The purpose of external financial analysis is. Financial and economic analysis of the enterprise: goals

The long-term development of any enterprise depends on the ability of management to identify emerging problems in a timely manner and competently neutralize them. To achieve this goal, financial analytics is used, the purpose of which is to identify all the problematic elements in the company's management tools.

What is the financial analysis of the enterprise

Financial analysis should be understood as the complex use of certain procedures and methods for an objective assessment state of the enterprise and his economic activity. The basis for the assessment is quantitative and qualitative accounting information. It is after its analysis that the specific solutions managerial nature.

The financial analysis is focused on studying the economic, technical and organizational level of the enterprise, as well as the departments related to it. The goals of financial analysis include the assessment of the financial and industrial economic activity of the company, including the diagnosis of bankruptcy.

Financial Analysis Priorities

Financial and economic analysis of the state of the enterprise puts specific tasks, on the implementation of which the accuracy of the analytics result depends. It's about on the discovery of reserves and production opportunities that were not used, on quality assessment, establishing the impact specific types activities on the overall results of management and on the identification of factors that caused deviations from the standards. In the process of analysis, a forecast of the expected results of the enterprise's activities and the preparation of information necessary for making a management decision are also carried out.

It can be argued that the financial analysis of an enterprise plays the role of financial management both in the company itself and in the process of cooperation with partners, tax authorities, and the financial and credit system. It takes into account business activity, financial stability, profitability and profitability. The analysis itself can also be defined as a tool for managing, planning, as well as monitoring the company's activities and its diagnostics.

At the same time, it should be noted that the analysis of specific aspects of the enterprise's activity is based on the analysis of the system of indicators, moreover, in a dynamic state. This is explained by the fact that the financial and production and economic activities of the company, as well as its divisions, have interrelated indicators. For this reason, changes in specific indicators can affect the final financial technical and economic indicators of the enterprise.

Financial and economic analysis of the enterprise: goals

Speaking about this form of analysis of the company's activities, it is worth noting that it involves a combination of deduction and induction methods. In other words, during the study of single indicators, the analyst should also take into account the general ones.

Another important principle is that when analyzing an enterprise, all types of business processes are studied taking into account their interdependence, interdependence and interconnection. As for the analysis of factors and causes, in this case, the analytics is based on the understanding of the following principle: each factor and cause must receive an objective assessment. Therefore, both causes and factors are initially studied, after which their classification into groups follows: secondary, main, insignificant, essential, little determining and determining.

The next step is to study the influence on economic processes of the determining, basic and significant factors. On the other hand, little-determining and insignificant factors are studied only if necessary and only after the completion of the main part of the analysis. It is worth considering the fact that financial analysis does not always involve the study of all factors, since this is relevant only in some cases.

At the same time, if we talk about the exact goals of the financial analysis of the enterprise, it makes sense to define the following components of the assessment process:

• analysis of the ability to repay loans;
• tracking the state of the enterprise at the time of assessment;
• bankruptcy prevention;
• assessment of the value of the company in case of its merger or sale;
• dynamics tracking financial condition;
• analysis of the enterprise's ability to finance investment projects;
• forecasting financial activities enterprises.

It should be noted that in the process of studying the financial condition of an enterprise, those who can use the help of a financial analyst economic entities, which are focused on obtaining extremely accurate and objective information about the activities of the enterprise.

These entities can be divided into two categories:

• External: creditors, auditors, government agencies, investors.
• Internal: shareholders, audit and liquidation commission, management and founders.

Another purpose for which financial analysis can be carried out, but not at the initiative of the enterprise, is to assess the investment potential and creditworthiness of the company. Such analytics, as a rule, is of interest to banks, for which it is important to ensure the solvency and profitability of the enterprise. This is logical, since any potential investor is interested in obtaining information regarding the liquidity of the company and the degree of risk regarding the loss of the deposit.

Features of internal and external analysis

Internal financial accounting and analysis is necessary in order to meet the needs of the enterprise itself. It can be focused both on identifying the degree of liquidity of the company, and on a thorough assessment of its results within the last reporting period. Such valuation methods are relevant when a financial analyst or firm's management intends to determine how realistic and relevant the allocation of funds for the expansion of production that was planned, and what effect additional costs can have on it.

With regard to external financial analysis, it is carried out by analysts who are not related to the enterprise. They also do not have access to internal information of the company.

If an internal analysis is carried out, then there will be no problems with attracting information of any category, including one that is not available. In the case of external analysis, some limitations of assessment methods are initially taken into account due to the lack of information in full.

Types of financial analysis

Analytics, with the help of which the state of the enterprise is assessed, can be divided into several key types according to the content of the management process:

• retrospective, or current analysis;
• perspective (preliminary, predictive);
• operational financial and economic analysis;
• analysis that takes into account the results of a particular period of time.

Each of the types is used depending on the key task.

Methods of financial analysis

The current methods of financial analytics include the following areas:

• Vertical analysis. This is one of the types of appraisal. financial reporting enterprise, in which the share of balance sheet items and various types liabilities and assets. With this technique, the distribution of resources is shown in shares.

