The main purpose of financial analysis of an enterprise. Financial analysis and its role in organizing 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 main results financial activities enterprises in order to identify reserves for further increasing its market value.

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

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

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

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

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

Main goal financial analysis is to obtain a small number of key (the 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 expected parameters of the financial condition in the future are determined.

Thus, financial analysis can be defined as a method of accumulation, transformation and use of information of a financial nature, which has target :

1. assess the current and future 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 feasibility 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

Objectives 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. Cash flow analysis.8. Analysis of investments and capital investments.9. Market value analysis.10. Bankruptcy probability analysis.11. Comprehensive assessment of financial condition.12. Preparation of financial position forecasts.13. Preparation of conclusions and recommendations.

Types of fin. Analysis:

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

2) stuck From the scope of the study: complete, thematic

3) depending Depending on the scope of analysis: for the enterprise as a whole, for a division or structural unit, for a separate financial unit. 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 individual aspects of the enterprise’s activities. In financial practice, depending on the methods used, the following systems of financial analysis carried out at the enterprise are distinguished: trend, structural, comparative and ratio analysis.

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

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 indicators of the same period of the previous year (for example, indicators of the second quarter of the reporting year with similar indicators 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 changes in individual indicators characterizing the results of the financial activities of the enterprise. The results of such an analysis are usually presented graphically in the form of line graphs or a bar graph 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 carrying out this analysis, the specific weights 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 carrying out this analysis, the sizes of absolute and relative deviations of the compared indicators are calculated. The most widespread forms of comparative analysis are: analysis of the financial indicators of an enterprise and industry average indicators, analysis of the financial indicators of a given enterprise and competitor enterprises, analysis of the financial indicators of individual structural units and divisions of a given enterprise, analysis of reporting and planned (normative) financial indicators:

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

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

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

In practice, it often happens that a well-functioning organization experiences financial difficulties associated with insufficiently rational allocation and use of available financial resources. Therefore, financial activities should be aimed at ensuring the systematic receipt and effective use of financial resources, compliance with settlement and credit discipline, achieving a rational ratio of own and borrowed funds, financial stability for the purpose of the effective functioning of the organization. Analysis plays a significant role in achieving a stable financial position.

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

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

long-term financing (investing capital in efficient investment projects and issue-grade securities);

payment of dividends to shareholders;

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

The main goal of financial analysis is to obtain a certain number of basic parameters that provide 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, and in the composition of profits and losses.

Main objectives of financial analysis:

determining the financial condition of the organization;

identifying changes in financial condition in space and time;

identification of the main factors causing changes in financial condition;

forecast of main trends in financial condition.

The alternativeness of the purposes of financial analysis depends on its time limits, as well as on the goals that users of financial information set for themselves.

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

Preliminary review of financial statements.

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

Assessment of financial stability.

Characteristics of sources of funds (own and borrowed).

Profit and profitability analysis.

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 capabilities of its implementation. The main factors ultimately are the volume and quality of analytical information.

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

Financial analysis is part of a general, complete analysis of economic activity, which consists of two closely interrelated 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 division 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 information about the activities of the organization, which is the property of the entire society. The main source of information for external analysis is the balance sheet and its annexes.

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

Business activity analysis schemeorganizations

Analysis of economic activities

Management analysis

The financial analysis

Internal production analysis

Internal financial analysis

External financial analysis

Analysis in justification and implementation of business plans

Capital Advance Efficiency Analysis

Analysis in the marketing system

Analysis of absolute profit indicators

Comprehensive economic analysis of the efficiency 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 related to the goals and objectives facing each of them. External analysis tasks determined by the interests of users of analytical material.

Internal financial analysis aims to a more in-depth study of the reasons for the current financial situation, the efficiency of using fixed and working capital, the relationship between indicators of production volume (sales), cost and profit. For this purpose, financial accounting data (regulatory and planning information) are additionally used as sources of information.

Purely internal is management analysis. It uses the entire 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 really assess the state of affairs in the organization, to study the cost structure of not only all issued and products sold, but also its individual types, the composition of commercial and administrative expenses, especially carefully study the nature of the responsibility of officials for the implementation of the business plan.

Management analysis data plays a decisive role in the development of the most important issues of the organization’s competitive policy: improving technology and production organization, 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.

