The main purpose of the financial analysis of the enterprise. Financial analysis and its role in the organization of financial management

The financial analysis is a method of assessing and forecasting the financial condition of an enterprise based on its financial statements.

The financial analysis- this is the process of studying the financial condition and the main results of the financial activity of the enterprise in order to identify reserves for further increasing its market value.

This type of analysis can be performed by both management personnel this enterprise, as well as by any external analyst, since it is mainly based on publicly available information.

basis information support analysis of the financial condition, as noted above, should be financial statements. Of course, in the analysis can be used Additional Information, mainly of an operational nature, but it is only of an auxiliary nature.

As the main sources of information for financial analysis can be used:

1. External data (-the state of the economy, the financial sector, the political and economic state; - exchange rates; - securities rates, returns on securities; - alternative returns; - indicators of the financial condition of other companies;)

2. Internal data (-Accounting reporting; -Management reporting.)

main goal financial analysis is to obtain a small number of key (most informative) parameters that give an objective and accurate picture of the financial condition of the enterprise, its profits and losses, changes in the structure of assets and liabilities, in settlements with debtors and creditors.

As a result of financial analysis, both the current financial condition of the enterprise and the parameters of the financial condition expected in the future are determined.

Thus, financial analysis can be defined as a way of accumulating, transforming and using information of a financial nature, which has goal :

1. assess the current and prospective financial condition of the enterprise;
2. assess the possible and appropriate pace of development of the enterprise from the standpoint of their financial support;
3. identify available sources of funds and assess the possibility and expediency of their mobilization;
4. predict the position of the enterprise in the capital market.

The goals of financial analysis are achieved as a result of solving a certain interrelated set analytical tasks

Tasks of financial analysis:

1. Analysis of assets (property).2. Analysis of funding sources.3. Analysis of solvency (liquidity) .4. Analysis financial stability.5. Analysis of financial results and profitability.6. Analysis business activity(turnover).7. Analysis of cash flows.8. Analysis of investments and capital investments.9. Market value analysis.10. Bankruptcy probability analysis.11. Comprehensive assessment of the financial condition.12. Preparation of financial position forecasts.13. Preparation of conclusions and recommendations.

Types of fin. Analysis:

1) depending. From organizational forms of conduct: internal, external (Internal analysis is carried out by employees of the enterprise. The information base of such an analysis is much wider and includes any information circulating within the enterprise and useful for making management decisions. The possibilities of analysis are expanding accordingly. External financial analysis is carried out by analysts who are outsiders for the enterprise and therefore do not have access to the internal information base of the enterprise. External analysis less detailed and more formalized.)

2) depending. From the scope of the study: full, thematic

3) depending. From the scope of the analysis: for the enterprise as a whole, for a division or structural unit, for a separate fin. Operations

4) depending. From the period of the study: preliminary, current, subsequent

To solve specific problems of financial analysis, a whole a number of special methods , allowing to obtain a quantitative assessment of certain aspects of the enterprise. In financial practice, depending on the methods used, the following systems of financial analysis conducted at the enterprise are distinguished: trend, structural, comparative and ratio analysis.

1. trendy (horizontal) financial analysis is based on the study of the dynamics of individual financial indicators in time. In the course of this analysis, the growth rates (growth) of individual indicators are calculated and the general trends in their change (or trend) are determined. The most widespread are the following forms of trend (horizontal) analysis:

1) comparison of financial indicators of the reporting period with indicators of the previous period (for example, with indicators of the previous decade, month, quarter);

2) comparison of financial indicators of the reporting period with those of the same period last year (for example, indicators of the second quarter of the reporting year with those of the second quarter of the previous year). This form of analysis is used in enterprises with pronounced seasonal characteristics. economic activity;

3) comparison of financial indicators for a number of previous periods. The purpose of this analysis is to identify trends in individual indicators that characterize the results of the financial activities of the enterprise. The results of such an analysis are usually drawn up graphically in the form of line graphs or a bar chart of changes in the indicator over time.

2. Structural (vertical) financial analysis is based on the structural decomposition of individual indicators. In the process of this analysis, the proportions of individual structural components of financial indicators are calculated. The most widespread are the following forms of structural (vertical) analysis: analysis of assets, capital, cash flows.

3. Comparative financial analysis is based on comparing the values ​​of individual groups of similar financial indicators with each other. In the process of this analysis, the sizes of absolute and relative deviations of the compared indicators are calculated. The following forms of comparative analysis are most widely used: analysis of financial indicators of an enterprise and industry average indicators, analysis of financial indicators of a given enterprise and competing enterprises, analysis of financial indicators of individual structural units and divisions of a given enterprise, analysis of reporting and planned (normative) financial indicators:

4. Analysis of financial ratios is based on the calculation of the ratio of various absolute indicators to each other. In the process of implementing this analysis, various relative indicators are determined that characterize various aspects of financial activity. The most widespread are the following aspects of such an analysis: financial stability, solvency, asset turnover and profitability.

Financial analysis is an important element of financial management. To ensure the effectiveness of the organization's activities in modern conditions, management needs to be able to realistically assess the financial condition of their organization, as well as the financial condition of partners and competitors.

Financial condition- a complex concept, which is characterized by a system of indicators reflecting the availability, placement and use of financial resources organizations.

In practice, it often happens that even a well-functioning organization experiences financial difficulties associated with insufficiently rational allocation and use of available financial resources. Therefore, financial activity should be aimed at ensuring the systematic receipt and efficient use of financial resources, compliance with settlement and credit discipline, achieving a rational ratio of own and borrowed funds, financial stability for the effective functioning of the organization. An essential role in achieving a stable financial position belongs to the analysis.

With the help of financial analysis, decisions are made on:

short-term financing of the organization (replenishment of current assets);

long-term financing (investment in efficient investment projects and emissive securities);

payment of dividends to shareholders;

mobilization of reserves for economic growth (growth in sales and profits).