• Horizontal analysis. We are talking about the financial analytics of the company, in which a dynamic assessment of the balance sheet items is made. Both the nature and the direction of the trend are assessed.
• Ratio analysis. With this type, financial, economic and production indicators are calculated on the basis of financial statements. Such financial and accounting analysis also examines reports on losses, profits and other regulatory documentation. The calculation of the coefficients makes it possible to evaluate the effectiveness and efficiency of various resources, activities and capital of the company, including.
• Trend analysis. With such an assessment, each reporting position is compared with specific previous periods, as a result, the trend of the enterprise's movement is determined. With the help of the established trend, the possible values ​​of future indicators are formed. In other words, a prospective analysis is carried out.
• Factor analysis. In this case, an assessment of the influence of specific factors on final results company activities. Stochastic and deterministic methods are used for research.
• Comparative analysis. We are talking about on-farm analytics of the summary indicators of shops, divisions, subsidiaries, etc. An inter-farm financial analysis of the organization is also carried out in relation to the indicators of competing enterprises.

Ratio analysis as the main tool of financial analytics

As a key method of financial analysis, you can define the coefficient. This is explained by the fact that a quantitative assessment of the state of the company and the adoption of various managerial decisions aimed at changing specific indicators are made on the basis of financial and economic ratios. In this case, one can observe a direct relationship between those resources of the company that were taken into account and the efficiency of their operation, expressed through the values ​​of financial and economic ratios and data in the balance sheet items.

This method of financial analysis involves the evaluation of four relevant groups of economic indicators:

• Profitability (profitability) ratios. Such data serves to reflect the profitability of the company's capital when generating income through the use of assets of various types.
• Coefficients of financial reliability (stability). In this case, the level of own and borrowed capital of the company is demonstrated, and the capital structure of the company is also displayed.
• Solvency (liquidity) ratios. Reflect the ability and ability of the organization to timely short-term and long-term debt obligations.

• Turnover ratios (business activity). Using this information, you can determine the number of company assets for a particular reporting period and the intensity of their turnover, among other things.

The method of financial analysis, in which the coefficients of the enterprise are taken as the basis for calculations, is considered important because it makes it possible to identify crisis phenomena in the company in a timely manner and take relevant measures to stabilize the situation.

This type of analysis is part of the strategic management of the organization.

Examples of financial analytics

In order to understand the essence of assessing the state of the organization, it is necessary to study the example of financial analysis. For example, for the entire period of the period under study, the margin was stable, but there was a certain decrease.

During the study period, an increase in the turnover rate of goods by 35 days was revealed. This indicates the presence of illiquid stocks and an increase in the number of stocks of goods. At the same time, the optimal value of turnover for hardware stores is 80-90 days.

Concerning accounts receivable, then the enterprise does not have it - all retail of the company is made on the terms of payment upon delivery. Accounts receivable turns over within 4-7 days, which can be defined as a positive indicator.

At the same time, the operating cycle also increased by 35 days within the period covered by the analysis. It is obvious that it (the cycle) corresponds to an increase in the duration of the turnover. Due to the increase in the term of trade turnover, the term of the financial cycle has also increased.

The financial analysis of the enterprise defines an example of this kind as a fairly stable activity, in which overstocking of the warehouse is possible. To optimize the process as much as possible, it is necessary to revise the procurement policy in order to reduce the turnover period.

How to analyze bank activity

The financial analysis of the bank is focused on ensuring quality management through the development of key parameters of its activities. We are talking about such indicators as the profitability of operations, capital and payment turnover, the structure of assets and liabilities, the efficiency of the bank's divisions, portfolio risks financial resources and intrabank pricing.

In order for the study of the state of the bank to be successful, certain conditions must be met: the information used for the analysis must be reliable, accurate, timely and complete. If the provided data does not correspond to reality, the applied methods of financial analysis will not be able to lead to objective conclusions. This means that the impact of some problems will be underestimated, which may worsen the situation.

The reliability of information is assessed in the process of inspection checks and during documentary supervision.

Methods for researching the state of the bank

Various aspects of the bank's activities are evaluated through the use of scientific and methodological tools. It is with their help that you can develop the optimal solution to specific problems of a managerial nature.

There are popular methods of bank financial analysis:

• Dynamic balance sheet equation. This technique involves accounting for profits and losses. Through such management, a factorial financial assessment of the state of the bank and the fact how profitable its activities are is carried out.
• Modified balance sheet management (liabilities are equal to assets). In this case, financial analysis involves a quick assessment of the effectiveness of the bank's liability management.
• Basic balance sheet management (assets are equal to the sum of equity and paid liabilities). Key Principle This valuation technique is the effective disposal and ownership of all bank assets.
• The capital balance equation (the bank's capital is equal to assets minus paid liabilities). This type of equation is relevant when it is necessary to obtain a final assessment of how effective the management of existing capital was as part of the increment of own capital. This methodology is also used to identify and exploit higher yield reserves.

