sheet items or their groups and, on the basis of this, calculate basic growth rates.

· Vertical (structural) analysis is carried out in order to determine the structure of the final financial indicators, i.е. identifying the share of individual reporting items in the overall final indicators (identifying the impact of each reporting item on the result as a whole).

· Trend (dynamic) analysis is based on the comparison of each reporting position for a number of years and determining the trend, i.e. general trend and forecasting on this basis the further development of the situation. Trend analysis can be built using statistical methods (moving average, 1st or 2nd order polynomial, etc.) based on both horizontal and vertical analysis data.

· Calculation of financial ratios – calculation of ratios between separate positions of the report or positions of different forms of reporting. Based on the results of calculating financial ratios, comparative analysis.

Table No. 1: Methods for analyzing the financial condition of an enterprise.

	Analysis Methods	Method Essence
	Horizontal	comparison of each reporting position with the previous period, which makes it possible to identify trends in balance sheet items or their groups and, on the basis of this, calculate the basic growth rates.
	Vertical	the analysis is carried out in order to determine the structure of the final financial indicators, i.e. identifying the share of individual reporting items in the overall final indicators
	trendy	is based on comparing each reporting item for a number of years and determining the trend, i.e. general trend and forecasting on this basis the further development of the situation
	Calculation of financial ratios	calculation of ratios between individual positions of the report or positions of different reporting forms

Solvency management is carried out in at least two directions: increasing solvency and preventing (reducing) non-payments. The solvency of an enterprise can be improved by regularly carrying out various activities that eliminate the causes and factors of reducing solvency, as well as contributing to an increase in the liquidity of assets. This is an increase in the share of current assets in their composition, an increase in the share of liquidity of current assets, and an acceleration in asset turnover.

Of considerable importance is the financial image of the enterprise, which allows the use of commercial (commodity) bills as a means of payment. Increasing solvency, the company simultaneously ensures the reduction and prevention of non-payments. It is always important to strengthen control over payment flows.

For these purposes, it is desirable to draw up plans for the receipt and expenditure of funds, maintain a payment calendar.

In turn, the payment calendar is a tool that is used in the process of managing the company's cash flows. Its value as a tool for managing the company's cash flow lies in establishing a link between cash flows, specific moments or periods of time and the purpose or origin of the amounts of money.

Its main task is to synchronize the dates of receipts and payments of funds in order to ensure the constant solvency of the enterprise.

The company's cash flow management provides a basis for quantitative analysis of the consequences of making complex management decisions and a formal comparison of various decision options. This increases the efficiency of both the activities of the planning and economic services of enterprises and the decisions made by the management of companies.

Forms of preventing non-payment of buyers are advance payments, advance payment, use of letters of credit, various kinds guarantees from financially reliable structures (stable banks, large insurance, financial, investment companies, authorities, etc.), as well as transactions with collateral.

To ensure the survival of the enterprise in the current difficult conditions of the global financial crisis, management staff it is necessary, first of all, to be able to realistically assess the state of your enterprise, the state of potential competitors and be able to adapt in a rapidly changing external environment.

Considering the financial condition of the enterprise, the following problems can be identified:

low financial stability. It threatens with problems in paying off obligations in the future, the company's dependence on creditors, which means a loss of independence .;

low solvency. This means that in the near future the enterprise may not have enough or already does not have enough funds in order to pay off its obligations in a timely manner, with creditors, the personnel of the enterprise. Pay taxes and fees on time. Problems with the repayment of obligations mean a decrease in the liquidity ratio. The overall liquidity ratio helps to assess the potential ability of the company to pay off current liabilities at the expense of existing current assets.

insufficient satisfaction of the interests of the owner. This problem is related to "low return on equity". This means that the owner receives income that is significantly less than the invested funds. Decreasing returns on capital invested in the company will be indicated by a decrease in profitability indicators.

Liquidity management is the activity of an enterprise, a bank to ensure such an allocation of funds so that at any time it is possible to pay off obligations (to turn assets into cash in a short period of time). There are a number of liquidity management methods:

1) a general method of distributing funds, which consists in distributing borrowed and own funds through placement channels from a single fund in accordance with needs and intuition;

2) the method of asset allocation (conversion of funds), which consists in the placement of assets in accordance with the terms of liabilities (for example, time deposits up to one year are used to provide loans up to one year);

3) scientific management method using apparatus linear programming to optimize the distribution of funds.

2.3 Ways to improve liquidity and solvency

The issues of assessing financial stability in the context of a sharply aggravated crisis of non-payments come to one of the first places in the field of financial management Russian enterprises. However, traditional assessment methods often do not provide an accurate and adequate picture of the state of financial stability and solvency of the enterprise. One of the ways to solve this problem can be the use of a system of indicators of cash flow, which is increasingly resorted to by Russian financial managers.

In the process of making decisions, the management of the enterprise must remember the following:

Liquidity and solvency are the most important characteristics of the rhythm and sustainability of the current activities of the enterprise;

Any current transactions immediately affect the level of solvency and liquidity;

Decisions made in accordance with the chosen policy for managing current assets and sources of their coverage directly affect solvency.

The current asset management policy of an enterprise should pursue the main goal - ensuring a balance:

Between the costs of maintaining current assets in the amount, composition and structure, which guarantees against failures in the technological process;

Income from the smooth operation of the enterprise;

Losses associated with the risk of loss of liquidity;

Income from involvement in the economic turnover of working capital.

At the same time, the solvency of an enterprise, as mentioned above, is determined by the structure and qualitative composition of current assets, as well as the speed of their turnover and its correspondence to the speed of turnover of short-term liabilities.

Current activities can be financed by:

Increasing own working capital (i.e. directing part of the profit to replenish working capital);

Attraction of long-term and short-term sources of financing.

If we assume that the current activity of the enterprise is financed mainly by sources of short-term financing, then the sources of income additional funds may be:

Loans and credits;

Accounts payable to suppliers;

Responsibility to staff.

Thus, if an enterprise slows down the turnover rate of current assets, and the management does not take measures to attract additional financing, it may become insolvent, even if its activity is profitable.

When making a decision on attracting additional financing, it is necessary to take into account that each source of funds has its own cost. Moreover, accounts payable are often considered as a free source of financing, but this is not always true. Thus, suppliers of raw materials can provide various discounts depending on the terms of delivery (lot size, payment terms, etc.). If such discounts are refused, accounts payable can become a rather expensive source of financing for the enterprise.

If the enterprise has a tendency to increase the operating cycle, it is necessary to provide for measures to stabilize the financial condition (for example, reducing the shelf life of inventories and inventory items; improving the system of mutual settlements with buyers; prompt work with debtors who delay payment, etc.). At the same time, one should take into account the limited possibility of attracting individual sources of equity and debt capital, as well as the increase in the costs of attracting additional sources of financing.

When determining the current asset management policy of an enterprise, the manager must remember that the lack of control over the level of current solvency of the enterprise can lead to financial difficulties, and in the future - sustainable insolvency and, as a result, bankruptcy of the enterprise.

In conclusion, it should be noted once again that any decisions aimed at changing the structure or size of current assets directly affect the solvency of the enterprise, for example:

The decision to purchase an additional batch of raw materials in addition to the already existing stocks due to the expected increase in prices will lead to an increase in the amount of cash in inventory;

The decision to increase sales will require the involvement of additional sources of financing. It should be borne in mind that the company has limited opportunities to increase production and sales within the existing structure of current assets and sources of their financing;

The decision to increase the deferral of payment for delivered products is likely to extend the dead time of cash in receivables, etc.

Thus, we can say that it is also possible to strengthen the solvency of the enterprise in the following ways:

Increasing product quality,

By mobilizing sources that ease financial tension, by developing various forms of rehabilitation (reorganization) of the enterprise, etc.

3. Analysis of liquidity and solvency of the enterprise

The methods of analysis and forecasting of the financial and economic state of an enterprise that are practically used today in Russia lag behind the development of a market economy. Despite the fact that some changes have already been made and are being made to the accounting and statistical reporting, in general, it still does not meet the needs of managing an enterprise in market conditions, since the existing reporting of an enterprise does not contain any special section or separate form dedicated to assessing financial stability a separate enterprise. Financial analysis of the enterprise is optional and not mandatory.

Table 2. The objectives of the analysis of liquidity and solvency of the enterprise

Managers

Owners

Lenders

1st goal - Analysis of production activities:

profitability ratios;

Cost analysis;

Operating lever;

Analysis of tax payments.

1st goal - Profitability:

Return on equity;

Earnings per share;

Share price;

Share return;

Business value.

1st goal - Liquidity:

Liquidation value;

Cash flows.

2nd goal - Resource management:

asset turnover;

Inventory turnover;

Accounts receivable turnover;

Working capital management;

Characteristics of accounts payable.

2nd goal - Distribution of profits:

Dividends per share;

Current stock returns;

Dividend payout ratio;

Dividend coverage ratio.

2nd goal - Financial risk:

Share of debt in assets;

Own working capital.

3rd goal - Profitability:

return on assets;

profit margin;

The cost of capital.

3rd goal - Market indicators:

P/E ratio;

The ratio of the market and book value of shares;

Share price dynamics.

Goal 3 - Debt service:

Overdue debt;

Debt Coverage Ratio;

Interest coverage ratio.

The purpose of this work is to analyze liquidity and solvency as the main elements of financial and economic stability, which are components of a general analysis of the financial and economic activities of an enterprise in a market economy.

3.1 Importance of analysis of liquidity and solvency of the enterprise

Solvency and liquidity have a positive impact on the implementation of production plans and the provision of production needs with the necessary resources. Therefore, they are aimed at ensuring the planned receipt and expenditure of financial resources, the implementation of settlement discipline, the achievement of rational proportions of own and borrowed capital and its most efficient use.

The main purpose of the analysis of solvency and creditworthiness is to timely identify and eliminate shortcomings in financial activities and find reserves for improving solvency and creditworthiness.

In doing so, it is necessary to solve the following tasks:

1. Based on the study of the causal relationship between various indicators of production, commercial and financial activities, assess the implementation of the plan for the receipt of financial resources and their use from the standpoint of improving the solvency and creditworthiness of the enterprise.

2. Predict possible financial results, economic profitability, based on the real conditions of economic activity and the availability of own and borrowed resources.

3. Develop specific activities aimed at more efficient use of financial resources.

3.2 Analysis of the solvency and liquidity of the enterprise

An external manifestation of financial stability is its solvency, i.e., the availability of reserves and costs with sources of funds. There are four types of financial stability:

Absolute financial stability. Stocks and costs are provided at the expense of own working capital (SOS).

Normal financial stability. Inventories and costs are formed by SOS and long-term loans.

Unstable financial condition. Inventories and costs are supported by SOS, long-term and short-term loans.

Crisis financial condition. Stocks and costs are provided by sources of funds and the company is on the verge of bankruptcy.

For the analysis, the main liquidity ratios are used:

Current liquidity ratio- is calculated as the quotient of current assets divided by short-term liabilities and shows whether the enterprise has enough funds that can be used to pay off short-term liabilities. According to international practice, the values of the liquidity ratio should be in the range from one to two (sometimes up to three). The lower limit is due to the fact that working capital must be at least enough to pay off short-term liabilities, otherwise the company will be at risk of bankruptcy.

The formula for calculating the current liquidity ratio looks like this:

where ОА - current assets taken into account when assessing the structure of the balance sheet - this is the result of the second section of the balance sheet of form No. 1 (line 290) minus line 230 (accounts receivable, payments for which are expected more than 12 months after the reporting date).

KDO - short-term debt obligations - is the result of the fourth section of the balance sheet (line 690) minus lines 640 (deferred income) and 650 (reserves for future expenses and payments).

Quick liquidity ratio(strict liquidity) is an intermediate coverage ratio and shows what part of current assets, minus inventories and receivables, for which payments are expected more than 12 months after the reporting date, is covered by current liabilities. Quick liquidity ratio is calculated by the formula:

Kb. \u003d (A1 + A2): (P1 + P2)

It helps to assess the ability of the firm to repay short-term obligations in the event of a critical situation, when it will not be possible to sell stocks.

To assess the availability of own funds, stability coefficients are calculated.

Absolute liquidity ratio.

