3. Proposals for improving the assessment of the financial condition of Market-Service LLC

To improve the assessment of the financial condition, first of all, it is necessary to draw up an explanatory note to the balance sheet.

In order to improve the assessment of the financial condition, it is recommended to use the methodology of the integral assessment of the financial condition.

1. Among the main areas of assessment stands solvency and financial independence.

2. The following indicators are used to assess solvency: current liquidity ratio, quick liquidity ratio, absolute liquidity ratio. To assess financial independence, the following indicators are used: the autonomy coefficient, the financial stability coefficient, the equity capital agility coefficient.

3. Determination for each of the coefficients of the critical (normative) value.

4. Determining the weight of individual coefficients

5. Formation of generalizing indicators: the level of solvency, the level of financial independence (see formulas 24.25):

where, J is an integral indicator,

UP - the level of solvency,

FN - the level of financial independence,

KA - asset quality level,

β1, β2, βЗ are the coefficients of significance of the corresponding indicators.

6. Formation of an integral indicator of the financial condition of the enterprise, taking into account all analytical areas.

Table 22 shows the values ​​of the solvency and financial independence ratios, the ratio of the actual and critical values ​​and the weighting factor.

Table 22. Integral assessment of the financial condition of the enterprise

Let's calculate the integral indicator for assessing the financial condition for each year (see Table 23).

Table 23. Calculation of the integral indicator

As can be seen from Table 23, the calculated levels of solvency, financial independence and the integral indicator are significantly lower per unit, which indicate the unsatisfactory financial condition of Market-Service LLC, and there is a negative trend, by the end of 2009 the situation deteriorated significantly. Since all the coefficients that characterize the level of solvency do not reach a critical value, the indicator of the level of solvency was calculated only in the actual form.

An analysis of the coefficients that characterize the level of financial independence indicates that the coefficient of equity capital agility exceeds the critical level. Therefore, for this evaluation area, both types of generalizing indicator were calculated - actual and normative. Accordingly, both types of integral indicator were calculated.

The advantages of the method include the possibility of supplementing any number of analytical areas and coefficients for assessing the financial condition of an enterprise if there is a need to include them in an integral indicator. The developed methodology can be used to evaluate the implementation of the plan.

At the same time, in the above formulas, the actual values ​​of the indicators (numerator) are compared with the planned ones (denominator).

Consider other methods for assessing the financial condition:

1. Integral scoring of the financial stability of an enterprise (method of L.V. Dontsov and N.A. Nikiforov). The essence of this technique is to determine the degree of risk based on the actual level of financial stability indicators and the rating of these indicators in points. Table 24 presents the calculation results.

Table 24

Table 25 presents tables of classes according to the criteria.

Table 25

When summarizing the results of the conducted analytical calculations, it is sometimes difficult to give a general assessment of the level of stability of the financial condition. This is due to the fact that it is recommended to use and use many indicators to characterize it, some of which were discussed above. For many indicators, there are no standard values ​​or there are differences in the level of recommended standards. In addition, the analysis reveals multidirectional dynamics of individual indicators and deviations of their actual values ​​from the established standards.

To overcome these difficulties, it is possible to apply the methodology of the integral assessment of the financial condition 1 , which reduces the multi-criteria method of assessing the financial condition to a single-criteria one.

In practical work, the method of integral scoring of the degree of stability of the financial condition can be used, which is based on the ranking of organizations (assignment to one of five classes) according to the level of risk of relationships with them associated with the loss of money or their incomplete return. At the same time, organizations assigned to a certain class are characterized by their stability as follows:

I class - organizations with high financial stability. Their financial condition allows us to be confident in the timely and complete fulfillment of all obligations with a sufficient margin in case of a possible mistake in management.

Class II - organizations with good financial condition. Their financial stability as a whole is close to optimal, but some lag is allowed for certain coefficients. There is practically no risk in dealing with such organizations.

Class III - organizations whose financial condition can be assessed as satisfactory. The analysis revealed the weakness of individual coefficients. In relations with such organizations, there is hardly a threat of losing the funds themselves, but the fulfillment of obligations on time seems doubtful.

Class IV - organizations with an unstable financial condition. They have an unsatisfactory capital structure, and solvency (liquidity) is at the lower limit of acceptable values. They belong to the organizations of special attention, tk. in dealing with them there is a certain risk of loss of funds.

Class V - organizations with a financial crisis, practically insolvent. Relationships with them are extremely risky.

The constituent elements of the proposed methodology for the integral scoring of financial stability are:

The system of basic coefficients (K 1? K 2, K 3, K 4, K5, K5, the content and calculation method of which were discussed above), characterizing the financial condition of the organization;

Rating of coefficients in points, characterizing their significance in assessing the financial condition, the upper and lower limits of their values ​​and the order of transition from upper to lower limits, necessary to classify the organization as a certain class (rating, boundaries and order of transition are established by expert means) - table. 12.15. The definition of the class of organizations according to the level of values ​​of indicators of financial condition is given in Table. 12.16.

Based on the table 12.16 and the actual values ​​of the coefficients calculated in 12.5 and 12.6 in Table. 12.17 an integral assessment of the stability of the financial condition was made. She showed that if at the beginning of the year an organization whose accounting form No. 1 is given in Table. 12.1, can be attributed with some stretch only to class III, then the increase in the level of coefficients brought it closer to class II at the end of the reporting period. Calculations based on the revised indicators make it possible to fairly confidently attribute the organization to class II, i.e. to the class of organizations with financial stability close to optimal, in relations with which there is practically no risk.

Of interest are other methods of rating assessment, different from the ones discussed above, proposed by V.V. Kovalev and O.N. Volkova, as well as A.D. Sheremet, R.S. Saifu-lin and E.V. Negashev.

It should be noted that the need to assess the financial stability of organizations when determining the possibility of issuing loans to them has led to the development by almost every commercial bank of its own methodology for the integral assessment of the borrower's creditworthiness 1 .

This assessment is based on:

Indicators selected by the bank that most fully characterize, in his opinion, the financial condition of the organization (in addition to traditional indicators, profitability is usually included in the composition of indicators);

Calculation of the actual values ​​of these indicators according to the method adopted by the bank and comparing them with the criterion level established by it for each class of the borrowing organization. At the same time, the criteria levels are usually set differentially by sectors of the national economy;

Determining the number of points for each indicator and the total amount of points that allows the organization to be attributed, as a rule, to one of five creditworthiness classes, which is understood as the client's ability to timely and fully pay off his obligations to the bank.

Basically, the characteristics of the creditworthiness of organizations belonging to each of the five classes are identical for banks:

The 1st class includes clients with a very stable financial position. The loans they provide have a low degree of credit risk;

Table 12.17

integral assessment of financial stability

organizations

The 2nd class includes clients with a fairly stable financial position. The loans provided by them have a low degree of credit risk, subject to a sufficiently high category of corporateness. With a low category of corporateness, loans have a normal (permissible) degree of credit risk;

The 3rd class includes clients with a fairly stable financial position. The loans provided by him have a normal (permissible) degree of credit risk, and under the condition of a high category of corporatism - low;

The 4th class includes clients with a satisfactory financial situation. The loans provided by him have a normal (permissible) degree of credit risk, subject to a high category of corporatism or sufficiency of collateral;

The 5th class includes clients who are granted loans with a normal (permissible) degree of credit risk, subject to a high category of corporateness and sufficiency of collateral. It should be noted that in almost all commercial banks, a client who does not conduct financial and economic activities or does not carry out it for more than six months (in the absence of cash flow on settlement accounts) belongs to the 5th class of creditworthiness.

Consideration of banking methods for the integral assessment of the financial condition (creditworthiness) of organizations showed that, despite the general principles of their construction, they differ both in the system of indicators, and in the procedure for calculating essentially identical indicators, and in criteria limits, and rating values.

In connection with the above, important methodological tasks in the field of increasing the objectivity of the integral assessment of the stability of the financial condition are the development of an optimal system of indicators, a reasonable methodology for their calculation, as well as the establishment of their standard values, differentiated by individual industries and based on the values ​​that have developed in the industry and take into account the regulatory (normal) their values ​​in countries with developed market economies. A serious attempt in this direction was made by the Ministry of Economy of Russia, which approved by its order of October 1, 1997 No. 118 Methodological recommendations for the reform of enterprises (organizations).

However, these Methodological Recommendations lack a unified terminology regarding the designation of indicators, contain many criteria, do not provide the calculation procedure and standards for many of them, and the methodology itself is cumbersome and logically incomplete, i.e. this document does not give specific recommendations for determining the average integral assessment, which makes it extremely difficult to carry out analytical work in practice.

It should be noted that the methods for assessing potential bankruptcy considered in 12.9 are, in fact, also methods for an integral assessment of the financial condition of an organization.

In conclusion, it should be noted that currently:

Firstly, in publications and official documents there is no unity in the definition of basic concepts related to the financial condition;

Secondly, the recommendations of specialists in the field of financial analysis are very diverse both in terms of the system of indicators used and in the terminology used, and the instructions (recommendations) of the executive authorities are not sufficiently systematic and are not coordinated with each other;

Thirdly, the possibilities of external and internal analysis are largely determined by analytical information, which is constantly changing and improving;

Fourthly, the analysis of the financial condition is a rather complicated creative work that requires knowledge of the methods of express assessments, external and internal analysis, operational and in-depth studies, the ability to select the necessary minimum indicators from the multitude of randomly proposed ones, give them a systemic sound, reasonably apply the standards, correctly evaluate dynamic changes, perform factor analysis, etc.

The foregoing indicates that the methodology for analyzing the financial condition requires constant further reflection and improvement.

Control questions

1. What are the main tasks and directions of the analysis of the financial condition?

2.What methods are used to analyze the financial condition?

3. What is the composition and content of financial statements, including each section of the sample of its forms?

4. What regulatory framework determines the content of the balance sheet items?

5. What is the composition of the system of main indicators for assessing the financial condition?

6. What is the essence of the express analysis of the financial condition?

7. What is financial independence and what is the system of absolute and relative indicators characterizing it? What is the method of their calculation?