Thus, we can conclude that the financial analysis of the enterprise, an example of which was given above, is a necessary measure for determining the state and profitability of the company. Without such analytics, the efficiency of the enterprise can be significantly reduced, and at the same time, rehabilitation measures may not be relevant if the assessment is not timely.

Analysis of the financial condition of the enterprise:

The concept, goals and objectives of the analysis of the financial condition.

The main stages of financial analysis.

Basic techniques and information support for the analysis of the financial condition of the organization.

Analysis of the composition, structure and dynamics of the property of the enterprise.

Analysis of business activity of the enterprise.

Analysis of liquidity and solvency of the enterprise.

Analysis of financial stability.

Goals, objectives and stages of cash flow analysis.

Analysis of the effectiveness of the use of own and borrowed capital.

1. The concept, goals and objectives of the analysis of the financial condition.

Financial analysis is a system of methods for studying economic processes about the financial position of an enterprise and the financial results of its activities, which are formed under the influence of objective and subjective factors, according to financial statements and some other types of information.

Financial analysis is a set of analytical procedures based on available information of a financial nature and designed to assess the state and efficiency of using the economic potential of an enterprise, as well as making management decisions regarding the optimization of its activities.

The main features of financial analysis include:

providing a general description of the property and financial position of the enterprise;

priority of assessments: solvency, financial stability, profitability;

based on publicly available information;

information support for tactical and strategic decisions;

access to the results of the analysis of any users;

the possibility of unifying the composition and content of calculation and analytical procedures;

the predominance of the monetary meter in the system of criteria;

high level reliability of the results of the analysis.

The purpose of financial analysis is:

an objective assessment of the financial condition of the enterprise, its solvency, financial stability and business activity;

identifying ways to increase equity capital, net assets, stock returns and improved leverage;

development of forecasts of growth (decrease) in financial results and reasoned forecasts about the degree of reality of bankruptcy of an enterprise and, on this basis, in the development of options for reasonable management decisions in order to improve the efficiency of management for the content of financial analysis depends on the demand for its results by external and internal users;

requests from users (investors, partners, etc.) of analytical information to assess the real financial condition of the organization;

the expediency of the most complete disclosure of available information on the financial stability of the organization in an effort to make it the most "open";

the need for practice in the calculation of new indicators for assessing the financial position of economic entities;

production and financial necessity in connection with the promotion of goods and services on the domestic and international markets;

the need for additional information about the financial condition of the enterprise in order to develop optimal management decisions

The objectives of financial analysis are:

substantiation of operational and strategic plans and programs to strengthen and develop the financial position of the organization;

forecasting the growth of financial flows in the coming future;

optimization of production costs and sales of products, works, services;

increase in income, capital, assets and decrease in expenses and overdue liabilities;

identification of ways to improve the efficiency of management;

search for unused opportunities and means to strengthen the financial stability of the organization, its solvency, financial independence and financial solvency in order to avoid bankruptcy;

mitigation of the degree of impact of associated risks on the return of borrowed capital, investors, banks, creditors;

using the results of the analysis to develop new business development programs and management decisions

Profitability analysis

Factors affecting the amount of profit

Goals and objectives of financial analysis of organizations

Financial analysis of the organization- this is the calculation, interpretation and evaluation of a set of financial indicators that characterize various aspects of the organization's activities. Financial analysis includes the analysis of the physical indicators of production and the study of the organization's direct cash flows, which are based on its value. However, only a combination of these two components can give a real assessment of the state of the organization. Underestimation of the role of financial analysis, errors in plans and management actions in modern conditions incur significant losses. Such losses can be noticed and prevented in a timely manner by regularly analyzing the activities of the organization. Ensuring the effective functioning and development of the organization requires economically competent management of its activities, which is largely determined by the ability to analyze it.

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 organization, its profits and losses, changes in the structure of assets and liabilities, in settlements with debtors and creditors, while the analyst and the manager (manager) can be interested in both the current financial condition of the organization and its projection for the near or more distant future, i.e. expected parameters of the financial condition.

The objectives of the analysis are achieved as a result of solving a certain interrelated set of analytical tasks. Analytical problem is a specification of the goals of the analysis, taking into account the organizational, informational, technical and methodological possibilities of the analysis. Ultimately, the main factor is the volume and quality of the initial information. At the same time, it should be borne in mind that the organization's periodic accounting or financial statements are only "raw information" prepared in the course of accounting procedures for the organization.

As a rule, tasks aimed at adjusting the financial policy of the organization are set by management (managers, owners). In this case, we can say that the results of financial analysis are intended for internal users; they should help determine the most effective ways improvement (stabilization) of the financial position of the organization.

The result of the analysis for the internal user is a set of management decisions - a combination of various measures aimed at optimizing the state of the organization, which is revised under the influence of changes in the macro- and microeconomic environment.