The absolute liquidity ratio is determined by the ratio of the most liquid assets to current liabilities and is calculated using the formula

Cable liqu.= (A1): (P1+P2)

This coefficient is the most stringent criterion of solvency and shows what part of the short-term debt the company can repay in the near future. Its value should not be lower than 0.2.

Various liquidity indicators are important not only for managers and financial employees of an enterprise, but are of interest to various consumers of analytical information: absolute liquidity ratio - for suppliers of raw materials and materials, quick liquidity ratio - for banks; coverage ratio - for buyers and holders of shares and bonds of the enterprise.

Autonomy coefficient(K) characterizes the independence of the financial condition of the enterprise borrowed funds. Shows the share of own funds in the total value of the property of the enterprise. The optimal value is 0.5, if the coefficient is greater than 0.5, then the company covers all debts at its own expense.

Financial dependency ratio(K) shows the share of borrowed funds in the financing of the enterprise. The optimal value is from 0.67 to 1.0.

Agility factor(K) shows how much of the SOS is funded by equity. The optimal value is 0.5, and the more the coefficient tends to zero, the more financial opportunities the company has.

The coefficient of security of material and current assets(K) shows how much of the reserves and costs are financed by the SOS. The optimal value is from 0.6 to 0.8.

Current assets security ratio(K) characterizes the share of SOS in the total amount of current assets. The optimal value is not less than 0.1.

Solvency assessment is carried out on the basis of the characteristics of the liquidity of current assets, i.e. the time it takes to turn them into cash. The concepts of solvency and liquidity are very close, but the second is more capacious. Solvency depends on the degree of liquidity of the balance sheet. At the same time, liquidity characterizes not only the current state of settlements, but also the prospects.

Analysis of the liquidity of the balance sheet consists in comparing the assets of the asset, grouped by the degree of diminishing liquidity, with short-term liabilities of the liability, which are grouped by the degree of maturity.

There are 3 liquidity groups:

1. The most mobile part of liquid funds is money and short-term financial investments.

2. The second group includes finished products, goods shipped and receivables. The liquidity of this group of current assets depends on the timeliness of the shipment of products, the execution of bank documents, the speed of payment documents in banks, the demand for products, their competitiveness, the solvency of buyers, forms of payment, etc.

3. A much longer time will be needed to turn inventories and work in progress into finished goods and then into cash. Therefore, they are assigned to the third group.

Accordingly, the payment obligations of the enterprise are divided into three groups:

1) debt, the payment terms of which have already come;

2) debt that should be repaid in the near future;

3) long-term debt.

An analysis of the solvency of an enterprise is carried out by comparing the availability and receipt of funds with payments of essentials. There are current and expected (prospective) solvency.

· Current solvency determined at the balance sheet date. An enterprise is considered solvent if it has no overdue debts to suppliers, bank loans and other settlements.

· Expected (prospective) solvency b is determined on a specific upcoming date by comparing the amount of its means of payment with urgent (priority) obligations of the enterprise on this date.

To determine the current solvency, it is necessary to compare the liquid assets of the first group with the payment obligations of the first group. Ideally, if the coefficient is one or a little more. According to the balance sheet, this indicator can be calculated only once a month or quarter. Enterprises make settlements with creditors every day.

To assess the prospective solvency, the following liquidity indicators are calculated: absolute, intermediate and general.

· Absolute liquidity indicator is determined by the ratio of liquid funds of the first group to the entire amount of short-term debts of the enterprise (V section of the balance sheet). Its value is considered sufficient if it is above 0.25 - 0.30. If an enterprise is currently able to pay off all its debts by 25-30%, then its solvency is considered normal.

The ratio of liquid funds of the first two groups to the total amount of short-term debts of the enterprise is intermediate liquidity ratio. A 1:1 ratio usually satisfies. However, it may not be sufficient if a large proportion of liquid funds is accounts receivable, some of which is difficult to collect in a timely manner. In such cases, a ratio of 1.5:1 is required.

· Overall coefficient liquidity is calculated as the ratio of the total amount of current assets to the total amount of short-term liabilities. A coefficient of 1.5-2.0 usually satisfies.

In the theory and practice of a market economy, some other indicators are also known that are used to detail and deepen the analysis of solvency prospects. The most important of these are income and the ability to earn, since these factors are decisive for the financial health of the enterprise. The ability to earn is understood as the ability of the enterprise to constantly receive income from its core activities in the future. To assess this ability, the cash adequacy ratios and their capitalization are analyzed.

Sufficiency ratio Money(Kds) reflects the ability of the enterprise to earn them to cover capital expenditures, increase in working capital and pay dividends. To eliminate the influence of cyclicality and other randomness, 5 years of data are used in the numerator and denominator. The calculation is made according to the following formula:

Sufficiency ratio Money, equal to one, shows that the enterprise is able to function without resorting to external financing. If this coefficient is below one, then the enterprise is not able to maintain the payment of dividends and the current level of production due to the results of its activities.

Cash capitalization ratio(Kkn) is used in determining the level of investment in the assets of the enterprise and is calculated by the formula:

The level of capitalization of funds is considered sufficient in the range of 8-10%.

The enterprise must regulate the availability of liquid funds within the limits of the optimal need for them, which for each specific enterprise depends on the following factors:

the size of the enterprise and the volume of its activities (the greater the volume of production and sales, the greater the stock of inventory items);

industries and production (demand for products and the rate of receipt from its implementation);

duration production cycle(the value of work in progress);

the time required to renew stocks of materials (the duration of their turnover);

the seasonality of the enterprise;

general economic situation.

If the ratio of current assets and current liabilities is lower than 1:1, then we can say that the company is unable to pay its bills. The ratio of 1:1 assumes the equality of current assets and short-term liabilities. Taking into account the varying degree of liquidity of assets, it can be safely assumed that not all assets will be sold urgently, and, therefore, in this situation there is a threat to the financial stability of the enterprise. If the value of Kt.l. significantly exceeds the ratio of 1:1, it can be concluded that the company has a significant amount of free resources generated from its own sources.

On the part of creditors of the enterprise, this option for the formation of working capital is the most preferable. At the same time, from the point of view of the manager, a significant accumulation of inventories at the enterprise, the diversion of funds into receivables may be associated with inept asset management of the enterprise.

Various liquidity indicators not only provide a versatile description of the stability of the financial position of an enterprise with varying degrees of accounting for liquid funds, but also meet the interests of various external users of analytical information. So, for example, for suppliers of raw materials and materials, the absolute liquidity ratio (Ka.l.) is most interesting. The bank lending to this enterprise pays more attention to the intermediate liquidity ratio (Kp.l.). Buyers and holders of shares and bonds of the enterprise to a greater extent evaluate the financial stability of the enterprise by the current liquidity ratio (Kt.l.).

It should be noted that many enterprises are characterized by a combination of low interim liquidity ratios with a high total coverage ratio. This is due to the fact that enterprises have excessive stocks of raw materials, materials, components, finished products, work in progress is often unreasonably large.

The unreasonableness of these costs leads ultimately to a shortage of funds. Hence, even with a high total coverage ratio, it is necessary to identify the state and dynamics of its components, especially for those items that are included in the third group of balance sheet assets.

If an enterprise has a low interim liquidity ratio and a high total coverage ratio, the deterioration of these turnover indicators indicates a deterioration in the solvency of this enterprise. In order to more objectively assess the solvency of the enterprise when a deterioration is detected in it. At the same time, it is necessary to separately understand the reasons for delays in payment for products and services by consumers, the accumulation of excessive stocks of finished products, raw materials, materials, etc. These reasons may be external, more or less independent of the analyzed enterprise, or may be internal. But, first of all, it is necessary to calculate the liquidity ratios mentioned above, determine the deviation in their level and the size of the influence of various factors on them.

3.3 Assessment of the solvency of the enterprise based on the study of cash flows

For prompt internal analysis of current solvency, daily control over the receipt of funds from the sale of products, repayment of receivables and other cash receipts, as well as for control over the fulfillment of payment obligations to suppliers, banks and other creditors, an operational payment calendar is compiled, in which, with on the one hand, cash and expected means of payment are counted, and on the other hand, payment obligations for this period.

The calendar is compiled on the basis of data on the shipment and sale of products, on the purchase of means of production, documents on payroll calculations, on the issuance of advances to employees, bank statements, etc.

To determine the current solvency, it is necessary to compare means of payment on the relevant date with payment obligations on the same date.

Poor solvency, i.e. lack of funds and late payments, can be occasional and chronic. Therefore, when analyzing the state of solvency of an enterprise, it is necessary to consider the causes of financial difficulties, the frequency of their formation and the duration of overdue debts.

Reasons for insolvency may include:

Decrease in production and sales volumes, increase in its cost, decrease in the amount of profit and, as a result, a lack of own sources of self-financing of the enterprise;

· improper use of working capital: diversion of funds into receivables, investment in excess stocks and for other purposes that temporarily do not have sources of financing;

insolvency of the company's clients;

High level of taxation, penalties for late or incomplete payment of taxes.

To find out the reasons for the change in solvency indicators, the analysis of the implementation of the plan for the inflow and outflow of funds is of great importance. To do this, the data of the cash flow statement is compared with the data of the financial part of the business plan.

First of all, it is necessary to establish the implementation of the plan for the receipt of cash from operating, investment and financial activities and find out the reasons for the deviation from the plan. Particular attention should be paid to the use of funds, because even with the implementation of the revenue part of the enterprise's budget, overspending and irrational use of funds can lead to financial difficulties.

The expenditure part of the financial budget of the enterprise is analyzed for each article with the clarification of the reasons for overspending, which may be justified and unjustified. Based on the results of the analysis, reserves should be identified to increase the planned inflow of funds to ensure the stable solvency of the enterprise in the future.

3.4 Methods for diagnosing the probability of bankruptcy

Bankruptcy is the inability recognized by the arbitration court or declared by the debtor to fully satisfy the claims of creditors for monetary obligations and for the payment of other obligatory payments.

The main sign of bankruptcy is the inability of the enterprise to ensure the fulfillment of the requirements of creditors within three months from the date of maturity of payments. After this period, creditors are entitled to apply to court of Arbitration on declaring the debtor enterprise bankrupt.

The insolvency of a business entity may be:

· "unfortunate" - arises not through one's own fault, but due to unforeseen circumstances;

· "false" - as a result of deliberate concealment of one's own property in order to avoid paying debts to creditors;

· "Careless" due to inefficient work, risky operations.

In the first case, the state should provide assistance to enterprises to overcome the crisis. In the second case, malicious bankruptcy is a criminal offense. The most common is the third type of bankruptcy.

"Careless" bankruptcy occurs, as a rule, gradually. In order to predict and prevent it in time, it is necessary to systematically analyze the financial condition, which will make it possible to detect its "pain" points and take specific measures to financially improve the enterprise's economy.

To diagnose the probability of bankruptcy, several methods are used based on the application:

Analysis of an extensive system of criteria and features;

Limited range of indicators;

Integral indicators calculated using:

scoring models;

Multiplicative discriminant analysis.

Using first method bankruptcy signs are usually divided into two groups:

First group- indicators indicating possible financial difficulties and the likelihood of bankruptcy in the near future:

· Recurring significant losses in core activities, expressed in a chronic decline in production, reduced sales and chronic unprofitability;

the presence of chronically overdue accounts payable and receivable;

· low values of liquidity ratios and tendencies to their decrease;

· an increase to dangerous limits of the share of borrowed capital in its total amount;

· deficit of own working capital;

· systematic increase in the duration of capital turnover;

Existence of excess stocks of raw materials and finished products;

a drop in the market value of the company's shares, etc.

Second group- indicators, the unfavorable values of which do not give grounds to consider the current financial condition as critical, but signal the possibility of a sharp deterioration in the future if effective measures are not taken:

· excessive dependence of the enterprise on any one specific project, type of equipment, type of asset, raw material market or sales market;

loss of key counterparties;

underestimation of the renewal of equipment and technology;

loss of experienced management staff;

forced downtime, irregular work;

inefficient long-term agreements, etc.

Second method diagnosing the insolvency of enterprises - the use of a limited range of indicators, which include:

current liquidity ratio;

The coefficient of provision with own working capital;

Restoration (loss) coefficient of solvency.