8. What are the criteria for assessing financial independence?

9. What is solvency and liquidity and how do they differ? What indicators are they characterized by and what is the methodology for calculating these indicators?

10. What is net assets and what is the method of their calculation?

11.What is meant by cash flows and what is the purpose of their analysis?

12. What factors determine the amount of the final cash balance?

13. What indicators are used to assess the potential bankruptcy of an organization?

14. What is the factor-by-factor mechanism for the formation of retained earnings, reflected in the form No. 1 of financial statements?

15. What is the procedure for calculating net profit in the form No. 2 of financial statements?

16. What elements does borrowed capital consist of and under what condition is its attraction effective?

17. What is the essence of calculating the effect of financial leverage?

18. What is the composition of accounts receivable and what factors affect its value?

19. What is the composition of external and internal accounts payable and what indicators are used in its analysis?

20. What is meant by the current financial needs of the organization?

21. What are the main stages in the analysis of the state of settlements with the budget?

22. What is the purpose of factor analysis of tax payments?

24. What is the system of indicators of the effectiveness of the use of current assets?

25. For what purpose is an integral assessment of the stability of the financial condition?

26. What determines the credit relationship between banks and organizations?

SH Literature

1. Abryutina M.S., Granee A.V. Analysis of the financial and economic activity of the enterprise. Moscow: Delo i Service, 1998.

2. Analysis of economic activity in the industry / Ed. IN AND. Strazhev. Minsk: Higher School, 2000.

3. Artemenko V.G., Bellendir M.V. Financial analysis: Proc. allowance. M.: DIS, 1997.

4. Balabanov I.T. Financial analysis and planning of an economic entity. 2nd ed. M.: Finance and statistics, 2002.

5. Bernstein L.A. Analysis of financial statements: Theory, practice and interpretation: Per. from English. M.: Finance and statistics, 1996.

6. Blank I.A. Financial management: Proc. well. Kyiv: Nika-Center Elga, 1999.

7.Brigham Yu., Gapensky L. Financial management: TRANS. from English / Ed. V.V. Kovalev. SPb., 1997.

8. Bykadorov V.L., Alekseev P.D. Financial and economic state of the enterprise: Practical. allowance. M.: PRIOR, 2002.

9. Dontsova L.V., Nikiforova N.A. Annual and quarterly financial statements: Educational method, compilation guide. Moscow: Delo i Service, 1998.

10. Dontsova L.V., Nikiforova N.A. Comprehensive analysis of financial statements. Moscow: Business and Service, 2001.

11. Ermolovich L.L. Analysis of the financial and economic activities of the enterprise. Minsk: Ed. BSEU, 2001.

12. Efimova O.V. The financial analysis. M.: Accounting, 2002.

13. Karlin T.R. Analysis of financial statements (based on GAAP): Tutorial. M.: INFRA-M, 1998.

14. Kovalev V.V. The financial analysis. M.: Finance and statistics, 1996.

15. Kovalev V.V., Volkova O.N. Analysis of the economic activity of the enterprise. M.: Prospekt, 2002.

16. Kravchenko L.I. Analysis of economic activity in trade. Minsk: Higher School, 2000.

17. Kreinina M.N. Financial management. Moscow: Delo i Service, 1998.

18. Lyubushin N.P., Leshcheva V.B., Dyakova V.G. Analysis of the financial and economic activities of the enterprise: Proc. allowance / Ed. N.P. Lyubushin. M.: UNITI-DANA, 2001.

19. Rodionova M.V., Fedotova M.A. Financial stability of the enterprise in the conditions of inflation. M.: Prospect, 1995.

20. Savitskaya G.V. Analysis of the economic activity of the enterprise. Minsk: LLC "New Knowledge", 2002.

21. Selezneva N.N., Ionova A.F. The financial analysis. M.: UNITI, 2001.

22. Sheremet A.D., Saifulin R.S. Enterprise finance. M.: INFRA-M, 1999.

23. Sheremet A.D., Saifulin R.S., Negashev E.V. Methods of financial analysis. M.: INFRA-M, 2002.

24. Richard J. Audit and analysis of economic activity of the enterprise. M.: Audit, UNITI, 1997.

25. Financial management: Theory and practice: Textbook / Ed. E.S. Stoyanova. M.: Prospect, 1999.

26.Altman El. Financial Ratios, Discriminat Analysis and the Prediction of Corporate Bankruptcy // Journal of Financt. Sept. 1968. P. 589-609.

In agricultural enterprises, financial stability and security is difficult for the following reasons:

Lack of a constant stream of income due to the volatility of market activity for agricultural products;

The specificity of commodity production in the industry contains a set of risk conditions, which is accompanied by the need for interaction of financial mechanisms for neutralization;

Low liquidity of fixed capital and turnover of the organization's funds.

Negative correlation of comparative indicators of profitability of the capital of agricultural - x. organizations and interest rates on credit resources;

Lack of mechanisms for regulating pricing processes for production (financial) resources and agricultural products (variability of the ratio of receivables and payables).

There is a methodology for an integral assessment of the financial position of an agricultural enterprise. The interpretation of the values ​​(changes) of the set of financial indicators considered in the methods described above is summarized in the table below.

Table - Summary coefficients for the integral analysis of the financial condition

To complete the assessment of the financial condition, calculations are carried out to determine the integral assessment of the financial position of an agricultural enterprise based on methodological recommendations for the analysis of the financial and economic activities of agricultural producers.

The above requirements are satisfied by the model of the relationship between the probability of an enterprise insolvency (loss of financial stability) and a number of its financial characteristics Moody's RiskCalc of the analytical division of Moody's. Taking into account the results of studies of enterprises in various sectors of the Russian economy, undertaken by Moody's, the rating function, i.e. the analytical form of the dependence between the financial stability rating of an enterprise and its determining factors (explanatory variables) is formulated as follows: R=0.18A+0.11PO+0.2R+0.34L+0.14LK+0.21Rent.

Table - Interpretation of explanatory variables Moody's RiskCalc v3.1 Russia for reporting by agricultural producers*

In practice, a methodology has been developed for calculating indicators of the financial condition of agricultural producers, as part of the implementation of the Federal Law of July 9, 2002 "On the financial recovery of agricultural producers" .

According to this methodology, the financial condition of agricultural producers is determined using the following coefficients:

Absolute liquidity - calculated as the ratio of cash to the amount of liabilities (short-term), accounts payable and other short-term liabilities;

Quick liquidity - calculated as the ratio of the amount of cash assets and receivables to the volume of short-term liabilities, accounts payable and other short-term liabilities of the economy;

Current liquidity - is determined by the ratio of the total amount of current assets to the volume of current liabilities, accounts payable and others;

The provision with own funds is the difference between equity and non-current assets divided by the total of current assets, that is, it shows the share of financing from own sources of current assets;

The value of each of the coefficients is estimated in points in accordance with the methodology.

Security with own funds (Ko), which characterizes the presence of the enterprise's own working capital necessary for its sustainability:

Coverage ratio (Cl), which is characterized by the degree of total coverage by all working capital of the enterprise of the amount of urgent obligations. Regulatory requirement: Kl> 2.

The intensity of the turnover of the advanced capital (Ki), which characterizes the volume of sales per ruble of funds (assets) invested in the activities of the enterprise. Normative requirement: Х > 2.5.

Management (efficiency of enterprise management) (Km), which is characterized by the ratio of profit from sales and sales proceeds. The regulatory requirement is indirectly determined by the level of the discount rate of the Central Bank of Russia: R, = 0.13.

Profitability (profitability) of an enterprise (Ren), which characterizes the amount of profit before tax per ruble of equity:

Thus, the financial condition can be defined as the result of a system of relations that arise in the process of circulation of funds, as well as the sources of these funds, characterizing the presence of various assets, the amount of liabilities, the ability of the enterprise to function and develop in a changing external environment, the current and future ability to satisfy requirements of creditors, as well as the investment attractiveness of the company.

1. Civil Code of the Russian Federation (part one): [adopted by the State. Duma 21 Oct. 1994: accessed 15 February 2013]. – M.: Eksmo, 2013. – 412 p.

2. Tax Code of the Russian Federation (parts one and two): [adopted by the State. Duma July 19, 2000: accessed February 1, 2013]. - M .: CJSC "GrossMedia Ferlag", 2013. - 432 p.

3. The State Program for the Development of Agriculture and the Regulation of Agricultural Products, Raw Materials and Food Markets for 2013-2020: [approved by Decree of the Government of the Russian Federation of July 14, 2012 - No. 717]. // Official website of the Government of the Russian Federation. - Access mode: http: //www.gov.ru.

4. Abalakina T.V., Financial management [Text]: textbook / Abalakina T.V., Abramova K.V., Ageeva O.A., ISBN: 978-5-900792-95-8 UMO stamp, 2011 G.

5. Analysis and diagnostics of financial and economic activities of enterprises: a textbook for students. universities on special 080502 "Economics and management at the enterprise" (by industry); add. UMO / ed. V. Ya. Pozdnyakov. - M.: Infra-M, 2013. - 617 p. - (Higher education). - ISBN 978-5-16-003462-1

6. Andreev V.I. Financial management [Text]: a course of lectures / V. I. Andreev. - Saratov: Nauka, 2011. - 152 p.

7. Barilenko V. I. Analysis of financial statements [Text]: textbook vulture / Barilenko V. I. ed., Kairo O. V., Kuznetsov S. I., Plotnikova L. K. - M. : KNORUS, 2016. - . 240 s.

8. Brusov, Petr Nikitovich. Financial management. Long-term financial policy. Investments: textbook / P. N. Brusov, T. V. Filatova; FGOBU VPO "Financial University under the Government of the Russian Federation". - 2nd ed., revised. and additional - M. : Knorus, 2014. - 304 p. - (Bachelor's degree). - ISBN 978-5-406-03083-7

9. Vasilyeva L. S. Financial analysis [Text]: textbook vulture of the Ministry of Education and Science / Vasilyeva L. S., Petrovskaya M. V. - M .: KNORUS, 2016. - . 880 s.