Economic science has developed methods that allow, using a system of relative indicators calculated on the basis of financial reporting data, to quickly and fairly accurately form an idea of financial position organizations. By studying the dynamics of changes in these indicators, you can determine the development trends of your own organization or its partner and make sound management decisions.

The content and forms of the balance sheet, income statement, other reports and applications are studied sequentially from one reporting period to another. In the financial statements, data are given for at least two years - the reporting and preceding the reporting. If they are incomparable with the data for the reporting period, they are subject to adjustment based on the rules established by regulatory enactments. The data that has undergone an adjustment must be reflected in the explanatory note along with an indication of the reasons that caused this adjustment. The constituent parts of financial statements are interconnected, as they reflect different aspects of the same facts of economic life. Although each report presents information that is different from other reports, none of them serves only one purpose and does not provide all the information needed to solve specific management problems.

The main users of such information are:

Investors who invest their capital in the organization with a certain degree of risk in order to receive income on it;

Lenders who make a temporary loan to an organization in exchange for some predetermined income and who are interested in information that will enable them to determine whether loan payments will be made on time;

The managers of the organization financial information allows you to make the most reliable assessment of management efficiency;

Employees of the organization interested in obtaining information about the ability of the organization to pay salaries in a timely manner, make pension and other payments;

Suppliers interested in information enabling them to determine whether their due amounts will be paid on time;

Consumers (customers of the organization) interested in the stability of supply, as a result of the financial solvency of the organization;

Public and state organizations, since the well-being of the economic infrastructure of the region depends on the successful functioning of the organization.

When making economic decisions, investors, creditors and other interested users analyze a wide range of economic information about the organization, both financial and non-financial. In this huge array of information that is created by the organization, public accounting (financial) statements, the core of which is the balance sheet, are of key importance.

Accounting (financial) reporting- this is a set of reporting forms compiled on the basis of financial accounting data in order to provide external and internal users with generalized information about the financial position of an organization in a form that is convenient and understandable for these users to make certain business decisions.

The financial statements of an organization (except for budgetary, insurance organizations and banks) include:

Balance sheet (f. 1);

Profit and loss statement (f. 2);

Statement of changes in equity (f. Z);

Traffic report Money(f.4);

Applications to the balance sheet (form 5);

Explanatory note;

An auditor's report confirming the accuracy of the organization's financial statements, if in accordance with federal law subject to mandatory audit.

Evaluation of the financial activity of the enterprise is carried out on the basis of financial statements.

The deductive method (study from general to particular) is the main one when reading (analyzing) financial statements. It must be applied multiple times. In the course of such an analysis, as it were, the historical and logical sequence is reproduced economic factors and events, the direction and strength of their influence on performance.

The practice of financial analysis has developed the following six basic rules for reading (method of analysis) of financial statements.

Rule 1 Horizontal Analysis - comparison of each reporting position with the previous period;

Rule 2 Vertical Analysis - determination of the structure of the final financial indicators with the identification of the impact of each reporting position on the result as a whole;

Rule 3 trend analysis - comparing each reporting position with a number of previous periods and determining the trend, i.e. the main trend in the dynamics of the indicator, cleared of random influences and individual characteristics of individual periods. With the help of the trend, possible values ​​of indicators are formed in the future, and, therefore, a prospective predictive analysis is carried out;

Rule 4 Relative analysis - Calculation of relations between separate positions of the report or positions of different forms of reporting, determination of interrelations of indicators;

Rule 5 Comparative analysis - analysis, which includes both an inter-company analysis of the performance of a given company with the performance of competitors, with average industry and average economic data, and an intra-company analysis of summary reporting indicators for individual indicators of the company, subsidiaries, divisions, etc .;

Rule 6 Factor analysis - analysis of the influence of individual factors on the performance indicator using deterministic or stochastic methods of research. Moreover, factor analysis can be both direct, when the performance indicator is divided into its component parts, and reverse (synthesis), when its individual elements are combined into a common performance indicator.

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

financial analysis and

managerial (production) analysis.

Financial analysis is divided into external and internal.

Features of external financial analysis are:

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

a variety of goals and interests of the subjects of analysis;

availability of standard methods of analysis, accounting and reporting standards;

· Orientation of the analysis only to the public, external reporting of the enterprise;

· limitation of analysis tasks as a consequence of the previous factor;

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

Financial analysis, based on data only from financial statements, acquires the character of an external analysis carried out outside the enterprise by its interested counterparties, owners or government agencies. This analysis does not reveal all the secrets of the firm's success.

· analysis absolute indicators arrived;

· analysis of relative indicators of profitability;

· analysis of the financial condition, market stability, liquidity of the balance sheet, solvency of the enterprise;

· analysis of the efficiency of the use of borrowed capital;

· economic diagnostics of the financial condition of the enterprise and the rating assessment of issuers.

There is a variety of economic information about the activities of enterprises and many ways to analyze these activities. Financial analysis according to financial statements is called the classic method of analysis.

Internal (on-farm) financial the analysis uses accounting data, data on the technical preparation of production, regulatory and planning information, etc. as a source of information.

analysis of the effectiveness of capital advances,

Analysis of the relationship between costs, turnover and profit.