The main purpose of financial analysis is to obtain a certain number of key parameters that give an objective and reasonable description of the financial condition of the organization. These are, first of all, changes in the structure of assets and liabilities, in settlements with debtors and creditors, in profit and loss.

The main objectives of financial analysis:

determination of the financial condition of the organization;

identification of changes in the financial condition in the spatio-temporal context;

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

forecast of the main trends in financial condition.

The alternativeness of the goals of financial analysis depends on its time limits, as well as on the goals set by users of financial information.

The objectives of the study are achieved as a result of solving a number of tasks:

Preliminary review of financial statements.

Characteristics of the property of the organization: non-current and current assets.

Assessment of financial stability.

Characteristics of sources of funds (own and borrowed).

Analysis of profit and profitability.

Development of measures to improve the financial and economic activities of the organization.

These tasks express the specific goals of the analysis, taking into account the organizational, technical and methodological possibilities of its implementation. The main factors in the end are the volume and quality of analytical information.

The basic principle of studying analytical indicators is the deductive method (from general to particular).

Financial analysis is part of a general, complete analysis of economic activity, which consists of two closely related sections:

The financial analysis.

Management (production) analysis.

The division of analysis into financial and managerial is due to the division of the accounting system into financial and managerial accounting that has developed in practice. The main feature of the separation of analysis into external and internal is the nature of the information used.

External analysis is based on published reporting data, i.e. on a very limited part of the information about the activities of the organization, which is the property of the whole society. The main source of information for external analysis is the balance sheet and its appendices.

Internal analysis uses all information about the state of affairs in the organization, including information available only to a limited circle of people who manage the organization's activities.

Scheme of business analysisorganizations

Business activity analysis

Management analysis

The financial analysis

Internal production analysis

Internal financial analysis

External financial analysis

Analysis in the justification and implementation of business plans

Analysis of the effectiveness of capital advances

Analysis in the marketing system

Analysis of absolute profit indicators

Comprehensive economic analysis of the effectiveness of economic activity

Analysis of relative profitability indicators

Analysis of production conditions

Analysis of liquidity, solvency and financial stability

Analysis of the use of production resources

Analysis of the use of equity capital

Product volume analysis

Analysis of the use of borrowed funds

Product cost analysis

The division of analysis into internal and external is also associated with the goals and objectives facing each of them. Tasks of external analysis determined by the interests of users of analytical material.

Internal financial analysis aims a deeper study of the causes of the current financial condition, the efficiency of the use of fixed and working capital, the relationship between indicators of production volume (sales), cost and profit. To do this, additional financial accounting data (regulatory and planning information) are used as sources of information.

Exclusively internal is managerial analysis. It uses the whole range of economic information, is operational in nature and is completely subordinate to the will of the organization's management. Only such an analysis makes it possible to realistically assess the state of affairs in the organization, explore the cost structure not only of all manufactured and sold products, but also of its individual types, the composition of commercial and administrative expenses, and especially carefully study the nature of the responsibility of officials for the implementation of the business plan.

Management analysis data play a decisive role in developing the most important issues of the organization's competitive policy: improving technology and organizing production, creating a mechanism for achieving maximum profit. Therefore, the results of management analysis are not subject to publicity, they are used by the organization's management to make management decisions, both operational and long-term.

More clearly, the differences between the characteristics of financial and managerial analysis are presented in Table 1.

1. Goals and objectives of financial analysis

Financial analysis is part of the general analysis, which consists of two interrelated sections: financial and managerial analysis. The division of analysis into financial and managerial is due to the division of the accounting system that has developed in practice. However, this division is conditional.

Financial analysis is divided into external and internal. External financial analysis is based on published reports, and internal analysis is based on the entire system of available information about the activities of the enterprise. From this point of view, external financial analysis is an integral part of internal analysis, the scope and possibilities of which are wider.

The subjects of external analysis are business owners, investors, creditors, administration, government agencies, etc.

The subjects of internal financial analysis are the administration of the enterprise, owners, auditors, consultants. The main difference between internal and external financial analysis lies in the variety of goals and objectives solved by various subjects of analysis. The process of conducting financial analysis depends on the goal. It can be used for preliminary checks when choosing an investment direction, when considering options for merging enterprises, when evaluating the activities of an enterprise's management, when predicting financial results, when justifying and issuing loans, when identifying problems in managing production activities, etc.

The variety of goals of financial analysis determines the specifics of the tasks solved by the most important users of information.

Financial analysis is carried out, first of all, by the administration of the enterprise, which is engaged in current activities, is responsible for long-term development prospects, for production efficiency, profitability of the enterprise in the short and long-term periods, efficiency of use of capital, labor and other types of resources. The interest of the administration in the financial condition affects all areas of the enterprise.

During the analysis, the administration uses all reliable information, all means and methods to control the activities of the enterprise. One such method is financial analysis. Financial analysis covers changes in the trends of the main calculated indicators and the main dependencies. It is based on the continuous monitoring of significant relationships and the timely detection of shortcomings that appear as a result of ongoing changes.

When conducting a financial analysis, the administration sets the following goals:

Assesses the influence of factors on financial results operations and asset utilization efficiency;

Carries out control over the movement of financial flows, compliance with the standards for the expenditure of financial and material resources, the expediency of spending.

2. The role of financial analysis in making managerial decisions

With a planned economy and state ownership of the means of production, financial analysis was a section of the general analysis of economic activity. Production activity was considered as the main activity, the main attention was paid to production analysis and the search for reserves to increase the efficiency of the use of production resources. The development of financial analysis was not given sufficient attention, since there was no particular need for it. Many enterprises had a planned unprofitable character, and losses were covered at the expense of the budget. External environment had little impact on business operations.

Assessment of potential bankruptcy.

Thus, financial analysis, as part of economic analysis, represents a system of certain knowledge related to the study of the financial position of the enterprise and financial results, which are formed under the influence of objective and subjective factors, based on the data of accounting (financial) statements.