The differences between the characteristics of financial and management analysis are presented more clearly 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 management analysis. The division of analysis into financial and managerial is due to the division of the accounting system that has developed in practice. However, such a 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 capabilities 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 enterprise administration, owners, auditors, and 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 verification when choosing an investment direction, when considering options for merging enterprises, when assessing the activities of enterprise management, when forecasting financial results, when justifying and issuing loans, when identifying problems in managing production activities, etc.

The variety of purposes 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-term and long term periods, efficiency of use of capital, labor and other types of resources. The administration's interest in the financial condition affects all areas of the enterprise's activities.

During the analysis, the administration uses all reliable information, all means and methods to monitor the activities of the enterprise. One such method is financial analysis. Financial analysis covers changes in trends in key accounting indicators and key dependencies. It is based on continuous monitoring of significant relationships and timely detection of deficiencies arising as a result of ongoing changes.

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

Evaluates the influence of factors on financial results activities and efficiency of asset use;

Exercises control over the movement of financial flows, compliance with standards for the expenditure of financial and material resources, and the appropriateness of expenses.

2. The role of financial analysis in making management decisions

In 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 focus was on production analysis and searching for reserves for increasing efficiency of use production resources. The development of financial analysis was not given enough attention, since there was no special need for it. Many enterprises were planned to be unprofitable, and losses were covered from the budget. External environment had an insignificant impact on the activities of enterprises.

Assessing potential bankruptcy.

Thus, financial analysis, as part of economic analysis, represents a system of certain knowledge associated with the study of the financial position of an enterprise and financial results that develop under the influence of objective and subjective factors, based on accounting (financial) reporting data.

3. The relationship between financial and management analysis. Financial analysis methods

Financial analysis, using specific methods and techniques, allows you to determine parameters that make it possible to objectively assess the financial condition of an enterprise. The results of the analysis allow interested parties and enterprises to make management decisions based on an assessment of the current financial situation, the activities of the enterprise in previous years and the projection of the financial condition for the future, i.e. expected parameters of 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 familiarization with the company’s statements allows you to study absolute values, draw conclusions about the main sources of raising funds, directions for their investment, the main sources of profit received, 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, but it is not enough for making management decisions. In horizontal (time) analysis, absolute indicators are supplemented by relative, usually rates of growth or decline. Based on 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 data in conditions of inflation. This drawback can be eliminated by recalculating the data. Vertical (structural) analysis gives an idea of ​​the structure of the final financial indicators, identifying the impact of each position on the result. This method financial analysis is used to study the structure of the balance sheet 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 comparisons of indicators are made over more than three years. However, long-term comparisons are usually made using indices. Each reporting item is compared with a number of previous periods to determine the trend. Trend is the main tendency of the indicator. Calculating a series of index numbers requires choosing a base year for all indicators. Since the base year will be the basis for all comparisons, it is best to select the year that is most normal or typical in terms of business conditions.

When using index numbers, percentage changes can only be interpreted in comparison with the base year. This type of analysis has the nature of a forward-looking forecast analysis and 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. The coefficients make it possible to determine the range of information that is important for users of information about the financial condition of the enterprise from the point of view of decision-making. Ratios make it possible to find out the main symptoms of changes in the financial situation and determine trends in its change.

With the correct coefficients, you can identify areas that require further study. The big advantage of coefficients is that they smooth out Negative influence inflation, which significantly distorts the absolute indicators of financial statements, thereby making it difficult to compare them over time. Comparative analysis is used to conduct intra- and inter-farm comparisons for individual financial indicators. Its purpose is to identify similarities and differences between homogeneous objects. Using comparison, changes in the level are established economic indicators, trends 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 performance indicator. Factor analysis can be direct, when an effective indicator is divided into its component parts, and backward, when individual elements are combined into a common effective 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 their component elements to study their behavior. Factor analysis can be retrospective, when the reasons for 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 is studied.

Factor analysis can be static, to study the influence of factors on performance indicators on a certain date, and dynamic, when cause-and-effect relationships are studied over time. One of the important tools of financial analysis is cash flow calculation. Presented in the form of an annual financial forecast, it shows how you are expected to receive cash each month and make monthly payments to pay off your debt. This calculation allows us to estimate the peak demand of the enterprise for additional funds and its ability to generate sufficient cash to repay 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 methods of analysis include:

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

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

Sensitivity analysis, which uses similar scenarios to identify the most vulnerable areas of an enterprise;

An industry factor that takes into account the variability of the cash flows of the borrowing enterprise in comparison with the flow of funds of other enterprises in the same industry.