In accordance with current rules An enterprise is declared insolvent if one of the following conditions is met:

o the current liquidity ratio at the end of the reporting period is below the standard value;

o the ratio of the enterprise's own working capital at the end of the reporting period is below the standard value;

o coefficient of recovery (loss) of solvency is less than one.

Third method diagnostics of the probability of bankruptcy - an integral assessment of financial stability based on scoring analysis. Its essence lies in the classification of enterprises according to the degree of risk, proceeding from the actual level of financial stability indicators and the rating of each indicator, expressed in points based on expert assessments.

Consider a simple scoring model with three balance sheet indicators (Table 2)

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

Class II - enterprises that demonstrate a certain degree of debt risk, but are not yet considered as risky;

III class - troubled enterprises;

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

V class - enterprises of the highest risk, practically insolvent.

Table 3. Grouping of enterprises into classes according to the level of solvency

Index	Class boundaries according to criteria
Index
Return on total capital, %	30 and above (50 points)	29.9 - 20 (49.9 - 35 points)	19.9 - 10 (34.9 - 20 points)	9.9 - 1 (19.9 - 5 points)	Less than 1 (0 points)
Current liquidity ratio	2.0 and above (30 points)	1.99 - 1.7 (29.9 - 20 points)	1.69 - 1.4 (19.9 - 10 points)	1.39 - 1.1 (9.9 - 1 points)	1 and below (0 points)
Financial Independence Ratio	0.7 and above (20 points)	0.69 - 0.45 (19.9 - 10 points)	0.44 - 0.30 (9.9 - 5 points)	0.29 - 0.20 (5 - 1 points)	Less than 0.2 (0 points)
Class boundaries	100 points and above	99 - 65 points	64 - 35 points	34 - 6 points

Conclusion

Summarizing the work performed, we formulate the main results of the study and the conclusions drawn on their basis.

Solvency is an external manifestation of the financial stability of an enterprise and reflects the ability of an economic entity to pay its debts and obligations in a given specific period of time.

Solvency is the availability of cash and cash equivalents sufficient for the settlement of accounts payable requiring immediate repayment.

The main features of solvency are:

a) the presence of a sufficient amount of funds in the current account;

b) the absence of overdue accounts payable.

The financial stability of the company characterizes its financial position from the standpoint of the sufficiency and efficiency of the use of equity capital. Solvency indicators, together with liquidity indicators, characterize the reliability of the company. If financial stability is lost, then the probability of bankruptcy is high, the enterprise is financially insolvent.

Liquidity is the ability of a firm to:

1) respond quickly to unexpected financial challenges and opportunities;

2) increase assets with an increase in sales;

3) to return short-term debts by the usual conversion of assets into cash.

The liquidity of an asset is its ability to be converted into cash. The degree of liquidity is determined by the duration of the time period during which this transformation can be carried out.

Consideration of the methodological approaches contained in the regulatory and legislative acts contained in the second chapter showed that the analysis of the financial condition associated with the study of certain aspects of the enterprise's activities makes it possible to diagnose the likelihood of bankruptcy, the possibility of providing a loan, to evaluate effective directions for the formation of the financial policy of the enterprise. However, this type of analysis is local, thematic. Normative acts do not contain methodological approaches for conducting a comprehensive analysis of the financial condition of enterprises (organizations). In addition, the issue of developing criteria for assessing the financial condition of an enterprise in the context of activities, sectors of the national economy is still relevant.

The solvency of the enterprise can be increased in the following ways:

improve product quality,

Increase the size of loans and credits;

Increase accounts payable to suppliers;

Increase debt to staff.

Mobilize sources that ease financial tension by developing various forms of sanitation (sanitization) of the enterprise, etc.

We also determined for ourselves what financial analysis is and found out that in the traditional sense, financial analysis is a method for assessing and predicting the financial condition of an enterprise based on its financial statements.

It is customary to distinguish two types of financial analysis - internal and external. Internal analysis is carried out by employees of the enterprise (financial managers). External analysis is carried out by analysts who are outsiders to the enterprise (for example, auditors).

Analysis of the financial condition of the enterprise has several goals:

Determining the financial position;

Detection of changes in financial condition in spatio-temporal context;

Identification of the main factors causing changes in the financial condition;

Forecast of the main trends in financial condition

Summing up the work, we can say that solvency and liquidity are the most important indicators of the financial condition of the enterprise. Based on the analysis, it is possible to draw a conclusion about the development trends of the enterprise, to study the investment attractiveness of the project, and also to adjust its activities at one stage or another in time. Also this analysis can show the probability of bankruptcy, which is very important for the enterprise and investors, especially in the situation that has developed on the market in our time.

Bibliography

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2. Vasilyeva, L. S. Financial analysis: a textbook for students of higher educational institutions students in economic specialties / L. S. Vasilyeva, M. V. Petrovskaya. - 2nd ed., revised. and additional - Moscow: KnoRus, 2007. - 804 p. (1390937 - ChZ 1390938 - AB)

3. Zharkovskaya, E. P. Crisis management: textbook: [for students in the specialties "Accounting, analysis and audit", "Management of organizations", "Management and marketing"] / E. P. Zharkovskaya, B. E. Brodsky. - 3rd ed., Rev. and additional - Moscow: Omega-L, 2006. - 355 p. (1375679 - ChZ 1375680 - AB)

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8. Economics of the firm / ed. IN AND. Terekhin. - Ryazan: Style, 2000

9. Heddervik K. Financial and economic analysis of enterprises - M .: 2006

10. Guidelines for assessing the financial condition of organizations dated January 23, 2005 No. 16

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16. Guzel Zaripova. Increasing the financial stability of agricultural enterprises. // Economy Agriculture Russia. - 2001. - No. 10. - p. 31

17. Appendix 12 Federal Law No. 127-FZ “On Insolvency (Bankruptcy)”

18. Commentary on federal law No. 127-FZ "On insolvency (bankruptcy)"

19.http://www.sifbd.ru/magazine/books/collection/ss_2007/50

20.http://www.consultant.ru/online/base

21. www.wikipedia.ru

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At present, Russia has a fairly large number of methods for assessing liquidity and solvency, which differ from each other both in the composition of calculated and analyzed indicators, and in their number and internal content. The calculation results obtained on the basis of these methods do not always accurately reflect the real state of affairs in the organization, due to the fact that traditional methods have some disadvantages:

Static - calculations are made on a certain date and do not reflect future receipts and expenditures of funds, both from ordinary, and from financial and investment activities;

Formality - calculations are carried out according to data for the past period and do not take into account the prospective actions of a business entity aimed at improving the management of financial processes at an enterprise in order to ensure liquidity and solvency;

Diversity - the methods proposed by analysts for assessing the liquidity and solvency of an organization differ both in the number of indicators used and in the methods of their calculation;

Universality - the proposed calculation algorithms do not take into account the industry specifics of the enterprise.

The liquidity and solvency of an enterprise are perhaps the most important aspect to be analyzed in the course of studying the financial condition. In this regard, we will consider the main methods of how to calculate the liquidity of an enterprise and draw a conclusion about the situation in the organization from this point of view.

For the purposes of analysis, the balance sheet is rebuilt into an analytical one. At the same time, assets are grouped depending on the degree of their liquidity, and liabilities - according to the urgency of fulfilling obligations.

As a result, the analytical balance sheet of the enterprise has the following form (numbers of codes and sections of the balance sheet are given in brackets during the transition to new accounting standards):

Balance asset

Group I (I A) - marketable assets: current financial investments, cash and cash equivalents, other current assets, for example, short-term financial investments;

II group (II A)- medium-term assets: accounts receivable for goods, works, services, accounts receivable for settlements;

Group III (III A)- slow-moving assets: inventories, work in progress, finished goods in stock, goods, bills received, deferred expenses;

Group IV (IV A) - non-current assets: intangible assets, construction in progress, long-term financial investments.

Balance liability

I group (I P)- short-term liabilities: short-term bank loans;

Group II (II P)- mid-term liabilities: current debt on long-term obligations, promissory notes issued, accounts payable for goods, works and services, current settlement obligations, other current obligations;

Group III (III P)- long-term liabilities: long-term bank loans, other long-term financial liabilities, deferred tax liabilities, provision for future expenses and payments, or for the entire group - the total for sections II and III of the balance sheet liabilities;

IV group (IV P)- permanent liabilities: authorized capital, share capital, additional capital, reserve capital, unpaid capital, etc.

The traditional way of analyzing liquidity is to compare the assets and liabilities of the balance sheet, aggregated into four groups according to the following principle: assets - by the degree of decrease in the liquidity of property, liabilities - by the degree of lengthening of the maturity of obligations. The assets of the organization are combined into the following groups: absolutely liquid, fast, slow and difficult to sell property. As for liabilities, the result of the grouping will be the following: the most urgent, short-term and long-term liabilities, as well as liabilities called permanent.

Next, you need to compare the resulting groups with each other by subtracting the corresponding group of liabilities from the group of assets. If this difference is positive, then there is a payment surplus, otherwise, a payment deficiency. It is believed that the condition of absolute liquidity consists in the presence of a surplus in the first three pairs of property and liabilities and a shortage in the fourth. Inequality in the last group is regulating and plays an extremely significant role. It characterizes the presence of the organization's own working capital.

The grouping of assets and liabilities is presented in table 1.1.

Table 1.1 - Grouping of assets and liabilities for the purposes of liquidity analysis based on management reporting data


Group name	Designation	Asset item	Group name	Designation	Liability article
Most liquid assets		Cash, short-term financial investments, structural receivables, notes receivable	Most urgent commitments		Accounts payable net of structural, advances received, other short-term liabilities
Quickly realizable assets		Short-term accounts receivable less structural, doubtful and bills receivable, standard balances of finished products and other assets	Short-term liabilities		Short-term loans and borrowings, advances received, deferred tax liabilities
Slowly realizable assets		Stocks minus the standard balances of finished products and illiquid assets, VAT on acquired valuables	Long-term liabilities		Long-term credits and loans
Difficult to sell assets		Non-current assets, long-term receivables less structural, doubtful receivables and illiquid assets	Permanent liabilities		Equity, structural accounts payable

Analysis of the balance sheet allows us to draw conclusions about the size and structure of liquid assets that the organization has, and the amount of loans they provide.

As a rule, to assess the liquidity of an enterprise, first of all, a number of liquidity ratios are calculated. These ratios represent the ratio to some extent of liquid assets to the short-term debt of the enterprise.

Solvency means that the enterprise has cash and cash equivalents sufficient to pay for accounts payable requiring immediate repayment.

Indicators to assess the liquidity and solvency of the enterprise are presented in table 1.2.

Table 1.2 - Indicators evaluating the liquidity and solvency of the enterprise

Name of indicator		Norm. value	Note
Current liquidity ratio			Gives a general assessment of the company's liquidity, showing how many rubles of working capital account for one ruble of current short-term debt
Critical liquidity ratio
Absolute liquidity ratio			shows what part of short-term debt obligations can be repaid immediately, if necessary, at the expense of available funds
Kt of own working capital			Own working capital acquired from own sources should be at least 10%. If this condition is not met, then the balance is considered unsatisfactory.
K-t of stocks coverage with own sources			It characterizes the current financial condition, the possibility of providing reserves with own sources.
Kt of general solvency	A 1 + 0.5A 2 + 0.3A 3		It characterizes the ability of the enterprise to cover all obligations.
Kt of general solvency	P 1 + 0.5P 2 + 0.3P 3
Solvency restoration kit	(k t.lik. con.) + (6 months/ /12 months)*∆k t.lik.		Speaks about the presence of a trend or loss of solvency, or its restoration.
Solvency restoration kit
Set of loss of solvency	(k t.lik. con.) + (3 months/ /12 months)*∆k t.lik.
Set of loss of solvency	Normative value k t.lik. = 2

Legend:

ОА - current assets;

KO - short-term liabilities;

DBP - deferred income;

DS - cash;

KFV - short-term financial investments;

DTZ - accounts receivable;

SOK - own working capital;

Z - reserves;

VAT - value added tax.

Liquidity ratios are indicators that are used in assessing the ability of an organization to repay existing liabilities with the assets available to the company.