3. The relationship of financial and managerial analysis. Methods of financial analysis

Financial analysis, using specific methods and techniques, allows you to determine the parameters that make it possible to objectively assess the financial condition of the enterprise. The results of the analysis allow interested persons and enterprises to make management decisions based on an assessment of the current financial situation, the activities of the enterprise for previous years and the projection of the financial condition for the future, i.e. expected parameters of the financial position.

Among the main methods of financial analysis are the following:

Preliminary reading of accounting (financial) statements;

Horizontal analysis;

Vertical analysis;

trend analysis;

Method of financial ratios;

Factor analysis;

Comparative analysis;

flow calculation Money;

specific analysis.

Preliminary acquaintance with the reporting of the enterprise allows you to study the absolute values, draw conclusions about the main sources of raising funds, the directions of their investment, the main sources of profit, the accounting methods used and changes in them, organizational structure enterprises, etc. The information obtained during the preliminary reading gives a general idea of ​​the financial condition of the enterprise, however, it is not enough for making managerial decisions. With a horizontal (temporal) analysis, absolute indicators are supplemented by relative, as a rule, growth or decline rates. Based on a horizontal analysis, an assessment is made of changes in the main indicators of accounting (financial) statements.

Most often, horizontal analysis is used in the study of balance. The disadvantage of the method is the incomparability of the data in terms of inflation. This disadvantage can be eliminated by recalculating the data. Vertical (structural) analysis gives an idea of ​​the structure of the final financial indicators with the identification of the impact of each position on the result. This method financial analysis is used to study the balance sheet structure by calculating specific gravity individual balance sheet items in the overall total or in the context of the main groups of items. An important point of vertical analysis is the presentation of the structure of indicators in dynamics, which allows you to track and predict structural changes in the composition of assets and liabilities of the balance sheet.

The use of relative indicators smooths out inflationary processes. Trend analysis is a type of horizontal analysis, it is used in cases where the comparison of indicators is made for more than three years. In this case, long-term comparisons are usually carried out using indices. Each reporting position is compared with a number of previous periods to determine the trend. Trend - the main trend of the indicator. The calculation of a series of index numbers requires the selection of a base year for all indicators. Since the base year will be the basis for all comparisons, it is best to choose the year that is the most normal or typical in terms of business conditions.

When index numbers are used, percentage changes can only be interpreted in comparison to the base year. This type of analysis is in the nature of a prospective predictive analysis, it is used in cases where it is necessary to make a forecast for individual financial indicators or for the financial condition of the enterprise as a whole. The method of financial ratios is based on the existence of certain relationships between individual reporting items. Ratios allow you to determine the range of information that is important for users of information about the financial condition of the enterprise in terms of decision-making. The coefficients make it possible to find out the main symptoms of a change in the financial situation and determine the trends in its change.

With the correct coefficients it is possible to identify areas requiring further study. The big advantage of coefficients is that they smooth out Negative influence inflation, which significantly distorts the absolute figures of financial statements, thereby making it difficult to compare them in dynamics. Comparative analysis is used to conduct on-farm and inter-farm comparisons for individual financial indicators. Its purpose is to identify the similarities and differences of homogeneous objects. Comparison establishes changes in the level economic indicators, tendencies and patterns of their development are studied, the influence of individual factors is measured, calculations are made for decision-making, reserves and development prospects are identified.

Factor analysis is used to study and measure the impact of factors on the value of the effective indicator. Factor analysis can be direct, when the performance indicator is divided into its component parts, and reverse, when individual elements are combined into a common performance indicator. Factor analysis can be single-stage, when factors of only one level are used for analysis, and multi-stage, when factors are detailed into constituent elements to study their behavior. Factor analysis can be retrospective, when the causes of changes in performance indicators for past periods are studied, and prospective, when the behavior of factors and their impact on performance indicators in the future are studied.

Factor analysis can be static, to study the influence of factors on performance indicators for a certain date, and dynamic, when causal relationships are studied in dynamics. One of the important tools of financial analysis is the calculation of cash flow. Presented in the form of an annual financial forecast, it shows the expected monthly cash receipts and monthly payments to repay the debt. This calculation makes it possible to assess the peak need of the enterprise for additional funds and its ability to earn enough cash to pay off short-term debt during the operating cycle. The calculation allows you to determine whether the need for additional funds is long-term or short-term. This is important for seasonal businesses.

Specific analysis methods include:

Analysis of current investments, which allows you to evaluate the impact of sales growth on the need for financing and the ability of the enterprise to increase sales;

Sustainable growth analysis, which helps to determine the ability of the enterprise to expand sales without changing the share of borrowed funds;

Sensitivity analysis, which uses the same type of scenarios to identify the most vulnerable areas of the enterprise;

An industry factor that takes into account the volatility of the borrowing enterprise's cash flows compared to the cash flows of other enterprises in the industry.

These methods are of great importance for deepening financial analysis and assessing the growth potential of an enterprise. Specific analysis is most widely used in foreign accounting and analytical practice of financial analysis. The use of all methods of financial analysis allows you to more accurately assess the financial situation that has developed at the enterprise, predict it for the future and make a more informed management decision.

Course work

Completed by: student gr.9212 Krutkin D.P.

Moscow State Industrial University

Faculty of Economics, Management and Information Technology

Discipline "Financial management"

Moscow 2002

Introduction

In a market economy, technical and economic analysis and analysis of the financial position of the enterprise are the most important initial prerequisite for the preparation and justification of management decisions. The main task of analyzing the state of the enterprise is a systematic, comprehensive study of its production, economic and financial activities in order to objectively assess the results achieved and establish real ways to further improve the efficiency and quality of work.

Management decisions concern both the improvement of production processes in general and their individual elements, and the improvement of working and living conditions for workers. In the production management system, the analysis of economic activity is the link between the collection of information and the adoption of managerial decisions. Its significance lies in the fact that it is the main means of identifying reserves for increasing production efficiency and product quality, and improving the management mechanism.