In the system of managerial (production) analysis, it becomes possible to conduct a comprehensive economic analysis and evaluating the effectiveness of economic activity by attracting data from management production accounting.

Features management analysis are:

orientation of the results of the analysis to their management;

use of all sources of information for analysis;

Lack of regulation of analysis from outside;

completeness of the analysis, the study of all aspects of the enterprise;

integration of accounting, analysis, planning and decision making;

· maximum secrecy of the results of the analysis in order to preserve commercial secrets.

The main purpose of the analysis of financial results is to identify factors that cause a decrease in financial results, that is, a decrease in profits and profitability.

The analysis of financial results involves the solution of the following tasks:

Analysis of the composition and dynamics of profit;

Analysis of financial results from ordinary activities;

Analysis of the level of average selling prices;

Analysis of financial results from other activities;

Analysis of the distribution and use of profits;

Analysis of the profitability of the organization.

The final financial result of the organization's activities is the indicator of net profit or net loss (retained earnings (loss) of the reporting period), the value of which is formed in several stages, which is reflected in Form No. 2 "Profit and Loss Statement". Initially determined gross profit as the difference between the proceeds from the sale and the cost of goods sold, products, works, services.

P V = S - WITH, (1)

Where P IN- gross profit;

S- proceeds from the sale of goods, products, works, services;

WITH- full cost of sold products, goods (works, services).

Then the profit (loss) from sales is determined as the difference between the gross profit and the amount of commercial ( ∑Z K ) and administrative expenses ( ∑B ). This type of profit is involved in the calculation of the profitability of sales.

P P = P V - ∑Z K -∑Z U, (2)

At the next stage, the profit (loss) before tax is calculated as the difference between the profit from sales and the sum of operating and non-operating income and expenses.

P B = P P + BY + P p.(3)

Where P B– profit before taxation (balance sheet);

BY - result from operating and financial activities;

P p - income and expenses from other operations.

The growth in sales of goods can have a positive and negative impact on the amount of profit. An increase in the volume of sales of profitable goods leads to a proportional increase in profits. If the product is unprofitable, then with an increase in sales, a decrease in the amount of profit occurs. The structure of the sale of goods can also have both a positive and a negative impact on the amount of profit. If the share of more profitable goods in total sales increases, then the amount of profit will increase, and vice versa, with an increase specific gravity low-margin or unprofitable goods total amount profits will decrease.

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.

Feasibility analysis is closely related to planning and is its integral part and its foundation. 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 standards, establishing the impact certain types activities on the overall results of management, forecasting the 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 certain system related 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. To this end, 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, skillful economic strategy, a rational policy in the field of finance, investment, 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 inflationary conditions 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 makes it possible to identify strengths and weak sides 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) research economic processes in their interconnection, formed under the influence of objective economic laws and subjective factors;

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 an enterprise, find the most vulnerable places in the enterprise's economy and offer effective solutions to get out of a 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 company 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 entities 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 should be the capital structure 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 real conditions 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 for the external management of the 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 government agencies management 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 place its own and borrowed funds in such a way as to maximize profits and avoid bankruptcy.

External analysis is carried out by investors, suppliers of material and financial resources, regulatory authorities on the basis of published reports. Its purpose is to establish the possibility profitable investment funds 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 (intended to be received in 3-4 weeks integrated assessment the financial position of the company based on the forms of external financial statements, as well as transcripts of reporting items, analytical accounting data, results of an independent audit, etc.);

financial analysis as part of a general study of the company's business processes (designed 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 (designed to establish effective management of the company's finances on the basis of presenting, at certain times, quarterly or monthly, 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 private factors that provide a higher level of profitability. The economic principle of the enterprise's activity is to ensure either the maximum output of products at 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 complex analysis- 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

The effectiveness and economic activity of 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 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 fixed production assets are used, 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. Count individual indicators 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 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 companies related 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 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 company's assets, 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. The elimination of 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 Rp - net profit(profit available for distribution among shareholders);

D - dividends paid to shareholders;

E- equity.

Equity joint stock company can be increased either through additional issuance of shares, or through reinvestment of 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 stable position The enterprise is served by 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 funds for core business.

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).

Unstable financial condition (characterized by a violation of the enterprise's solvency, when the balance can be restored by replenishing the sources of own funds and accelerating inventory turnover, this ratio corresponds to the situation when the enterprise is forced to attract additional sources coverings that are not "normal", i.e. justified).

Crisis financial condition (in which the company 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 terms.

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 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 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.

The current (intermediate) liquidity ratio gives a general assessment of the liquidity of assets, showing how many rubles of the company's current assets 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) set the indicator of the value of net assets.

The higher the coverage ratio, the more credibility 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 V various types and the study of attempts to perform classical analytical procedures allow us to highlight the main problems of "Russian specificity" 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 for 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, an independent audit must first be carried out 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, under which enterprises sell their products allegedly at market prices (in fact, inflated due to the consensus of interests of participants in barter transactions), receive supposedly revenue for it and pay allegedly fiscal obligations from it 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.