Current liquidity ratio , in other words, the coverage ratio reflects the organization's ability to pay its debt obligations over the life cycle.

The critical liquidity ratio reflects the ability of the organization to pay for its debt obligations during the duration of the production cycle in the event of difficulties with the sale of finished products or goods.

The absolute liquidity ratio characterizes the extent to which the urgent debt of the enterprise is covered by the most liquid assets. In other words, the indicator under consideration indicates how many obligations the firm can repay immediately.

The overall solvency ratio is able to show the ability of the enterprise to cover all its obligations (long-term and short-term) with existing assets.

If one or another type of analysis revealed insufficient liquidity in an enterprise, then this may lead to an inability to repay its obligations on time and in full. Such a situation may be a harbinger of bankruptcy, so it is extremely important to make management decisions aimed at increasing the liquidity and solvency of the enterprise.

Thus, it becomes clear that the assessment of the solvency of an enterprise is a very responsible and important event that must be carried out regularly. The more often the situation in the organization is monitored, the faster you can identify problems and deal with the crisis in the best way.

The methods described above are the most popular, it is with their help that the assessment of the liquidity and solvency of the enterprise is usually carried out. However, this analysis is not sufficient for financial diagnostics; it is necessary to study other facets of the company's activities.

The external manifestation of financial stability is solvency.

There are four types of financial stability - absolute financial stability, normal financial stability, unstable and crisis financial condition of the enterprise.

1. An absolutely stable financial condition of the organization is characterized by full provision of reserves with its own working capital. It is defined by the inequality:

VA + Z< СК (1.1)

2. a normally stable financial condition is characterized by the provision of reserves with own working capital and long-term borrowed sources, which corresponds to the inequality:

SK - VA + Z< СК + ДО (1.2)

3. An unstable financial condition is characterized by the provision of reserves at the expense of own working capital, long-term borrowed sources and short-term credits and loans, i.e. at the expense of all the main sources of the formation of reserves corresponding to the inequality:

SK + DO - VA + Z = SK + DO + KPC (1.3)

4. crisis financial condition - stocks are not provided with sources of their formation; The organization is on the verge of bankruptcy.

This state corresponds to the inequality:

VA + Z > SK + DO + KPC (1.4)

where, VA - non-current assets; Z - stocks + VAT on acquired values; SC - capital and reserves (own capital); DO - long-term liabilities; KPC - short-term loans and credits.

Obviously, managing the sustainability of dynamically developing organizations is much more difficult and problematic. Based on content analysis general management define the final form of achieving the sustainability of the organization. As you know, the basis of the overall management of the organization is the management of its functional components: production, organizational, economic and financial. When implementing the functions of production and organization, the main characteristics of the internal environment of the enterprise are formed, which ensure the accuracy of the production policy and the flexibility of the organizational structure. The state of the economic function is described by income, cost, profit, etc. As a result, a sustainable enterprise can achieve in its activities economic indicators not lower than the average for the industry and is able to maintain them for a long time, which creates a cumulative effect that further strengthens the position of the enterprise in the market. All processes initiated by production and organization, managed and modified through the economy, are manifested through the financial management system in the form of quantitatively measured indicators (financial statements are the source of information). Financial management at the enterprise is aimed at maintaining a stable structure of the assets of the enterprise, both in the course of current operations and at all stages of its internal and external growth. The financial stability of an enterprise is a necessary condition for its long-term activity, during which timely and complete fulfillment of obligations to the enterprise's personnel, budget, creditors, partners, owners is carried out, investments are made in its development.

Despite the various reasons that give rise to instability in the development of an enterprise, its final form is financial stability. That is why the management of financial stability needs to be given increased attention.

The purpose of financial stability management is to maintain dynamic financial balance, stable solvency, creditworthiness and investment attractiveness of an enterprise in a changing internal and external environment, capable of ensuring an increase in its market value. The information base for making decisions on the management of financial stability is the indicators of its assessment, which appear after the analysis of financial activity.

To determine the level of financial stability of the organization, a set of relative indicators is used. With their help, the dynamics of the financial structure and financial stability of the enterprise are assessed. To do this, consider the dynamics of two groups of qualitative indicators:

Structures of sources of funds (indicators of capitalization). The indicators of this group are formed by comparing certain groups of property and the sources of its coverage.

The quality of costs associated with servicing external sources (coverage indicators). Using the indicators of this group, an assessment is made of whether the enterprise is able to maintain the existing structure of sources of funds.

A number of coefficients are used to assess financial stability (table 1.3).

Table 1.3 - Indicators characterizing the financial stability of the enterprise

Name of indicator		Norm. value	Note
Financial Independence (Autonomy)	Equity		Shows the share of equity in the total amount of funding sources. The higher the score, the more independent the org.
	Balance currency
Financing kit	Equity		Shows which part of the activity is financed by borrowed capital, and which by own.
	Borrowed capital
Kt of financial dependence	Borrowed capital		Shows the share of borrowed capital in the total balance sheet.
	Balance currency
K-t maneuverability of own funds	Own about. capital		Shows what share is occupied by equity capital invested in current assets in the total amount of equity
	Equity
To financial stability	sustainable sources Balance currency		Shows how much of the company's assets are financed from sustainable sources (equity + long-term liabilities).

An important place in the study and analysis of the liquidity of an enterprise is occupied by the study of net (own) working capital, that is, the difference between current assets and short-term liabilities. Such capital is necessary to maintain the financial stability of the company: if the value of working capital exceeds the amount of short-term liabilities, then the company can pay off the latter, and then continue its activities.

The more net working capital a company has, the more financially independent it is, even if the turnover of current assets slows down in cases of problems with the sale of products or delays in paying debts by debtors or even losses of current assets.

The amount of net working capital, which allows the organization to feel financially stable, depends on the type of activity, positioning in the market and other features of the company's functioning: its size; sales volumes, inventory and receivables turnover rate, situation on the credit market, etc.

At the same time, both a shortage and an excess of net working capital can negatively affect the company's activities. With a lack of this capital, counterparties may conclude that the company's solvency is insufficient, moreover, such a situation may lead the company to bankruptcy. But if the cost of net working capital is significantly higher than the company requires for normal activities, we can conclude that the use of resources is inefficient. An example would be raising funds by obtaining loans, issuing shares, or selling fixed assets in excess of needs. This should also include the irrational use of profits of the enterprise.

Thus, managers, conducting a financial analysis of a business, should pay attention not only to the dry figures of the balance sheet, but also to its structure and dynamics of changes. And then the problems with the solvency of the enterprise will be much easier to solve.

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INTRODUCTION

1. The essence of the analysis of liquidity and solvency of the enterprise

CONCLUSION

BIBLIOGRAPHY

INTRODUCTION

Development market relations requires from enterprises increased responsibility and independence in the development and adoption of management decisions. An important factor in this is taking into account the interests of a large number of groups. stakeholders: owners of the enterprise, consumers of products, suppliers, authorities, etc. The fulfillment by the enterprise of its obligations, as well as the realization of the expectations of interested groups, depends on how the enterprise is able to identify these needs, effectively satisfy them, maintaining the optimal balance of attracted resources and the created additional product.

Therefore, when managing the activities of any enterprise in modern economic conditions, one of the main goals of its functioning is to achieve a balance of financial resources in terms of their sources and directions of use.

An important role in the implementation of this task is given to the financial analysis of the enterprise, one of the main criteria of which is the analysis of the liquidity and solvency of the enterprise.

The main purpose of this essay is to study the main methods for assessing the liquidity and solvency of the enterprise.

The implementation of this goal required the solution of the following research tasks:

1. Study of the basics of conducting an analysis of the liquidity and solvency of the enterprise.

2. The study of the main methods for assessing the liquidity and solvency of the enterprise.

3. Consideration of the method of cash flows to determine the solvency of the enterprise.

To achieve the set goal and solve problems, the works of such authors as Sheremet A.D., Kovalev V.V., Gilyarovskaya L.G. were analyzed. and etc.

1. The essence of the analysis of liquidity and solvency of the enterprise

In modern economic conditions, the activity of any economic entity is the subject of attention of a wide range of participants in market relations interested in the results of its functioning. Based on the information available to them, these persons seek to assess the position of the enterprise in the market, its competitiveness and financial stability.

Financial stability is a characteristic that indicates a stable excess of income over expenses, free maneuvering of the company's funds and their effective use, an uninterrupted production process and product sales.

The stability of the financial condition of the enterprise from a short-term perspective is assessed by indicators of liquidity and solvency, in the most general view characterizing whether it can timely and in full make settlements on short-term obligations to counterparties.

Solvency - the availability of funds and cash equivalents for the regular and timely repayment of its debt obligations requiring immediate repayment. If the financial condition is good, the enterprise is steadily solvent, if it is bad, it is periodically or permanently insolvent.

Thus, the main signs of solvency are: the presence of sufficient funds in the current account and the absence of overdue accounts payable.

At the same time, insolvency is understood as, accordingly, the inability of the company to meet its payment obligations on time and in the required volumes.

Distinguish between current and expected solvency.

1. Current solvency is determined on the date of the balance sheet.

2. Expected solvency is determined on a specific date by comparing the amount of its means of payment with urgent (priority) obligations of the enterprise on this date.

Solvency and financial stability are the most important characteristics of the financial and economic activity of an enterprise in a market economy. If an enterprise is financially stable and solvent, it has an advantage over other enterprises of the same profile in attracting investments, obtaining loans, choosing suppliers and selecting qualified personnel. The higher the stability of the enterprise, the more it is independent of unexpected changes in market conditions and, therefore, the less the risk of being on the verge of bankruptcy.

Liquidity - the ability of an enterprise to fulfill its short-term (current) obligations at the expense of its current (current) assets.

With this approach, liquidity acts as a necessary and required condition solvency, monitoring compliance with which is the most important function of financial management.

The main sign of liquidity is the formal excess (in valuation) of current assets over short-term liabilities. The greater this excess, the more favorable the financial condition of the enterprise from the position of liquidity. If the amount of current assets is not large enough compared to short-term liabilities, the current position of the enterprise is unstable - a situation may well arise when it does not have enough cash to pay for its obligations.

For external users, the assessment of solvency is carried out on the basis of the liquidity characteristics of the enterprise.

The main purpose of the analysis of solvency and liquidity is to timely identify and eliminate shortcomings in financial activities and find reserves for improving these indicators.

In doing so, it is necessary to solve the following tasks:

2. Forecasting possible financial results, economic profitability, based on the real conditions of economic activity and the availability of own and borrowed resources.

3. Development of specific measures aimed at more efficient use of financial resources.

The analysis of the solvency of the enterprise is carried out not only by the managers and relevant services of the enterprise, but also by its founders, investors. In order to study the efficiency of the use of resources, banks to assess credit conditions, determine the degree of risk, suppliers to receive payments in a timely manner, tax inspectorates to fulfill the plan for receiving funds to the budget, etc. In accordance with this, the analysis is divided into internal and external.

Internal analysis is carried out by the enterprise services, and its results are used for planning, forecasting and control. Its goal is to establish a systematic flow of funds and place own and borrowed funds in such a way as to ensure the normal functioning of the enterprise, maximizing profits and avoiding bankruptcy.

External analysis is carried out by investors, suppliers of material and financial resources, regulatory authorities on the basis of published reports. Its goal is to establish an opportunity to invest funds profitably in order to ensure maximum profit and eliminate the risk of loss.

The methodology for assessing liquidity and solvency is based on coefficients calculated as the ratio of current assets or their individual elements to accounts payable, and show to what extent the company's current assets, and if they are not enough, then non-current ones, are able to cover debts. The scheme for evaluating these relationships looks like - comparing the obtained values of the coefficients with the standard values. The technique includes:

1. Vertical analysis - analysis of the structure of reporting data in order to identify the relative importance of certain articles and compare them.

2. Horizontal analysis - analysis of the dynamics of individual articles of reporting data in order to identify and predict inherent trends (deviation of the actual level from the reporting level).

3. Trend analysis - used in the study of individual growth rates and increase in indicators over a number of years to the base level.

The main sources of information for the analysis of the solvency and creditworthiness of the enterprise are the balance sheet (form No. 1), profit and loss statement (form No. 2). Capital flow statement (form No. 3) and other forms of reporting, data from primary and analytical accounting, which decipher and detail individual balance sheet items.