The feasibility study is closely related to planning and is its integral part and its basis. Planning begins and ends with an analysis of the activities of the enterprise, which determines a reasonable assessment of its work. The scientific validity of plans requires the expansion and deepening of methods of analysis using economic and mathematical methods, methods of systemic, functional and cost analysis, an integrated approach to the study of all factors of production.

The development of intra-company plans and business plans is inextricably linked with the development of preliminary analysis techniques, forecasting the production, economic and financial activities of the enterprise. In a market economy, enterprises (including state-owned ones) themselves must economically justify technical solutions and plans both in the short and long periods, which dramatically increases the role and importance of analysis, without which it is impossible to objectively assess the internal and external factors affecting the production and economic and financial activities of the company.

The purpose of the technical and economic analysis is to study the technical, organizational and economic level of the enterprise and its divisions, evaluate the results of its production, economic and financial activities, as well as diagnose its bankruptcy.

This goal provides for the solution of a number of particular tasks, such as assessing quality, revealing unused opportunities and production reserves, identifying the causes of deviations from the standards, establishing the impact of certain types of activities on overall results management, forecasting expected results of activities and preparing data for making management decisions, etc.

The main purpose of financial analysis is to assess the financial condition of the enterprise. Since the financial condition of an enterprise is characterized by a set of indicators that reflect the process of formation and use of its financial resources, in a market economy it reflects the final results of the enterprise. Consequently, financial analysis is an indispensable element of both financial management at an enterprise and its economic relations with partners, with the financial and credit system, with tax authorities, and involves taking into account such indicators as financial stability, business activity, profitability and profitability.

The production, economic and financial activities of the enterprise and its divisions are characterized by a certain system of interrelated indicators. Therefore, a change in individual indicators also changes the final technical, economic and financial indicators of the enterprise. Thus, the study of certain aspects of the enterprise's activity is based on the analysis of the system of indicators in their dynamics. At the same time, analysis is a tool not only for planning and management, but also for diagnosing and monitoring the activities of an enterprise.

Analysis of the financial and economic activities of the enterprise should combine the methods of induction and deduction. This means that, while investigating the individual, the analysis must also take into account the general. When studying the activities of the production team and individual performers, one should simultaneously take into account the indicators of the workshop and the place in it of this team; in the same ratio, a shop and an enterprise, an enterprise and a joint-stock company, etc. are considered.

In the course of economic analysis, all business processes are studied in their interconnection, interdependence and interdependence.

Causal or factorial analysis proceeds from the fact that each cause, each factor receives a proper assessment. For this purpose, the causes-factors are preliminarily studied, for which they are classified into groups: essential and insignificant, main and secondary, determining and practically non-determining. Further, the influence on economic processes, first of all, of essential, basic, determining factors is studied. The study of insignificant, practically non-determining factors is carried out, if required, in the second turn. Establishing the impact of all factors is extremely difficult and not always necessary.

The task of the analysis is to reveal and understand the main causes and factors that had a decisive influence on the financial and economic condition of the enterprise in this moment.

In market conditions, any enterprise may be bankrupt or a victim of "someone else's" bankruptcy. However, a skillful economic strategy, a rational policy in the field of finance, investments, prices and marketing allow the company to avoid this and maintain business activity, profitability and a high reputation as a reliable partner and manufacturer of quality products for many years.

Bankruptcy diagnostics is a type of financial analysis that is aimed primarily at identifying various failures and omissions in activities as early as possible.

To assess the stability of the FSP, a system of indicators characterizing the changes is used:

The structure of the capital of the enterprise according to its location and sources of education;

Efficiency and intensity of capital use;

Solvency and creditworthiness of the enterprise;

Stock of financial stability of the enterprise.

The analysis of the FSP is based mainly on relative indicators, since it is difficult to bring the absolute indicators of the balance sheet under inflation into a comparable form. Relative indicators of the financial condition of the analyzed enterprise can be compared:

With generally accepted "norms" for assessing the degree of risk and predicting the possibility of bankruptcy;

With similar data from other enterprises, which allows you to identify the strengths and weaknesses of the enterprise and its capabilities;

With similar data for previous years to study the trend of improvement or deterioration of the FSP.

Analysis and diagnostics of the financial and economic activities of the enterprise is a set of works related to:

a) with the study of economic processes in their interrelation, developing under the influence of objective economic laws and factors of a subjective order;

b) with scientific substantiation of plans, managerial decisions and an objective assessment of the results of their implementation;

c) identifying positive and negative factors affecting the performance of the enterprise;

d) with the disclosure of trends and proportions of the development of the enterprise, with the determination of unused on-farm reserves and resources;

e) with the generalization of best practices and the development of proposals for its use in the practice of this enterprise.

Financial analysis allows you to effectively manage financial resources, identify trends in their use, develop forecasts for the development of the enterprise in the near and long term.

Financial analysis should not be expected to pinpoint the exact cause of an impending disaster. However, only with its help it is possible to make a correct diagnosis of the economic "disease" of the enterprise, find the most vulnerable places in the enterprise's economy and offer effective solutions to overcome the difficult situation.

Using the methods of economic and financial analysis, it is possible not only to identify the main factors affecting the financial and economic condition of the enterprise, but also to measure the degree (strength) of their impact. For this, appropriate methods and techniques of economic and mathematical calculations are used.

Goals and objectives of financial analysis

Under the financial condition refers to the ability of the enterprise to finance its activities. It is characterized by the availability of financial resources necessary for the normal functioning of the enterprise, their appropriate placement and effective use, financial relationships with other legal and individuals, solvency and financial stability

The financial condition of the enterprise can be stable, unstable and crisis. The ability of the enterprise to make payments in a timely manner, to finance its activities on an extended basis indicates its good (stable) financial condition.

In order to develop in a market economy and prevent the bankruptcy of an enterprise, you need to know 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. You should also know such concepts of a market economy as financial stability, solvency, business activity, profitability, etc.

The main goal of any type of financial analysis is to assess and identify the internal problems of the company for the preparation, justification and adoption of various management decisions, including in the field of development, overcoming the crisis, transition to bankruptcy procedures, buying and selling a business or a block of shares, attracting investments ( borrowed money).