10. Vasina, N.V. Modeling the financial condition of agricultural organizations in assessing their creditworthiness: monograph / N.V. Vasina; scientific ed. O.Yu. Patlasov. - Omsk: Publishing house of NOU VPO OmGA, 2012. - 252 p.

11. Endovitsky D. A. Analysis of the investment attractiveness of the organization [Text]: monograph / Endovitsky D. A. ed. and others - M. : KNORUS, 2016. - . 376 s

12. Endovitsky D.A. Analysis of the creditworthiness of an organization and a group of companies [Text]: textbook / D. A. Endovitsky, K. V. Bakhtin, D. V. Kovtun; ed. D. A. Endovitsky. - M. : KNORUS, 2012. - 376 p.

13. Efimova M.R. Financial calculations. Workshop: study guide / M.R. Efimov. – M.: KNORUS, 2013. – 184 p. ISBN 978-5-390-00070-0

14. Kazakova N.A. Financial analysis [Text]: textbook and workshop / N.A. Kazakova. - M .: Yurayt Publishing House, 2015. - 539 p. – Series: Bachelor. Advanced course. ISBN 978-5-9916-3671-1

15. Kandrashina E.A., Financial management [Text]: textbook for a bachelor / Kandrashina E.A., Dashkov and K),., ISBN: 978-5-394-01579-3 UMO stamp, 2012

16. Kiseleva O. V. Investment analysis [Text]: textbook grif umo / Kiseleva O. V., Makeeva F. S. - M .: KNORUS, 2016. - . 208 p.

17. Kovalev V.V. Course of financial management: textbook. - 2nd ed., revised. And extra. - Moscow: Prospect, 2011. - 480 p. ISBN 978-5-392-01613-6

18. Nikitin N.V. Corporate finance [Text]: textbook / N.V. Nikitina, V. V. Yanov. - 3rd ed., erased. – M.: KNORUS, 2014. – 512 p. - ISBN 978-5-406-03232-9.

19. Turmanidze T. U. Financial analysis [Text]: textbook for students. universities in economics. specialist. 080502 (060800) "Economics and management at the enterprise"; add. MES RF, rec. UMC / T. U. Turmanidze. - 2nd ed., revised. and additional - M.: UNITI-Dana, 2013. - 287 p.\Financial management [Text]: textbook / team of authors; ed. N.I. Berzon and T.V. Thermal. - M. : KNORUS, 2015. - 654 p. - (Bachelor's degree).

20. Financial management [Text]: textbook for applied undergraduate studies / K.V. Ekimova, I.P. Savelyeva, K.V. Kardapoltsev. - M .: Yurayt Publishing House, 2014. - 381 p. – Series: Bachelor. Applied course

21. Financial management: a textbook for students. universities on special "Finance and credit", "Accounting, analysis and audit"; add. MES RF / ed. E. I. Shokhin. - 4th ed., erased. - M.: Knorus, 2012. - 480 p. - (For bachelors). - ISBN 978-5-406-02169-9

22. Finance [Text]: textbook for students. universities, for example. preparation 080100 "Economics" - bachelor; rec. FGBOU VPO "State University of Management" / ed. E. V. Markina. - M. : Knorus, 2014. - 432 p. - (Bachelor's degree). - ISBN 978-5-406-03215-2

23. Official website of the Ministry of Finance of the Russian Federation. - Access mode http://www.minfin.ru/ru/

24. Official website of the Ministry of Agriculture of the Russian Federation. - Access mode: http://www.mch.ru.

25. Official site of the Saratov Regional Duma. Access mode: www.srd.ru.

Federal Law of February 25, 1999 No. 39-FZ "On investment activities in the Russian Federation", carried out in the form of capital investments

Keywords

annotation scientific article on economics and business, author of scientific work - Sergey Panteleevich Kyurdzhiev, Alexandra Alexandrovna Mambetova, Elena Petrovna Peshkova

The subject of the article is the development of theoretical provisions and methodological approaches to integral assessment of the financial condition metallurgical enterprises of the region. The purpose of the work is to show the possibility of decomposing the integral assessment into separate elements in order to use this tool to build individual models based on forecasting various coordinates of the financial condition of the enterprise. The research hypothesis is based on the objective need to improve enterprises, which involves the modernization of existing theoretical and methodological approaches to improving the quality of analysis by eliminating certain shortcomings of discriminant models in order to fundamentally refine the algorithm for constructing an integral indicator. The methodological foundations of a systematic approach and economic and mathematical modeling are applied: methods of financial analysis, grouping, abstraction, comparison, making it possible to determine financial indicators, which are necessary for building predictive models of financial condition; methods of correlation and regression analysis, allowing to improve the integral indicator and build mathematical models forecasting. In order to improve integral assessment of the financial condition the enterprise used its geometric interpretation, which provides for the division of the integral indicator into separate elements. A feature of the proposed methodological approach is the implementation of certain procedures for assessing the financial condition and summarizing the results of the analysis. The proposed approach can be used by financial analysts to develop strategic plans for the development of an enterprise and optimize the structure of financial resources. This study allows you to determine the quantitative impact of individual parameters on the overall assessment of the financial condition in order to forecasting, understood as a system of scientifically based probabilistic assumptions about the basic and alternative structural changes in the assets and liabilities of the enterprise.

Related Topics scientific works on economics and business, author of scientific work - Sergey Panteleevich Kyurdzhiev, Alexandra Alexandrovna Mambetova, Elena Petrovna Peshkova

• Diagnosis of the financial condition of the enterprise as the main factor of financial security

  2019 / Varnakova Galina Fedorovna

• Methodological tools for a comprehensive assessment of the financial condition of trade enterprises

  2018 / Milovanova Ekaterina Alexandrovna, Kilchukova Albina Tolbievna

• Forecasting the financial condition of enterprises of the sanatorium-resort complex of Big Yalta

  2015 / Malyshenko V.A.

• Methodological features of assessing the financial stability and solvency of trade organizations in modern conditions

  2018 / Mochalova L.A., Kulagina M.E.

• Methodological aspects of the analysis and forecasting of the financial condition of an industrial enterprise

  2010 / Krylov S.I., Reshetnikova O.A.

• Features of methodological tools for analyzing the financial condition of small businesses

  2017 / Konvisarova Elena Viktorovna, Semenova Anna Aleksandrovna

• Improving the performance of the enterprise based on the analysis of the main financial indicators

  2014 / Azarenkova G.M., Golovko E.G., Ponomarenko V.A.

• Comparison of domestic and foreign experience in analyzing the financial condition of companies

  2013 / Demko I.I.

• Technology for analyzing the financial resources of an enterprise

  2016 / Fomina Linda Borisovna

• Development of a regression model for assessing the financial condition of companies in the telecommunications industry

  2018 / Mishukova D.S.

The subject matter of the article is the development of theoretical positions and methodical approaches to the integral evaluation of the financial state of the region’s metallurgical enterprises. The purpose is to show the possibility of dividing the integral evaluation into separate elements for using this tool to build individual models based on the forecasting of the various coordinates of the financial position of the enterprise. The hypothesis of the study is based on the objective need to improve the integral evaluation of the financial position of enterprises. This involves the modernization of existing theoretical and methodological approaches to the increase of the quality of analysis by eliminating certain shortcomings of discriminant models in order to clarify the algorithm of constructing the integral index. The methodological bases of systemic approach and mathematical modeling in economics are applied: the methods of financial analysis, grouping, abstraction, comparison which give the possibility of determining the financial indicators needed to build the predictive models of financial state; the methods of correlation and regression analysis, which allow to improve the integral value and to build the mathematical forecasting models. With the purpose of improving the integral evaluation of the financial condition of an enterprise, the geometric interpretation is used, which involves the dividing of the integral indicator on the individual elements. The special feature of the proposed methodological approach consists in the implementation rules for the certain procedures of the evaluation of financial position and generalization of the analysis results. The proposed approach can be used by financial analysts to elaborate the strategic plans of company development and structure optimization of financial resources. This research allows to define quantitative the influence of separate parameters on the general assessment of the financial position for the purpose of its forecasting , which is understood as the system of the evidence-based probabilistic assumptions of the basic and alternative structural changes of the enterprise's assets and liabilities.

The text of the scientific work on the topic "Integral assessment of the financial condition of enterprises in the region"

For citation: Economics of the region. - 2016. - Vol. 12, no. 2. - S. 586-601 doi 10.17059/2016-2-22 UDC 338.1

S. P. Kurdzhiev a), A. A. Mambetova b), E. P. Peshkova a)

a) South Russian Institute of Management - branch of the RANEPA (Rostov-on-Don, Russian Federation; e-mail: [email protected]) b) Rostov State University of Economics (Rostov-on-Don, Russian Federation)

INTEGRATED ASSESSMENT OF THE FINANCIAL STATE OF ENTERPRISES IN REGION 1

The subject of the article is the development of theoretical provisions and methodological approaches to the integral assessment of the financial condition of metallurgical enterprises in the region.

The purpose of the work is to show the possibility of decomposing an integral assessment into separate elements in order to use this tool to build individual models based on predicting various coordinates of the financial condition of an enterprise.

The research hypothesis is based on the objective need to improve the integral assessment of the financial condition of enterprises, which involves the modernization of existing theoretical and methodological approaches to improving the quality of analysis by eliminating certain shortcomings of discriminant models in order to fundamentally refine the algorithm for constructing an integral indicator.

The methodological foundations of a systematic approach and economic and mathematical modeling are applied: methods of financial analysis, grouping, abstraction, comparison, which make it possible to determine the financial indicators that are necessary to build predictive models of the financial condition; methods of correlation and regression analysis, which allows to improve the integral indicator and build mathematical forecasting models.

In order to improve the integral assessment of the financial condition of the enterprise, its geometric interpretation was used, which provides for the division of the integral indicator into separate elements. A feature of the proposed methodological approach is the implementation of certain procedures for assessing the financial condition and summarizing the results of the analysis.