Fourth, 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 integrated indicators, which are used by many domestic analysts to assess the probability of companies going bankrupt, have a look quite distant 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 exchange 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 horizontal analysis.

Conclusion

The market economy involves the formation and development of enterprises of various organizational and legal forms based on various types of 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 state of the art and prospects for the development of domestic companies.

On the contrary, its value will increase immeasurably for owners, managers, creditors and investors, if 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);

improvement of approaches and methods of evaluation market value shares of companies (necessary, for example, to assess capitalization);

Bibliography

1. Analysis and diagnostics of the financial and economic activities of the enterprise: Tutorial for universities / Ed. P.P. Taburchak. – Rostov n/a: Phoenix, 2002

2. Shulyak P.N. Enterprise Finance: Textbook. - M.: Publishing House "Dashkov and Co", 2002

3. Lyubushkin N.P. Financial and economic activity of the enterprise. - M.: Unity, 2002

4. Kovalev V.V. Introduction to financial management. - M.: Finance and statistics, 2002

5. www.cfin.ru - corporate management

6. www.ek-lit.agava.ru - library of business and economic literature

7. www.rcb.ru - magazine "Securities Market"

FINANCIAL ANALYSIS IN THE SYSTEM OF FINANCIAL MANAGEMENT

financial indicator analysis business entity

1. The purpose and objectives of financial analysis

The financial analysis - this is a scientific research method used to process information about the financial activities of an economic entity (organization). Purpose of financial analysis - assessment of the financial parameters of the organization's activities. The results of financial analysis provide the necessary information about the state of the object of analysis and serve as the basis for making appropriate management decisions.

Tasks of financial analysis are:

determination of the current financial condition of the organization;

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

identification and assessment of the main factors causing changes in the financial condition;

building a forecast of changes in the financial condition of the organization in the future.

The subject of financial analysis are the relations between individual divisions of the organization in the field of financial management, as well as the financial relations of the organization with external counterparties.

The object of financial analysis is the financial and economic activity of the organization, in particular, the processes associated with the change:

resource base of the organization (own and borrowed capital);

assets of the organization (current and non-current);

organization's cash flows, etc.

2. Information Support financial analysis

Information support of the financial analysis of the organization's activities is a system for collecting and processing external and internal information.

The quality of financial analysis directly depends on the representativeness of the information used.

External Information is intended to provide management with the necessary information about the state of the environment in which it operates. The collection of external information involves the accumulation of various data about the situation on the market (about competitors, customers, etc.).

Sources of external information:

editions, publications, reports of official authorities;

reports of information and analytical agencies and consulting companies;

published annual reports clients, partners and contractors;

personal contacts with clients, partners and contractors.

Inside Information is designed to analyze and assess the financial condition of the organization when making various kinds of managerial, investment, organizational, administrative and other decisions.

Sources of inside information:

financial (accounting) reporting;

statistical reporting;

tax reporting;

valuation calculations for ongoing operations;

results internal research;

acts of audits and inspections;

certificates prepared by the relevant services on the instructions of the organization's management.

Financial reporting is a system for collecting information about the property and financial condition of the organization and the results of its economic activities.

Financial statements consist of the balance sheet, profit and loss statement, appendices to them, explanatory note, as well as an auditor's report confirming the reliability of the financial statements, if the organization is subject to mandatory audit in accordance with the law.

In accordance with the current legislation, financial statements are an open source of information, their composition and presentation forms are unified.

Each reporting form contains certain information that allows you to solve specific problems of financial analysis. The balance sheet - gives an idea of ​​the general characteristics of the financial condition of the organization, the income statement gives an idea of ​​the financial results of the organization, the cash flow statement - characterizes the cash flows of the organization, its solvency.

Of particular importance are the appendices to the balance sheet and income statement. They reflect information (at the beginning and end of the reporting period):

on intangible assets, on fixed assets, on types of financial investments, on receivables and payables, on authorized, reserve and additional capital, on the composition of the organization's share capital (fully paid, unpaid, partially paid), on the nominal value of shares owned organizations, etc.;

on the composition of reserves for future expenses and estimated reserves;

on the volumes of sold products, goods (works, services), by type of activity and geographical sales markets;

on the composition of production and distribution costs, other non-operating income and expenses;

on obligations issued by the organization and payments received.

Currently, the organization has the right to independently determine the degree of detail and aggregation of the articles of the reporting forms, depending on their materiality and the number of columns.

Reliability of financial (accounting) information is provided by systems internal control and audits.

The quality of financial (accounting) information largely depends on the completeness of the explanations given to the reporting forms.

Financial statements should give a true and complete picture of the entity's financial position, financial performance and changes in its financial position. Accounting statements formed on the basis of the rules and standards of financial (accounting) accounting are considered reliable and complete.

When preparing financial statements, one-sided satisfaction of the interests of some groups of users of financial statements over others should be excluded due to a special biased selection of source information in order to achieve predetermined results or consequences.