These methods are of great importance for deepening financial analysis and assessing the growth potential of an enterprise. Specific analysis has become most widespread 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 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 Technologies

Discipline "Financial Management"

Moscow 2002

Introduction

In a market economy, technical and economic analysis and analysis of the financial position of an enterprise are the most important initial prerequisites for preparing and justifying management decisions. The main task of analyzing the state of an 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 of workers. In a production management system, analysis of economic activity represents the link between collecting information and making management 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.

Technical and economic analysis is closely related to planning and is its integral part and its basis. Planning begins and ends with an analysis of the enterprise’s activities, which determines a reasonable assessment of its work. The scientific validity of plans requires the expansion and deepening of analysis techniques using economic and mathematical methods, methods of systemic, functional and cost analysis, and 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) must themselves economically justify technical decisions and plans in both short and long periods, which sharply increases the role and importance of analysis, without which it is impossible to objectively assess internal and external factors affecting production and economic performance. and financial activities of the enterprise.

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

This goal involves solving a number of particular problems, such as assessing quality, uncovering unused opportunities and production reserves, identifying the causes of deviations from standards, establishing the impact of certain types of activities on general results management, forecasting expected performance results 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’s activities. Consequently, financial analysis is an indispensable element of both financial management at an enterprise and its economic relationships 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, changes in individual indicators also change the final technical, economic and financial indicators of the enterprise. Thus, the study of certain aspects of the enterprise’s activity is based on an 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 an enterprise should combine the methods of induction and deduction. This means that, while studying 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 of this team in it; the workshop and the enterprise, the enterprise and the joint-stock association, etc. are considered in the same ratio.

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

Causal, or factor, 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 non-essential, main and secondary, determining and practically non-determining. Next, the influence on economic processes, first of all, of significant, basic, determining factors is examined. The study of non-essential, practically non-determining factors is carried out, if necessary, in the second place. Establishing the impact of all factors is extremely difficult and not always necessary.

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

In market conditions, any enterprise can become bankrupt or a victim of “someone else’s” bankruptcy. However, a skillful economic strategy, rational policies 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 changes is used:

The capital structure of the enterprise by its placement and sources of education;

Efficiency and intensity of capital use;

Solvency and creditworthiness of the enterprise;

The margin of financial stability of the enterprise.

The analysis of the FSP is based mainly on relative indicators, since absolute balance indicators in conditions of inflation are difficult to bring to 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 from previous years to study the trend of improvement or deterioration of FSP.

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

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

b) with scientific justification of plans, management decisions made and an objective assessment of the results of their implementation;

c) identifying positive and negative factors affecting the results of the enterprise’s activities;

d) with the disclosure of trends and proportions of enterprise development, with the identification 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 a given enterprise.

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

Financial analysis should not be expected to pinpoint the specific cause of an impending disaster. However, only with its help can one make a correct diagnosis of the economic “disease” of an enterprise, find the most vulnerable spots in the enterprise’s economy and offer effective solutions to get out of a difficult situation.

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

Goals and objectives of financial analysis

Financial condition refers to the ability of an enterprise to finance its activities. It is characterized by the provision 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 an enterprise can be stable, unstable and in crisis. The ability of an enterprise to make timely payments and finance its activities on an expanded 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 taken by own funds and what by borrowed funds. You should also know such concepts of a market economy as financial stability, solvency, business activity, profitability, etc.

The main purpose of any type of financial analysis is to evaluate and identify internal problems companies for the preparation, justification and adoption of various management decisions, including in the field of development, recovery from the crisis, transition to bankruptcy procedures, purchase and sale of a business or a block of shares, attraction of investments (borrowed funds).

In this case, it is necessary to solve the following problems:

1. Based on a 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 perspective of improving the financial condition of the enterprise.

2. Forecast possible financial results, economic profitability based on real conditions economic activity, the availability of own and borrowed resources and developed models of financial condition for various 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 made by various entities, 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 (which operational activities should be included in the company’s financial recovery plan);

arbitration managers to implement court decisions (what urgent measures should be included in the plan external control company);

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

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

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

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

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

Types and forms of financial analysis

Analysis of the financial condition is carried out not only by the managers and relevant services of the enterprise, but also by its founders and investors - in order to study the efficiency of the use of resources; banks - to assess lending conditions and determine the degree of risk; suppliers - to receive payments on time; tax inspectorates- to fulfill the plan for the receipt of funds into the budget, etc. In accordance with this, analysis is divided into internal and external.