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

1. Based on the study of the 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 financial condition of the enterprise.

2. Predict possible financial results, economic profitability based on the actual conditions of economic activity, the availability of own and borrowed resources and developed models of financial condition with a variety of options for using resources.

3. Develop specific measures aimed at more efficient use of financial resources and strengthening the financial condition of the enterprise.

Management decisions are developed and adopted by various subjects, in particular:

owners to justify strategic decisions (what long-term activities should be included in the company's business plan to ensure sustainable development);

managers to justify operational decisions (what operational activities should be included in the company's financial recovery plan);

arbitration managers to implement court decisions (what urgent measures should be provided for in the plan external management company);

creditors to justify decisions on granting a loan (what conditions for granting a loan will exclude the possibility of its non-repayment);

investors to prepare investment decisions (what investment conditions will ensure the profitability of the investment project);

representatives of public authorities to assess compliance with public interests (what conditions state support necessary to restore the solvency of an economic entity that is fully or partially state-owned).

Specific tasks of financial analysis are determined by the developed management decisions.

The tasks set determine the choice of certain types and forms of financial analysis.

Types and forms of financial analysis

The analysis of the financial condition 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 lending conditions and determine the degree of risk; suppliers - for timely receipt of payments; 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's services, its results are used for planning, controlling and forecasting the FSP. Its goal is to ensure the systematic flow of funds and to place own and borrowed funds in such a way as to obtain maximum profit and exclude 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 the possibility of a profitable investment in order to maximize profits and eliminate losses. External analysis has the following features:

The plurality of subjects of analysis, users of information about the activities of the enterprise;

Variety of goals and interests of the subjects of analysis;

Availability of standard methods, accounting and reporting standards;

Orientation of the analysis only to external reporting;

Limited analysis tasks when using only external reporting;

Maximum openness of the results of the analysis for users of information about the activities of the enterprise.

The financial analysis of a Russian company in terms of the types and forms used does not fundamentally differ from similar procedures within the framework of the traditional (Western) approach. Depending on the specific tasks, financial analysis can be carried out in the following forms:

express analysis (designed to obtain a general idea of ​​the company's financial position in 1-2 days based on external accounting forms);

comprehensive financial analysis (designed to obtain a comprehensive assessment of the company's financial position within 3-4 weeks based on external accounting forms, as well as transcripts of reporting items, analytical accounting data, independent audit results, etc.);

financial analysis as part of a general study of the company's business processes (intended to obtain a comprehensive assessment of all aspects of the company's activities - production, finance, supply, sales and marketing, management, personnel, etc.);

oriented financial analysis (designed to solve a company's priority financial problem, for example, optimizing accounts receivable based on both the main forms of external financial statements and transcripts of only those reporting items that are related to the specified problem);

regular financial analysis (intended for setting effective management finances of the company on the basis of submission within a certain period of time, quarterly or monthly, of specially processed results of a comprehensive financial analysis).

Depending on the given directions, financial analysis can be carried out in the following forms:

retrospective analysis (designed to analyze current trends and problems in the financial condition of the company;

plan-fact analysis (required to assess and identify the causes of deviations of reporting indicators from planned ones);

prospective analysis (required for expertise financial plans, their validity and reliability from the standpoint of the current state and available potential).

System of indicators and methods of financial analysis

The economic analysis of economic activity in a market economy is increasingly acquiring the character of a system analysis. When conducting a system analysis, there are, as a rule, six stages.

At the first stage, the object of study is presented as a system for which the goals and conditions of functioning are determined. The economic activity of an enterprise can be viewed as a system consisting of three interrelated elements: resources, production process and finished products.

The goal of the enterprise is profitability, i.e., the highest possible result in monetary terms for the period under consideration. The task of system analysis is to consider all the particular factors that provide more high level profitability. The economic principle of the enterprise's activity is to ensure either the maximum output of products with a given cost of resources, or alternatively a given output of products with a minimum consumption of resources. The conditions for the functioning of the enterprise are determined by the system of long-term economic standards of taxation and the foreign economic relations of the enterprise, i.e., the financing market, the purchase market and the sales market.

At the second stage of the analysis, the selection of indicators characterizing the financial and economic activity of the enterprise is carried out.

At the third stage of the system economic analysis, a general scheme of the system is drawn up, its main components, functions, relationships are established, a scheme of subsystems is developed showing the subordination of their elements.

Rice. 1 "Indicators taken into account in the analysis of the financial condition of the company"

At the fourth stage of the system analysis of economic activity, all the main relationships and factors that give quantitative characteristics are determined.

At the fifth stage, a model of the system is built based on the information obtained in the previous stages. Specific data on the operation of the enterprise are entered into it, and the parameters are obtained in numerical terms.

The final sixth stage of the analysis is working with the model. It includes an objective assessment of the results of economic activity, a comprehensive identification of reserves to improve production efficiency.

The main thing in a comprehensive analysis is consistency, linking individual sections - blocks of analysis with each other, analysis of the relationship and mutual conditionality of these sections and the output of the results of the analysis of each block to generalizing performance indicators.

The methodology of complex economic analysis for management purposes should contain the following components:

Definition of goals and objectives of economic analysis;

A set of indicators for assessing the possibility of achieving goals and objectives;

The scheme and sequence of the analysis;

Frequency and timing of management analysis;

Ways of obtaining information and its processing;

Ways and methods of analysis of economic and financial information;

The list of organizational stages of the analysis and the distribution of responsibilities between the services of the enterprise when conducting a comprehensive analysis;

The system of organizational and computer technology necessary for the analysis;

The order of registration of the results of the analysis and their evaluation;

Evaluation of the complexity of analytical work.