3. Types of financial analysis

In economic theory, financial analysis is divided into two main blocks: macroeconomic and microeconomic. This division is due to the separation of macro- and microeconomics that has developed in modern economic science.

Microeconomic financial analysisis designed to assess the state and efficiency of using the economic and financial potential of the organization, its investment attractiveness, as well as the rationale for management decisions.

Macroeconomic financial analysisis designed to assess the state and efficiency of the functioning of the economy as a whole (regional, national, international), the conjuncture of various market segments.

Depending on the purpose for which the analysis is carried out, it can be classified as follows.

Depending on the users of information, there are: external and internal analysis.

External analysisis carried out in order to compare the results of the organization's activities with other organizations according to the financial statements of the counterparty organization. The result of this analysis is to determine the market value and investment attractiveness of the organization for potential contacts.

Internal analysisis carried out in order to study the activities of only the analyzed economic entity. At the same time, a system of standards developed in the organization is used. economic activity, as well as operational data, often constituting trade secret organizations. The result of this analysis is to determine the organization's capabilities for the optimal attraction and use of funds to maximize profits and minimize costs, as well as reduce financial risks. A feature of this type of analysis is the use of internal financial statements, accounting data, regulatory and planning information as sources of information.

Comparative characteristics external and internal financial analysis

SignsFeaturesInternal financial analysisExternal financial analysis Subject of analysisRelations between individual divisions of the organization in the field of financial managementRelations of the organization with external counterparties Objects of analysisProperty and financial potential, financial results, cash flows, management quality Property and financial potential, financial results, cash flows, management quality Subjects of analysisFinancial managers, analysts, internal auditors, controllers, consultants, managementPartners, clients, contractors, authorities financial control and supervision, owners, external auditors Degree of regulationDecisions of governing bodiesInternational and national standards Scope of information usedThe whole set of information about the activities of the organization and factors external environment As part of financial reporting The quality of the information obtained as a result of the analysisIs largely subjective More objective as the analysis is based on information approved by supervisory authorities Ways to reflect informationAnyBased on generally accepted accounting principles and standards Types of analysis depending on the time horizonCurrent (retrospective), operational, prospective analysisCurrent (retrospective) and prospective analysis RegularityRegulated by internal corporate needs May be regulated by regulations

According to the time horizon, there are: current (retrospective) analysis, operational analysis, prospective (forecast) analysis.

Current Analysis- this is an analysis of the results of current financial and economic activities for reporting periods. It is carried out mainly on the basis of accounting and reporting data of the organization. The current analysis allows you to evaluate the work of the organization for the past periods of time on an accrual basis. Its main task is to evaluate the results of the organization's activities and to comprehensively identify unused reserves. The peculiarity of the current analysis is that the actual performance results are compared with the planned indicators and data from previous analytical periods. The current analysis is the most complete analysis of economic activity, which incorporates the results of operational analysis and is the basis for conducting a prospective analysis.

Operational analysis -it is an analysis aimed at solving the problems that face the operational management of the organization and is largely a tool management accounting. Operational analysis is carried out in order to quickly respond to changes in the internal and external environment that are unfavorable for the organization. The main task of operational analysis is constant monitoring and operational assessment of various parameters of the functioning of the organization, identifying shortcomings and their causes. Operational analysis, in contrast to the current one in time, is close to the time of business transactions, i.e. can be done in real time.

Perspective Analysis- this is an analysis of the future results of the financial and economic activities of the organization. The most important tasks of conducting a prospective analysis are the preparation of the necessary analytical information to substantiate the long-term and current plans for the development of the organization, the assessment of the reality of the implementation of the planned plans.

Depending on the depth of the analytical study, there are:

express analysis- is carried out for a general and operational assessment of the financial condition and efficiency of the organization;

in-depth analysis- is carried out for a fundamental assessment of the financial condition and efficiency of the organization.

On the basis of regularity, they distinguish:

periodic -is carried out regularly in the appropriate periods of time (annual, quarterly, monthly, daily, shift, etc.);

one-time- is carried out at a time due to circumstances of a different nature.

An example of "periodic" analysis.The express analysis procedure, used, for example, in monitoring the financial condition of an organization, is the selection of a small number of significant, relatively easy-to-calculate indicators and constant monitoring of their dynamics.

An example of a "one-off" analysis.The express analysis procedure used, for example, by banks, in monitoring the borrower's creditworthiness - individual and assessment of emerging risks - selection of the most significant indicators and calculation on the basis of a special program of the integral effect arising from their total impact. The number of indicators in this case can be relatively large. The main task of express analysis is the efficiency of obtaining the result. According to the completeness of the study of the organization's activities:

complete analysis- a comprehensive study of the financial and economic activities of the organization;

thematic analysis- study of certain areas of financial and economic activity that are of the greatest interest at a given time.

