Экономические
науки/10.Экономика
предприятия.
Usanov A.Yu.
Department of Economics and Finance Company
Moscow Financial-Industrial University "Synergy"
Methods of financial
analysis
Abstract
An important aspect of the methodology of financial
analysis of the company is to develop a system of indicators. On how
performance fully and accurately reflect the essence of the phenomenon,
dependent on the results of the evaluation.
The article describes the methodological basis of techniques and stages
of the analysis of the financial condition of the company
Keywords: financial
condition, procedure steps, the profit margin, turnover, profitability,
financial stability and solvency.
Indicators
used in the financial analysis of the company, in terms of content are divided
into quantitative and qualitative.
According
to the study of causality figures are divided into factor and efficiency.
Factor
figures reflect the reasons for the change of the phenomenon investigated. The
value of the effective index is influenced these reasons.
Thus,
the rate of profit - effectively, its value and the change is influenced by
such factor indicators as the volume of work, the price and unit cost, etc.
In
carrying out financial analysis of the company are the following steps:
1.
specifies the objects, aims and objectives are estimated at up of the
analytical work.
2.
a system of synthetic and analytical parameters by which the object is
characterized by evaluation selected mathematical model of the phenomenon, the
methods and evaluation methods.
3.
going and be prepared to assess the need for information (check its accuracy,
is in a comparable form).
4.
Comparison of actual results with the planned economic indicators, evidence of
previous years, average values, norms.
5.
Follow factor analysis selected methods and techniques.
6.
To identify unused and prospective reserves of increase of production
efficiency.
7.
The results of operations are evaluated taking into account the various factors
identified and unused reserves, developed measures for their use.
The
methodology of financial analysis of the company - a set of methods to
determine the status of the enterprise in the course of examining the results
of its activities.
Most
authors suggest the following areas for assessing the financial condition of
the enterprise[1]:
· "Reading" of the balance sheet;
· evaluation of trends in the composition and structure of assets and
liabilities;
· Analysis of financial ratios;
· analysis of the liquidity and solvency.
Other
authors suggest to evaluate the company's financial condition on the basis of[2]:
·
rating;
·
financial ratios;
·
assessment of solvency;
·
calculations of the needs of current
assets and sources of their formation.
Financial
analysis of the enterprise can be made with varying degrees of detail,
depending on the purpose of the analysis of available information, technical
and human resources.
According
to Sheremet A.D. "Comparative analytical balance and calculation of
absolute indicators of financial stability are the starting point for assessing
the financial condition of the company.[3]"
Study
absolute performance of liquidity, as well as a number of relative values
- financial ratios complement the estimate obtained using the
above values.
The
most common practice in Russian companies financial analysis of the company on
the following criteria[4]:
1.
Analysis of the structure and the dynamics of balance.
2.
Analysis of solvency and liquidity.
3.
Analysis of business activity and profitability
4.
Analysis of financial stability.
The
methodology of the above types of analysis in greater detail.
Analysis
of the structure and dynamics of the balance assumes its horizontal and
vertical analysis.
The
horizontal analysis of financial statements, and in particular the balance
involves the comparison of the financial performance of the company for the previous
few years, both in absolute and relative terms.
The
vertical analysis of financial statements, allows the analyst to conclude that
the structure of the indicators of financial statements, as well as an analysis
of changes in the structure. Methodology provdeniya vertical balance sheet
analysis is that the total amount of assets is taken as one, or one hundred
percent in the future, each article appears in the balance sheet as a
percentage of the base value, ie the total value of assets of the enterprise.
The
solvency and liquidity - is the external manifestation of the financial
viability of any enterprise. The solvency and liquidity of the company is
characterized by its financial position in the short term.
Enterprise
can be considered insolvent if the funds short-term investments, which include
in its membership the securities, as well as short-term financial assistance to
other businesses, and accounts receivable that make up the assets of the
enterprise, cover all its short-term obligations.
Evaluation
of solvency and liquidity is carried out with the help of solvency ratios,
which reflect the possibility of the company to repay short-term debt at the
expense of working capital[5].
Analysis
of business activity enables to draw
conclusions about how well the company uses its funds. Efficiency of current
assets is characterized, above all, of their turnover.
Under
the asset turnover meant the duration of the passage by means of the individual
stages of production and circulation. The increase of the turnover ratio
indicates more efficient use of current assets.
Inventory
turnover is characterized by the turnover ratio and inventory turnover period
of stocks. Reduced inventory turnover ratio indicates a more efficient
inventory management and reduce overstocking enterprise.
Total
turnover ratio reflects the efficient use of all available resources,
regardless of their sources. It shows how many times in the period performed
the complete cycle of production and circulation, making a profit.
By
business activity coefficients are also performance factors: the volume of
sales per employee, profit per employee, the amount of assets per employee.
The
economic efficiency of enterprises expressed rates of profit and profitability
(return).
Profit
for the period reflects the overall financial result of economic activity of
the enterprise with all of its sides. The most important component of this
profit - the profit from the sale.
Profitability
- a relative measure of production efficiency, characterizing the impact of
costs and resource utilization.
All
indicators of financial stability, by means of which the state can be
characterized, and the structure of assets of the enterprise, and in addition,
provide a source of coverage (defined by liabilities) can be divided into three
main groups:
1.
Indicators of the state of working capital;
2.
Indicators of the state of fixed assets;
3.
Indicators of financial independence.
Financial
stability of the company in the long run is characterized by the ratio of debt
to equity. While this figure can only give an overall assessment of the
financial viability of the enterprise.
Therefore,
in the practice of financial analysis system of indicators that characterize
the degree of protection of the interests of investors and creditors, the basis
of calculation of these indicators is the cost of the property business.
Reference
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2. Селезнева, Н. Н.
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экономических наук Сборник статей
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[1] Савицкая, Г. В. Анализ хозяйственной
деятельности предприятия: Учебник. – 4–е изд. перераб. и доп. / Г. В. Савицкая.
– М.: ИНФРА–М, 2011. – с. 136
[2] Шеремет А. Д., Сайфулин Р. С.,Негашев Е.
В. Методика финансового анализа.– М.: Инфра-М, 2010.– с. 52
[3] Шеремет А. Д., Сайфулин Р. С.,Негашев Е.
В. Методика финансового анализа.– М.: Инфра-М, 2010.– с. 52
[4] Селезнева, Н. Н. Финансовый анализ. Управление финансами: Учеб. пособие для вузов. – 2–е изд., перераб. и доп. / Н. Н. Селезнева, А. Ф. Ионова. – М.: ЮНИТИ–ДАНА, 2009. – с. 112
[5] Тихомиров, Е. Ф. Финансовый менеджмент:
Управление финансами предприятий: учебник для студ. вузов / Е. Ф. Тихомиров. –
М.: Издательский центр «Академия», 2010. – с. 128