Enterprises operating in a market economy are closely interconnected. When choosing partners, one of the most important criteria for building relationships between business entities is solvency. An insolvent enterprise is unattractive for either suppliers or investors, it creates a threat of loss of both its own and borrowed resources.

Based on various approaches to assessing solvency, solvency should be interpreted as the ability of an enterprise to pay off current obligations in a timely manner at the expense of liquid current assets, while carrying out uninterrupted current activities. Solvency assessment for a certain date is a comparison of current assets and short-term debt. At the same time, an enterprise is considered solvent if there is a positive difference between the amount of liquid current assets and the amount of short-term liabilities, which should not be less than the value of the reserves necessary to continue the uninterrupted operation of the enterprise.

The solvency of any Russian enterprise is subject to many negative influences, which at some point reach their "critical mass". Then these influences are transformed into insolvency, which inevitably leads the economic entity to bankruptcy. Solvency analysis, as well as the analysis of any object, is an analysis of a complex of interrelated factors that reduce solvency.

External factors include advances in technology, globalization of industrial and financial markets, price fluctuations, tax asymmetries, transaction costs, changes in legislation, increased competition, and other factors. Among the internal factors on which the quality level of financial decisions depends are the need to ensure the liquidity of the enterprise, the aversion of the subjects of financial management (including shareholders) to risk, the low level of special education of financial managers, the emerging contradictions between their interests and the interests of owners.

When evaluating the main internal factors affecting the solvency of an enterprise, it is necessary to pay attention to their comprehensive nature, covering the objects of analysis, types of activities, qualifications of personnel, form of ownership, etc. (1)

The main external factors are the factors associated with the steady development of the Russian and world economy as a whole. The globalization of markets, the achievements of science and practice, competition, on the one hand, give economic entities a lot of opportunities, and on the other hand, require more attention from management at all levels to financial management.

The art of financial management lies in the combination of actions and decisions to ensure the sustainable current position of the enterprise, its solvency and liquidity, as well as development prospects, supported by long-term sources of financing that form the structure of assets. Rapid response to changes in external and internal factors is a mandatory requirement for effective financial management. (2)

The purpose of modern financial analysis is to predict adverse situations, including the insolvency of the enterprise. To achieve this goal, we propose to identify four areas of solvency.

1. Zone of absolute solvency. If an enterprise has sufficient funds to cover current liabilities at the expense of current activities or at the expense of a part of assets without disturbing the smooth operation of the enterprise, then this business entity is absolutely solvent. At the same time, the indicator of absolute solvency is defined as the ratio of the amount of average monthly income (AMI) and cash on settlement accounts (AC) to the value of current liabilities (TO) and the value of the effective indicator should be at least one:

Pa \u003d (DSM + DS) / TO ≥ 1

2. Zone of current solvency . If the amount of income and cash is not enough to cover current liabilities, then it is necessary to proceed to a detailed assessment of the company's mobile funds, among which, first of all, receivables, the payment term for which is expected within 12 months (DZ) and short-term financial investments (KFI) is "deferred" earnings. At the same time, the indicator of current solvency is defined as the ratio of the amount of average monthly income (AMI), cash (AC), receivables, the payment term for which is expected within 12 months (DZ) and short-term financial investments (CFI) to the amount of current liabilities (TO) and the value of the effective indicator must also be at least one:

Fri \u003d (DSM + DS + DZ + KFV) / TO ≥ 1

3. Zone of critical solvency . Further, assessing the availability of mobile funds of an enterprise, it is obvious that a significant share in their value is occupied by inventories, most of which (the entire value, if it is optimal) cannot be taken into account at the next stage of assessing solvency, as this will disrupt the smooth operation of the enterprise. At the same time, the critical solvency indicator is defined as the ratio of the difference between the amount of average monthly income (AMS) and the value of current assets (TA) minus the value of the reserves necessary for the smooth operation of the enterprise (Cn) to the value of current liabilities and the value of the effective indicator is equal to one:

Pk \u003d (DSM + (TA - Zn)) / TO \u003d 1

4. Zone of insolvency. If, when calculating the critical solvency indicator, its value is less than one, then this indicates a lack of average monthly income and the amount of “free” mobile assets to cover current liabilities, and the enterprise becomes insolvent. The proposed methodology for assessing the solvency of an economic entity does not provide for further in-depth analysis of the assets of the enterprise, i.e. their immobilized part, although theoretically this is really possible.

Obviously, the solvency of the enterprise can be controlled. At the same time, it should be taken into account that the problems of maintaining the solvency of an economic entity are associated with the solution of a number of tasks of operational and strategic management of the enterprise.

BIBLIOGRAPHY:

1. Goncharov A.I. System connection of external and internal factors that reduce the solvency of Russian industrial enterprises // Economic analysis: theory and practice. - 2004.- No. 15. - P.37-42.
2. Ilysheva N.N., Krylov S.I. Analysis of financial attractiveness and anti-crisis management of the organization's financial resources // Economic analysis: theory and practice. - 2004. - No. 7. - P. 16-24.

Bibliographic link

According to A.S. Senina: "the main goal of analyzing the liquidity and solvency of an enterprise is to obtain the most informative parameters that give an objective and accurate picture of the financial condition of the enterprise, changes in the structure of assets and liabilities, timely detection and elimination of offenses and shortcomings in financial activity" .

Analysis of the liquidity of the balance sheet involves comparing the assets of the organization, grouped and arranged in descending order of their degree of liquidity, and liabilities, grouped and arranged in ascending order of maturity of obligations.

In practice, highly liquid, low liquid and illiquid assets are distinguished. The degree of liquidity of assets is determined by their rate of transformation into cash.

According to Ilyina A.D. "in the balance sheet, the organization's assets are arranged in descending order of liquidity and are divided into the following groups":

The most liquid assets (A1) are the assets with the highest velocity of circulation. These include cash and short-term financial investments of the organization;

Quickly realizable assets (A2) - assets with a high speed of sale. This group includes accounts receivable and other current assets;

Slowly realizable assets (A3) - assets with a slow speed of sale: stocks and value added tax on acquired valuables;

Hard-to-sell assets (A4) are non-current assets of the organization.

At the same time, the liabilities of the balance sheet are grouped according to the degree of maturity of obligations and are divided into the following groups:

The most urgent liabilities (P1) are liabilities with a high maturity, namely accounts payable;

Short-term liabilities (P2) are organizations;

Long-term liabilities (P3) are long-term liabilities;

Permanent liabilities (P4) - the company's own capital.

