Экономические науки/1. Банки и банковская система
Master of 1 course
of the Institute of World Economy and Finance
Bokova Natalia
Volgograd State University, Russia
The analysis of enterprise financial security
In modern conditions
becomes important analysis and assessment of the entity's financial security.
This tool promptly detect signs of the crisis in the development of businesses
that need to systematically improve the use of economic and financial
indicators. The functioning of economic entities in the face of fierce
competition in the market and the need to ensure adequate financial conditions
require a clear and well-functioning financial management system. The main
directions of financial management are to establish reserve fund to ensure the growth
of production volumes and sales, reduce costs, profit, balance the material and
financial resources, improve financial stability.
Financial Security
defines the ultimate state of financial stability, which should be the company
to implement its strategy, characterized by the ability to withstand external
and internal threats.
For
all the subjects of the market economic system objectively features are
impermanence, the inability to reach a state of complete equilibrium, the
tendency to constantly jump from one state to another, which can not but be
accompanied by certain losses and crises. That is why under the financial
stability means no static consistency, and dynamic stability, ie the ability to
maintain optimal proportionality in the development of its financial condition,
the ability to adapt to rapidly changing environmental factors and use them
most effectively to achieve the strategic objectives of the enterprise.
Financial
sustainability depends on the availability of financial resources of the
enterprise. It reflects the balance of assets and sources of their formation,
income and expenses, cash and commodity flows. Estimated financial
sustainability on the basis of the ratio of own and borrowed capital of the
enterprise, the rate of accumulation of own funds as a result of economic
activity, the ratio of long-term and current liabilities, provision of material
circulating assets own sources.
Multiple
studies and analysis of enterprises showed that with an increase in the share
of attracted resources in the total amount of long-term sources of funding
raises the price of its own resources at an increasing rate, and the price
attracted first remains virtually unchanged, and then also begins to increase.
As the price of borrowed funds on average lower than the price of their own
financial resources, there is a need for their optimal structure.
Financial
leverage describes the use of borrowed funds with fixed-rate, to increase the
company's profit and shows the percentage will increase the amount of own
financial resources at the expense of borrowed funds in the company's turnover.
leverage effect arises in cases where the economic viability higher loan
interest. Rational ratio of debt to equity is the key to financial security
company.
In
a market economy, an increase in the proportion of own financial resources does
not always improve the situation of the company, the possibility of a rapid
response to changes in the business climate. On the contrary, the use of raised
funds demonstrates the flexibility of the enterprise, its ability to find and
return their loans, reflecting the confidence of the business world.
Stable
ratios of own and borrowed funds do not exist, because it can not be common to
the various sectors and enterprises. The share of equity capital and borrowed
funds in the formation of the company's assets and the level of financial
leverage depends on the industry characteristics.
Evaluating the
effectiveness of the capital structure and to determine the optimal ratio
between equity and borrowed capital make it possible to assess the financial
risk to establish the necessary level of financial security in the future. To
ensure the conditions for effective functioning of the enterprises need to
maintain financial stability, balance, sufficient financial independence and
flexibility in making financial decisions. To do this, you must carry out the
financial sustainability of the monitoring system.
Примечание
Исследование выполнено при финансовой поддержке РГНФ и
Администрации Волгоградской области в рамках научно-исследовательского проекта
№ 16-12-34020 «Формирование и регулирование рынка трудовых ресурсов
Волгоградской области в условиях функционирования Евразийского экономического
союза»
Bibliography
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