The relationship between the main groups of indicators of economic activity determines the sections and sequence of a comprehensive analysis:

1. Comprehensive review of generalizing indicators of production and economic activity.

2. Analysis of the organizational and technical level of production and product quality.

3. Analysis of natural and cost indicators of production volume.

4. Analysis of the use of fixed assets and equipment operation.

5. Analysis of the use of material resources.

6. Analysis of the use of labor and wages.

7. Analysis of the cost of production.

8. Analysis of profit and profitability.

9. Analysis of the financial condition and diagnostics of bankruptcy.

10. General evaluation of work and analysis of production efficiency.

Enterprise profitability analysis

performance and economic activity the functioning of the enterprise are evaluated not only by absolute, but also by relative indicators. The latter, in particular, include a system of profitability indicators.

In the broad sense of the word, the concept of profitability means profitability, profitability. An enterprise is considered profitable if the income from the sale of products (works, services) covers the costs of production (circulation) and, in addition, form an amount of profit sufficient for the normal functioning of the enterprise.

The economic essence of profitability can be disclosed only through the characteristics of the system of indicators. Their general meaning is to determine the amount of profit from one ruble of invested capital.

Profitability ratios characterize the profitability of the company's activities, they are calculated as the ratio of the received balance sheet or net profit to the funds spent or the volume of products sold. There are profitability of all capital, own funds, production assets, financial investments, sales, permanent funds.

The profitability ratio (or profitability of the entire capital) shows how much balance sheet or net profit is received from 1 rub. property value:

The efficiency ratios for the use of own funds show the share of balance sheet or net profit in the company's own funds:

Return on equity reflects how much profit is received from each ruble invested by the owners of the company. This indicator characterizes the effectiveness of the use of invested equity capital and serves as an important criterion for assessing the level of share quotation on the stock exchange. The ratio allows you to evaluate the potential income from investing in securities of various companies.

The profitability ratio of all assets is compared with the profitability ratio of own funds. The difference between these indicators characterizes the attraction of external sources of financing.

The profitability of production assets is calculated by the ratio of the amount of profit to the cost of fixed assets and inventories:

The profitability of sales volume is a modified measure of the profitability of products. When calculating the profitability of sales, the volume of products sold is taken as a comparison base:

Normative values ​​of profitability ratios are differentiated by industries, types of production, production technology. In the absence of norms, it is necessary to trace the dynamics of indicators for a number of periods, since the growth of profitability indicates an increase in profitability.

The first stage of the analysis is the assessment of the profitability of sales volume and the calculation of factors affecting its condition (changes in the price of products and their cost). The better the basic production assets, the lower the capital intensity, the higher the return on assets and, as a result, the increase in the profitability of production. With the improvement of the use of material working capital, their value per 1 ruble decreases. sold products. Consequently, the factors accelerating the turnover of inventories are at the same time factors in the growth of production profitability.

The next stage of the analysis is to assess the impact of the profitability of individual products on the overall profitability of products sold (profitability of sales). Such an analysis allows us to establish the impact of the production and marketing of individual products on the overall profitability in the current structure of sales, as well as to assess the rationality of the sales structure itself.

The analysis is carried out in the following sequence:

1. Determine the share of each type of product in the total sales volume.

2. Calculate individual indicators of profitability of certain types of products.

3. Determine the impact of the profitability of certain types of products on its average level for all products sold by multiplying the individual profitability by the share of the product in the total sales volume.

4. Determine the impact associated with a change in the individual profitability of manufactured products by multiplying the difference between the profitability of the reporting period and the base period by the share of the product in the reporting period

5. The influence of the structural factor is determined by multiplying the profitability of the base period by the difference in the specific weight of the product of the reporting and base periods.

Business activity analysis

Business activity means the whole range of efforts aimed at promoting the company in the markets of products, labor, capital: In the context of the analysis of financial and economic activity, this term is understood in a narrower sense - as current production and commercial activity enterprises. Business activity commercial organization is manifested in the dynamism of its development, the achievement of its goals, which is reflected in natural and cost indicators, efficient use economic potential, expansion of markets for their products.,

An assessment of business activity at a qualitative level can be obtained as a result of comparing the activities of a given commercial organization of related companies in the field of capital applications. Such qualitative criteria are: the breadth of markets for products, the availability of products supplied for export, the reputation of a commercial organization, expressed, in particular, in the popularity of customers using the services of a commercial organization, in the stability of relationships with customers.

Quantification and analysis of business activity can be done in two ways:

The degree of implementation of the plan (established by a higher organization or independently) according to the main indicators, ensuring the specified rates of their growth;

The level of efficiency in the use of resources of a commercial organization,

The current activities of any commercial organization can be characterized from different angles. In our country, the main estimated indicators are traditionally considered the volume of sales and profit. In addition to them, the analysis uses indicators that reflect the specifics production activities commercial organization. For each of these indicators, in principle, a planned value or an internal production standard (reference point) can be set, with which a comparison is made after the reporting period. As for the dynamics of the main indicators, the most informative analytical conclusions are formulated as a result of comparing the rates of their change. In particular, in a certain sense, the following ratio of tempo indicators is optimal:

where Tc, Tr, Tr - respectively, the rate of change in the total capital advanced in the activities of a commercial organization, sales volume and profit.

The inequalities considered from left to right have an obvious economic interpretation. Thus, the first inequality means that the economic potential of a commercial organization increases, i.e. its activities are on the rise. As noted above, increasing the assets of the company, in other words, increasing its size, is often one of the main targets formulated by the owners of the company and its management personnel in an explicit or implicit form. The second inequality indicates that, compared with the increase in economic potential, the volume of sales increases at a higher rate, i.e. the resources of commercial organizations are used more efficiently, the return on each ruble invested in the company increases. It can be seen from the third inequality that profit is growing at a faster pace, which indicates, as a rule, that there was a relative decrease in production and distribution costs in the reporting period as a result of actions aimed at optimizing technological process and relationships with partners.

When analyzing, it is necessary to take into account the impact of inflation, which can significantly distort the dynamics of key indicators. Eliminate this negative factor and obtaining more reasonable conclusions about the dynamics of indicators are carried out according to well-known methods based on the use of price indices.