As noted G.V. Savitskaya“To analyze the liquidity of the organization's balance sheet, it is necessary to compare the results of grouped assets and liabilities. The balance sheet is recognized as absolutely liquid when the following inequalities are met ":

A1 > P1 - this inequality means that the organization is able to pay off the most urgent obligations on time at the expense of the most liquid assets;

A2 > P2 - compliance with this inequality shows that the organization has the ability to pay off short-term obligations to creditors with quickly realizable assets;

A3 > P3 - the fulfillment of this inequality means that the organization is able to repay long-term loans at the expense of slow-moving assets;

А4 ≤ П4 - this inequality is fulfilled automatically if the previous inequalities are observed.

Regardless of the composition and method of grouping assets and liabilities of the balance sheet, based on these approaches of various authors, as a result, the comparison is carried out by the only method presented above. At the same time, various authors correct the comparison of data for the sign "≤" or "˂", as well as "≥" or ">".

Table 1 presents the main approaches to grouping the assets and liabilities of the balance sheet according to the degree of liquidity.

Table 1 - Analysis of approaches to the grouping of assets and liabilities of the balance sheet

Group A1 "The most liquid assets" for all scientists is the same, this includes financial investments, cash and cash equivalents, including cash and short-term financial investments.

In the structure of quickly realizable assets M.A. Vakhrushin and A.D. Sheremet includes Short-term receivables and other current assets. In turn, M.V. Melnik, in addition to other current assets, this includes both short-term and long-term receivables. Kazakova N.A. includes in this group only that part of the inventory that can be sold quickly, namely finished goods, goods for resale and shipped goods.

In group A3, all scientists include reserves and VAT on acquired values. HELL. Sheremet also includes financial investments in this section.

For all scientists, the group “Hard to sell assets” includes non-current assets, but, in addition, M.A. Vakhrushina adds long-term receivables here, and A.D. Sheremet - excludes financial investments and adds long-term receivables to this.

In group P1 "The most urgent obligations" all scientists include short-term accounts payable. M.V. Melnik and A.D. Sheremet also includes other short-term liabilities and estimated liabilities in this group. And only M.V. Melnik, in addition to classifying P1, also includes deferred income.

All scholars agreed on P2 and included short-term borrowings in this section. MA Vakhrushina includes other liabilities, deferred tax liabilities and estimated liabilities.

In group P3 M.A. Vakhrushina includes long-term borrowings, and M.V. Melnik and A.D. Sheremet includes the sum of all long-term liabilities.

All scientists have a group of constant liabilities, that is, P4 consists of different components. For example, M.A. Vakhrushina includes equity capital and deferred income in this group. M.V.Melnik includes Capital and reserves in P4. And finally, A.D. Sheremet includes capital and reserves and deferred income in this group. In some cases, this approach looks quite logical, since in the end, deferred income is to be attributed to the financial results of the organization.

The purpose of the liquidity and solvency analysis is to study the organization's capabilities and the availability of cash and cash equivalents in sufficient quantities to pay off short-term accounts payable within a certain time frame.

The main tasks of liquidity and solvency analysis include:

Grouping the assets of the balance sheet according to the degree of liquidity;

Calculation of solvency indicators;

Determination of factors influencing the change in solvency indicators;

Development of measures to improve the liquidity and solvency of the organization.

The balance is considered absolutely liquid if the following conditions are met:

1. If the first inequality A1 ≥ P1 is satisfied, then this indicates that at the time of compiling the balance sheet, the organization is solvent and it has enough funds to cover urgent obligations.

2. If the inequality A2 ≥ P2 is feasible, then quickly realizable assets exceed short-term liabilities and the organization can be solvent in the near future, taking into account timely settlements with creditors, receiving funds from the sale of products on credit.

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

If the first three inequalities are met, then the last inequality is necessarily met, which has a deep economic meaning: the presence of the enterprise's own working capital; the minimum condition for financial stability is met.

From the classical approach, the functional one differs in that instead of classical inequalities comparing different groups of liabilities and assets, it compares:

1. A3 and P1, which allows you to understand whether the reserves are able to provide accounts payable, which is logical, because Russian companies often pay off suppliers as they sell finished products, goods or services.

2. A1+ A2 and P2, shows whether there is a possibility of financing non-current assets and whether there are sustainable sources that partially finance current assets.

3. A4 and P3 + P4, helps to find out whether it is possible to repay short-term loans and borrowings at the expense of receivables.

A1+ A2 ≥ P2 (2)

A4 and P3≤ P4 (4)

It is necessary to pay attention to the existing shortcoming of the classical system of inequalities of the absolute liquidity of the balance sheet. The essence of the disadvantage is as follows: the system does not reflect the possibility of covering obligations at the expense of an excess of assets of a more liquid group. The result of its application may be incorrect conclusions about the incomplete liquidity of the balance sheet (when A2 ≤P2 and / or A3 ≤P3), while in reality its liquidity and even super-liquidity take place.

Due to the fact that the functional approach methodology reflects the interests of management and illustrates the functional balance between assets and sources of their financing in the financial and economic activities of the organization, it is more suitable for the analysis of Russian organizations, since it takes into account their specifics.

According to Lytneva N.A. “For a more detailed determination of the organization's solvency, financial ratios are used in practice. In order to summarize the assessment of liquidity, organizations use the following relative liquidity ratios ":

1. The absolute liquidity ratio is a strict criterion of the organization's liquidity and shows what part of the organization's accounts payable can be repaid in the shortest possible time with the help of cash and short-term securities.

2. The quick liquidity ratio shows that part of current liabilities that can be repaid by the organization both for cash and through the sale of products, goods and services.

3. The current liquidity ratio shows the organization's payment capabilities in terms of not only timely settlements with debtors and the sale of its own products, but also the sale, if necessary, of other tangible assets.

When analyzing the liquidity of the organization's balance sheet, each of the above coefficients is calculated at the beginning and end of the reporting period.

The study of methods for calculating solvency indicators of such authors as Vakhrushina M.A., Melnik M.V., Sheremet A.D. showed that in the published materials there are different normative values ​​of the current liquidity ratio. They vary in the range from 1 to 2. Practice shows that for many successfully operating companies, the actual value of this coefficient is below 1 and is in the range from 0.5 to 0.9. To eliminate this shortcoming, one should take into account the specifics and speed of turnover of current assets in specific sectors of the national economy when determining the threshold values ​​of the current liquidity ratio.