Internal analysis is carried out by the enterprise services, its results are used for planning, monitoring and forecasting of the FSP. Its goal is to ensure a smooth flow of funds and place own and borrowed funds in such a way as to obtain maximum profit and avoid bankruptcy.

External analysis is carried out by investors, suppliers of material and financial resources, and regulatory authorities based on published reports. Its goal is to establish the possibility of a profitable investment in order to ensure maximum profits and eliminate losses. External analysis has the following features:

Multiplicity of subjects of analysis, users of information about the activities of the enterprise;

Diversity 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 analysis results for users of information about the enterprise’s activities.

The financial analysis of a Russian company in terms of the types and forms used is not fundamentally different 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 in 1-2 days a general idea of ​​the company’s financial position based on external accounting reporting forms);

comprehensive financial analysis (designed to obtain, within 3-4 weeks, a comprehensive assessment of the company’s financial position based on external accounting reporting 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, optimization of accounts receivable based on both the main forms of external accounting reporting and transcripts of only those reporting items that are related to the specified problem);

regular financial analysis (designed to set effective management finances of the company based on the presentation within certain periods, quarterly or monthly, of specially processed results of comprehensive financial analysis).

Depending on the specified areas, financial analysis can be carried out in the following forms:

retrospective analysis (intended to analyze current trends and problems of the company’s financial condition;

plan-actual analysis (required to assess and identify the reasons for deviations of reporting indicators from planned ones);

prospective analysis (necessary for examination financial plans, their validity and reliability from the standpoint of the current state and existing potential).

System of indicators and methods of financial analysis

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

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

The goal of the enterprise is profitability, that is, the highest possible result in monetary terms for the period of time 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 maximum output with given resource consumption, or an alternatively specified output with minimal resource consumption. The operating conditions of an enterprise are determined by a system of long-term economic tax standards and 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, indicators are selected that characterize the financial and economic activities of the enterprise.

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

Rice. 1 "Indicators taken into account when analyzing the financial condition of a company"

At the fourth stage of system analysis of economic activity, all the main relationships and factors that provide 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 about the operation of the enterprise is entered into it, and parameters are obtained in numerical terms.

The final sixth stage of 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 systematicity, linking individual sections - blocks of analysis with each other, analyzing the relationship and mutual dependence of these sections and outputting the results of the analysis of each block to general performance indicators.

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

Determining the goals and objectives of economic analysis;

A set of indicators to assess the possibility of achieving goals and objectives;

Scheme and sequence of analysis;

Frequency and timing of management analysis;

Methods of obtaining information and processing it;

Methods and techniques for analyzing economic and financial information;

List of organizational stages of analysis and distribution of responsibilities between enterprise services when conducting a comprehensive analysis;

A system of organizational and computer equipment necessary for analysis;

The procedure for recording the analysis results and their evaluation;

Assessment of the labor intensity of analytical work.

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

1. Comprehensive review of general 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. Product cost analysis.

8. Profit and profitability analysis.

9. Analysis of financial condition and diagnosis of bankruptcy.

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

Enterprise profitability analysis

Efficiency and economic activity the functioning of an enterprise is assessed not only by absolute, but also by relative indicators. The latter, in particular, includes a system of profitability indicators.

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

The economic essence of profitability can be revealed 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 a company's activities and are calculated as the ratio of the balance sheet or net profit received to the funds spent or the volume of products sold. A distinction is made between the return on total capital, equity, production assets, financial investments, sales, and permanent funds.

The profitability ratio (or return on total capital) shows how much book or net profit is received from 1 ruble. property value:

Efficiency ratios for the use of own funds show the share of balance sheet or net profit in the enterprise’s own funds:

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

The profitability ratio of all assets is compared with the return on equity ratio. 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 material working capital:

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

Standard values ​​of profitability ratios are differentiated by industry, type of production, and manufacturing technology. In the absence of standards, it is necessary to trace the dynamics of indicators over a number of periods, since an increase in profitability indicates an increase in profitability.

The first stage of the analysis is to assess the profitability of sales volume and calculate the factors influencing its condition (changes in product prices and its cost). The better the fixed production assets are used, the lower the capital intensity, the higher the capital productivity and, as a consequence, the increase in production profitability. With the improvement of the use of working capital, their value per 1 ruble decreases. sold products. Consequently, factors accelerating the turnover of material working capital are simultaneously factors in increasing 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 (return on sales). Such an analysis makes it possible to establish the impact of the production and sales of individual products on overall profitability in the context of the existing structure of sold products, 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 profitability indicators for individual types of products.