In the spatial aspect, the comparison of absolute indicators of the volume of sales: and profit does not make sense. The higher the growth rate, the more dynamically the commercial organization develops, the more promising is the investment of additional capital in its activities or cooperation with it on production and financial issues.

To characterize the business activity of joint-stock companies in the accounting and analytical practice of economically developed countries, in addition to tempo indicators, they use the coefficient of economic growth sustainability, calculated by the formula.

where Рп - net profit (profit available for distribution among shareholders);

D - dividends paid to shareholders;

E- equity.

The equity capital of a joint-stock company can be increased either by issuing additional shares or by reinvesting the profits received. Thus, the coefficient kg shows at what pace, on average, equity capital increases due to financial and economic activities, and not by attracting additional equity capital.

Another direction of evaluating business activity is the analysis and comparison of the efficiency of using the resources of a commercial organization. There are many indicators used in the course of such an analysis. Usually the logic of isolation of such indicators is as follows. Any enterprise has three types of basic resources: material, labor and financial. In this case, material resources are most often understood as the material and technical base of the enterprise, and for the financial manager, the interest is primarily not their composition and structure, considered from the position of the technological process (this is the area of ​​interest of line managers and production managers), but the amount of financial investments to these assets. Therefore, the main estimated indicator is the return on assets calculated by the formula

Financial stability analysis

One of the characteristics of the stable position of the enterprise is its financial stability. It depends both on the stability of the economic environment within which the enterprise operates, and on the results of its functioning, its active and effective response to changes in internal and external factors.

Financial stability is a characteristic that indicates a steady excess of an enterprise's income over its expenses, free maneuvering of the enterprise's funds and their effective use, an uninterrupted production process and product sales. Financial stability is formed in the process of all production and economic activities and is the main component of the overall stability of the company.

An analysis of the stability of the financial condition on a particular date allows you to find out how correctly the company managed resources during the period preceding this date.

An external manifestation of financial stability is solvency, i.e., the ability to pay off their payment obligations with cash resources in a timely manner. Solvency analysis is necessary for the enterprise not only for the purpose of assessing and forecasting financial activities, but also for external investors (banks). 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 assessment is carried out on the basis of the characteristics of the liquidity of current assets, i.e., the time required 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.

The assessment of solvency is given for a specific date. However, one should take into account its subjective nature and the fact that it can be performed with varying degrees of accuracy.

Solvency is confirmed by the data:

On the availability of funds on current accounts, foreign currency accounts, short-term financial investments. These assets should have an optimal value. The more significant the amount of cash in the accounts, the more likely it can be argued that the company has sufficient funds for current settlements and payments. However, the presence of insignificant balances in cash accounts does not always mean that the company is insolvent: funds can go to the cash desk, to settlement, foreign currency accounts in the coming days, short-term financial investments can easily be turned into cash. The constant crisis lack of cash leads to the fact that the enterprise turns into a "technically insolvent", and this can already be considered as the first step on the path to bankruptcy;

About the absence of overdue debts and delays in payments;

Late repayment of loans, as well as long-term continuous use of loans.

The highest form of enterprise sustainability is its ability to develop. To do this, the company must have a flexible structure of financial resources and the ability, if necessary, to attract borrowed funds, i.e., be creditworthy.

Absolute indicators of financial stability are indicators that characterize the state of reserves and the availability of their sources of formation.

With its help, four types of financial situation are distinguished.

The absolute stability of the financial condition of the company shows that all stocks are fully covered by their own working capital. This situation is extremely rare, and it can hardly be considered ideal, since it means that the administration is unable, unwilling or unable to use external sources of funds for its core activities.

Normal stability of the financial condition (guarantees the solvency of the enterprise, this ratio corresponds to the situation when a successfully functioning enterprise uses various “normal” sources of funds to cover its reserves - its own and attracted).

An unstable financial condition (characterized by a violation of the solvency of the enterprise, when the restoration of equilibrium is possible by replenishing the sources of own funds and accelerating the turnover of inventories, this ratio corresponds to the situation when the enterprise is forced to attract additional sources of coverage to cover part of its reserves, which are not “normal”, i.e. e. justified).

Crisis financial condition (in which the enterprise is insolvent and is on the verge of bankruptcy), because the main element of working capital - stocks are not provided with sources of their coverage. A critical financial situation is characterized by a situation where, in addition to the previous inequality, an enterprise has loans and loans that are not repaid on time, as well as overdue accounts payable and receivable. This situation means that the company cannot pay its creditors on time. In a market economy, with a chronic repetition of the situation, the enterprise must be declared bankrupt, provided:

Solvency and liquidity analysis

The results of a firm's liquidity analysis are primarily of interest to commercial creditors. Since commercial loans are short-term, liquidity analysis is the best way to assess the firm's ability to pay these obligations.

A general indicator of liquidity is the sufficiency (surplus or shortage) of sources of funds for the formation of reserves. The meaning of the analysis using absolute indicators is to check which sources of funds and to what extent are used to cover reserves.

The need for balance sheet liquidity analysis arises in market conditions due to increased financial constraints and the need to assess the creditworthiness of an enterprise. The liquidity of the balance sheet is defined as the degree of coverage of the obligations of the enterprise by its assets, the period of transformation of which into cash corresponds to the maturity of the obligations. The liquidity of assets is the reciprocal of the liquidity of the balance sheet by the time the assets are converted into cash. The less time it takes to this species assets acquired a monetary form, the higher its liquidity. 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.

Depending on the degree of liquidity, i.e., the rate of conversion into cash, the assets of the enterprise are divided into the following groups:

1. The most liquid assets are the company's cash and short-term financial investments (securities); amounts for all cash items that can be used to perform current settlements immediately

2. Marketable assets - accounts receivable and other assets.

A firm is said to be liquid if its current assets exceed its short-term liabilities, the firm may be liquid to a greater or lesser extent. A firm whose working capital consists primarily of cash and short-term receivables is generally considered to be more liquid than a firm whose working capital consists primarily of inventories. To check the real degree of liquidity of the company, it is necessary to analyze the liquidity of the balance sheet.