The proposed approach can be used by financial analysts to develop strategic plans for the development of an enterprise and optimize the structure of financial resources.

This study allows us to determine the quantitative impact of individual parameters on the overall assessment of the financial condition in order to predict it, understood as a system of scientifically based probabilistic assumptions about the basic and alternative structural changes in the assets and liabilities of the enterprise.

Key words: modeling of the financial condition, integral assessment of the financial condition, financial indicators, profitability, solvency, liquidity, financial stability, composition and structure of assets and capital, enterprise management efficiency, forecasting

Introduction

The overall assessment of the financial condition of the enterprise depends on a variety of indicators that need to be studied in conjunction. Consequently, there is a need to aggregate all the attributes of the set (financial indicators), due to the fact that the modeling object (financial condition) requires not only generalizing characteristics, but also the ordering of individual

1 © S. P. Kurdzhiev, A. A. Mambetova, and E. P. Peshkova, Text. 2016.

its elements according to certain properties and principles. It is possible to implement this mechanism with the help of an integral assessment, which is based on the parameters obtained as a result of the analysis of the main components of the financial condition of a business entity (profitability, solvency, liquidity, financial stability, enterprise management efficiency). On the basis of an integral assessment of the financial condition of an organization, it is possible to comprehensively assess its financial and economic activities, identify shortcomings in work and suggest directions

development. In addition, the integral assessment is the basis for predicting the financial condition of an economic entity, since the adequacy of the forecast data depends on the reliability of the input information.

The metallurgical industry is one of the leading industries in the Rostov region, on the territory of which more than 30 large ferrous and non-ferrous metallurgy enterprises operate. More than 30,325 thousand people are employed in the industry. able-bodied population of the region, and concentrated about 13% of all fixed assets of the industry, with a high degree of depreciation. The long-term development of the industry depends on the speed of equipment modernization, the introduction of innovations and the improvement of financial management methods.

Thus, a number of metallurgical enterprises of the Rostov region were chosen as the object of study.

Integral indicator of the financial condition of the enterprise

The role of an objective assessment of the financial condition of an enterprise as the basis for its sustainable development is growing significantly in today's economic conditions. Financial

the state reflects the efficiency of the economic activity of a business entity, and its analysis allows timely optimization of the use of financial resources and objectively determines the priority areas for the development of an enterprise, formulates strategic plans and monitors their implementation.

Thus, an objective analysis of the financial condition determines the construction of adequate forecasting models, and a reliable assessment is the basis for the development of an enterprise.

A comparative analysis of the considered traditional methods revealed certain advantages and disadvantages of various methodological approaches, which, in turn, complicate their application for predicting the financial condition of an enterprise. Therefore, we improved (from the point of view of the procedural side) the methodology for analyzing the financial condition of an economic entity, which in a generalized form consists of interrelated blocks (Fig. 1).

The first block is the study of structural changes in the assets and capital of the enterprise, that is, carrying out vertical and horizontal

Structural analysis of assets and capital

Block 2 Analysis of financial stability

Block 3 Analysis of liquidity and solvency

5 block Integral assessment of the financial condition

Block 4 Analysis of the efficiency of capital use

Rice. 1. Structural and logical diagram of the analysis of the financial condition of the enterprise for the purposes of forecasting

analysis of the indicators of the aggregated balance, their assessment in dynamics.

The second block is an analysis of financial stability based on relative indicators, such as independence ratios, the ratio of equity and borrowed funds, long-term borrowing, equity maneuverability, provision of current assets with equity, concentration of borrowed capital and debt coverage.

The third block is based on the analysis of the liquidity and solvency of the enterprise, which provides for the calculation of a number of relative indicators: the overall liquidity ratio, the absolute liquidity ratio, the intermediate coverage ratio, the current coverage ratio and the current liquidity ratio.

The fourth block includes the study of relative indicators of the efficiency of capital use: indicators of profitability of products, investments, current assets and capital.

The fifth block is general, it involves the definition of an integral indicator of financial condition. The basis is the combination of a number of basic indicators characterizing the components of the financial condition.

The peculiarity of the proposed approach is the sequence of carrying out certain procedures for assessing the financial condition and the mechanism for summarizing the results of the analysis.

Thus, the developed methodology at the first stage provides for an assessment of the composition of the assets and liabilities of the enterprise, their structural elements (current and non-current assets, equity and borrowed capital). At the same time, such an assessment involves both vertical and horizontal analysis of the balance sheet and its main sections. The expediency of this step is due to the fact that the quality of liabilities and assets has a direct impact on the main subsystems of the financial condition, in particular on financial stability, liquidity and solvency.

In addition to the above, a feature of a reasonable approach is the mechanism for summarizing the results of financial analysis. Thus, the authors propose to include in the integral assessment not only relative indicators reflecting financial stability, liquidity, solvency and efficiency

the activity of using capital, but also relative indicators characterizing the composition and structure of the assets and capital of the enterprise. It should be noted that the approach does not require the user to have specific information, for example, primary production or management accounting data.

Analysis of the financial condition of the enterprise, according to the developed methodology, is the first stage in determining the prospects for its changes. The need for analysis is due to the fact that its results are the information base for determining the forecast financial condition of the enterprise.

The main purpose of this analysis is to study the possibility of using heterogeneous financial indicators to predict the financial condition. The achievement of the formulated goal is facilitated by the grouping of metallurgical enterprises of the Rostov region (using the methods of strategic analysis) according to the level of individual indicators and the study of the dynamics of changes in the share of individual groups of economic entities. This grouping made it possible to calculate the ranges of change in indicators and the dynamics of the frequency of their variation, as well as to determine the stability of the change and draw conclusions regarding the advisability of including the latter in financial condition forecasting models. The analysis of the studied metallurgical enterprises led to the following conclusion: to predict the financial condition, it is advisable to use indicators that characterize the vertical structure of the assets and liabilities of the enterprise, as well as the efficiency of capital use.

In general, the proposed approach can be the basis for forecasting the financial condition, since this system of indicators most fully reflects all the financial aspects of the functioning of an economic entity and their dynamics, makes it possible to show general trends that in the future affect the performance of the organization.

The economic content of the integrated assessment is to combine individual financial indicators according to a certain procedure and principles into a single quantitative indicator. The use of this approach will allow us to determine generalizing estimates of various business entities,

Enterprise 2011 2012 2013 2014 2015

Value (7) Class Value (7) Class Value (7) Class Value (7) Class Value (7) Class

METCOM LLC 16.61 A 249.27 A -20.24 D 28.74 A 14.37 A

Aloid LLC 3.18 A 4.07 A 5.29 A 3.45 A 5.93 A

Trubstalkomplekt LLC 1.74 A 2.67 A 4.73 A 7.98 A 5.26 A

ST LLC -0.10 B 1.18 B 3.64 A 4.18 A 4.01 A

YugmetalStroy LLC 2.33 A 2.26 A 3.40 A 4.09 A 3.99 A

Grand Resource LLC 1.81 A 2.80 A 0.46 B 2.99 A 2.60 A

ZAO Derkul 3.21 A 9.75 A 39.07 A 5.72 A 2.46 A

LLC Atlantis 3.86 A 4.42 A 7.91 A 4.51 A 2.04 A

OOO TransMet 0.31 V -0.01 V 0.02 B 0.34 B 0.13 V

ASTM-Standard LLC 2.85 A 4.50 A -121.25 D -2.12 D 0.00 B

OOO SVmetall -1.35 G -1.46 G -1.13 V -2.92 D -3.34 D

OOO Sevazh -2.13 D -2.21 D -2.16 D -4.85 D -6.39 D

Alta LLC -4.44 D -11.14 D 6.99 A -31.6 D -8.84 D

OOO OptMetall-Service 20.08 A -298.2 D -940.80 D -30.1 D -8.86 D

OOO Metallotorg 42.74 A -10.73 D -2.78 D -3.60 D -78.88 D

to compare them in terms of the effectiveness of financing and forecasting activities. It should be noted that the integral assessment is also an effective mechanism for comparing the financial and economic activities of individual enterprises.

The universality and complexity of the integral indicator makes it possible to use it in forecasting the financial activity of an enterprise, that is, the predicted financial condition will be determined by the level of the predicted integral indicator.

For the purpose of financial forecasting of the activities of an enterprise, foreign economists suggest using various methods: coefficient, expert estimates, etc.

In domestic scientific practice, much attention is paid to the study of the integral indicator of financial condition in the works of O. O. Tereshchenko. These models are built on the basis of discriminant analysis methods and empirical data from enterprises of various types of activities.

The high level of objectivity and validity of discriminant models allows us to conclude that it is reasonable to use them to predict the financial condition of domestic enterprises. That is, these models can be used as the basis for the development of financial forecasting models.

owl activity. That is why they are used for initial calculations.

The object of the study is a number of metallurgical enterprises of the Rostov region. For calculations, we use the following model:

r \u003d 0.674X1 + 1.633X2 + 0.488X3 + 0.223X4 + + 1.138X5 + 0.55X6 + 0.528X10 - 2.752, (1)

where Х1 - current assets/current liabilities; X2 - equity / balance sheet total; X3 - net proceeds from sales / balance sheet total; X4 - net cash flow from operating activities / net sales proceeds + other operating income; X5 - cash flow from operating and investment activities / balance sheet currency; X6 - net proceeds from sales / net borrowed capital; X10 - net proceeds from sales / average balances of current assets.

On the basis of discriminant models, an integral indicator (£) was calculated, the quality of the financial condition of the studied metallurgical enterprises was established and their assignment to a certain class 1 (Table 1).

1 On approval of the “Guidelines for the analysis of the financial condition of organizations. Order of the FSFR of the Russian Federation of January 23, 2001 No. 16 [Electronic resource]. Access from the reference-legal system "ConsultantPlus".

