Unstable financial situation. What types of financial stability are distinguished

Name of indicator

Calculation formula

The most liquid assets (A 1 )

p.260 + p.250 balance sheet

Marketable assets (A 2 )

p.240 + p.270

Slowly realizable assets (A 3 )

p.210 + p.220 + p.230 – p.217

Hard-to-sell assets (A 4 )

The most urgent obligations (P 1 )

p.620 + p.630 + p.660

Short-term liabilities (P 2 )

Long-term liabilities (P 3 )

Permanent liabilities (P 4 )

p.490 + p.640 + p.650 + p.217

Name of indicator

Calculation formula

Standard

Indicator value

Absolute liquidity ratio

p.250 + p.260 / p.610 + p.620 + p.630 + p.660

How much of the current debt can be repaid in the near future

Current liquidity ratio

Section II of the balance sheet – p.220 – p.230 / p.610 + p.620 + p.630 + p.660

2 or more

To what extent current assets cover short-term liabilities

Intermediate coverage ratio

Section II of the balance sheet – p.210 – p.220 – p.230 / p.610 + p.620 + p.630 + p.660

Projected paying capacity of the enterprise

Overall solvency ratio

p.190 + p.290 / p.460 + p.590 + p.690 – p.640 – p.650

2 or more

The ability to cover all of its liabilities with all available assets

Long-term solvency ratio

p.590 / p.490 + p.640 + p.650

as high as possible

The ability to repay long-term loans and the ability to work for a long time

Coefficient of own working capital

Total for section III of the balance sheet + amount of lines 640,650 - total for section I of the balance sheet / total for section III of the balance sheet

as high as possible

Part of own enterprise capital, which is the source of coverage of current assets

Factor of maneuverability of the functioning capital

p.260 / own working capital

Part of own working capital that is in the form of cash

№ p/p

Name of indicator

Calculation formula

Own working capital (SOS)

Equity capital (IC) - non-current assets (BOA)

Own and long-term borrowings (LTD)

Own working capital (SOS) + long-term loans and borrowings (LKZ)

Main sources of reserves formation (OIZ)

Equity and long-term borrowings (LTD) + short-term loans and borrowings (KKZ)

Surplus (shortage) of own working capital

Own working capital (SOS) - stocks (W)

Excess (shortage) of own and long-term borrowed funds (∆SDI)

Equity and Long-term Debt (LTD) - Inventory (C)

Excess (shortage) of the total value of the main sources of reserve coverage (∆OIZ)

Equity and long-term borrowings (TDI) + short-term loans and borrowings (CCZ) - inventories (C)

Three-factor model of financial stability (M)

(∆SOS; ∆SDI; ∆OIZ)

Type of financial stability

3D model

Reserve funding sources

Brief description of financial stability

1. Absolute financial stability

Own working capital

High level of solvency. The company does not depend on external investors

2.Normal financial stability

Own working capital and long-term loans and borrowings

Normal solvency. Rational use of borrowed funds, high profitability of current activities

3. Unstable financial condition

Own working capital, long-term and short-term loans and borrowings

Violation of normal solvency. There is a need to attract additional sources of financing, it is possible to restore solvency

4. Crisis (critical) financial condition

The company is completely insolvent and is on the verge of bankruptcy.

Name of indicator

Calculation formula

Standard

Indicator value

1.Coefficient of autonomy

(Total for section III of the balance sheet + lines 640,650) / line 700

As high as possible

The share of the owners of the enterprise in the amount of funds advanced in its activities

2. Funding ratio

Lines 490,640,650 / sum of sections IV and V of the balance sheet - lines 640,650

less than or equal to 1

Borrowed funds attributable to the ruble of own funds invested in assets

3. Equity flexibility ratio

(Total for section III of the balance sheet + lines 640,650 - total for section I of the balance sheet) / (Total for section III of the balance sheet + lines 640,650)

What part of own capital is invested in working capital, and what part is capitalized

4. Financial stability ratio

(Total for section III of the balance sheet + lines 640,650 + total for section IV of the balance sheet) / line 700

more than 0.5

The share of long-term sources of financing in the balance sheet

5. Coefficient of the structure of long-term investments

Total for section IV of the balance sheet / Total for section I of the balance sheet

As less as possible

What part of fixed assets and other non-current assets is financed by long-term borrowed sources

Index

Design model

TO tl

p.290 .

With

p. (610+620+630+660)

TO oss

pp.(490-190) .