The current liquidity ratio is determined by the formula:

KTL \u003d (A1 + A2 + A3) / (P1 + P2) (5)

Quick liquidity ratio is determined by the formula:

KBL \u003d (A1 + A2) / (P1 + P2) (6)

The absolute liquidity ratio is calculated by the formula:

CAL. = A1 / (P1 + P2) (7)

In addition to the above indicators, only Melnik M.V. offers another one: “prospective liquidity (PL) is a solvency forecast based on a comparison of future receipts and payments”

PL \u003d A3 - P3 (8)

An almost identical methodology for the system and calculation of solvency indicators is offered by Kazakova N.A. .

Current liquidity ratio (full coverage) = Adjusted current assets / Adjusted borrowings. (nine)

The current liquidity ratio allows you to establish the current financial condition of the company and shows the adequacy of the company's working capital, which can be used to pay off short-term liabilities. A low level of liquidity may be due to difficulties in selling products, an increase in receivables, etc. A ratio of less than 1 means that the company does not have enough funds to pay off its short-term obligations, and indicates the presence of financial risk and the threat of bankruptcy, so this ratio does not may be less than 1. A ratio of 2:1 means a normal degree of liquidity, when the firm has enough funds to pay off short-term obligations. A ratio of 3:1 and above is considered undesirable, as it may indicate that the firm has more funds than it can effectively use, which entails a decrease in the return on assets. At the same time, the high value of the firm's liquidity ratio attracts potential investors, which is a positive factor. In Russia, the value of this coefficient from 1 to 2 is considered normal.

Critical liquidity ratio (Intermediate cover) = (Cash + Short-term financial investments + Short-term receivables) or (Total current assets - Inventories - VAT on acquired valuables - Long-term receivables) / Adjusted short-term liabilities. (ten)

The intermediate liquidity ratio shows the ratio of liquid funds to short-term debt and indicates the company's ability to quickly pay off its current liabilities, provided that settlements with debtors are made in a timely manner. It characterizes the expected solvency of the enterprise for a period equal to the average duration of one turnover of receivables. Restriction in world practice: 1-2, which follows from the solvency condition. But in Russian practice, it is believed that the theoretically justified values ​​of this coefficient lie in the range of 0.7-0.8.

Absolute liquidity ratio (Absolute coverage) = (Cash + Short-term financial investments) / Adjusted borrowings. (eleven)

The absolute liquidity ratio, which is equal to the ratio of the most liquid assets to the sum of the most urgent liabilities and short-term debt, the company can repay in the near future. Theoretically, the normal value in world practice of the absolute liquidity ratio is 0.2-0.25. This means that 20-25% of short-term liabilities are subject to repayment every day, and if the cash balance is maintained at the level of the reporting date, this short-term debt can be repaid in 4-5 days.

Zhminko S.I. offers the following system and methodology for calculating solvency indicators:

1. The coefficient of a comprehensive assessment of the liquidity of the balance sheet:

where, A1, A2,…. P3 - the sums of the corresponding groups by asset and liability;

a1, a2, a3 - weight coefficients.

The overall liquidity ratio of the balance sheet shows the ratio of the sum of all liquid funds of the organization to the sum of all payment obligations, provided that various groups of liquidity of funds and payment obligations are included in the indicated amounts with weighting coefficients that take into account their significance in terms of receipt of funds and repayment of obligations. This indicator allows you to compare the balance sheets of an organization relating to different reporting periods, as well as the balance sheets of various organizations and find out the degree of liquidity of a particular balance.

Weight coefficients can be set with a certain degree of convention within the limits: for the first group of assets - 1.0, and if there are short-term financial investments along with cash - 0.95, since they are only cash equivalents; for the second group - 0.5-0.9; for the third - 0.2-0.5.

Weight coefficients for liability groups can be determined: for the first group - 1.0; for the second - 0.5-0.7 (depending on the maturity of short-term credits and loans); for the third - 0.2-0.5, since the date of repayment of long-term loans and borrowings or the repayment of only part of them may not come in the reporting year. The value of the weighting coefficient cannot be strictly established due to the fact that the composition of each group of assets (liabilities) can change both in the direction of increasing liquidity (repayment) and decreasing.

2. Absolute liquidity ratio:

where, DS - cash;

KFV - short-term financial investments;

Edema - short-term payment obligations (current obligations).

3. Quick liquidity ratio:

where, Aproch - other assets;

DZ - accounts receivable.

4. Current liquidity ratio:

where, ObS - current assets (working capital);

Edema - current liabilities (short-term liabilities).

Thus, the assessment of the methods for analyzing the liquidity of the balance sheet and the solvency of the organization led to the conclusion that different scientists offer their own vision on the grouping of assets and liabilities of the balance sheet according to the degree of liquidity, while the analysis of solvency indicators is carried out by identical calculation methods, in addition, some authors , highlight additional indicators that, in their opinion, can assess the level of solvency of the organization.

Federal State Budgetary Educational Institution
higher professional education
"Siberian State Industrial University"

Department of Accounting and Audit

COURSE WORK

Subject "Economic analysis"

Leader: s.p. Zhdanova N.G.

Performer: student gr. EET-091
Bespalova R.B.

Novokuznetsk
2013
CONTENT

INTRODUCTION 3
1.1 The concept of liquidity and solvency of the enterprise, their types 4
1.2 Comparative characteristics of analysis methods and systems of indicators for assessing the liquidity and solvency of an enterprise 10
2 Analysis of the financial condition of CJSC UNIVERBYT 21
2.1 Brief description of the activities of CJSC "UNIVERBYT" 21
2.2 Analysis of the property status and capital of CJSC UNIVERBYT 22
2.3 Liquidity analysis of the balance sheet of CJSC UNIVERBYT 30
2.4 Financial stability assessment of UNIVERBYT CJSC 36
2.5 Valuation of the insolvency of CJSC UNIVERBYT 44
2.6 Analysis of the financial performance of CJSC UNIVERBYT 45
2.7 Assessment of business activity of CJSC UNIVERBYT 53
CONCLUSION 57
List of used literature: 60

INTRODUCTION
The relevance of this topic lies in the need for a mandatory assessment of the solvency and liquidity of an enterprise, the dynamics of indicators of which provides valuable, timely and diverse information for making important management decisions for stakeholders of economic activity, allowing to reduce the risk of bankruptcy of organizations, especially in a financial crisis. Analysis of solvency and liquidity is the basis for effective enterprise management.
The purpose of this course work is to review modern methods of analysis of liquidity and solvency of the enterprise.
To achieve this goal, it is necessary to solve the following tasks:

Consider the concepts and types of liquidity and solvency of the enterprise;
Compare liquidity and solvency analysis methods;
Identify the problem of methods for assessing the liquidity and solvency of the enterprise;
To trace the similarities and differences in the methods of domestic authors.