Based on the ranking of the points of the integral assessment, a group of leading enterprises was identified, the value of the indicator of the integral assessment of which, by the end of 2015, was in the zone of stable financial condition and had a relatively stable trend throughout the study period. Such enterprises include METKOM LLC, Aloid LLC, Trubstalkomplekt LLC, ST LLC, YugmetalStroy LLC, Grand Resource LLC, Derkul LLC, Atlantis LLC. The second group includes enterprises whose financial condition was unstable, the value of the integral indicator fluctuated, while they entered the zone of uncertainty, both with positive and negative dynamics: TransMet LLC, ASTM-Standard LLC, SVmetal LLC ”, OOO Sevazh, OOO Alta, OOO OptMetall-Service, OOO Metalotorg.

The results of the integrated assessment indicate the possibility of using this approach to predict the financial condition, since for most of the enterprises under study, the results of the analysis obtained using the integral assessment and for individual financial indicators do not contradict each other. In addition, the integral indicator allows you to combine individual financial parameters with multidirectional dynamics. Despite certain advantages, the considered algorithm for the integral assessment of the financial condition of economic entities has some disadvantages:

1) ignoring the additive value of the integral assessment in terms of individual components of the financial condition of the enterprise, that is, the impossibility of determining the impact of the level of liquidity, financial stability and efficiency of capital use on the overall assessment of financial activity. Eliminating this gap will allow us to explore the financial condition in certain areas, identify factors that negatively affect the overall level of the integral indicator, and develop measures to eliminate them;

2) limited use with a negative value of net borrowed capital. In this case, the financial condition is assessed as unsatisfactory, which is associated with the negative value of the loan capital turnover ratio, which further reduces the value of the integral indicator;

3) a high level of generalization and a low degree of detail of the overall assessment of the financial condition;

4) the presence of a zone of uncertainty with a large range of changes in the value of the integral indicator, which complicates the assessment of the financial condition. That is, when obtaining the value of the integral indicator, which is included in the zone of uncertainty, the analyst needs to conduct a more detailed analysis of the financial activities of the enterprise. But this can be avoided by taking the opportunity to explore the individual components of the integral assessment.

It is advisable to eliminate these problems on the basis of a geometric interpretation of the integral assessment of the financial condition. This approach considers the integral estimate as a point in a multidimensional space, that is, the integral estimate is a point X with coordinates (x^ x2; x3; ...; xm). Based on the theory of additive value, it can be argued that the integral assessment of the financial condition is formed on the basis of financial stability, liquidity and solvency, and the efficiency of capital use.

Since the indicators characterizing the financial condition have a different impact, it is recommended to use the weighted arithmetic mean formula to build an integral indicator, that is, each indicator has a certain level of significance:

where m is the number of financial indicators of the integrated assessment; 5, - standardized value of the financial indicator; a, - weight (significance) of the financial ratio.

Thus, the construction of an integral indicator of the financial condition of a business entity, according to the proposed approach, involves the following steps: 1) the formation of a certain set, in this case, it is the selection of indicators (factors) characterizing the financial condition of the enterprise; 2) substantiation of the significance of financial ratios and determination of their impact on the level of integral assessment; 3) determination of the procedure for standardization of indicators.

The economic meaning of the integral assessment lies in a comprehensive study of the financial condition of the enterprise, ha-

characterized by many different indicators, the analysis of each of which separately does not allow us to assess the overall financial situation. In this regard, it is very important to use an aggregated indicator.

Improving the integral assessment of the financial condition of metallurgical enterprises of the Rostov region

Based on the proposed approach and the previously defined integral indicator, it is proposed to improve the existing mechanism for the integral assessment of the financial condition of an economic entity.

The fundamental moment of building an integral assessment should be the selection of financial indicators included in its composition. Based on the analysis carried out by the authors, it is advisable to consider as input data a system of financial indicators that characterize various aspects of the financial condition of an enterprise: profitability of investments in terms of net profit; profitability of current assets (72); return on fixed capital (£3); profitability of investments (capital) (74); return on equity (75); return on assets in terms of cash flows (76); overall profitability of products (77); profitability of implementation (78); return on sales in terms of net profit (79); return on sales in terms of cash flows (210); turnover of working capital (2I); turnover of tangible assets (212); equity turnover (213); accounts payable turnover (214); receivables turnover (215); absolute liquidity (U1); general liquidity (U2); coverage of liabilities with receivables (U3); current liquidity (U4); security with own working capital (X1); the ratio of own and borrowed funds (X2); financial independence (X3); long-term borrowing (X4); maneuverability of own funds (X5); concentration of borrowed capital (X6); covering the debt with cash flow (X7).

The resulting indicator of the assessment of the financial condition is its integral value (I).

The above factors reflect various aspects of the financial condition of an economic entity, while for some of them it is possible to assess the financial component as a whole, while others act as additional

additional features. In addition, as a result of the analysis of individual financial ratios, certain contradictions and inconsistencies arise, which complicate the determination of an adequate and specific assessment of the financial condition of an enterprise.

With this in mind, the density of communication and interdependence between individual coefficients is determined, which makes it possible to avoid the inadequate influence of these indicators on complex conclusions regarding the financial condition of a business entity. The density of the connection between individual indicators and their influence on the integral assessment of the financial condition should be investigated using the methods of correlation analysis, which involves the calculation of the coefficients of selective and paired correlations. The maximum value of the correlation coefficient indicates the density of the connection between financial indicators.

The parameters characterizing the financial condition of an enterprise are in a certain relationship, and this is a prerequisite for the emergence of a hypothesis about the presence of multicollinearity, the essence of which lies in the high interdependence between financial indicators, which negatively affects the objectivity of a comprehensive assessment of financial activity, since a slight change in any of them can have significant impact on the value of the integral assessment.

This fact necessitates finding indicators that are closely related to each other, since neglecting this in the future may adversely affect the adequacy of predictive models.

Indicators with a high correlation coefficient (greater than 0.8) should be excluded from the study. At the same time, the decision which indicator to keep and which to eliminate will be influenced by the value of the correlation coefficient with the dependent indicator of the integral assessment .

Parameters that are closely correlated with each other can be eliminated by defining pair correlation indicators. This approach provides for the construction of a correlation matrix, which reflects both sample and paired correlation coefficients (Table 2).

Based on the calculations performed, indicators were identified that inadequately affect the integral assessment of the financial condition of the enterprise due to the effect of multicollinearity.

>T o 1 CO 1 s ^ 1 1

>T o, o 1 o 7 1L

>T o o o o o o 1 o

>T o, sl 00 1 CO c^, 1 u

o o o 1 Och u 1 ^

o o 00 ^ 00 o 1L o o o 1 SO ^^ o 1 , o

o o 1L u o o u Och, 1 1 00

o o ^ o Och 1L o CO s ^ 1 u 1 00 s ^, 1

o o 1L s^, CO o 1 u o o 1 00 o s^1 1L s^, ^ 1 o 1 o

M3 o 00 s^, o yu 1L o, ^ o 1L 1 CO 1 o o

M" o o, ^ o o o 00 o o o s^1 o 7 o 1 1

M "o o o 1L 00 ^ ^ s ^, o 1L 00 h ^ yu h 00 o 1 1,

M "o 1L 00 o, o, 1L, s ^, CO 1 1L 1 o 1

xG o o 1L o o" 1 s^1 1 1 1L u o o 00 s^1 o s^1 o o o o 1 ^

N o o o o" o" o o o 1L o o 1L o o o o 1 s^1 o

o o" o" co o" o g ^ o o yu 1L ^ , ^ 1L, 1L 1L 1 1L 1 1L

xG o ^ o "o co o" o "o s ^, o 1L yu 1L o o o yu ch o o 1 s ^ 1

N ° o o o "yu o o" 1 o o "co 00 o" 1L o "1 1L 1L o 1 t 1 yu 1 00 o o 1L o ^ CO o 1 o CO o 1 1L o o s ^,

N° o o "o o" 00 o "1 o" o o "o" 1 o 1 1L 1 o o 1 o o 1 1 1L 1 u 1 1L 1 o o 1 1 1 1L o o

m "o co o" o "1 co o" ^ 1L o "co o" O o "o" 1 1L Och Och s ^, o g ^ u h, s ^, yu u o 00 1 1 ^

^ o o o" o o" o o o" o" 1L o" 1 o" o" 1 co o 1 1 sl 1 1 o r^ o 1 o 1 o 1 ^ o 1 ^ 1 c^1 o 1 CO sl 1 u 1 u g^ 1 c^, u o c^1 1

o o "1 o 00 o" 00 o o "co o" co o co o "o" u s^ 1L 1L 1L yu o, 00 1L u ^ Och o 1 1 ^ o

o o 00 o "1L o" o o "1L o" o "1 o" 1L o "o 00 o 00 o 1L 1 00 SO u s ^, 1L o h o s ^, 1L 00 s ^, yu u 1 00 s^, 1 1L

o o o so o o o" 1 o o o" 1 1L o o o" 1 o o o" 1 o o o" o 1 L o o o" 1 ^ o o o" 1 00 ^ o" 1 o o" 1 1L 1L o "1 Och 1 o 1 00 o 1 o s ^ 1 1 00 o o CO 1 00 Och o s ^, 1 o g ^ o 1 o o o 1, 1L o 1 o ^ o 1 o o 1 1L 1 1L o 00 , s^1 ,1 o o, s^1 1

M "m" N ° N ° - ^ N xG Ny > g > g

arity, to eliminate the negative impact of which it is necessary to eliminate: Z1,

Z4, Z5, Z6, Z11, Z14, ^2, ^3, X1, X2, X6"

The exclusion of these indicators will allow, by eliminating multicollinearity, to increase the objectivity of the influence of individual of them on the integral indicator of the financial condition of the enterprise.

The next step in improving the integral assessment is to determine the impact of each of the financial indicators remaining after elimination. The need for this is due to the fact that individual financial parameters affect the overall assessment of performance in different ways.