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

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

5. Determine the influence of the structural factor 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 a company in the product, labor, and capital markets: In the context of the analysis of financial and economic activities, this term is understood in a narrower sense - as current production and commercial activity enterprises. The business activity of a commercial organization is manifested in the dynamism of its development, the achievement of its goals, which is reflected in natural and cost indicators, effective use economic potential, expansion of markets for their products.,

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

Quantitative assessment and analysis of business activity can be done in two directions:

The degree of fulfillment 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 using the resources of a commercial organization,

The current activities of any commercial organization can be characterized from various aspects. In our country, sales volume and profit are traditionally considered the main evaluation indicators. 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 (benchmark) can be established, with which comparison is made at the end of the reporting period. As for the dynamics of the main indicators, the most informative analytical conclusions are formulated by comparing the rates of their change. In particular, in a certain sense, the following ratio of tempo indicators is optimal:

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

Inequalities, viewed 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. the scale of its activities is increasing. As noted above, increasing the company’s assets, in other words, increasing its size, is often one of the main goals formulated by the company’s owners and its management personnel in explicit or implicit form. The second inequality indicates that, compared to the increase in economic potential, the volume of sales increases at a faster rate, i.e. The resources of commercial organizations are used more efficiently, and the return on every ruble invested in the company increases. From the third inequality it is clear that profit is growing at a faster pace, which usually indicates a relative reduction in production and distribution costs in the reporting period as a result of actions aimed at optimizing technological process and relationships with counterparties.

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

In the spatial aspect, comparison of absolute indicators of sales volume: 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 rate indicators, they use the coefficient of sustainability of economic growth, 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 increase either through additional issue of shares or through reinvestment of profits received. Thus, the coefficient kg shows at what rate, on average, equity capital increases due to financial and economic activities, and not by attracting additional share capital.

Another direction for assessing business activity is analyzing and comparing the efficiency of using the resources of a commercial organization. There are many indicators used in such analysis. Usually the logic for isolating such indicators is as follows. Any enterprise has three types of main resources: material, labor and financial. In this case, under material resources most often understand the material and technical base of the enterprise, and for the financial manager, the interest is primarily not in their composition and structure, considered from the perspective of the technological process (this is the sphere of interest of line managers and production managers), but in the amount of financial investments in these assets. Therefore, the main evaluation indicator is the capital productivity indicator, calculated using the formula

Financial stability analysis

One of the characteristics of a stable position of an 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 sustainable excess of an enterprise's income over its expenses, free maneuvering of the enterprise's funds and their effective use, uninterrupted production and sales of products. Financial stability is formed in the process of all production and economic activities and is the main component of the overall sustainability of the company.

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

The external manifestation of financial stability is solvency, i.e. the ability to pay off one’s payment obligations in a timely manner with available resources. Solvency analysis is necessary for an 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. The assessment of solvency is carried out on the basis of the liquidity characteristics of current assets, i.e. the time required to convert them into cash. The concepts of solvency and liquidity are very close, but the second is more capacious. Solvency depends on the degree of balance sheet liquidity. At the same time, liquidity characterizes not only the current state of settlements, but also the future.

The solvency assessment is given as of 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 following data:

About the availability of funds in current accounts, foreign currency accounts, short-term financial investments. These assets must be of optimal size. The larger the amount of funds in the accounts, the more likely it is to say 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 be received at the cash desk, settlement accounts, or foreign currency accounts within the next few days; short-term financial investments can easily be converted into cash. A constant crisis lack of cash leads to the fact that the enterprise turns into “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 sustainability of an enterprise is its ability to develop. To do this, the enterprise 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 characterizing the state of reserves and the availability of their sources of formation.

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

The absolute stability of the company’s financial condition shows that all reserves are fully covered by its 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 core activities.

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

Unstable financial condition (characterized by a violation of the solvency of the enterprise, when restoring balance is possible by replenishing sources of own funds and accelerating inventory turnover; this ratio corresponds to the situation when an enterprise, to cover part of its reserves, is forced to attract additional sources of coverage that are not “normal”, i.e. i.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 - inventories - is not provided with sources to cover them. A critical financial situation is characterized by a situation where, in addition to the previous inequality, the enterprise has loans and borrowings 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, if the situation recurs chronically, the enterprise must be declared bankrupt, provided:

Solvency and liquidity analysis

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

A general indicator of liquidity is the sufficiency (excess or deficiency) of sources of funds for the formation of reserves. The point of analysis using absolute indicators is to check which sources of funds and in what volume are used to cover inventories.