The main directions of financial analysis:

Analysis of property potential:

a general description of the financial and economic activities of the organization (vertical and horizontal analysis of the balance sheet, the construction of an analytical balance sheet);

analysis of the structure and dynamics of assets;

analysis of the structure and dynamics of liabilities.

2. Analysis of financial potential:

analysis of liquidity and solvency of the organization;

analysis of financial stability.

3. Analysis of financial results:

analysis of the structure and dynamics of income and expenses of the organization;

analysis of the level and dynamics of financial results;

analysis of business activity indicators;

analysis of profitability indicators.

4. Analysis of cash flow.

Comprehensive assessment of the organization's activities.

Bankruptcy probability analysis.

The results of the analysis are drawn up in the form of an analytical note, which, as a rule, includes the following main sections:

general characteristics organization and the economic environment in which it operates. Financial indicators, coefficients and other analytical information. Qualitative and quantitative characteristics of the key factors that have the greatest impact on the financial condition of the organization. Conclusions based on the results of the analysis and forecast of changes in the financial condition.

5. Methodological support financial analysis

Analysis method - this is a way of studying, measuring and generalizing the influence of various factors on changing the results of an organization's activities in order to improve them.

Analysis Method - a set of rules, techniques for the expedient conduct of analytical work.

When carrying out analytical calculations of a financial nature, an extensive set of methods and techniques are used, borrowed from various sciences and systematized within the framework of financial analysis.

Let's give one of the classifications of methods of financial analysis.

Classical methods of mathematical analysis:

methods of elementary mathematics;

differential and integral calculus;

variational calculus.

2. Traditional analysis methods:

comparison method;

horizontal analysis;

vertical analysis;

coefficient analysis;

trend analysis.

3. Special analysis methods:

operational (marginal) analysis;

ABC - analysis.

4. Methods of economic statistics:

method of averages;

grouping method;

method of processing time series;

index method;

graphic method.

5. Methods of deterministic factor analysis:

chain substitution method;

method of absolute differences;

relative difference method;

proportional division method;

equity method;

logarithm method;

index method;

integral method.

6. Methods of mathematical statistics and econometrics (stochastic factor analysis):

correlation analysis;

regression analysis;

dispersion analysis;

multivariate factor analysis;

cluster analysis;

component analysis;

spectral analysis;

methods of processing spatio-temporal aggregates.

method of summing the values ​​of all indicators;

place sum method;

scoring method;

distance method;

taxonometric method.

Classical methods of mathematical analysis are used both within the framework of other methods, for example, methods of mathematical statistics and mathematical programming, and separately, for example, factor analysis of changes in economic indicators can be carried out using differentiation and other methods developed on the basis of differentiation.

Methods of economic statistics are used to generalize the set of features of the processes and phenomena under study, to study their structure and relationships, to analyze quantitative characteristics and the dynamics of changes in indicators.

Methods of deterministic factor analysis are used to study the influence of factors on the performance indicator in the case of its direct functional dependence on these factor characteristics. The task of deterministic factor analysis is to determine and quantify the impact of each factor on the performance indicator.

Methods of mathematical statistics and econometrics are used in cases where the change in the analyzed indicators is a random process. The most widespread of the mathematical and statistical methods in financial analysis are the methods of multiple and paired correlation analysis, regression analysis. These methods play an important role in predicting the behavior of economic indicators. If the relationship between the analyzed characteristics is not deterministic, but stochastic, then mathematical and statistical methods are practically the only research tool.

Rating methods are used to study a set of indicators that give a multilateral assessment of the organization's activities. To obtain a generalizing comprehensive assessment, these indicators are reduced into a single integral indicator, on the basis of which the rating is determined.

The analysis process can be represented as follows:

1. Preliminary stage:

Definition of the purpose and tasks of the analysis, definition of objects, drawing up a plan of analytical work.

Collection and preparation of information necessary for analysis, verification of its reliability, accuracy, etc.

Selection, structuring and grouping of data.

Development of a system of indicators that most fully characterize the object of analysis, determination of standard values ​​of indicators.

2. Analytical stage:

Analysis of the structure and dynamics of changes in indicators.

Comparison of actual performance with planned indicators, data from previous analytical periods, with performance indicators of other organizations, with industry average indicators, etc.

The study of the degree of influence of factors on the results of the organization.

Determination of reserves for increasing the efficiency of the organization.

3. The final stage:

General assessment of the organization's performance.

Evaluation of the quality of management work.

Literature

Bakhramov, Yu.M. Financial management: Textbook for bachelors. - 2nd ed. - St. Petersburg: Piter, 2011. - 495 p. (textbook for universities. Standard of the third generation, approved by the UMO for education in the field production management as a textbook for students of economic specialties of universities).

Belolipetsky V.G. Financial management. Textbook / V. G. Belolipetsky. - M. : Knorus, 2008. - 448 p. (recommended by the UMO for classical university education as a textbook for university students studying in the direction 080100 "Economics").

Gavrilova A.N., Sysoeva E.F., Barabanova A.I. Financial management. Tutorial. M.: Knorus, 2006.

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