Liquidity ratios are used to assess a firm's ability to meet its short-term obligations. They give an idea not only about the solvency of the company at the moment, but also in case of emergency.

Comparison of liquid funds and liabilities allows you to calculate the following indicators.

Absolute liquidity ratio. This ratio is equal to the ratio of the most liquid assets to the sum of the most urgent liabilities and short-term liabilities. Under the most liquid assets, as well as when grouping balance sheet items to analyze the liquidity of the balance sheet, means the company's cash and short-term securities. Short-term liabilities of the enterprise, represented by the sum of the most urgent liabilities and short-term liabilities, include: accounts payable and other liabilities (taking into account the comment on the accounts payable and other liabilities ratio; this comment also applies to the short-term debt ratio); loans not repaid on time; short-term loans and borrowings.

The absolute liquidity ratio shows what part of the short-term debt the company can repay in the near future.

The absolute liquidity ratio characterizes the solvency of the enterprise on the date of the balance sheet.

Current (intermediate) liquidity ratio gives overall score liquidity of assets, showing how many rubles of current assets of the enterprise account for one ruble of current liabilities.

The quick (urgent) liquidity ratio is similar in meaning to the current liquidity ratio, but is calculated for a narrower range of current assets, when the least liquid part of them - inventories - is excluded from the calculation.

To assess the degree of liquidity of organizations of certain organizational and legal forms ( joint-stock companies, limited liability companies, unitary enterprises) an indicator of the value of net assets is established.

The higher the coverage ratio, the more confidence the company has with creditors. It is advisable to supplement the calculation of liquidity ratios with an analysis of the structure of the enterprise's assets in terms of their liquidity (possibility of quick implementation).

Features of financial analysis in Russia

Experience in financial analysis Russian companies in various forms and the study of attempts to perform classical analytical procedures allow us to highlight the main problems of "Russian specifics" in this area of ​​research.

First, in many cases, in practice, financial analysis is reduced to calculations of structural ratios, rates of change in indicators, and values ​​of financial ratios. The depth of the study is limited, at best, to a statement of the trend of "improvement" or "deterioration". To draw conclusions and, moreover, recommendations based on the initial information array is an insoluble problem for specialists of companies equipped with special software, but not sufficiently qualified, professional experience, creative attitude to routine calculation operations.

Secondly, often the results of financial analysis are based on unreliable information, while it can be distorted both by subjective and objective reasons. On the one hand, the rule of a "skillful" Russian manager is considered to be an underestimation or concealment by any tricks of the income (profit), therefore, in order to assess the reliability of the initial information and, as a result, to obtain real results of financial analysis, a preliminary independent audit is required to detect intentional and unintentional errors. On the other hand, according to Russian accounting rules, monetary and non-monetary forms of settlements are not separated in the reporting (the only exception is Form No. 4 "Cash Flow Statement", but it is annual).

As a result of the prevalence of barter settlements, an illusion is created and cultivated about the progressive development of market relations in Russia, in which enterprises sell their products supposedly at market prices (in fact, the interests of the participants in barter transactions are inflated due to consensus), receive supposedly revenue for it and pay out of it. allegedly fiscal obligations to the state budget.

Thirdly, the desire for detailed financial analysis led to the development, calculation and superficial use of a clearly excessive number of financial ratios, especially since most of them are functionally dependent on each other. The developers of new financial analysis software are especially proud of the assertion that the created tool makes it possible to calculate 100 or more financial ratios, although it is usually sufficient to use no more than 2-3 indicators for each aspect of financial activity.

Fourthly, a comparative financial analysis of Russian companies is practically impossible due to the lack of an adequate regulatory framework and available industry averages.

Below are the standards of the main financial ratios generally recognized in the world practice

Table 1 "Standards of the main financial ratios"

But, as calculations show, Russian companies, as a rule, do not meet many of these normative values ​​and can be classified as financially disadvantaged (on the verge of bankruptcy).

Fifth, Western integral indicators, which are used by many domestic analysts to assess the probability of bankruptcy of companies, have a rather distant form from Russian practice.

Sixth, the peculiarities of Russian accounting obviously distort the results of the financial activities of companies. The need to take into account exchange rate differences in the balance sheet led to the fact that after the devaluation of the ruble on August 17, 1998, long-term foreign loans were recalculated at the current rate of the Central Bank (approximately 24 rubles for 1 dollar) and caused significant losses for many Russian companies in 1997.

Finally, the initial reporting of the analyzed companies is distorted due to inflationary processes in the Russian economy, which mainly affect not the vertical (the main proportions remain unchanged), but the horizontal analysis.

Conclusion

The market economy involves the formation and development of enterprises of various organizational and legal forms based on different types private property. This is the most important prerequisite and reason for interest in the results of financial and economic activities.

The need to control the financial and economic activities of the enterprise objectively follows from the essence of finance as monetary relations. The financial and economic activity of the enterprise is associated with the formation and expenditure of funds, and therefore affects the interests of the state, employees of the enterprise, shareholders and all possible counterparties of the enterprise.

Control is manifested through an analysis of the financial performance of the enterprise and measures of influence of various contents.

All of the above about "Russian specifics" in no way detracts from the importance of the traditional approach, tested and fine-tuned in countries with developed market economy, for financial analysis of the current state and development prospects of domestic companies.

On the contrary, its value will increase immeasurably for owners, managers, creditors and investors, if the classical Western methods take into account the conventions of the Russian specifics of the transition period. Such an adaptation of the traditional approach will allow financial analysis not only to remain an integral element of financial management, but also to significantly improve the validity of managerial decisions.

The main directions of adaptation of the traditional approach are related to both external and internal conditions for the development of domestic companies.

First of all, the removal of the conventions of Russian specificity will be facilitated by:

improvement of accounting rules (in particular, when accounting for exchange rate differences);

improving approaches and methods for assessing the market value of company shares (necessary, for example, to assess capitalization);

Bibliography

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