The need to analyze balance sheet liquidity arises in market conditions due to increasing financial restrictions and the need to assess the creditworthiness of an enterprise. Balance sheet liquidity is defined as the degree to which an enterprise's liabilities are covered by its assets, the period of transformation of which into cash corresponds to the period of repayment of liabilities. Asset liquidity is the inverse value of balance sheet liquidity in terms of the time of transformation of assets into cash. The less time it takes to this type assets acquired monetary form, the higher its liquidity. Analysis of balance sheet liquidity consists of comparing funds for assets, grouped by the degree of their liquidity and arranged in descending order of liquidity, with liabilities for liabilities, grouped by their maturity dates and arranged in ascending order of maturity.

Depending on the degree of liquidity, i.e. the speed 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 make current payments immediately

2. Quickly realizable assets - accounts receivable and other assets.

A firm is considered liquid if its current assets exceed its current liabilities, the firm may be more or less liquid. A firm whose working capital consists primarily of cash and short-term accounts receivable is generally considered more liquid than a firm whose working capital consists primarily of inventory. 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 of the company’s solvency at the moment, but also in the event of an emergency.

A comparison of liquid funds and liabilities allows us to calculate the following indicators.

Absolute liquidity ratio. This ratio is equal to the ratio of the value of the most liquid assets to the amount of the most urgent obligations and short-term liabilities. The most liquid assets, as when grouping balance sheet items to analyze balance sheet liquidity, mean the enterprise's cash and short-term securities. The company's short-term liabilities, 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 ratio of accounts payable and other liabilities; this comment also applies to the short-term debt ratio); loans not repaid on time; short-term loans and borrowed funds.

The absolute liquidity ratio shows how much of the company's short-term debt can be repaid in the near future.

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

The current (interim) liquidity ratio gives overall assessment asset liquidity, showing how many rubles of the enterprise’s current assets account for one ruble of current liabilities.

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

To assess the degree of liquidity of organizations of individual organizational and legal forms ( joint stock companies, societies with limited liability, unitary enterprises) an indicator of net asset value has been established.

The higher the coverage ratio, the more confidence the company has among creditors. It is advisable to supplement the calculation of liquidity ratios with an analysis of the structure of the enterprise’s assets based on their liquidity (possibility of quick sale).

Features of financial analysis in Russia

Experience in financial analysis Russian companies V various types and the study of attempts to perform classical analytical procedures make it possible to identify the main problems of “Russian specificity” in this area of ​​research.

Firstly, in many cases, in practice, financial analysis comes down to calculations of structural relationships, 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.” Drawing conclusions and, even more so, recommendations based on the initial information array is an insoluble problem for company specialists equipped with special software, but who do not have sufficient qualifications, professional experience, creative attitude to routine calculation operations.

Secondly, the results of financial analysis are often based on unreliable information, and it can be distorted due to both subjective and objective reasons. On the one hand, the rule of a “skillful” Russian manager is to understate or conceal by any means the received income (profit), therefore, in order to assess the reliability of the initial information and, as a result, 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 payment are not separated in reporting (the only exception is Form No. 4 “Cash Flow Statement”, but it is annual).

As a result of the prevalence of barter payments, the illusion of the progressive development of market relations in Russia is created and cultivated, in which enterprises sell their products supposedly at market prices (in fact, inflated due to the consensus of interests of the participants in barter transactions), allegedly receive revenue for it and pay out of it supposedly 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 particularly proud of the fact 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 adequate regulatory framework and available industry averages.

Below are the internationally accepted standards for basic financial ratios:

Table 1 "Standards of basic financial ratios"

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

Fifthly, Western integral indicators, which are used by many domestic analysts to assess the likelihood of bankruptcy of companies, are quite distant from Russian practice.

Sixth, the peculiarities of Russian accounting deliberately distort the results of 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 per 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

A 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 an enterprise objectively follows from the essence of finance as monetary relations. The financial and economic activities of an enterprise are associated with the formation and expenditure of funds, and therefore affect the interests of the state, employees of the enterprise, shareholders and all possible counterparties of the enterprise.

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

All of the above about “Russian specifics” does not in any way detract 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 when 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 management decisions.

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

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

improvement of accounting rules (in particular, when taking into account exchange rate differences);

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

Bibliography

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