To determine the level of influence of each indicator on the integral assessment of the financial condition of the enterprise, we use the significance of the correlation coefficient:

Table 3

Estimated and tabular significance of the ^Student distribution for the sample set of the enterprises under study*

Influence level

Display - g 1 g g 1 - a; p - 2 yaniya on in-

tel g integral estimate

0.20 1.783296 0.85 essential

0.01 0.065159 0.85 insignificant

0.18 1.534401 0.85 essential

0.01 0.064849 0.85 insignificant

^10 -0.02 0.132333 0.85 insignificant

^12 -0.13 1.09404 0.85 significant

^15 -0.31 2.753947 0.85 significant

0.37 3.401118 0.85 significant

P -0.17 1.431922 0.85 significant

X3 -0.11 0.967139 0.85 significant

X4 0.01 0.044345 0.85 insignificant

X5 0.01 0.118051 0.85 insignificant

X7 -0.02 0.164526 0.85 insignificant

where t1 - a. n - 2 - tabular value of the Student's ^-criterion, defined at level a, with n - 2 degrees of freedom and the Student's ^-distribution indicator:

where r is the value of the correlation coefficient; n is the number of observations (with n - 2 degrees of freedom and significance level a = 0.4).

The choice of these parameters of the ^ distribution is due to the sufficient level of their adequacy for building financial models. The degree of influence of financial indicators determines the need for their inclusion in the integral assessment (Table 3).

Table data analysis. 3 allows you to identify factors that do not significantly affect the integral assessment of the financial condition, in particular, these are the coefficients Z7, Z9, Z10, X4, X5, X7. Therefore, it is advisable to exclude these indicators from the system that determines the integral assessment.

Thus, an integral assessment of the financial condition of metallurgical enterprises should include the following indicators:

1) profitability of products sold and current assets;

2) turnover of tangible assets and receivables;

3) absolute, current liquidity and financial independence.

The relationship of the integral indicator with individual indicators characterizing financial activity reflects the correlation indicator, which makes it possible to determine the level and direction of the influence of indicators on the integral assessment of the financial condition.

It is advisable to determine the significance of each indicator based on the range of changes in the actual level of the sample correlation coefficient, which reflects the density of the relationship between the integral assessment and the corresponding parameters. The choice of the change interval was based on the following principles:

1) if the indicator does not affect the financial condition, its weight, respectively, is equal to zero;

2) the greatest significance of the indicator was calculated based on the logic of constructing an integral assessment, in which the total amount should not exceed 100, and since the selected number of indicators is 7, then, accordingly, the maximum influence of the indicator is 14 (100/7);

3) for a more accurate reflection of the connection density, it is proposed to use the significance change lag at level 1 (Table 4).

As it was determined, the financial condition of the enterprise is characterized by indicators of financial stability, liquidity, solvency and efficiency

Table 4

Determining the weight of financial indicators based on the correlation coefficient*

Absolute interval of change of the correlation indicator The value of the weight (weight) of the financial indicator in the integral assessment

0.356 and more 14

Indicator Weight and. d Standard value a.

Return on current assets 8 0.175

Profitability of sold products 7 0.128

Turnover ratio of tangible assets 5 12.836

Accounts receivable turnover ratio 12 7.617

Absolute liquidity ratio 14 0.189

Current liquidity ratio 7 1.648

Financial stability, X

Financial independence ratio 4 0.639

ical indicators on the average value of the corresponding financial parameters of those enterprises, the dynamics of which tends to improve.

That is, the standard value is proposed to be calculated as follows:

where x. - the actual value of the financial indicator; a( - the average value of the financial indicator of the enterprises under study.

Thus, the integral indicator of financial condition (2), based on a certain standardization mechanism (5), will be calculated as follows:

Table 5

Indicators and their significance in the integrated assessment of the financial condition of the enterprise*

use of capital, and the integral assessment is a summary characteristic of their standardized values.

Standardization of the values ​​of financial indicators should reflect the optimal formation and allocation of financial resources for the enterprises under study.

In this regard, this procedure is proposed to be carried out by dividing the actual

where x. - the actual value of the financial indicator; a( - the average value of the financial indicator; - the weight (significance) of the financial ratio.

Carrying out all stages of building an integral assessment allowed the authors to identify a system of financial indicators, determine their standardized value and influence (through significance) on the overall assessment of the financial condition (Table 5).

The analysis of the results obtained allows us to conclude that the level of the integral indicator in particular and the assessment of the financial condition in general are most influenced by the turnover of receivables and the level of absolute liquidity.

The resulting model allows you to determine which components of the integral assessment of the financial condition - the efficiency of capital use, solvency and liquidity or financial stability - tend to deteriorate, and timely develop measures to prevent negative dynamics.

The advantage of this model is a clear identification of the component that negatively affects the overall assessment of the financial condition of the enterprise.

Detailing the types of financial condition of the enterprise

The issue of expediency of referring an enterprise to a certain class remains relevant, that is, assigning a certain value of a letter (A, B, C, etc.) depending on the value of the integral indicator. On our

Table 6

Integral indicator of the financial condition of the investigated metallurgical enterprises of the Rostov region*

Company/ years 2011 2012 2013 2014 2015

Z Y X I Z G X I Z G X I Z G X I Z G X I

METCOM LLC 26.38 7.10 3.99 37.47 25.19 8.68 4.22 38.09 31.25 11.57 4.19 47.01 21.63 7.22 4.00 32 .84 20.73 5.25 3.11 29.10

Aloid LLC 6.56 3.94 2.91 13.41 -75.57 3.77 1.42 -70.38 20.92 6.34 1.90 29.16 13.40 6.24 1, 63 21.28 24.76 6.76 2.17 33.69

OOO Trubstal-Komplekt 27.69 2.85 2.98 33.52 16.02 3.45 2.87 22.35 18.84 3.88 2.63 25.34 27.16 4.88 3, 57 35.61 32.43 5.55 3.48 41.47

OOO ST 3.39 1.44 -1.34 3.49 3.42 1.02 -2.06 2.37 35.87 1.50 -1.79 35.58 56.27 1.85 - 1.24 56.88 23.82 3.50 0.67 28.00

OOO Yugmetal-Stroy 11.26 21.39 1.95 34.59 12.22 6.80 1.34 20.36 4.23 7.05 1.07 12.36 10.85 8.61 2, 06 21.53 13.18 7.93 1.89 23.00

Grand Resource LLC 3.82 3.25 1.51 8.58 9.21 5.95 1.69 16.85 4.11 3.05 0.29 7.45 7.79 6.36 2.09 16.25 17.39 4.08 1.38 22.85

ZAO Derkul 20.35 5.40 3.25 28.99 28.47 22.07 3.28 53.81 30.50 29.91 3.51 63.92 22.93 12.08 3.23 38 .25 18.47 14.26 2.43 35.16

OOO Atlantis 14.07 2.42 2.25 18.73 28.57 2.77 1.90 33.24 46.56 4.10 1.89 52.55 39.99 6.60 1.78 48 .37 30.81 5.45 2.28 38.53

OOO TransMet 8.85 3.73 1.11 13.69 9.16 3.66 0.70 13.52 -9.03 2.98 -0.03 -6.09 8.73 3.49 - 0.18 12.04 10.29 3.50 0.70 14.49

ASTM-Standard LLC 12.16 5.37 1.95 19.47 26.98 8.49 2.52 37.99 29.52 8.94 2.93 41.39 18.38 11.27 4, 17 33.82 17.05 15.28 4.48 36.81

OOO SVmetall 22.93 0.91 -1.90 21.95 -17.33 0.74 -2.14 -18.73 -8.33 0.56 -3.06 -10.84 -5, 19 0.87 -5.69 -10.00 -24.85 0.62 -10.22 -34.45

OOO Sevazh -49.43 1.04 -4.03 -52.42 -59.10 0.84 -6.04 -64.30 -25.02 1.47 -7.53 -31.07 - 35.26 0.58 -13.92 -48.60 -10.74 0.59 -14.32 -24.47

OOO Alta 15.10 9.55 4.88 29.53 25.69 10.92 4.63 41.24 34.85 15.92 3.53 54.30 37.31 56.06 4.21 97 .58 31.43 54.86 4.34 90.63

OOO Optmetall-Service 46.20 33.70 4.90 84.79 73.21 67.04 5.13 145.38 74.74 54.79 5.15 134.67 67.30 58.91 5, 44 131.65 58.90 92.91 5.32 157.14

OOO Metallotorg 35.57 9.53 5.05 50.15 54.61 21.75 5.38 81.74 67.89 71.46 5.43 144.77 49.44 67.52 5.41 122 .37 31.77 22.75 4.44 58.96

Table 7

Classification of types of financial condition depending on the value of the integral indicator*

The value of the integral indicator Financial condition Generalizing characteristic of the financial condition

Less than 0 Unsatisfactory Characterized by unprofitable activities, low liquidity, dependence on external sources of financing and lack of working capital

0 -30 Unstable Poor capital efficiency, inherently unstable capital structure and low liquidity

31-61 Satisfactory Average level of profitability and turnover of assets with an insufficient level of solvency or financial stability

61 and more Stable Indicators characterizing the financial condition, which are at the optimal level

It seems that such a methodological approach is limited, since it provides for a generalized assessment of the financial condition based on the value of the integral indicator and does not consider the dynamics of changes in its main components. This may lead to an inadequate conclusion regarding the reasons for the change in the financial condition of the enterprise. Therefore, the authors propose to detail the types of financial conditions of the enterprise by analyzing the main components of the integral assessment. To determine the type of financial condition, it is advisable to use the calculated value of the components of the integral assessment Z, X, Y (Table 6).

The grouping of enterprises according to the levels of indicators characterizing individual elements of the financial condition made it possible to determine the types of financial condition determined by the quality and level of efficiency in the use of capital, financial stability, liquidity and solvency.

Based on the possible range of changes and standard values ​​of financial indicators, the following types of the financial condition of the enterprise are schematically defined (Fig. 2).

The proposed approach involves assigning an enterprise to a certain group depending on the value of integral indicators characterizing financial stability, capital efficiency, liquidity and solvency. The advantage of this approach is the definition of the financial condition on the basis of its components that characterize certain aspects of the financial condition, that is, this approach has a large degree of devaluation.

talization, which positively affects the adequacy and reliability of the general conclusion about the financial condition of an economic entity.