1 Comparative characteristics of the author's methods for analyzing the liquidity and solvency of an enterprise

The concept of liquidity and solvency of an enterprise, their types

1.2 Comparative characteristics of analysis methods and systems of indicators for assessing the liquidity and solvency of an enterprise

In modern economic conditions, the analysis of the liquidity and solvency of the organization is of particular relevance.
At present, Russia has a fairly large number of methods for assessing liquidity and solvency, which differ from each other both in the composition of calculated and analyzed indicators, and in their number and internal content. Therefore, it is sometimes quite difficult for an analyst to choose the most appropriate algorithm for calculating the required indicator. From another point of view, the calculation results obtained on the basis of the proposed methods do not always accurately reflect the real state of affairs in the organization, due to the fact that traditional methods have the following disadvantages:
- static - calculations are made on a certain date and do not reflect future receipts and expenditures of funds, both from ordinary and from financial and investment activities;
- formality - calculations are carried out according to data for the past
period and do not take into account the prospective actions of a business entity,
aimed at improving the management of the financial process -
mi at the enterprise in order to ensure liquidity and solvency;
- Diversity - the methods proposed by analysts for assessing the liquidity and solvency of an organization differ both in the number of indicators used and in the methods of their calculation;
- universality - the proposed calculation algorithms do not take into account the industry affiliation of the enterprise.
Traditionally, the solvency and liquidity of the organization is usually measured by absolute and relative indicators.
In the first case, the analyst groups the assets and liabilities of the balance sheet, and then calculates their payment surplus or shortage.
The calculation of absolute indicators is quite convenient and simple, but it has quite significant drawbacks.
It is customary to carry out an accurate assessment of the degree of solvency and liquidity of an enterprise on the basis of relative indicators, i.e. based on the calculation of the coefficients given in table 1. From the data in table 1 it can be seen that at present, to assess the liquidity and solvency of the organization, there are many methods that differ from each other in the composition and number of indicators studied.
Table 1 - Relative indicators of liquidity and solvency of organizations

Table 4 continued

However, as can be seen from the data in Table 1, there is not a single methodology where absolute liquidity ratios, quick (term) liquidity and current liquidity would not be calculated. This fact indicates the importance of these criteria for the purposes of analyzing the financial condition, the significance of which lies in the fact that on their basis the calculation of the optimal structure of current assets of an economic entity is made.
At the same time, when analyzing other solvency indicators that are given in the presented methods, it should be noted that some of them are: 1) the degree of solvency for current liabilities, 2) the debt ratio for bank loans and loans, 3) the debt ratio the fiscal system, 4) the overall liquidity indicator of the balance sheet, 5) the overall degree of solvency, 6) the coefficient of restoration (loss) of solvency, 7) the ratio of long-term borrowed capital to equity, 8) the ratio of long-term debt - they detail the level of solvency of an economic entity, and others - characterize the degree of financial stability of the enterprise, thereby emphasizing the existence of a close relationship between solvency, liquidity and financial stability. The last remark noted can be traced in the methods of Efimova O.V., Chernov V.A., Selezneva N.N., Ionova A.F. subject, or rather, stocks. At the same time, Prykina L.V. adheres to their ideas, who proposed, when assessing solvency, to calculate the maneuverability coefficient, which shows the level of mobility of the organization's property structure.
Earlier it was noted that in the methods of analyzing the solvency of an organization proposed by various authors, the main indicators are absolute, quick and current liquidity ratios. Therefore, it is advisable to dwell on the consideration of the algorithms for their calculation, which are presented in Table 2.

Table 2 - Methodological approaches to the calculation of absolute, urgent, current liquidity ratios

This table uses the following conventions:
DS - cash;
KFV - short-term financial investments;
KO - short-term liabilities;
DBP - deferred income;
AP - advances received;
KZ - accounts payable;
KKZ - short-term credits and loans;
RPR - reserves for future expenses;
POA - other current assets;
ZZ - stocks and costs;
VAT – VAT on acquired valuables;
DDZ - long-term receivables;
KDZ - short-term receivables;
RBP - deferred expenses;
DZuchr. – debt of the founders on contributions to the authorized capital;
OA - current assets.

The algorithms for calculating liquidity and solvency ratios given in Table 2 showed their methodological similarity. Despite the fact that these methods are traditional, they are imperfect and require some adjustment.
Thus, exploring the methods of calculating the absolute liquidity ratio, it was noted that almost all authors adhere to the position of comparing highly liquid assets either with short-term liabilities in general, or with the amount of accounts payable and short-term loans and borrowings.
This calculation algorithm requires clarification.
Firstly, the total amount of short-term financial investments should not be used in calculations due to the fact that these funds are presented as rather urgent investments, for example, securities that may be cash equivalents, or investments that have matured (for example, short-term loans issued to other organizations) and investments made for a period of more than 6 months, for example, and the return of which to an economic entity for use as a means of payment will require a significant amount of time. Therefore, the numerator of the formula should be adjusted by including in the calculation algorithm only cash and the most urgent financial investments, the maturity date, for which circulation has come.
Secondly, the total amount of short-term liabilities should not be used in calculations, since they include obligations that do not require urgent repayment. For example:
- there are taxes that require repayment on the 20th of the month;
- advances received should not be used in calculations, because this liability is settled by inventories;
- deferred income should not be taken into account, because they relate in their content to equity capital;
- reserves for future expenses should be taken into account only in the part that will be used in a given period of time for calculations.
At the same time, the organization's balance sheet contains items containing obligations that require urgent repayment, but for some reason are not taken into account in traditional calculation algorithms - these are short-term and long-term loans and loans containing the amount of the balance rolled over to other months, the amount of the principal debt and interest on the use of loans, which should be repaid immediately.
Thus, based on the above, the methodology for calculating the absolute liquidity ratio (Kal) can be represented as follows:

(1)
Where:
С%К - interest on loans requiring immediate repayment, SADC - the amount of principal debt on loans requiring immediate repayment,
SKFV - urgent short-term financial investments,
SKZ - urgent accounts payable requiring immediate repayment,
Sound. – debts to participants requiring immediate repayment,
SRPR - term reserves for future expenses.