With

TO about

p.010 F2 .

With

TO R

p.050 F2 .

With

Index

Design model

TO tl

p.290 .

With

p. (610+620+630+660)

TO oss

pp.(490-190) .

With

TO" about

p.010 F2 .

With

TO R

p.010 F2 .

With

TO m

p.050 F2 .

Maintaining the required level of financial stability is important at any time, but it becomes especially important during a period of economic instability - when there are fewer ways to retreat, and the future is difficult to predict, even a slight violation of solvency can have fatal consequences.

In financial theory, there are 4 levels of financial stability.

1. Absolute financial stability

Sum of inventory and costs< Собственные оборотные средства

In this case, the company is completely independent of creditors, and all its needs are covered by its working capital. Despite the fact that at first glance this situation may seem extremely successful, it has quite obvious drawbacks: the complete rejection of long-term borrowed funds indicates that you are missing out on significant profits. Accordingly, such an option is extremely rare in real practice.

2. Normal financial stability

Own working capital< Сумма запасов и затрат < Собственные оборотные средства + Долгосрочные пассивы

The company uses equity as well as long-term loans. This option is considered optimal for sustainability - the company does not run the risk of facing the impossibility of repaying debts, but does not miss out on possible profits.

However, it is important to remember that a formally normal level of financial stability also includes borderline situations that, in fact, cannot be called normal. If the size of the loan is insignificant against the background of own funds, the company is close to absolute stability and is likely to operate inefficiently.

3. Unstable financial situation

Own current assets + Long-term liabilities< Сумма запасов и затрат < Собственные оборотные средства + Долгосрочные пассивы + Краткосрочные кредиты и займы

At this level, the organization has some difficulties with solvency and for the further functioning it has to resort to short-term loans. However, the situation cannot yet be called critical - a timely and competent reaction to what is happening may well return it to a normal level of stability.

An unstable position is usually accompanied by interruptions in payments and receipt of money on accounts, periodic changes in the level of profitability and failure to fulfill the financial plan.

4. Financial crisis

Own working capital + Long-term liabilities + Short-term credits and loans< Сумма запасов и затрат

The company is no longer able to restore solvency - any attempts to cover costs only lead to an increase in debt. The next step is usually bankruptcy.

Financial sustainability: summing up

So, there are several levels of financial stability:

• Absolute - the company lives without loans, only at its own expense
• Normal - the amount of available loans is not critical, own funds allow you to pay off loans on time
• Unsustainable - own funds do not cover expenses, the work process is not stable, there are delays, delays in payments to employees and tax deductions
• Crisis - a company in a state of bankruptcy.

Two main parameters are involved in the calculation of the financial stability indicator - the value of own assets and the value of liabilities to counterparties, creditors.

An assessment of financial stability should be carried out at least once a year.

Accounting (business) and economic costs

The company's financial statements reflect the actual "accounting" ("explicit") costs, which represent cash costs for materials, raw materials, labor, depreciation, i.e. to pay for the resources used (external). However, the economic approach to determining the amount of costs is somewhat different from the accounting one. The essence of the economic approach is expressed in the concept of opportunity costs (or economic, opportunity costs) - this is the possible cash proceeds from the most profitable of all alternative ways of using one's own resources.

Implicit costs- these are the incomes that could be received on own resources if they were provided for a fee set by the market to other users (interest on equity, rent for own premises, payment for the managerial work of the entrepreneur himself).

Accounting and economic profit.

The difference between them arises from the difference in the definition of accounting costs and economic costs, since income is defined in the same way. The economic profit is less than the accounting profit by the amount of the average profit that can be obtained on the entrepreneur's own capital and labor. Economic profit is equal to accounting profit minus internal costs, see table. 9-2.

Table 9-2

Cost and profit structure

Elements of accounting for income and expenses of the enterprise are presented in table. 9-3.

Table 9-3

Income and expenses of the enterprise

Note that both calculations are correct. The first result gives an answer to the question - is it profitable or not profitable to produce this type of product, and the second - is it profitable or not profitable for an entrepreneur to engage in this particular type of business.

Profit- excess of income (proceeds) from the sale of goods and services over production costs. General approach to increasing profits:

Gross profit- the difference between the total income and costs (expenses) of the enterprise.

Net (or balance) profit - profit after taxes.

The maximum of one type of profit (out of those named) corresponds to the maximum of another type of profit, so we will simply talk about profit maximization.