If necessary, conclusions about the financial condition of the enterprise, you can use the value of the integral indicator - I, which allows you to objectively conduct a comprehensive assessment of the financial condition, since it is a consolidating mechanism of financial indicators.

On the basis of certain types of financial condition and the level of their integral assessment, the types of financial condition of an economic entity are determined, which determine its characteristics (Table 7).

It should be noted that the choice of detailing the linguistic definition of the type or type of financial condition depends on the goals of analysis and forecasting.

It is advisable to give an assessment both on the basis of individual components of the financial condition, and on the basis of an integral indicator, since these linguistic characteristics complement each other.

Thus, the integral indicator of financial condition is calculated in stages:

1. Calculation of financial indicators characterizing the financial condition of the enterprise (the list of indicators is given in Table 5).

2. Definition by formula (5) of standardized indicators of financial condition.

3. Determination of the coordinates of the financial condition of the enterprise according to the formulas:

Zone of efficient use of capital Type 12 Profitable enterprises with a high level of liquidity, but lack of internal sources of financing; leads to loss of financial independence Zone of optimal level of liquidity and solvency Type 15 Profitable enterprises with unsatisfactory financial stability, which is largely due to a significant amount of borrowed capital Type 18 Successful enterprises with a high level of capital use efficiency, an optimal structure for financing current activities and high level of liquidity and solvency

1>0 X<0 У>20 1>0 0<Х<3 У>20 1>0 X>3 Y>20

Type 11 Enterprises that use capital efficiently, but a disproportion in the structure of assets and / or capital leads to a loss of financial independence Zone of insufficient liquidity and solvency Type 14 Profitable enterprises that depend on external sources of financing, with a low level of liquidity and solvency 17th type Enterprises that use capital efficiently and have a sufficient level of financial stability, but do not pay enough attention to the level of solvency and liquidity of the enterprise

1>0 X<0 10<У<20 1>0 0<Х<3 10<У<20 1>0 Х>3 10<У<20

10th type Profitable enterprises that have the opportunity to receive loans, but this leads to dependence on external sources of financing. At the same time, the level of solvency of these enterprises is outside the recommended level Zone of unsatisfactory level of liquidity and solvency Type 13 Enterprises with a sufficient level of efficiency in the use of capital and an insufficient level of solvency and financial stability. Type 16 Stability of the financial condition is ensured by the efficient use of capital and its optimal structure, while there is a lack of the most liquid funds to ensure a sufficient level of liquidity

1>0 X<0 У <10 1>0 0<Х<3 У <10 1>0 X>3 Y<10

Zone of negative financial stability Zone of unsatisfactory financial stability Zone of stable financial stability

Zone of inefficient use of capital Type 1 Financial condition can be characterized as close to bankruptcy. This type is characterized by unprofitable activity, low asset turnover and lack of own funds to finance the current activities of the enterprise Zone of unsatisfactory level of liquidity and solvency 4th type This type is characterized by a low level of liquidity and financial stability due to inefficient use of the capital of an industrial enterprise enterprises, but at the expense of their own and equivalent sources, it is possible to ensure the stability of financial stability

1<0 Х<0 У <10 1<0 0<Х<3 У <10 1<0 Х>3 U<10

2nd type Stability of this type depends on external sources of financing. This type is characterized by a low level of efficiency in the use of capital, liquidity and solvency Zone of insufficient level of liquidity and solvency 5th type Unprofitable activity and a significant amount of current liabilities leads to loss of financial stability and solvency of the enterprise 8th type , but a sufficient amount of own resources allows for a high level of financial stability

1<0 Х<0 10<У<20 1<0 0<Х<3 10<У<20 1<0 Х>3 10<У<20

Type 3 Enterprises that use capital inefficiently, but by synchronizing accounts receivable and accounts payable, they manage to achieve a high level of solvency with a suboptimal financing structure Zone of optimal level of liquidity and solvency Type 6 Enterprises whose liquidity level is at the normative level, but Inefficient use of capital leads to loss of financial independence

1<0 Х<0 У>20 1<0 0<Х<3 У>20 1<0 Х>3 Y>20

Rice. 2. Matrix of types of financial condition of the enterprise

where Z, Y, X are the coordinates of the financial condition, characterizing the dynamics of changes in its individual components; r, y, x, - actual values ​​of the corresponding financial indicators; Yu; - weight (importance) of the financial ratio; I. - the average value of the financial indicator; m - the number of financial indicators of the integral assessment.

The weight and standard value of the indicators are defined in Table. 5.

4. Finding an integral indicator of financial condition according to the formula:

5. Comparison of the obtained numerical indicators with the linguistic types of the financial condition by coordinates (see Fig. 2, Table 7).

6. Generalization of the conclusion regarding the financial condition of the enterprise on the basis of an integral indicator.

The application of the above approach involves the construction of a number of analytical tables. These calculations were carried out for all the enterprises under study, but the volume of the article does not allow drawing conclusions and calculations for all economic entities, therefore, as an example, calculations are given for Trubstalkomplekt LLC, where the proposals developed by us were put into practice (Table 8) .

On the basis of the performed calculations and the proposed matrix of types of financial condition of Trubstalkomplekt LLC, the general trends in its change were determined and the factors negatively affecting the financial condition of the company were identified. Analysis of the data obtained makes it possible to assert that the main reason for the negative dynamics of the change in the integral indicator in 2011-2013. there was a reduction

Table 8

Integral indicator of the financial condition of Trubstalkomplekt LLC*

indicator and. g a. 2011 2012 2013 2014 2015

y y x f. y y y x f. y y y x f. y y y x f.

Capital efficiency, Z

Return on current assets 8 0.175 0.231 10.55 0.021 0.97 0.043 1.96 0.191 8.73 0.208 9.49

Profitability of sold products 7 0.128 0.142 7.77 0.075 4.08 0.069 3.76 0.131 7.16 0.159 8.71

Mother turnover ratio 5 12.836 8.670 3.38 9.395 3.66 11.220 4.37 8.533 3.32 7.358 2.87

real assets

Debtor turnover ratio 12 7.617 3.806 6.00 4.637 7.31 5.556 8.75 5.047 7.95 7.212 11.36

debt

27,69 16,02 18,84 27,16 32,43

Solvency and liquidity, U

Absolute liquidity ratio 14 0.189 0.001 0.101 0.001 0.065 0.001 0.087 0.002 0.145 0.001 0.093

Current liquidity ratio 7 1.648 0.647 2.747 0.798 3.390 0.892 3.789 1.114 4.733 1.286 5.460

У 2.85 3.45 3.88 4.88 5.55

Financial stability, X

Financial independence ratio 4 0.639 0.477 2.984 0.459 2.871 0.420 2.631 0.571 3.575 0.556 3.479

X 2.98 2.87 2.63 3.57 3.48

Integral indicator 33.52 22.35 25.34 35.61 41.47

General characteristics of the financial condition satisfactory unstable unstable satisfactory satisfactory

economics of the region vol. 12, no. 2 (2016) www.economyofregion.com

the level of efficiency in the use of capital, due to a decrease in the profitability of product sales. In addition, there was an insufficient level of liquidity and financial stability, but at the same time a slight gradual improvement in the solvency of the enterprise. In 2014-2015 Trubstalkomplekt LLC, by increasing the efficiency of capital use, managed to improve financial stability and bring it closer to the recommended value.

It should be noted that during the study period the company experienced a lack of liquidity, which led to an insufficient level of solvency, which negatively affected the overall assessment of the financial condition of the enterprise. Thus, in order to further improve the financial condition of Trubstalkomplekt LLC, it is necessary to implement a policy that

aimed at optimizing the ratio of assets and liabilities.

Based on the study, it can be argued that the integral assessment is the basis for predicting the financial condition of the enterprise, since it consists of the main indicators that comprehensively reflect it.

The possibility of decomposing the integral assessment into components - financial stability, liquidity, solvency and efficiency of capital use - will make it possible to identify factors that significantly affect the financial condition of the enterprise, and to forecast its activities in a dynamic perspective. In general, the universality and adequacy of the proposed approach to the integral assessment will make it possible to use it as the basis for predicting the financial condition of an enterprise.

List of sources

1. Peshkova E. P., Kyurdzhiev S. P., Mambetova A. A. A methodological approach to the formation and assessment of the level of competitiveness of business entities // Bulletin of the Rostov State Economic University (RINH). - 2015. - No. 2 (50). - S. 117-125.

2. Balabanov I. T. Financial management. Theory and practice: textbook. - M.: Prospect, 2010. - 656 p.

3. Savitskaya GV Comprehensive analysis of economic activity of the enterprise: textbook. allowance. - M.: NITs Infra-M, 2013. - 607 p.

4. Kovalev VV Analysis of the balance, or how to understand the balance: educational and practical. allowance, 3rd ed. - M.: Prospekt, 2013. - 320 p.

5. Berdnikova T. B. Analysis and diagnostics of the financial and economic activities of the enterprise: textbook. allowance. - M.: Infra-M, 2012. - 215s.

6. Taffler R., Tisshaw H. Going, going, gone - four factors which predict // Accountancy. - 1977. - No. 3. - P. 50-54.

7. Sahakian C. E. The Delphi Method // The Corporate Partnering Institute. - 1977. - No. 5. - P. 47-54.

8. Tereshchenko O. O. Anti-crisis financial management at the enterprise. - Kyiv: KNEU, 2004. - 268 p.

9. Erina A. M. Statistical modeling and forecasting: textbook. allowance. - Kyiv: KNEU, 2012. - 170 p.

10. Dougherty K. Introduction to econometrics: Per. from English. - M.: Infra-M, 2002. - 402 p.

11. Kremer N. Sh., Putko B. A. Econometrics: a textbook for universities. - M.: Unity-Dana, 2013. - 311 p.

12. Pogostinskaya N. N. System analysis of financial statements: textbook. allowance. - St. Petersburg: Mikhailov V. A. Publishing House, 2010. - 96 p.