Consider the main methods for assessing the liquidity and solvency of the enterprise.

2. Methods for assessing the liquidity of the balance sheet and solvency of the enterprise

Solvency assessment is carried out on the basis of the characteristics of the liquidity of current assets, i.e. the time it takes to turn them into cash. The concepts of solvency and liquidity are very close, but the second is more capacious. Solvency depends on the degree of liquidity of the balance sheet. In addition, liquidity characterizes not only the current state of settlements, but also the prospects.

Analysis of the liquidity of the balance sheet consists in comparing the funds of the asset, grouped by the degree of their liquidity and arranged in descending order of liquidity, with the liabilities of the liability, grouped by their maturity and arranged in ascending order of maturity.

All assets of the company, depending on the degree of liquidity, i.e., the rate of conversion into cash, can be divided into several groups:

· the most liquid assets (A1) - the amounts of all items of funds that can be used to perform current settlements immediately. This group also includes short-term financial investments.

Quickly realizable assets (A2) - assets that require a certain amount of time to turn into cash. This group can include accounts receivable (payments for which are expected within 12 months after the reporting date), other current assets.

slow-moving assets (A3) - the least liquid assets are inventories, receivables (payments for which are expected more than 12 months after the reporting date), value added tax on acquired values, while the article "Deferred expenses" not included in this group.

· hard-to-sell assets (A4) - assets that are intended for use in business activities for a relatively long period of time. This group includes the articles of section I of the asset balance "Non-current assets".

The first three groups of assets during the current economic period can constantly change and relate to the current assets of the enterprise, while the current assets are more liquid than the rest of the property of the enterprise.

Liabilities of the balance according to the degree of increase in the maturities of obligations are grouped as follows:

· the most urgent liabilities (P1) - accounts payable, dividend payments, other short-term liabilities, as well as loans not repaid on time (according to the appendices to the balance sheet).

· short-term liabilities (P2) -- short-term loans from banks and other loans payable within 12 months after the reporting date. When determining the first and second groups of liabilities, in order to obtain reliable results, it is necessary to know the time for the fulfillment of all short-term obligations. In practice, this is only possible for internal analytics. With external analysis, due to limited information, this problem becomes much more complicated and is usually solved on the basis of the previous experience of the analyst performing the analysis.

· long-term liabilities (P3) -- long-term borrowings and other long-term liabilities -- items in section IV of the balance sheet "Long-term liabilities".

· permanent liabilities (P4) -- articles of section III of the balance sheet "Capital and reserves" and separate articles of section V of the balance sheet that were not included in the previous groups: "Deferred income" and "Reserves for future expenses". To maintain the balance of assets and liabilities, the total of this group should be reduced by the amount under the items "Deferred expenses" and "Losses".

To determine the liquidity of the balance sheet, the totals for each group of assets and liabilities should be compared.

The balance is considered absolutely liquid if the conditions are met

A1 >> P1; A2 >> P2; A3 >> P3; A4<< П4

If the first three inequalities are met, that is, current assets exceed the external liabilities of the enterprise, then the last inequality is necessarily fulfilled, which has a deep economic meaning: the enterprise has its own working capital; the minimum condition for financial stability is met.

Non-fulfillment of any of the first three inequalities indicates that the liquidity of the balance sheet to a greater or lesser extent differs from the absolute one. At the same time, the lack of funds in one group of assets is compensated by their excess in another group, although compensation takes place only in terms of value, since in a real payment situation, less liquid assets cannot replace more liquid ones.

It is more convenient to conduct a preliminary analysis of the liquidity of an enterprise's balance sheet using the coverage table (Table 1). The columns of this table contain data at the beginning and end of the reporting period by asset and liability groups. Comparing the results of these groups, determine the absolute value of payment surpluses or shortcomings at the beginning and end of the reporting period.

Thus, using this table, it is possible to identify a mismatch in the terms of assets and liabilities, to make a preliminary idea of the liquidity and solvency of the analyzed enterprise.

Table 1 Coverage table

No. of groups of balance sheet items	Coverage (asset)	Amount of liabilities (passive)	Difference (+ surplus, -- deficiency)
	for the beginning of the year	on otch. date	for the beginning of the year	on otch. date	for the beginning of the year	on otch. date

The analysis of the liquidity of the balance sheet carried out according to the above scheme is approximate also for the reason that the compliance with the degree of liabilities in liabilities is planned approximately due to the limited information available to the analyst conducting an external analysis based on financial statements.

More detailed is the analysis of solvency using financial ratios: current, quick and absolute liquidity ratios.

1. The current liquidity ratio shows whether the enterprise has enough funds that can be used by it to pay off its short-term obligations during the year. This is the main indicator of the company's solvency. The current liquidity ratio is determined by the formula:

K TL \u003d (A1 + A2 + A3) / (P1 + P2)

In world practice, the value of this coefficient should be in the range of 1-2. Naturally, there are circumstances under which the value of this indicator may be higher, however, if the current liquidity ratio is more than 2-3, this, as a rule, indicates an irrational use of the enterprise's funds. The value of the current liquidity ratio below one indicates the insolvency of the enterprise.

2. The coefficient of quick liquidity, or the coefficient of "critical evaluation", shows how liquid assets of the enterprise cover its short-term debt. Quick liquidity ratio is determined by the formula:

K BL \u003d (A1 + A2) / (P1 + P2)

The liquid assets of the enterprise include all current assets of the enterprise, with the exception of inventories. This indicator determines what share of accounts payable can be repaid at the expense of the most liquid assets, i.e. it shows what part of the company's short-term liabilities can be immediately repaid at the expense of funds in various accounts, in short-term securities, as well as settlement income. Recommended value this indicator from 0.7-0.8 to 1.5.

3. The absolute liquidity ratio shows what part of accounts payable the company can repay immediately. The absolute liquidity ratio is calculated by the formula:

K AL \u003d A1 / (P1 + P2)

The value of this indicator should not fall below 0.2.

4. For a comprehensive assessment of the liquidity of the balance sheet, it is recommended to use the general indicator of the liquidity of the balance sheet of the enterprise, which shows the ratio of the sum of all liquid assets of the enterprise to the sum of all payment obligations (short-term, long-term, medium-term), provided that various groups of liquid funds and payment obligations are included in the indicated amounts with certain weighting coefficients, taking into account their significance in terms of the timing of receipt of funds and repayment of obligations.

The overall liquidity ratio of the balance sheet is determined by the formula:

K OL \u003d (A1 + 0.5A2 + 0.3A3) / (P1 + 0.5P2 + 0.3P3)

The value of this coefficient must be greater than or equal to 1.

In the course of the balance sheet liquidity analysis, each of the considered liquidity ratios is calculated at the beginning and end of the reporting period. If the actual value of the coefficient does not correspond to the normal limit, then it can be estimated by the dynamics (increase or decrease in value).

However, this approach has significant drawbacks:

· the result of the analysis is a “snapshot” of the state of the enterprise, taking into account the presence of assets and liabilities at a certain point in time, which does not allow including financial resources in the analysis, the attraction of which becomes possible after the date of the analysis.

The use of liquidity indicators is preferable for external users who do not have access to internal financial information, as a result of which the importance of liquidity indicators for the management of the enterprise decreases, these indicators become the goal of management, but not a tool, which is no less important in practice.

Thus, all these indicators give only a general one-time assessment of the dynamics of solvency and liquidity and do not allow analyzing its intrastructural changes. Their main advantage - simplicity and clarity, can turn into such a disadvantage as superficial conclusions, if the analysis of solvency is reduced only to the definition of these indicators.

In a normal situation, an assessment of the solvency of an enterprise should be carried out on the basis of a study of the sources of inflow and outflow of funds in the short and long term and the ability of the enterprise to consistently provide an excess of the former over the latter.

3. Assessment of the solvency of the enterprise based on the study of cash flows

For operational internal analysis of current solvency, daily control over the receipt of funds from the sale of products, repayment of receivables and other cash receipts, as well as to control the fulfillment of payment obligations to suppliers, banks and other creditors, the cash flow method is used. This method focuses more on the managerial aspects of financial activity.

Through analysis, forecasting and planning, a cash flow plan, or an operational payment calendar, is drawn up. In the operational calendar, on the one hand, cash and expected means of payment are calculated, and on the other hand, payment obligations for this period (1, 5, 10, 15 days, 1 month).

The operational payment calendar is compiled on the basis of data on the shipment and sale of products, on the purchase of means of production, documents on payroll calculations, on the issuance of advances to employees, bank statements, etc. An approximate structure of the operational payment calendar is shown in table 2.

Table 2 Operational payment calendar on x.01.201_

Payment means	Amount, thousand rubles	Payment obligations	Amount, thousand rubles
Cash balances · at the register in bank accounts		Wage payments
Securities with maturity up to x.01		Payments to the budget and off-budget funds
Receipt of funds up to x.01 from sales of products financial activities		invoices of suppliers and contractors interest on bank loans
Advances received from buyers		Repayment of a credit
Credits, loans
Repayment of overdue receivables
		Repayment of other accounts payable

To determine the current solvency, it is necessary to compare means of payment on the relevant date with payment obligations on the same date. Ideally, if the coefficient is one or a little more.

A low level of solvency can be accidental (temporary) and chronic (long-term). Therefore, when analyzing the state of solvency of an enterprise, it is necessary to consider the causes of financial difficulties, the frequency of their formation and the duration of overdue debts.

The reasons for insolvency may be non-fulfillment of the plan for the production and sale of products, an increase in its cost, non-fulfillment of the profit plan and, as a result, a lack of own sources of self-financing of the enterprise. One of the reasons for the deterioration of solvency may be the misuse of working capital: the diversion of funds into accounts receivable, investment in excess reserves and for other purposes that temporarily do not have sources of financing. Sometimes the cause of insolvency is not the mismanagement of the enterprise, but the insolvency of its customers. A high level of taxation, penalties for late payment of taxes can also become one of the reasons for the insolvency of a business entity.

To find out the reasons for the change in solvency indicators, the analysis of the implementation of the financial plan in terms of revenue and expenditure is of great importance. To do this, the data of the cash flow statement, as well as the income statement, are compared with the data of the financial part of the business plan. When analyzing, first of all, it is necessary to establish the implementation of the plan for the receipt of funds mainly from the sale of products, works and services, property, find out the reasons for the change in the amount of revenue and identify reserves for its increase. Particular attention should be paid to the use of funds, since even with the implementation of the profitable part of the financial plan, overspending and irrational use of funds can lead to financial difficulties.

The expenditure part of the financial plan is analyzed for each article with the clarification of the reasons for overspending, which may be justified and unjustified. As a result of the analysis of the financial plan, reserves should be identified to increase the planned inflow of funds to ensure the stable solvency of the enterprise in the future.

It is also possible to conduct an express analysis of cash flows, which makes it possible to quickly calculate the cash flow in the enterprise.

Liquid cash flow (LCF), or the change in the net credit position, is an indicator of an excess or deficit in the cash balance of an enterprise that occurs when all of its debt obligations are paid in full. Liquid cash flow is determined by the formula:

LDP \u003d (DK1 + KK1-DS1) - (DK0 + KK0-DS0)

where DK - long-term loans;

KK - short-term loans;

DS - cash.

The difference between the LDP indicator and other liquidity measures is that the latter reflect the ability of an enterprise to repay its obligations to external creditors. LDP characterizes the absolute value of funds received from the operational activities of the enterprise, therefore it is a more "internal" indicator expressing the effectiveness of its work.

Thus, the use of this method is of high practical importance, since the management of individual components of cash flows has as an immediate goal the provision of the current solvency of the enterprise and indirectly affects the solvency in the strategic plan.

CONCLUSION

The most important indicator of the financial balance of an enterprise is its solvency, which means its ability to meet the solvent requirements of suppliers of equipment and materials in accordance with business contracts, repay loans, pay staff, make payments to the budget, etc., that is, pay in a timely manner their obligations.

Solvency assessment is carried out on the basis of the characteristics of the liquidity of current assets, i.e. the time it takes to turn them into cash. The analysis of liquidity and solvency ratios is carried out by comparison with similar indicators of previous years, with intra-company standards and planned indicators. However, this analysis has a number of shortcomings, such as formality, static nature, and superficiality.