The algorithm for calculating the quick liquidity ratio differs from the method for calculating the absolute liquidity ratio, according to most authors, only by the amount of receivables. In this regard, it is advisable not to consider again the comments on other indicators included in the calculation, but to express your opinion on the use of receivables in the calculations. Due to the fact that short-term receivables are debts to an economic entity that will be repaid within 12 months, it includes funds of different quality. Therefore, the calculation of the quick liquidity ratio should include not the full amount of this asset, but only that part that corresponds in its maturity to the time of repayment of the obligations assumed. At the same time, it is inappropriate not to include long-term receivables in the calculation of the indicator, based on the economic nature of this asset, but to involve it to pay off long-term liabilities.
At the same time, inventory includes assets with a fairly high turnover rate - these are goods and goods shipped. Therefore, they can act as a fairly liquid means of payment.
Based on the foregoing, we can propose the following model for calculating the quick liquidity ratio (Kbl):

(2)
Where:
BKFV - short-term financial investments that will be repaid, returned to the organization within a month,
SKDZ - urgent receivables that will be repaid within a month,
TV - goods for resale,
TVO - goods shipped,
%K - interest on loans requiring repayment within a month,
OSDC - the amount of the principal debt on loans requiring repayment within a month,
BKZ - accounts payable requiring repayment within a month,
BRDP - the amount of reserves for future expenses that will be used during the month.

The current liquidity ratio is designed to reflect the sufficiency of current assets to cover current liabilities. Therefore, when calculating it, only equivalent (equivalent) assets and liabilities should be used. However, this principle is violated in the proposed calculation algorithms. Thus, scientists suggest using long-term receivables in calculations, which, in our opinion, contradicts the principle of liquidity. At the same time, we believe that the calculations should include a part of long-term loans and borrowings that will be repaid within a year.
In this regard, it is advisable to calculate the current liquidity ratio according to the following formula:

(3)
Where:
NPV - part of long-term loans and borrowings,
PKO - other short-term liabilities.

Having considered a large number of methods of domestic authors for assessing liquidity and solvency, which differ in composition and number of indicators, we can identify the following problem, which is quite difficult to choose the most appropriate algorithm for calculating the required indicator. Many shortcomings inherent in traditional methods have also been identified. But having considered each technique, one can find methodological similarities.
It can be concluded that the proposed methods for calculating the coefficients of absolute, quick and current liquidity will improve the accuracy of assessing the degree of liquidity and solvency of an economic entity.

2 Analysis of the financial condition of CJSC UNIVERBYT
2.1 Brief description of the activities of CJSC "UNIVERBYT"

The company was registered on September 1, 1993 by the registrar of the Inspectorate of the Ministry of the Russian Federation for Taxes and Dues for the Central District of Novokuznetsk, Kemerovo Region. The main activities are "Provision of services by hairdressers and beauty salons", "Activities of paramedical personnel". The organization also carries out activities in the following non-core areas: "Education for adults and other types of education not included in other groups", "Rental of own non-residential real estate". The main branch of the company is "Enterprises and organizations engaged in non-production types of consumer services to the population." CJSC "UNIVERBYT" carries out the following activities:

Health and social services;
Health activities;
Other health protection activities;
Activities of paramedical personnel;
Provision of personal services;
Provision of services by hairdressers and beauty salons;
Education;
Adult education and other types of education;
Operations with real estate;
Renting out your own real estate;
Renting out your own non-residential real estate.

Non-productive types of consumer services for the population;
Enterprises and organizations engaged in non-productive types of consumer services to the population.

Analysis of the property status and capital of CJSC "UNIVERBYT"

Table 3 - Analysis of asset items by the balance method

Table 3 continued

End of table 3

Table 4 - Analysis of liability items by the balance method

Table 4 continued

End of table 4

At the end of 2011, assets decreased by 2110 thousand rubles (by 13%), this was due to a decrease in non-current assets, namely: fixed assets; as well as as a result of a decrease in current assets: inventories, receivables and financial investments. The significant decrease in assets occurred despite an increase in cash and cash equivalents. The greatest negative impact was made by the decrease in financial investments (26%), the 2nd place (39%) was the decrease in receivables, as a result, assets decreased by 1200 and 967 thousand rubles, respectively. The largest share in the asset falls on financial investments (24%) and cash and cash equivalents (47%). And the smallest share (less than 1%) falls on other current assets (0.6%).
At the end of 2011, liabilities decreased by 2,110 thousand rubles (by 13%), this was due to a decrease in retained earnings by 1,839 thousand rubles, accounts payable by 271 thousand rubles. The rest of the indicators remained unchanged. The largest share in liabilities falls on retained earnings (69.6%) and accounts payable (20.4%). Less than 1% is accounted for by authorized capital (0.06%) and additional capital (0.15%).
In the course of the analysis, it can be concluded that this balance corresponds to three signs of a good balance out of six. In particular, the following features are fulfilled:

the growth rate of current assets outstrips the growth rate of non-current assets by 3%;
the share of own working capital is above 10% and amounts to 76% at the end of 2011;
there are no “sick” items in the balance sheet.

the balance sheet currency by 12/31/2011 decreased compared to the value as of 12/31/2010 by 2,110 thousand rubles;
the growth rate of own capital is significantly lower than the growth rate of borrowed capital;
the growth rates of accounts payable and accounts receivable differ significantly (the growth rate of accounts receivable is 0.6%, and accounts payable - 0.9%).

Under the liquidity of the balance is understood the correspondence of asset groups (on the basis of liquidity) to liability groups (on the maturity of obligations).
The grouping of assets and liabilities for assessing the liquidity of the balance sheet is presented in Table 5, the assessment of liability coverage is presented in Table 5.1.