Any company is always faced with the question - what volume of products to produce and, accordingly, to offer on the market?

There are two methods of optimizing the firm's performance in the short run.

First method: comparison of gross income with gross costs: even if the firm has zero production, it has a loss (negative profit) equal to its fixed costs. From the graph (see Figure 9-4) it follows that even if there is no level of production with a positive profit, the firm can and should produce output if losses are less FC.

On the image:

TR- gross income (Total Revenue), TR=PQ;

points A And IN- points of critical volume.

Conclusion: In the short term, production should be carried out if the firm can receive: or profit;

or loss less than FC.

How much to produce?

Such a volume of production to maximize profit (Fig. 9-4), the segment CD- maximum profit with optimal production volume Q0.

Or minimize losses (see Figure 9-5).

On fig. Figure 9-5 shows the case of minimizing losses when FC> loss AB.

Rice. 9-5. Loss minimization case (loss AB< FC)

On fig. 9-6 shows the case of closing the firm.

Rice. 9-6. Company closure case FC< lesion AB)

The second method of optimizing the company's activities comparing marginal revenue (MR) with marginal cost (MC). MR = ∆TR / ∆Q, with ∆Q = 1.

The optimum condition is reached when MR=MC.

In the particular case, for a competitive firm MR=P, then the optimum is reached at P=MC and production volume Q1, see fig. 9-7.

Increase MC with increasing Q happens due to law of diminishing returns in the short run(the law of diminishing returns of a factor).

Rub. MC

Rice. 9-7. Optimization of production volumes in the short term

To determine the size of the optimal output, the monopolist uses the same criterion as the perfect competitor, focusing on the equality of marginal revenue and marginal cost. Under the condition of this equality, the maximum profit is achieved (see Figure 9-8).

Rice. 9-8. Optimal output for a monopoly ( MR=MC)

The optimal output for a monopoly is determined by the projection of the intersection point of the marginal revenue and marginal cost curves (point H). Q m output that maximizes monopoly profits P m is the price charged by the monopolist.

Let's take a closer look at the following Figure 9-9, which is compiled from Fig. 9-3.

The firm's offer corresponds to the top of the line MS, from point A intersection of this line with the line AVC. Indeed, at the point A price P1 compensates only for variable costs, which corresponds to the equality AB=FC(See Figures 9-4 and 9-5), i.e. this is the boundary between closing the firm and minimizing losses.

To analyze the position of the firm, it is important to compare costs ATS and the price of good P.

The first field is characterized by a low price level ( P< P 1 ). At these prices, the firm will not even be able to recover its variable costs, so it will be forced to cease operations.

The second field is called the field of unstable position of the firm where it can recover only its variable costs and seeks to find a more efficient alternative direction for its activities.

The third field is the most favorable for the firm. Point B corresponds to the lowest price at which the firm can break even. If the market price is set above point B (Fig. 9.3), then the firm begins to receive economic profit.

We considered a way to maximize profits through the optimal choice of production volumes.

Another possibility is cost reduction. Let's consider the long-term period - all factors can be considered as variables. Economies of scale in production in the long run is represented by the falling part of the long-run average cost curve LAC (Long Average Costs) in Figure 9-10. ATC 1 - ATC6 average cost curves for different firm sizes.

In line with Fig. 9-9 Increasing the scale of production (firm size) can reduce average costs and increase profits.

However, one should not think that the values ​​of costs LAC will in all cases decrease with an increase in production volumes Q. For different industries cost curves LAC are shown in Figure 9-11.

By increasing the scale of production, they can save on costs (reduce AC) only firms for which positive economies of scale production ( cm. LAC 3 in fig. 9-11).

Cost savings(reduction AC)- one of the sources of profit, a factor in increasing production efficiency.

For each enterprise in any industry, savings should affect each of the groups (items) of costing, they determine the directions of cost savings:

Increasing the productivity of labor, equipment;

Loss reduction;

Improving the use of raw materials and materials, energy, increasing the yield of final products, the use of secondary resources and waste;

Raising the technical level of production;

Improving the organization, changing the volume and structure of production.

Enterprise performance

Effect - absolute value - the result of the production process.

The enterprise simultaneously makes short-term production decisions and plans to change factors in the long run in order to maximize profits. . This requires the choice of the most efficient variant of the organization of the production process, which allows the use of fewer factors at the same level of output of finished products.

Cost minimization rule- the rule according to which the costs of a given volume of production are minimized when the last ruble spent on each resource gives the same marginal product.