For a deeper analysis of solvency, the cash flow method is used, which focuses more on the managerial aspects of financial activity.

The application of this method is of high practical importance, as it allows considering intra-structural changes in cash flows and managing their individual components, which has as an immediate goal ensuring the current solvency of the enterprise and indirectly affects the solvency in a strategic plan.

The use of solvency and liquidity indicators plays an important role not only in the analysis, but also in the implementation of all other management functions. Planning, current management and control in financial management are aimed at maintaining the ability of the enterprise to meet its payment obligations on time and in full in such a way as to most effectively and efficiently achieve the established strategic goals and operational targets.

BIBLIOGRAPHY

1. Boshnyakovich N.S. The balance of the solvency of the enterprise and the liquidity of its financial resources Boshnyakovich N.S. Economic Analysis: Theory and Practice, 2007, No. 7. - 22-27 s.

2. Volkova O.N. Kovalev V.V. Analysis of the economic activity of the enterprise: Textbook. - M.: Prospekt Velby, 2008. - 424 p.

3. Gilyarovskaya L.T. Economic Analysis: Textbook for High Schools. - M.: UNITI-DANA, 2004. - 615 p.

4. Porshnev A. G. Analysis of the liquidity of the enterprise balance Porshnev A. G. Economic analysis: theory and practice, 2008, No. 4. - 15-16 s.

5. Sheremet A.D. Theory of economic analysis. Textbook. - M.: INFRA M, 2005. - 366 p.

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Solvency analysis includes: balance sheet liquidity analysis by the group method and the method of financial ratios.

Let's consider the analysis of liquidity by the group method. The group method is more detailed. When using this method, assets are grouped by the degree of their liquidity in descending order, liabilities are grouped by maturity in ascending order. Depending on the degree of liquidity, that is, the rate of conversion into cash, the assets of the organization are divided into the following groups:

- Highly liquid (most liquid) assets (A1). The composition of highly liquid assets includes cash itself in the form of cash on hand, on settlement and currency, special loan accounts, as well as short-term financial investments;
- Marketable assets (A2). Quickly realizable assets include cash in the form of short-term receivables, which, although they are cash, cannot be used by the enterprise until they are credited to its current account;
- Slowly realizable assets (A3). Slow-moving assets include current assets that are not included in the most liquid and fast-selling groups. These are inventories (except for the line “Deferred expenses”), value added tax on acquired valuables and long-term receivables;
- Low-liquid (hard-to-sell) assets (A4). These include the assets of the first section of the balance sheet, that is, non-current assets.

The first three groups of assets can change constantly during the business period and refer to the current assets of the organization. They are more liquid than the rest of the property of the organization.

Liabilities of the balance according to the degree of increase in the maturity of obligations are divided:

- The most urgent obligations (P1). The composition of the most urgent liabilities includes accounts payable, debts to participants (founders) for the payment of income, other short-term liabilities;
- Short-term liabilities (P2). These include short-term loans and credits;
- Long-term liabilities (L3). Long-term liabilities include long-term loans and credits;
- Permanent liabilities (P4). Fixed liabilities include equity and reserves, deferred income, and reserves for future expenses. To maintain the balance of assets and liabilities, the total of the group of permanent liabilities should be reduced by the amount under the item “Deferred expenses”.

Analysis of the liquidity of the balance becomes important in the transition to a market economy, when the bankruptcy of the enterprise is possible, and, consequently, its liquidation. The essence of the liquidity analysis of the balance sheet is to compare the funds for the asset, grouped by the degree of their liquidity and arranged in descending order, with liabilities for liabilities, grouped by their maturity and arranged in ascending order of terms. If, in such a comparison, parts of the asset give amounts sufficient to repay liabilities, the balance sheet is considered liquid, and the company is solvent.

To assess the liquidity of the balance sheet, taking into account the time factor, it is necessary to compare each asset group with the corresponding liability group:

- If the inequality A1 P1 is satisfied, then this indicates the solvency of the organization at the time of the balance sheet. The organization has enough absolutely liquid assets to cover the most urgent obligations;
- If the inequality A2 P2 is satisfied, then quickly realizable

assets exceed short-term liabilities, and the organization may be solvent in the near future, taking into account timely settlements with creditors, receiving funds from the sale of products on credit;

If inequality A3 P3 is satisfied, then in the future, with the timely receipt of cash from sales and payments, the organization may be solvent for a period equal to the average duration of one turnover of working capital after the balance sheet date.

Fulfillment of the first three conditions leads automatically to the fulfillment of the condition: A4 P4.

The fulfillment of this condition indicates the observance of the minimum condition for the financial stability of the organization, the presence of its own working capital.

The balance is considered absolutely liquid, and the organization is solvent if the following conditions are simultaneously met:

A1 P1; A2 P2; A3 P3;

A prerequisite for the absolute liquidity of the balance sheet is the fulfillment of the first three inequalities. The fourth inequality is balancing. Its implementation indicates that the company has its own working capital. Theoretically, a shortage of funds in one group of assets is compensated by an excess in another, but in practice, less liquid assets cannot replace more liquid funds. Therefore, if any of the inequalities has a sign opposite to that fixed in the optimal variant, then the liquidity of the balance sheet differs from the absolute one.

In practice, these conditions are not always met at the same time. In the case when one or more inequalities have a sign opposite to that fixed in the optimal variant, the liquidity of the balance to a greater or lesser extent differs from the absolute one. In this case, the most liquid funds and quickly realizable assets (A1 + A2) are compared with the first two groups of liabilities, that is, with the most urgent liabilities and short-term liabilities (P1 + P2), which allows you to find out the current liquidity, indicating the solvency or insolvency of the enterprise for the next period of time.

Comparison of the third group of assets and liabilities (slow-moving assets with long-term liabilities) shows promising liquidity, that is, the forecast of the company's solvency.

Comparison of the fourth group of assets and liabilities (hard-to-sell assets with permanent liabilities) indicates that the enterprise has its own working capital (the minimum condition for financial stability).

Thus, if the liquidity of the balance sheet differs from the absolute liquidity of the balance sheet, it can be considered normal if the following ratios are observed:

(A1 + A2) (P1 + P2); A3 P3; A4 P4;

In practice, the following types of possible situations may occur:

a) A1 > P1; A2< П2; А3 >P3; A4< П4 при (А1 + А2) < (П1 + П2) или А1 >P1; A2< П2; А3 < П3; А4 < П4 при (А1 + А2) >(P1 + P2).

There is episodic insolvency and financial instability of the enterprise.

b) A1 > P1; A2< П2; А3 < П3; А4 < П4 при (А1 + А2) < (П1 + П2) или А1 < П1; А2 >P2; A3< П3; А4 >P4 at (A1 + A2)< (П1 + П2).

There is an increase in insolvency and financial instability of the enterprise.

c) A1< П1; А2 < П2; А3 >P3; A4 > P4 (A4< П4).

There is chronic insolvency and financial instability of the enterprise.

d) A1< П1; А2 < П2; А3 < П3; А4 >P4.

There is a crisis financial condition of the enterprise, close to bankruptcy.

Thus, the analysis of the liquidity of the balance sheet in a group way consists in comparing the assets of the asset, grouped by the degree of their liquidity and arranged in descending order of liquidity, with the liabilities of the liability, which are grouped by the degree of urgency of their repayment. Using the group method, you can not only determine liquidity, but also find in which group a “failure” occurred, which is the advantage of this method. The disadvantages of this method include the need to spend time on grouping assets and liabilities.

Having considered the analysis of the liquidity of assets by the group method, let's move on to studying the methodology for analyzing the liquidity of assets by the method of financial ratios.

It should be noted that the value of net working capital can be found as follows:

CHOK \u003d (DS + DZ + KFV) - (Ktrk + KZ)

DS - cash, thousand rubles;

DZ - accounts receivable, thousand rubles;

KFV - short-term financial investments, thousand rubles.

Relative financial indicators (ratios) are used to assess prospective solvency. The ratio method is used to quickly assess the ability of an enterprise to meet its short-term obligations. The relative indicators of liquidity include:

- coverage ratio of (current) liquidity;
- coefficient of critical (intermediate) liquidity;
- absolute liquidity ratio.

The current liquidity ratio (Kt.l.) gives a general assessment of the liquidity of the enterprise, showing how many rubles of working capital (current assets) fall on one ruble of current short-term debt (current liabilities), that is, this ratio shows the general payment capabilities of the organization. It is defined as the ratio of all current assets minus deferred expenses to the value of short-term liabilities:

Ktl \u003d (DS + KFV + DZ + Z) / (Ktkr + KZ),

where Ktl - current liquidity ratio;

DS - cash;

KFV - short-term financial investments;

DZ - accounts receivable;

З - stocks;

Ktkr - short-term loans;

KZ - accounts payable.

The current liquidity ratio shows the extent to which current assets cover current liabilities. The excess of current assets over current liabilities provides a reserve to compensate for losses that an enterprise may incur during the placement and liquidation of all current assets, except for cash. The greater the value of this reserve, the greater the confidence of creditors that the debts will be repaid. The normal value of this coefficient is from 1 to 2. It characterizes the expected solvency for a period equal to the average duration of one turnover of all working capital.

The logic of such a comparison was explained above: the company repays its short-term liabilities mainly at the expense of current assets; therefore, if current assets exceed current liabilities in size, the enterprise can be considered as successfully functioning. The size of the excess in relative form and is set by the current liquidity ratio. The value of the indicator can vary significantly by industry and type of activity, and its reasonable growth in dynamics is usually regarded as a favorable trend.

The current liquidity ratio has a number of features that must be kept in mind when performing spatio-temporal comparisons. First, the numerator of the ratio includes an estimate of inventories and receivables. Since the methods for estimating reserves may vary, this affects the comparability of indicators; the same should be kept in mind regarding the treatment and accounting of doubtful debts. Secondly, the value of the coefficient is in principle closely related to the level of efficiency of the enterprise in relation to inventory management: some companies, due to the high culture of the organization technological process, for example, by introducing a system for the supply of raw materials and materials, known as "just in time", can significantly reduce the level of inventories, that is, reduce the value of the current liquidity ratio to a level lower than the average for the industry, without prejudice to the current financial condition. Thirdly, some enterprises with high cash turnover can afford relatively low current ratios. In particular, this applies to retailers. In this case, acceptable liquidity is ensured by more intensive cash inflows as a result of current activities. Thus, when analyzing the current financial position of an enterprise, it is necessary, if possible, to take into account other factors that do not explicitly affect the value of this and other coefficients.

The critical liquidity ratio (Kk.l.) characterizes the predicted payment possibilities, subject to timely settlement with debtors. It characterizes the expected solvency for a period equal to the average duration of one turnover of receivables. The intermediate liquidity ratio most accurately reflects the current financial stability of the organization. The normative value of this indicator is higher than 0.7-1. However, it may not be sufficient if a large proportion of liquid funds is accounts receivable, some of which is difficult to collect in a timely manner. In such cases, a larger ratio is required. If a significant share of current assets is occupied by cash and cash equivalents (securities), then this ratio may be smaller. The growth of this ratio is facilitated by the provision of reserves with long-term sources and the decrease in the level of short-term liabilities.

The intermediate liquidity ratio in its semantic purpose is similar to the current liquidity ratio; however, it is calculated to a narrower circle of current assets, when, based on

excluded the least liquid part of them - inventories:

Ksl \u003d (DS + KFV + DZ) / [KO - (D + DBP + R),

where D.S. - cash;

K.F.V. - short-term financial investments;

D.Z. - accounts receivable.

D - income from dividends;

The logic behind this exclusion is not only that inventory is significantly less liquid, but, more importantly, that the cash that can be raised in the event of a forced sale of inventory can be substantially less than the cost of acquiring it. The value of the indicator of intermediate liquidity is of interest to banks lending to the organization. It is used when assessing the creditworthiness of a bank client in order to determine the risk of loan default. The reliability of the calculations of this indicator largely depends on the quality of receivables (terms of formation, financial position of debtors, etc.)