Table 5 - Grouping of assets and liabilities to assess the liquidity of the balance sheet

Table 5.1 - Liability coverage assessment

Thus, in the structure of the asset, the largest share is occupied by the most liquid assets A1 (68.1%), this is due to the fact that in 2011 the company made short-term financial investments in the amount of 3538 thousand rubles. and received cash in the amount of 6367 thousand rubles. Thus, the enterprise has sufficient funds to carry out current calculations, but they are not enough to cover the most urgent obligations P1. The coverage share is 334.6%, which is higher than in previous years, which means that the financial condition of the company has improved.
In 2011, quickly realizable assets amounted to 1,549 thousand rubles. (10.8%), this is less than in 2010 by 967 thousand rubles. Slowly realizable assets A3 in 2011 amount to 889 thousand rubles. (8.4%), this is 456 thousand rubles. less than in 2010 and 575 thousand rubles. less than in 2009. There are no short-term and long-term liabilities.
Significant structural shifts took place in the composition of A4 hard-to-sell assets: if in 2009 they amounted to 3,309 thousand rubles, in 2010 - 2,622 thousand rubles, then in 2011 they amounted to 2,205 thousand rubles. (15.2% of the balance). This happened as a result of a decrease in fixed assets of the enterprise by 417 thousand rubles. The company has no long-term accounts receivable.
As for the structure of liabilities, the largest share (79.6%) was P4's own capital, and these are capital and reserves. Equity capital exceeds hard-to-sell assets by 9383 thousand rubles. Compared to previous years, equity capital has significantly decreased: by 494 thousand rubles. compared to 2010 by 1839 thousand rubles. and 494 thousand rubles. compared to 2009.
The enterprise has no short-term liabilities P2 and long-term liabilities P3.
The most urgent liabilities P1 amount to 20.4% of liabilities and this is much less than in previous years (by 271 thousand rubles compared to 2010 and by 1940 thousand rubles compared to 2009). To a greater extent, this is due to a decrease in accounts payable in 2011 compared to 2010 by 271 thousand rubles.
In the course of assessing the liquidity of the balance sheet of UNIVERBYT CJSC, it is necessary to assess the balance according to the signs of absolute liquidity:

A1? P1;
A2? P2;
A3? P3;
A4? P4.

absolute liquidity ratio;
quick liquidity ratio;
current liquidity ratio;
overall liquidity ratio.

Table 6 - Calculation of relative indicators of balance liquidity

Thus, for all three periods, the absolute liquidity ratio does not correspond to the normative value. In 2011, it decreased by 20% compared to 2010 and amounted to 3.346, that is, 334.6% of the most urgent and short-term liabilities can be covered by the most liquid assets. Too high absolute liquidity may indicate an irrational capital structure, too high a share of non-performing assets in the form of cash and funds in accounts. This is due to the fact that UNIVERBYT CJSC has no short-term liabilities.
The quick liquidity ratio for all three periods also exceeds the normative value. In 2011, this indicator decreased by almost 10% compared to 2009 and 2010 and amounted to 3.87, that is, 387% of the most urgent and short-term liabilities can be covered by the most liquid and fast-selling assets. The decrease in the indicator occurred as a result of the fact that the company has no long-term and short-term liabilities.
The current liquidity ratio for all 3 years complies with the standard, that is, 417% of the most urgent and short-term liabilities can be repaid at the expense of current assets.
The overall liquidity ratio for all three periods corresponds to the standard. In 2011 it was 1.08, which is 50% less than in 2010. The indicator means that 108% of the company's payment obligations can be covered by the company's liquid assets.
The ratio of own working capital in 2011 decreased by 1% compared to 2010 and amounted to 0.76. But, despite the decrease, the indicator continues to correspond to the standard value (0.76>0.1). This decrease occurred as a result of the growth of the most liquid, fast-selling and slow-moving assets in 2011 compared to 2010.
Thus, the company is liquid and sufficiently provided with its own working capital.

2.4 Financial stability assessment of UNIVERBYT CJSC

To assess financial stability, a three-component indicator of the type of financial stability is used:

(4)
(5)
(6)
(7)

DSOS - excess (shortage) of own working capital in the formation of stocks and costs.
DNFC - excess (deficiency) of own and long-term borrowed funds in the formation of reserves and costs.
DOVI - excess (deficiency) of own, long-term and short-term borrowed sources.
The definition of the type of financial stability is presented in table 8.

Table 7 - Determining the type of financial stability of CJSC "UNIVERBYT"

Thus, for all 3 years, the company maintains absolute financial stability (1; 1; 1). Normal financial stability shows that the company uses to cover stocks, in addition to its own working capital, also long-term borrowed funds.
The assessment of financial stability is supplemented by the calculation of relative indicators of financial stability (see table 8).

Table 8 - Calculation of relative indicators of financial stability

Table 8 continued

Table 8 continued

End of table 8

Thus, out of 21 coefficients
etc.................

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

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

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

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

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

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

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

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

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

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

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

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

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

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

A1 P1; A2 P2; A3 P3;

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

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

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

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

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

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

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

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

There is episodic insolvency and financial instability of the enterprise.

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

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

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

There is a chronic insolvency and financial instability of the enterprise.

d) A1< П1; А2 < П2; А3 < П3; А4 >P4.

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

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

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

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

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

DS - cash, thousand rubles;

DZ - accounts receivable, thousand rubles;

KFV - short-term financial investments, thousand rubles.

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

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

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

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

where Ktl - current liquidity ratio;

DS - cash;

KFV - short-term financial investments;

DZ - accounts receivable;

З - stocks;

Ktkr - short-term loans;

KZ - accounts payable.

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

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

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

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

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

excluded the least liquid part of them - inventories:

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

where D.S. - cash;

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

D.Z. - receivables.

D - income from dividends;

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

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

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

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

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

Ndr \u003d (DS + KFV) / TA,

where TA - current assets.

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

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

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

where OA - current assets;

KO - short-term liabilities;

D - income from dividends;

DBP - deferred income;

P - reserves for future expenses and payments.

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

The considered indicators have the following disadvantages:

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

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

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

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

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

Keywords

annotation scientific article on economics and business, author of scientific work - Kovalenko Oksana Grigorievna, Kurilova Anastasia Alexandrovna

The purpose of writing this article is to conduct research in the field financial management. Namely, to conduct a study of currently existing methods for assessing solvency enterprises. The main purpose of the assessment and analysis solvency enterprise is to timely identify and eliminate shortcomings in financial activities and find reserves for improvement solvency and creditworthiness. The authors of the article considered several commonly used methods for assessing solvency enterprises, and the author's supplemented methodology was proposed. The article identified the main objectives of the assessment solvency enterprises. The authors of the article category " solvency and "liquidity" is considered inextricably linked, therefore, the article examined and characterized the absolute and relative indicators of the liquidity of the enterprise. The indicators considered in the article can most fully tell about the current state of solvency enterprises.