Producer equilibrium condition is achieved when it provides the maximum output for a given amount of disposable capital.

Law of diminishing productivity is that the marginal product, when any of the variable factors affecting the volume of production changes, will decrease as the scale of involvement of this factor increases in the short run.

Financial instability can affect both consumers and suppliers. This impact can be reflected in the failure to fulfill contracts and the loss of suppliers.
The unstable financial situation is characterized by a violation of solvency: the company is forced to attract additional sources to cover reserves and costs, there is a decrease in the profitability of production. However, there is still room for improvement.
The unstable financial position of the latter, the insufficient solvency of many of them and, as a result, their low creditworthiness and distrust of banks, a high level of financial losses and a decreasing volume of sales of factories - manufacturers of equipment and other investment goods, a parallel increase in stocks of unsold finished products and receivables - lead to a search for alternative means of financing direct investment. Leasing, with its attractiveness for all participants in the investment process, solves these problems and is a reliable source of financing.
The unstable financial position of counterparties forces banks not only to set hard limits on each other for foreign exchange transactions, but also to reduce the correspondent network. An exception to this are banks with 100% foreign participation, which actually monopolized the operations of the interbank foreign exchange market, pushing back the backbone Russian banks that previously held leading positions in this market. But if Russian banks tried to strengthen their positions in the interbank market by expanding ties with other Russian credit institutions, then banks with 100% participation of foreign capital enter into transactions mainly among themselves, reducing their relations with Russian banks to a minimum, while presenting them stringent requirements for ongoing operations.
The calculation of these coefficients helps to identify enterprises with an unstable financial situation and makes it necessary to look for and apply the most effective methods of planning and managing the production process in an enterprise.
In the conditions of the formation of domestic entrepreneurship, the Russian market is dominated by small capital with an unstable financial situation, based mainly on activities with a rapid turnover of capital: intermediary services, trade, tourism, transportation, etc. Accordingly, the banking system specializes in short-term lending. In the insurance market, such a specific type of insurance as borrower liability insurance for non-repayment of loans, which accounts for almost 90% of all liability insurance operations on the market, received the fastest growth.
A competitor may view your company's price cuts as a drive to expand market share, as a sign of financial instability and an attempt to increase sales, or as a sign of an industry-wide price cut to stimulate demand.
The company should strive to maintain the optimal value of this share, because too large U.v.z.s. leads to her precarious financial situation.
It is not uncommon for a competitor to see your company's price cuts as a drive to gain market share, as a sign of financial instability and an attempt to increase sales, or as a sign of an industry-wide price cut to stimulate demand.
A value of Z greater than 181 but less than 299 characterizes the financial condition of the enterprise as stable, and a value less than 18 corresponds to an unstable financial position.
According to the balance sheet, it can be seen that investments in non-standardized assets increased by 1,471 thousand rubles by the end of the reporting year, which indicates an unstable financial situation of the enterprise, a slowdown in the turnover of working capital. At the same time, the total amount of monetary resources increased mainly due to an increase (by 515 thousand rubles) in funds on the current account. However, this positive factor is completely offset by others.
Task 4 10 Attracting a loan is in principle possible, since at the beginning of the period the enterprise was in a normally stable position, but 10 million rubles is not enough to get out of an unstable financial situation.
The value of this synthetic indicator of financial stability (Z) is about 3 (299), the value of Z more than 181, but less than 299 characterizes the financial condition of the enterprise as stable, and the value less than 18 corresponds to an unstable financial position.
The tax system affects the solvency of enterprises in two ways: on the one hand, the tax mechanism, if it is properly constructed and adequate to the financial condition of taxpayers, can at least not increase the total amount of their debt; on the other hand, the application of the norms of the tax law to enterprises with an unstable financial situation, including sanctions for arrears and late payments, can quickly lead such enterprises to a complete crisis. How do they avoid paying taxes in Russia now.