13. Chesser D. L. Predicting Loan Noncompliance // The Journal of Commercial Bank Lending. - 1974. - No. 56 (12). - R. 28-38.

14. Beaver W. H. (1966). Financial ratio and Predictions of Failure. Empirical Research in Accounting Selected Studies // Supplement to Journal of Accounting Research. - 1966. - No. 4. - R. 39-47.

15. Altman E. I. Personal Internet homepage. Retrieved from http://www.pages.stern.nyu.edu/~ealtman/index.html (accessed 3/21/2015).

Kurdzhiev Sergey Panteleevich - Doctor of Economics, Associate Professor, Professor, Head of the Department of Economics, Finance and Environmental Management, South-Russian Institute of Management - branch of the RANEPA (Russian Federation, 344002, Rostov-on-Don, Pushkinskaya st., 70; e- mail: [email protected]).

Mambetova Aleksandra Aleksandrovna - Doctor of Economics, Associate Professor, Professor, Rostov State University of Economics (RINH) (Russian Federation, 344002, Rostov-on-Don, Bolshaya Sadovaya St., 69, 522; e-mail: [email protected]).

Peshkova Elena Petrovna - Doctor of Economics, Professor, South-Russian Institute of Management - Branch of the RANEPA (Russian Federation, 344002, Rostov-on-Don, Pushkinskaya St., 70, 614; e-mail: [email protected]).

For citation: Ekonomika regiona. - 2016. - Vol. 12, Issue 2. - pp. 586-601

S. P. Kyurdzhiev a), A. A. Mambetova b), E. P. Peshkova a)

a) South-Russian Institute of Management - Branch of the Russian Presidential Academy of National Economy and Public

Administration (Rostov-on-Don, Russian Federation; e-mail: [email protected]) b) Rostov State University of Economics (Rostov-on-Don, Russian Federation)

An Integral Evaluation of the Financial State of the Regional Enterprises

The subject matter of the article is the development of theoretical positions and methodical approaches to the integral evaluation of the financial state of the region's metallurgical enterprises. The purpose is to show the possibility of dividing the integral evaluation into separate elements for using this tool to build individual models based on the forecasting of the various coordinates of the financial position of an enterprise. methodological approaches to the increase of the quality of analysis by eliminating certain shortcomings of discriminant models in order to clarify the algorithm of constructing the integral index. , abstraction, comparison whi ch give the possibility of determining the financial indicators needed to build the predictive models of financial state; the methods of correlation and regression analysis, which allow to improve the integral value and to build the mathematical forecasting models. With the purpose of improving the integral evaluation of the financial condition of an enterprise, the geometric interpretation is used, which involves the dividing of the integral indicator on the individual elements. The special feature of the proposed methodological approach consists in the implementation rules for the certain procedures of the evaluation of financial position and generalization of the analysis results. The proposed approach can be used by financial analysts to elaborate the strategic plans of company development and structure optimization of financial resources. This research allows to define quantitative the influence of separate parameters on the general assessment of the financial position for the purpose of its forecasting, which is understood as the system of the evidence-based probabilistic assumptions of the basic and alternative structural changes of the enterprise" s assets and liabilities.

Keywords: modeling of financial position, integral evaluation of the financial position, financial performance, profitability, paying capacity, liquidity, financial stability, composition and structure of assets and capital, efficiency of enterprise management, forecasting

1. Peshkova, E. P. & Kyurdzhiev, S. P. & Mambetova, A. A. (2015). Metodicheskiy podkhod k formirovaniyu i otsenke urovnya konkurentosposobnosti khozyaystvuyushchikh subektov . Vestnik Rostovskogo state ekonomicheskogo universiteta (RINKh), 2(50), 117-125.

2 Balabanov, I. T. (2010). Financial management. Teoriya i praktika: uchebnik. Moscow: Perspektiva Publ., 656.

3. Savitskaya, G. V. (2013). Kompleksnyy analiz khozyaystvennoy deyatelnosti predpriyatiya: ucheb. posobie. . Moscow: NITs Infra-M Publ., 607.

4. Kovalev, V. V. (2013). Analiz balansa, or kak ponimat balans: uchebno-praktich. posobie, 3rd ed. . Moscow: Prospekt Publ., 320.

5. Berdnikova, T. B. (2012). Analiz i diagnostika finansovo-khozyaystvennoy deyatelnosti predpriyatiya: ucheb. posobie. Moscow: Infra-M Publ., 215.

6. Taffler, R. & Tisshaw, H. (1977). Going, Going, Gone - Four Factors Which Predict. Accountancy, 3, 50-54.

7. Sahakian, C. E. (1977). The Delphi Method. The Corporate Partnering Institute, 5, 47-54.

8. Tereshchenko, O. O. (2004). Antikrizisnoye finansovoye upravlenie na predpriyatii. Kiev: KNEU Publ., 268.

9. Erina, A. M. (2012). Statisticheskoye modeling and forecasting: ucheb. posobie. Kiev: KNEU Publ., 170.

10. Dougerti, K. (2002). Introduction to econometriku: per. sengl. Moscow: Infra-M Publ., 402.

11. Kremer. N. Sh. & Putko, B. A. (2013). Ekonometrika: uchebnik dlya vuzov. Moscow: Yuniti-Dana Publ., 311.

12. Pogostinskaya, N. N. (2010). Sistemnyy analiz finansovoy otchetnosti: ucheb. posobie. St. Petersburg: Mikhaylov V. A. Publ., 96.

13. Chesser, D. L. (1974). Predicting Loan Noncompliance. The Journal of Commercial Bank Lending, 56(12), 28-38.

14. Beaver, W. H. (1966). Financial Ratio and Predictions of Failure. Empirical Research in Accounting Selected Studies. Supplement to Journal of Accounting Research, 4, 39-47.

15. Altman, E. I. Personal Internet Homepage. Retrieved from: http://www.pages.stern.nyu.edu/~ealtman/index.html (date of access: 03/21/2015).

Sergey Panteleyevich Kyurdzhiev - Doctor of Economics, Associate Professor, Head of the Department of Economics, Finances and Environmental Management, South-Russian Institute of Management - the Branch of the Russian Presidential Academy of National Economy and Public Administration (70, Pushkinskaya St., Rostov-on-Don, 344002, Russian Federation; e-mail: [email protected]).

Aleksandra Aleksandrovna Mambetova - Doctor of Economics, Associate Professor, Professor, Rostov State University of Economics (69, Bolshaya Sadovaya St., Rostov-on-Don, 344002, Russian Federation; e-mail: [email protected]).

Elena Petrovna Peshkova - Doctor of Economics, Professor, South-Russian Institute of Management - the Branch of the Russian Presidential Academy of National Economy and Public Administration (70, Pushkinaskaya St., Rostov-on-Don, 344002, Russian Federation; e- mail: [email protected]).

When summarizing the results of the conducted analytical calculations, it is sometimes difficult to give a general assessment of the level of stability of the financial condition. This is due to the fact that it is recommended to use and use many indicators to characterize it, some of which were discussed above. For many indicators, there are no standard values ​​or there are differences in the level of recommended standards. In addition, the analysis reveals multidirectional dynamics of individual indicators and deviations of their actual values ​​from the established standards.

To overcome these difficulties, it is possible to apply the methodology of the rating assessment of the financial condition, in which the multi-criteria method for assessing the financial condition is reduced to a single-criteria one.

In practical work, the method of scoring the degree of stability of the financial condition can be used, which is based on the ranking of organizations (assignment to one of five classes) according to the level of risk of relationships with them associated with the loss of money or their incomplete return. At the same time, organizations assigned to a certain class are characterized by their stability as follows:

I class - organizations with high financial stability. Their financial condition allows us to be confident in the timely and complete fulfillment of all obligations with a sufficient margin in case of a possible mistake in management.

Class II - organizations with good financial condition. Their financial stability as a whole is close to optimal, but some lag is allowed for certain coefficients. There is practically no risk in dealing with such organizations.

Class III - organizations whose financial condition can be assessed as satisfactory. The analysis revealed the weakness of individual coefficients. In relations with such organizations, there is hardly a threat of losing the funds themselves, but the fulfillment of obligations on time seems doubtful.

Class IV - organizations with an unstable financial condition. They have an unsatisfactory capital structure, and solvency is at the lower limit of acceptable values. They belong to the organizations of special attention, tk. in dealing with them there is a certain risk of loss of funds.

Class V - organizations with a financial crisis, practically insolvent. Relationships with them are extremely risky.

The constituent elements of the proposed methodology for scoring the stability of the financial condition are:

• - a system of basic coefficients (K1, K2, K3, K4, K5, K6, the content and calculation method of which were discussed above), characterizing the financial condition of the organization;
• - rating of coefficients in points, characterizing their significance in assessing the financial condition, the upper and lower limits of their values ​​​​and the order of transition from upper to lower limits, necessary to classify the organization as a certain class (rating, boundaries and the order of transition are established by expert means) - table. 12.15. The definition of the class of organizations according to the level of values ​​of indicators of financial condition is given in Table. 12.16.

Based on the table 12.16 and the actual values ​​of the coefficients calculated in paragraphs 12.5 and 12.6 in Table. 12.17 an integral assessment of the stability of the financial condition was made. She showed that if the beginning of the year is an organization whose balance sheet is given in Table. 12.1, can be attributed with some stretch only to class III, then the increase in the level of coefficients brought it closer to class II at the end of the reporting period. Calculations based on the revised indicators make it possible to fairly confidently attribute the organization to class II, i.e. to the class of organizations with financial stability close to optimal, in relations with which there is practically no risk.

Table 12.15

Criteria level of values ​​of indicators of the financial condition of the organization

Table 12.16

Determination of the class of the organization by the level of values ​​of indicators of financial condition

Of interest are others, different from the above methods of rating, proposed by V. V. Kovalev and O. N. Volkova, as well as A. D. Sheremet, R. S. Saifulin and E. V. Negashev, O. V. Antonova, G. V. Savitskaya)