The absolute liquidity ratio (Ka.l.) is the most stringent criterion for the liquidity of an enterprise. The value of the indicator characterizes the instant liquidity (solvency) of the organization at the time of the balance sheet, shows what part of short-term liabilities can be repaid in the near future at the expense of cash and short-term financial investments. The higher its value, the greater the guarantee of repayment of debts, since for this group of assets there is practically no danger of losing value in the event of liquidation of the enterprise, and there is no time lag for turning them into means of payment. The value of the coefficient is considered sufficient if it is 0.2-0.3. If an enterprise is currently able to pay off all its debts by 20% -30%, then its solvency is considered normal. Taking into account the heterogeneity of the structure of debt repayment terms, this standard should be considered completed. To obtain a real limit, one should take into account: the average maturity of loans, credits, the average maturity of accounts payable. The value of the absolute liquidity ratio is of interest to suppliers of raw materials and supplies. It characterizes solvency at the balance sheet date and is defined as the ratio of the most liquid assets to the sum of the most urgent liabilities and short-term liabilities:

Kal \u003d (DS + KFV) / [KO - (D + DBP + R),

The growth of the absolute liquidity ratio is facilitated by the growth of long-term sources of financing (own and long-term borrowed funds) and the decrease in the level of non-current assets, stocks, receivables and current liabilities.

The absolute liquidity ratio should be studied in conjunction with the indicator of the norm of cash reserves (NR), which is determined by the following relationship:

Ndr \u003d (DS + KFV) / TA,

where TA - current assets.

The greater the value of this indicator, the higher the level of liquidity of this group of assets, the rate of monetary resources is constantly increasing.

Total liquidity ratio (Col). calculated by the formula:

Col \u003d OA / KO- (D + DBP + R),

where OA - current assets;

KO - short-term liabilities;

D - income from dividends;

DBP - deferred income;

P - reserves for future expenses and payments.

When calculating liquidity ratios, short-term liabilities include: short-term loans and borrowings; accounts payable and debts to participants for the payment of income.

The considered indicators have the following disadvantages:

- based on these coefficients, it is difficult to predict future cash receipts and payments;
- the possibility of overestimation of indicators due to non-liquid receivables.

Various liquidity indicators not only provide a versatile description of the stability of the financial condition of the enterprise, but also meet the interests of various external users of analytical information. For example, suppliers of an enterprise are interested in whether the enterprise will be able to pay them off in the near future, so they will pay attention primarily to the absolute liquidity ratio, and the bank lending to the enterprise or the lender will be more interested in the value of the intermediate liquidity ratio. The owners of the enterprise are shareholders, when it comes to joint stock company, - most often assess the financial stability of the enterprise in the long term, and therefore the current liquidity ratio is more important to them.

Thus, the study Theoretical foundations assessing the solvency of the enterprise allows us to note the following important points:

- The solvency of an enterprise is characterized by its ability and ability to timely and fully fulfill its financial obligations to internal and external partners, as well as to the state.
- Liquidity is one of the most important characteristics of the financial condition of an enterprise, which determines the ability to pay bills on time.
- An enterprise can be declared insolvent even if there is a sufficient excess of asset items by its liabilities, if the capital is invested in hard-to-sell asset items.
- The main signs of solvency are:
- a) the availability of sufficient funds in the current account;
- b) the absence of overdue accounts payable.
- Liquidity ratios are used to assess prospective solvency.
- The calculation and evaluation of liquidity ratios allows you to establish the degree of security of short-term liabilities with the most liquid funds. Also, the method of financial ratios allows you to evaluate the ratio of current assets and short-term liabilities for their possible subsequent coverage.
- The disadvantage of the considered indicators is that on the basis of these coefficients it is difficult to predict future cash receipts and payments, the possibility of overestimating indicators due to illiquid receivables increases.

Having considered the theoretical and methodological foundations of solvency analysis, let's move on to analyzing the activities and solvency of an enterprise using the example of Neftekamskshina OJSC.

2012-05-21 6:56

Analyzing the liquidity and solvency of the enterprise, it is necessary to study its financial position. The property position is the sum of the enterprise's funds and their sources by their types. In assessing the property status of an enterprise, a number of indicators are used, calculated according to financial statements. Based on the indicators of the property status, one can draw a conclusion about its qualitative change, the structure of economic assets and their sources.

When analyzing the property status on the basis of the balance sheet, the indicators characterizing it are calculated, their change for the year and for a number of years is determined. These indicators include:

1. The value of the capital of the company (Cap.) - the amount of economic assets at the disposal of the enterprise. It is equal to the balance sheet total - net:

Cap. \u003d F. No. 1, balance sheet total.

2. Equity enterprises (SC) - the company's own funds as of a certain date, which are determined based on the results of section 3 of the balance sheet "Capital and reserves":

SK = F. No. 1, section 3.

3. Own working capital (SOS) - the amount of own funds that are in circulation. They are determined by adding long-term liabilities (LT) to equity (CK) and subtracting the amount of long-term assets (LT):

SOS \u003d SC + DO - YES.

SOS = TA - THAT.

4. Functioning capital (FC) is the value of own working capital, which are constantly involved in the turnover. In overdue receivables, as a rule, there are own current assets that do not participate in turnover for a long time, they are immobilized (i.e., diverted from turnover). Do not participate in the turnover and funds that are in receivables and will be returned 12 months after the reporting date. Therefore, in order to determine the functioning capital, it is necessary to exclude from own working capital (SOS) receivables, payments for which are expected more than 12 months after the reporting year (DDZ) and overdue receivables (PDZ), which is shown in Form No. 5:

FC = SOS-PDZ-DD3

5. Raised capital (PC) is the sum of long-term (DO) and current liabilities (TO). It characterizes the amount of the enterprise's debt at the moment and is equal to the sum of the results of sections 4 and 5 of the balance sheet:

PC = BEFORE + TO

6. Current assets (TA) or "Mobile assets", "Working capital" - characterize the funds in stocks, costs, cash and in receivables, i.e. the result of section 2 of the asset balance:

TA = Summary of Section 2A

They are called mobile assets because, unlike fixed assets and other non-current assets, they can be returned faster than other assets in the form of cash for settlements with debtors.

7. Current responsibility (TO) or short-term liabilities are debts that must be repaid within a year. This debt includes short-term loans and credits:

TO \u003d F. No. 1, the result of section 5.

8. Long-term assets (YES), it is pleasant to call them "immobilized assets" - this is the amount of fixed assets and other non-current assets, which, unlike current assets (mobile assets), circulate more slowly and are determined based on the results of section 1 of the balance sheet asset, i.e. according to the formula:

YES = F. No. 1, the result of section 1.

10. Long term liabilities (DO) are credits and loans received for a long period - more than one year. They are shown in the balance sheet liabilities in section 4:

DO \u003d F. No. 1, the result of section 4.

11. Production stocks and costs (PZZ) are working capital located in production stocks and costs:

PZZ = Prod. Inventory + Unfinished Prod. + Finished Prod.+ Com. + Expenses for future periods.

12. Liquid assets (UAH) are funds that can be used in the near future to cover short-term liabilities. These include receivables for which payments are expected within 12 months after the reporting date:

UAV = Deb.Zad. in tech. 12 months

13. Most liquid assets (NLA) - they include all cash and short-term financial investments.

NLA \u003d DS + Short.Fin.Vl.

14. Hard-to-sell assets (Tr.R.Act.) are funds that are almost impossible to use to cover short-term debt. These include - the amount of long-term assets (the result of section 1 of the balance sheet asset and overdue receivables):

Tr.R.Act. = YES + PDZ

Solvency is the ability of cash resources to pay off their payment obligations in a timely manner. Solvency assessment is carried out on the basis of the characteristics of the liquidity of current assets, i.e. the time it takes to turn them into cash.

In turn, the analysis of the liquidity of the balance sheet consists in comparing the assets of the asset, grouped by the degree of decreasing liquidity, with the liabilities of the liability, which are grouped by the degree of urgency of their repayment. Depending on the degree of liquidity, the assets of the enterprise are divided into 4 groups:

— A1) the most liquid;

- A2) quick liquidity;

- A3) slow-moving;

— А4) hard-to-sell assets.

Liabilities are grouped according to the degree of urgency of their payment:

- P1) the most urgent liabilities - accounts payable and overdue payments on loans;

- P2) short-term liabilities - short-term loans and borrowings;

- P3) long-term liabilities - long-term loans and borrowed funds;

- P4) permanent liabilities - sources of the company's own funds.

The ratio between groups of assets and liabilities characterizes liquidity, i.e. the company's ability to pay its short-term obligations. The balance is considered absolutely liquid if:

The relevance of determining the liquidity of the balance sheet is of particular importance in conditions of economic instability, as well as in the liquidation of an enterprise due to its bankruptcy. Here the question arises: does the enterprise have enough funds to cover its debts. The same problem arises when it is necessary to determine whether the enterprise has enough funds to settle accounts with creditors, i.e. the ability to liquidate (repay) the debt with available funds. In this case, speaking of liquidity, it means that the enterprise has working capital in an amount theoretically sufficient to pay off short-term obligations.

To determine the liquidity of the company's balance sheet, a whole system of indicators is calculated in the form of coefficients that reflect the ratio of certain balance sheet items and other types of financial statements.

We believe that the head of the enterprise can assess the liquidity of the company even at the stage of acquaintance with the balance sheet, comparing the amounts of section 5 of the liability "Current liabilities" with the amount of section 2 of the asset " current assets". The excess of current assets over the amount of short-term liabilities indicates that the company has the potential to pay off its creditors, however, in order to consider the company's balance sheet liquid, current assets must significantly (more than double) exceed current liabilities. But for a complete assessment of liquidity and solvency, along with absolute indicators, relative performance at the beginning and end of the analyzed year, their change over the year is determined and compared with the established standards. These indicators should include:

Coverage ratio - it gives a general assessment of the company's liquidity, characterizing the extent to which short-term (current) liabilities are secured by current (circulating) funds, i.e. how many rubles of financial resources invested in current assets account for one ruble of current liabilities, and is calculated by dividing the amount of current assets (the result of section 2 of the balance sheet asset) by current liabilities (the result of section 5 of the balance sheet liability), i.e. according to the formula:

Kp \u003d TA / TO

As a rule, the growth of this indicator is viewed positively. However, a significant increase in this indicator is undesirable and indicates a slowdown in the turnover of funds invested in inventories, an unjustified increase in receivables. According to the experience of enterprises, it is considered normal when this indicator is 2.0 or more. It can be considered satisfactory if the value is within 1.5.

Quick liquidity ratio (Kb.lik.) characterizes the share of cash, settlements and other assets in current liabilities and is calculated using the following formula:

Kb.lik. = (DS + DZ up to 12 m-s - PDZ) / TO

Quick liquidity ratio determines the company's ability to meet current obligations from marketable assets and complements the coverage ratio. A low quick liquidity ratio indicates a high financial risk and poor potential for attracting additional funding from outside. It should be considered normal when this indicator exceeds 1.0, i.e. when liquid assets equal or exceed current liabilities. This indicator is of interest to banks and other credit institutions when providing loans.

Absolute liquidity ratio (Kabs.liq.) characterizes the share of cash in current liabilities and is defined as the ratio of cash (the most liquid assets) to current liabilities. It is calculated by the formula:

Cabs.lik.= NLA/ TO

Based on the absolute liquidity ratio, it is possible to determine the availability of funds to cover liabilities at the moment. It is considered normal when this coefficient is 0.2 or higher. A significant increase in this indicator is undesirable, since the money must be in circulation, i.e. work and generate income. It is of interest primarily to suppliers of goods of this enterprise. Its unattainability may be due to rapidly changing business conditions and the need to fully engage all material resources in circulation, and primarily cash.

The above liquidity ratios are considered basic, and they can be used to draw a conclusion about the liquidity, solvency and creditworthiness of the enterprise. In addition, for a deeper study of liquidity, enterprises are recommended to additionally calculate the following indicators.