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The purpose of writing this article is to conduct research in the field of financial management. Namely, to conduct a study of currently existing methodologies for assessing the solvency of the company. The main purpose of the evaluation and analysis of the solvency of the company is to timely identify and eliminate deficiencies in financial activities and to find reserves to improve solvency and creditworthiness. The authors of the article have been considered several commonly applied methods of assessing the solvency of the company, and was supplemented by the author's technique. The article identified the main purpose of the assessment of solvency of the enterprise. The authors of the article the category of "solvency" and "liquidity" is considered in close connection, so the article has been reviewed and is characterized by absolute and relative indicators of company's liquidity . Indicators considered in the article more fully I can say about the current state of solvency of the enterprise.

The text of the scientific work on the topic "Methodology for assessing the solvency of an enterprise"

Kovalenko Oksana Grigorievna, Kurilova Anastasia Alexandrovna METHODOLOGY FOR ASSESSING SOLVENCY ...

METHODOLOGY FOR ASSESSING THE SOLVENCY OF AN ENTERPRISE

Kovalenko Oksana Grigorievna, Candidate of Economic Sciences, Associate Professor of the Department of Finance and Credit Kurilova Anastasia Aleksandrovna, Doctor of Economic Sciences, Professor of the Department of Finance and Credit Togliatti State University (445020, Russia, Tolyatti, Belorusskaya St., 14, e-mail: [email protected])

Annotation. The purpose of writing the article is to conduct research in the field of financial management. Namely, to conduct a study of currently existing methods for assessing the solvency of an enterprise. The main purpose of assessing and analyzing the solvency of an enterprise is to timely identify and eliminate shortcomings in financial activities and find reserves for improving solvency and creditworthiness. The authors of the article considered several commonly used methods for assessing the solvency of an enterprise, and the author's supplemented methodology was proposed. The article identified the main goals of assessing the solvency of an enterprise. The authors of the article consider the category "solvency" and "liquidity" inextricably linked, therefore, the article examined and characterized the absolute and relative indicators of the liquidity of the enterprise. The indicators considered in the article can most fully tell about the current state of the enterprise's solvency.

Keywords: solvency; liquidity; financial management; financial condition; financial stability; grade; balance; financial position; assets; accounts payable; profitability; finance; financial obligations; cash.

THE TECHNIQUE OF AN ESTIMATION OF SOLVENCY OF THE ENTERPRISE

Kovalenko Oksana Grigorievna, candidate of economic sciences, associate professor of "Finance and credit" Kurilova Anastasiya Aleksandrovna, doctor of economical science, professor of the chair "Finance and credit"

Togliatti State University (445020, Russia, Togliatti, street Belarusian 14, e-mail: [email protected])

abstract. The purpose of writing this article is to conduct research in the field of financial management. Namely, to conduct a study of currently existing methodologies for assessing the solvency of the company. The main purpose of the evaluation and analysis of the solvency of the company is to timely identify and eliminate deficiencies in financial activities and to find reserves to improve solvency and creditworthiness. The authors of the article have been considered several commonly applied methods of assessing the solvency of the company, and was supplemented by the author's technique. The article identified the main purpose of the assessment of solvency of the enterprise. The authors of the article the category of "solvency" and "liquidity" is considered in close connection, so the article has been reviewed and is characterized by absolute and relative indicators of company's liquidity. Indicators considered in the article more fully I can say about the current state of solvency of the enterprise.

Keywords: solvency; liquidity; financial management; financial position; financial sustainability; evaluation; balance; financial position; assets; accounts payable; profitability; finance; financial liabilities; monetary means.

The analysis and assessment of the solvency of an enterprise is especially important in the overall management system, since its results are the basis and basis for the use of certain management decisions aimed at maximizing profits.

In order to assess the solvency, it is necessary to study what kind of funds and how, perhaps, to mobilize for the implementation of the upcoming settlements. Proceeding from the generally accepted judgment, an enterprise is considered solvent if its assets are greater than external liabilities. Solvency and liquidity have a positive impact on the implementation of production plans and the provision of production needs with the necessary resources. It is precisely for this reason that they are aimed at providing a systematic receipt and expenditure of funds, achieving the most rational ratios of own and borrowed capital and its most effective use.

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

The main objectives of solvency analysis are:

timely and objective diagnostics of solvency of the enterprise;

establishing violations and studying the causes of their formation.

search for reserves to improve the solvency of the enterprise;

Currently, there is an opinion that the solvency assessment is a system of knowledge directly related to the analysis of solvency, the directions of formation and development of the object of study, as well as the conditions that create the basis for the implementation of certain management activities at the enterprise.

An analysis of the degree of solvency of the enterprise is necessary in order to implement:

Forecasting the financial position of the enterprise;

Timely payment of debts to employees, the state, suppliers, shareholders;

Increasing the degree of trust of partners and investors in the implementation of common work;

Payment in full of loans and evaluation of the effectiveness of their application.

The main purpose of assessing the company's solvency is the timely identification and elimination of shortcomings and flaws in the financial work of the enterprise.

The process of managing the organization's solvency consists in planning solvency, together with determining the reasons that caused deviations in actual liquidity from planned. And also for the purpose of making management decisions regarding the overall solvency of the company. Based on the information presented in the financial statements of the

Kovalenko Oksana Grigorievna, Kurilova Anastasia Alexandrovna economic

METHODOLOGY FOR ASSESSING SOLVENCY ... science

pania, it is possible to determine its ability to meet financial obligations in the near future with the help of available financial resources. And also to establish the ability of the company to provide short-term liabilities with current funds.

The methodology for assessing solvency by indicators requires consistent analytical steps and calculations. As a rule, a general analysis of the liquidity of an enterprise consists of two main stages:

Calculation of absolute liquidity indicators;

Calculation of relative liquidity ratios.

To carry out these calculations at the first stage

a grouping of all assets and their corresponding liabilities of the organization's balance sheet is carried out. Assets are grouped directly by the degree of liquidity, that is, by the time they are returned to cash, and are divided into the following groups:

A1 - the most liquid assets - short-term financial investments and funds of the organization;

А2 - fast-moving assets - accounts receivable, payments on which are expected within 12 months after the reporting date;

A3 - slow-moving assets (stocks, receivables), payments for which are expected in more than 12 months from the reporting date;

A4 - hard-to-sell assets - articles of section I of the asset balance.

In accordance with each group of assets, obligations are formed according to the timing of payment, in other words, according to the degree of urgency of their payment. They are divided into the following four groups:

P1 - the most urgent obligations - accounts payable;

P2 - short-term liabilities - short-term borrowed funds;

P3 - long-term liabilities - long-term liabilities;

P4 - stable (permanent) liabilities - articles of section III of the liabilities side of the balance sheet "Capital and reserves".