When concluding business and other contracts, the assessment of the solvency and reliability of partners is of great importance from the standpoint of tax Consequences. For example, the unstable financial position of the buyer may lead to the emergence of receivables, which, in case of exceeding the deadline established by Decree of the President of the Russian Federation dated 08.05.96 No. 685 On the main directions of tax reform in the Russian Federation and measures to strengthen tax and payment discipline three months will necessitate the write-off of arrears on the financial results of the supplier with a simultaneous increase in this amount of taxable income-I were. In addition, when writing off the debt unpaid by the buyer to financial results, there is also a need to pay VAT, moreover, the source of taxes in this case will be own -; supplier's funds.
In the event of a prospective sale, the seller may require a financial statement - one of the most desirable sources of information for credit analysis. There is often a link between a company's failure to report and its financial precariousness. Audit reports are preferred, interim financial reports are useful, especially for companies with seasonal sales.
All cash flows in the three areas of the company's activities are interconnected and, as necessary, can flow from one area to another. In the Russian economy in transition, there is a movement of funds from all types of activities, mainly to the main activity. This is due to the unstable financial situation of enterprises at this stage. And since all types of income of the company are concentrated mainly in the main activity, the investment field of activity does not have a sufficient amount of cash.
The planned value of credit investments is the control limit value of the allowable debt to the bank. Its excess is allowed for a short time and only for well-performing enterprises. Enterprises with an unstable financial position cannot receive a loan in excess of the planned amount.
Foreign loans of pre-revolutionary Russia historically arose in the second half of the 18th century. Russia led to an unstable financial position of the state and forced tsarism to conclude new loans to strengthen its finances. Russia's external debt began to grow especially rapidly in the last quarter of the 19th century.
It does not require capital expenditures to accelerate the turnover of working capital, which also leads to an increase in production volumes and product sales. However, inflation quickly devalues ​​working capital, enterprises spend more and more of them on the purchase of raw materials and fuel and energy resources, buyers' non-payments and the required prepayment divert a significant part of the funds from buyers' turnover. The reasons for non-payments are not only the lack of working capital and the unstable financial situation of enterprises, but also low financial and settlement discipline, shortcomings in the banking system, and underdevelopment of bill circulation.
The main role in the issuance of bonds is played by the financial reputation of the organization or the enterprise that issues them. On the international financial market, mainly those loans of states or enterprises that receive the best assessment of international banks are quoted (highly valued). Due to the high risk, the interest rates of bonds issued by financially unstable countries, as well as firms with an unstable reputation, are much higher than those whose solvency is not in doubt in banking circles.
Financial restructuring involves bankruptcy and liquidation of enterprises, banking (non-judicial) regulation. For the majority of enterprises in the region that find themselves in a difficult financial situation, it is relevant. Despite the fact that the practice of bankruptcy and liquidation in Russia is gradually expanding (more than 300 enterprises in the Astrakhan region have an unstable financial situation and an unsatisfactory balance sheet structure), the Akhtubinsky district has a fairly strong financial discipline of borrowers. Banks hold a reliable tool for repayment of loans, although there is a further increase in debt.
When using this technique, the dynamics of the market rate of securities is the least predictable. The small amount of dividends paid out in this way usually has no effect on the market value of the shares. If dividends are significant, then the market price of shares after the additional issue may fall significantly. Often, enterprises are forced to resort to this method of dividend payments, for example, in an unstable financial situation and the absence of highly liquid assets for settlements with shareholders, or if it is necessary to reinvest the profit of the reporting year in a highly effective project. In accordance with Russian law, a joint-stock company is entitled to pay dividends in shares only if it is provided for by its charter.
It is also necessary to take into account the following. It is believed that the insolvency crisis currently experienced by most enterprises and determined by a number of indicators (for example, the assessment of receivables and payables, their structure and correlation) is the cause of the unstable situation. It would seem that by improving these indicators, stability can be achieved. However, methods are known to achieve technical solvency on the key date while maintaining the actual insolvency of the firm. In this case, it is appropriate to say that insolvency is not a cause, but a sign of the company's unstable financial position. The reasons are much deeper and you need to look for them, mainly in inefficient management. But without detracting from the significance of the signs of the disease (insolvency), it is necessary to treat this disease itself.
In order to improve the mechanism of lending, since 1987 for enterprises transferred to the terms of self-financing, a new procedure for lending has been introduced - according to the totality of material reserves and production costs. It is based on the unification of all types of planned loans for stocks of standardized inventory and for products shipped to customers before payment, as well as limiting the total amount of loans provided to the enterprise by the planned amount. The planned volume of credit investments is determined on the basis of the planned balances of normalized inventory items by excluding from them the value of the enterprise's own working capital and creditors' funds. The planned amount of credit investments is the control limit of the allowable debt to the bank. Its excess is allowed for a short time and only for well-performing enterprises. Economic bodies with an unstable financial situation cannot receive a loan in excess of the planned amount.