The maneuverability of functioning capital or coefficient of maneuverability of functioning capital (Kman.f.cap.), which is defined as the ratio of the amount of funds in stocks and costs to the functioning capital, i.e. to own working capital minus overdue receivables and is calculated by the formula:

Kman.f.cap. = zap.zat./ FC

This indicator characterizes the share of the company's own capital, which is in a form that does not allow them to freely maneuver, because in order to pay off current debt, stocks and costs must be included in the turnover. According to the experience in manufacturing enterprises it is considered normal when this coefficient does not exceed 0.5, i.e. the amount of reserves and costs do not exceed 50% of the total amount of own working capital. The presence of a high coefficient of maneuverability of functioning capital increases the risk of bankruptcy, which indicates the immobilization of own funds in inventories that cannot be realized soon and their amount is aimed at covering short-term debt and makes it difficult to pay off current liabilities.

Agility of total capital or coefficient of maneuverability of total capital (M man.) is defined as the ratio of current assets, i.e. working capital, to the amount of economic assets (capital) according to the formula:

K man. = TA / Cap.

This ratio shows the share of more flexible capital in the total amount of economic assets that can be quickly converted into cash, in contrast to immobilized (fixed) assets.

It is considered normal when this indicator is more than 0.6, i.e. current assets in the total amount of economic assets account for more than 60%. The higher this indicator, the more liquid the company is considered, the faster speed the turnover of the company's funds and higher efficiency of the use of funds.

Further, we note that when analyzing the solvency of an organization, the assets of the balance sheet, grouped by the degree of their liquidity, are compared with liabilities for liabilities, also grouped by their maturity. Then the coefficients characterizing the level of solvency of the enterprise are calculated.

By the degree of liquidity, i.е. the speed of conversion into cash, the assets of the enterprise, as noted above, are divided into the following groups: the most liquid assets, fast-selling assets, slow-moving assets, hard-to-sell assets. Liabilities according to the degree of debt repayment are divided into the most urgent liabilities, short-term liabilities, long-term liabilities and permanent liabilities.

The payment ratio of the most urgent obligations (Kpl.n.sr.vol.) is defined as the ratio of the most liquid assets (NLA) to the amount of the most urgent liabilities (Cob):

Cpl.med.rev. = NLA. / Max.av.vol.

Payment ratio of short-term liabilities (Kpl.ks.p.) is defined as the ratio of marketable assets (BRA) to the amount of short-term liabilities (CSP), i.e. according to the formula:

Kpl.ks.p \u003d BRA / KSP

Payment ratio of long-term liabilities (Кpl.d.p. .) is defined as the ratio of slow-moving assets (MRA) to the amount of long-term liabilities (LTL), i.e. according to the formula:

Kpl.d.p. = MRA / chipboard

Comparison of slow-moving assets with long-term liabilities shows promising liquidity, i.e. solvency forecast based on future receipts and payments. As a rule, slow-moving and hard-to-sell assets are used to cover debts in case of bankruptcy of an enterprise.

The ratio of hard-to-sell assets to permanent liabilities should be less than 100%, i.е. the capital and reserves of the enterprise must exceed long-term assets, otherwise the enterprise will not have SOS.

The calculation of liquidity and solvency indicators made in this way makes it possible to compare the balance sheets of an enterprise from different periods, as well as the balance sheets of various enterprises in order to assess their financial stability and solvency.

Analyzing the solvency of the enterprise, it is necessary to consider the causes of financial difficulties, the frequency of their formation and the duration of overdue debts. The reasons for insolvency may be failure to fulfill the plan for the production and sale of products; increase in its cost; non-fulfillment of the profit plan - lack of own sources of self-financing; high tax rate. One of the reasons for the deterioration of solvency may be the misuse of working capital: the diversion of funds into accounts receivable, investment in excess reserves and for other purposes that temporarily do not have sources of financing.

Those enterprises whose liquidity and solvency indicators are below the established norms and tend to deteriorate can be recognized as financially unstable. In order not to bring the enterprise to such a level, it is necessary to systematically analyze and assess the financial stability, as well as the liquidity and solvency of the organization. Improving the level of financial stability of the enterprise is achieved by:

- increase in the volume of production and sales of products;

- reducing the balance of work in progress and finished products;

— reduction of receivables and payables and liquidation of overdue debts;

- timely settlement of all its obligations;

- increasing the share of own working capital in current assets, accelerating the turnover of working capital, etc.

At the same time, when assessing and analyzing the liquidity and solvency of a particular enterprise, one should, if possible, take into account its specifics - industry, regional, etc.

In contrast to the liquidity of the balance sheet, which characterizes the ability of an enterprise to pay off its short-term debtors at the moment, financial stability is a certain state of the enterprise that guarantees its constant solvency. This permanent solvency can be achieved by achieving good economic solvency. The economic viability of an enterprise is the extent to which a company can maintain financial independence through the effective use of the labor and material resources of the enterprise, increasing production and sales.

Considering the financial statements, the head of the enterprise can make an initial conclusion about financial stability by comparing the result of section 3 of the balance sheet "Capital and Reserves" with the results of section 4 "Long-term liabilities" and section 5 "Current liabilities" we can make an initial conclusion about financial stability. Exceeding the total of section 3 of the balance sheet indicates that the company is financially stable, it is less dependent on external debts and creditors.

Then the head of the enterprise must compare the results of sections 2 "Current assets" and 5 "Current liabilities" of the balance sheet. A significant excess of the total of section 2 of the asset balance indicates that working capital is dominated by own funds, which also indicates the financial independence of the enterprise from creditors, i.e. on the financial stability of the company.

The main indicators of financial stability should be considered the coefficients of autonomy, financial stability and financial dependence.

The autonomy coefficient characterizes the independence of the financial condition of an economic entity from borrowed sources of funds. It shows the share of own funds in the total amount of economic assets and is determined by the formula:

To ed. = SC / Cap

The growth of the autonomy coefficient indicates an increase in financial independence and a decrease in the risk of financial difficulties. The norm is not lower than 0.5, preferably 0.5 - 0.7.

The financial stability ratio is the ratio of own and borrowed funds. It is determined by the formula:

To financial ust = SK / PC

The excess of own funds over borrowed funds means that the economic entity has a sufficient margin of financial stability and is relatively independent of external financial sources. Its value equal to - 2 or more is considered normal.

The maneuverability of equity capital is defined as the ratio of operating and equity capital and characterizes the share of own working capital (minus overdue receivables) in equity and is determined by the formula:

M sk \u003d FK / SK

The value of this coefficient is desirable within 20 - 30%.

The coefficient of financial dependence indicates an increase or decrease in financial dependence and the risk of financial difficulties, characterizes how many economic assets account for 1 ruble. own funds and is defined as the ratio of economic assets (capital) to equity capital according to the formula:

To the financial manager = Cap./SC

This is the inverse of the autonomy coefficient. If its level is equal to one, then this means that the owners fully finance their enterprise with their own capital.

The concentration ratio of attracted capital characterizes the share of attracted capital in the total amount of economic assets. It is determined by the formula:

To conc. PC = PC / Cap.

The lower this indicator, the higher the financial independence and independence of the enterprise. The sum of the coefficients of autonomy and the concentration of attracted capital should be equal to 1.

Coefficient of the ratio of attracted and equity capital. The value of this indicator can significantly change depending on the structure of capital and the sectoral affiliation of the enterprise. It is determined by the formula:

Kspsk \u003d PC / SK.

The lower this indicator, the higher the financial independence, the independence of the enterprise and, in general, the autonomy of the enterprise in relation to external creditors.

It should be noted that there are no unified regulatory criteria for the considered indicators of liquidity and solvency, as well as financial stability. They depend on many factors: the sectoral affiliation of the enterprise, the turnover of working capital, the principles of lending, the current structure of sources of funds, the reputation of the enterprise and other factors. Therefore, the acceptability of the values of these coefficients, an assessment of their dynamics and directions of change can only be established as a result of spatio-temporal comparisons across groups of related enterprises.

Only one rule can be formulated for enterprises of any type: the owners of the enterprise (shareholders, investors and other persons who have contributed to the authorized capital) prefer a reasonable increase in the dynamics of the share of borrowed funds, on the contrary, creditors (suppliers of raw materials and materials, banks providing short-term loans , and other counterparties) give preference to enterprises with a high share of equity capital, with greater financial stability.

In this way, complex analysis based on a system of indicators of liquidity and solvency allows business entities to comprehensively characterize the state and need for funds and predict financial strategy in conditions of economic instability.

One of the main tasks of analyzing the liquidity and solvency of an enterprise is to assess the degree of proximity of an enterprise to bankruptcy - economic insolvency. Financial analysis allows you to identify the threat of bankruptcy and timely carry out a system of measures for the financial recovery of the enterprise. There are certain criteria of a formal and informal nature, according to which an enterprise can be declared insolvent.

Insolvency (bankruptcy), according to Art. 2 of the Law "On Insolvency (Bankruptcy)" dated October 26, 2002 N127-FZ, this is the inability of the debtor to fully satisfy the claims of creditors for monetary obligations and (or) fulfill the obligation to make mandatory payments. When determining the probability of bankruptcy, enterprises use a technique called "Second Wind". In this case, the following indicators are calculated:

1. Solvency ratio:

To boards. = TA - PDZ / TO

If the solvency ratio is less than 2, then the company is considered insolvent according to this indicator.

2. Ratio of own and borrowed funds:

To acc. sob and loan. Wed-in. = SK / TO

If this coefficient is less than 2, then this also indicates the insolvency of the enterprise.

3. The coefficient of financial independence:

To the Finnish = SC / Cap

If this coefficient is less than 0.5, then the enterprise is considered insolvent according to this indicator.

4. The coefficient of provision with own working capital:

To provide SOS \u003d SC + Debt. Act / TA

If this coefficient is below 0.1, then the enterprise is considered insolvent according to this indicator.

According to this methodology, a decision on the insolvency of an enterprise is made if the sum of the numerical values of the insolvency parameters is less than 4.6, i.e. the sum of the numbers for all four insolvency ratios does not exceed 4.6.

In foreign practice, when analyzing liquidity and solvency, the Altman model is used; it determines the integral indicator of the threat of bankruptcy. This model is called in practice Z -account "Altman. This model is a weighted sum of ratios of financial ratios. The calculation is based on a five-factor model, which is a complex coefficient indicator, in which the significance coefficients are determined individual factors in the integral assessment of the probability of bankruptcy. The Altman model has the following form:

Z-score \u003d 1.2 X 1 + 1.4 X 2 + 3.3 X 3 + 0.6 X 4 + 1.0 X 5

where Z -score - an integral indicator of the level of the threat of bankruptcy;

X 1 - the ratio of own working capital to the amount of assets;

X2 - the ratio of retained earnings to the amount of assets;

X3 - the ratio of profit to the amount of assets;

X4 is the ratio of equity and debt capital;

X5 - asset turnover or the ratio of sales proceeds to the amount of assets.

The greater the value Z -Accounts, the less likely it is to go bankrupt within two years. Based Z Altman's accounts are defined by four levels of bankruptcy:

1. The probability of bankruptcy is very high when the value Z-scores less than 1.80;

2. The probability of bankruptcy is high when the value Z -accounts from 1.81 to 2.70;

3. The probability of bankruptcy is low when the value Z -accounts from 2.70 to 2.99;

4. The probability of bankruptcy is very low when the value Z -bills of 3.00 or more.

In general, an assessment of the degree of proximity of an enterprise to bankruptcy makes it possible to identify the threat of bankruptcy and timely carry out a system of measures for the financial recovery of the enterprise.

Based on the analysis of the obtained indicators, not only is the liquidity and solvency of the enterprise established and assessed, but also work is being carried out to improve them. An analysis of liquidity and solvency shows in which specific areas this work should be carried out, makes it possible to identify the most important aspects and the weakest positions in the financial condition of the enterprise and develop measures to eliminate them. An analysis of the liquidity and solvency of an enterprise is an integral part of financial analysis, which in turn is part of a general, complete analysis of economic activity.

For the timely prevention, detection, elimination of negative deviations in the liquidity and solvency of the enterprise, it is necessary to regularly analyze the property status, assess and analyze the liquidity and solvency of the enterprise, assess and analyze the financial stability and probability of bankruptcy of the enterprise.

Bibliography:

1. Abdukarimov I. T. Analysis of the financial and economic activities of the enterprise: Textbook for universities, Federal Agency for Education Tamb. State. Univ. G.R. Derzhavin, TPO VEO, Tambov 200 7