The organization is fully solvent, and the balance sheet is considered to be absolutely liquid, subject to the following ratios of groups of assets and liabilities: A1 > P1; A2 > P2; A3 > P3; A4< П4.

When these conditions are met, it is considered that the company has an ideal balance sheet liquidity. The liquidity of the enterprise is established not on the basis of the prerequisites for the sale of all available working capital, but on the basis of the fact that in the future the enterprise will also function. Solvency guarantees the unhindered use of the company's funds, and also contributes to the uninterrupted production process and the sale of goods. Ensuring continuous solvency with the help of a sufficient amount of equity capital in the structure of funding sources enables the company to achieve a state of financial stability. All this not only provides the enterprise with the possibility of independence from external negative factors, but also ensures its independence from external creditors and reduces the risk of becoming an insolvent company.

The second step in determining the company's solvency is the calculation of relative liquidity ratios, that is, the analysis of solvency using financial ratios.

As one of the main methods of finding and establishing the level of solvency of the enterprise, coefficient analysis is distinguished. In this analysis, the resulting values ​​of the coefficients are compared with the established normative values, and then a general opinion is formed about the solvency, or vice versa, the insolvency of the company. In this analysis of an enterprise with 136

positions of the assumption of the continuity of its activities in domestic and world practice, according to the balance sheet data, such basic liquidity ratios are calculated as:

current liquidity ratio;

Critical liquidity ratio;

absolute liquidity ratio;

Quick (quick) liquidity ratio.

Based on relative coefficients data

liquidity is determined by the degree and quality of coverage of short-term liabilities with liquid assets. Liquidity ratios characterize the availability of working capital in an enterprise in an amount that ensures the ability to pay obligations and legal monetary claims on time, even if the repayment periods stipulated by contracts are violated.

In addition to the above liquidity ratios, many authors also identify several key ratios in determining the solvency of an enterprise.

In various methodological manuals, they also focus on such an indicator as the overall solvency ratio. Some experts take the total assets of the company as the numerator of this coefficient. The overall solvency ratio reflects the aggregate assessment of solvency. In addition, it demonstrates how much borrowed funds are secured by the material resources of the enterprise. The normative value for this indicator is >1.

The key characteristic of liquidity is the predominance of the value of the company's current assets over short-term liabilities. The financial position of the enterprise in terms of liquidity becomes higher in the event of an increase in this predominance.

As an absolute indicator of assessing the solvency of an enterprise, it is worth noting net current assets, showing the volume of current assets that remain with the enterprise after payment of all short-term debts with their help.

Own working capital plays a key role in determining the solvency of any organization, since it reflects the actual availability of the organization's own funds, excluding loans from external creditors. There is no clearly defined normative limit for this indicator. However, many experts agree that its value should be greater than 0 .

The equity ratio reflects the sufficiency of the company's own working capital necessary to ensure its overall financial stability. The recommended limit is greater than 0.1. This ratio reflects the volume of current assets financed by the organization's own funds.

The maneuverability coefficient characterizes the part of own working capital, which has the form of cash, that is, funds that have absolute liquidity. The standard value for this indicator is in the range from 0 to 1.

The coefficient of flexibility of own working capital characterizes the volume of own working capital attributable to cash, that is, the most mobile part of current assets. The case when this ratio decreases indicates a probable slowdown in the repayment of receivables, or the tightening of trade credit conditions by suppliers and contractors. An increase in the coefficient indicates an increase in the possibilities of repaying current liabilities.

The share of working capital in assets is characterized by

shows the presence of working capital in all assets of the enterprise as a percentage, that is, it shows the share of the Karelian Scientific Journal. 2016. V. 5. No. 4(17)

Kovalenko Oksana Grigorievna, Kurilova Anastasia Alexandrovna METHODOLOGY FOR ASSESSING SOLVENCY ...

working capital as a result of the asset.

The share of own working capital in the total amount of current assets shows that part of the turnover

nye funds of the enterprise, which is its own funds, i.e. how many rubles of working capital account for one ruble of own working capital.

The share of stocks in current assets shows the share of stocks in current assets.

This indicator characterizes the share of stocks in the total volume of current assets. A high value of the indicator indicates a sign of overstocking at the enterprise or a lack of demand for the company's products.

The share of own working capital in covering stocks characterizes that part of the cost of stocks, which is covered by the company's own working capital. The normative value for this coefficient is 0.5.

Also, it is worth noting such indicators as the ratio of equity and debt capital and the ratio of mobile and immobilized funds.

The above indicators most fully can tell about the current state of solvency of the enterprise.

An assessment of the overall functioning of an enterprise, based on a system of indicators of its solvency, makes it possible to comprehensively study and characterize the need for funds, as well as to make a forecast of the financial strategy based on the current economic instability. However, each enterprise must independently ensure the preservation of solvency indicators at the established level, based both on an analysis of its own condition, which is formed at certain intervals of time, and on the results of work predicted for the coming periods.

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

In addition, it should be noted that the analysis of the company's solvency and creditworthiness is carried out not only by the company's managers and special services, but also by its direct founders and investors. Such an analysis is carried out in order to determine the effectiveness of the use and expenditure of resources, to establish the degree of risk, to assess the conditions for granting loans - for banking organizations, the implementation of the budget revenue plan - for tax inspectorates, etc. .

Based on this, this analysis can be divided into external and internal. Internal analysis is carried out by certain departments of the company. Its results are used for the purpose of planning, control and further forecasting. As its main goal, one can single out the establishment of a systematic flow of cash resources and the placement of borrowed and own resources in such a way as to guarantee the normal operation of the company, extracting maximum profit, as well as eliminating the risk of bankruptcy. External analysis is performed by suppliers of materials and financial resources, investors, as well as regulatory authorities based on the information presented in the published financial statements. The main goal of external analysis is to determine the possibility of a truly profitable investment, so that there is a guarantee of maximum income and the elimination of any risk of loss.

The main sources of information necessary for the analysis of the company's solvency are the balance sheet, income statement, capital flow statement and other forms of reporting, primary and analytical information.

accounting, deciphering and detailing individual balance sheet items.

Thus, based on the study of various methods for assessing the solvency of economic entities, we have proposed an additional methodology, which, in our opinion, will allow a more complete and objective assessment of the solvency of an enterprise.

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