Экономические науки/7 Учет и аудит

Usanov A.Yu.

Moscow Financial-Industrial "Synergy"

Candidate of Economic Sciences, Associate Professor

Stages of development of theoretical concepts of valuation of financial activity of the enterprise

Formation of financial analysis, its main theoretical and methodological foundations, took place over a long period of time. Over time, the human mind has come to the realization that the production is subject to various kinds of factors, including - the public and, therefore, the laws of social development. And the nodal point is that we realized the need to develop and diversify the knowledge database.

Economics took place in ancient times (the study of the Ancient East thinkers - Confucius, Shang Yang, ancient Greece - Xenophon, Plato, Aristotle, ancient Rome - Varro, Seneca).

The very definition - "political economy" appeared in the Middle Ages. This definition was introduced into the scientific lexicon AM de Vattevilem in his scientific work "Treatise on Political Economy" in 1615 His subsequent formation and development of political economy gained in scientific papers W. Petty, David Ricardo, Adam Smith.

At the same time, there was the emergence of accounting. He demanded significant professional knowledge. This fact points to a fairly high level of development of financial analysis. The emergence and establishment of accounting will serve as a prerequisite for the creation of monitoring bodies. These bodies, in turn, control the correctness of accounting, balance sheet and related financial documents.

Independent analysis of financial and economic activity - that is the definition auditing treated. The occurrence took place during the formation of accounting. Evidence of this is contained in the scientific work of the Italian Luca Pacioli "Treatise on the accounts and records."

Frenchman Jacques Savary - the founder of economic analysis as part of accounting. It Savary identified and justified such a definition, as synthetic and analytical accounting. More he is considered the founder of the management accounting and the science of management of the enterprise. Economic analysis developed in other countries. In Italy, A. diPietro proposed assessment methodology of comparison of budget allocations to actual costs. B. Venturi line up and analyze the series of indicators of economic activity of the enterprise for a period of time equal to ten years.

The doctrine of the synthetic addition and expansion of analytical accounts were based Italian accountant Giuseppe Cherboni.

The innovation, called - "balansovedenie" appeared in Registered in the late 19th century. Balansovedenie developed in three areas: economic and legal analysis of the balance sheet, the dissemination of knowledge about the balance between users.

I.Scher, P.Gerstner developed economic direction balansovedeniya. definition has been introduced thanks to them - "Analytical characterization of the balance." Cher and Gerstner established a number of provisions, including: the ratio of short-term and long-term liabilities, establishing the limit of borrowings; interrelation of financial condition and liquidity. Baygel R. and E. Roemer developed a legal analysis of the direction. Within this framework, we developed the theory and practice of financial audit. The third area has been developed by scientists: Huber, Broziusom.

In Russia, the science of balance analysis actively began to develop in the early 20th century. AK Roshchakovsky considered the first Russian accountant. He gave an objective assessment of the role of economic analysis and its relation to accounting. In the years 20s A. Rudanovsky finally formed the methodology of balance analysis as an integral part of the theory balansovedeniya. The science of commercial computing began to actively develop in the early 20th century. Thus, the essence of financial analysis and the composition of the balance sheet and business computing.

Analysis of economic activity (Ahd) as a continuation of the financial analysis developed in the USSR in the period of planned economy. It happened by a natural decline in the share of commercial computing, gain control function, dominance analysis of deviations from the actual values of plan, reducing the balance of importance as a tool for financial management. Over time Ahd separated from accounting. Ahd turned into a techno-economic analysis (analysis of the production, sales figures, labor and wages, etc.), which are not engaged in this one. The calculation of these indicators is not included in the scope of accounting. And not a professional interest. The essence of the Ahd was the implementation of the scheme "plan-fact". In fact, it replaced the control analysis. This analysis was retrospective and of little benefit.

Modification of the financial analysis in Ahd accounts for 30 years - a period when the overall management of accounting, control Ahd has been assigned to the People's Commissariat of Finance. By the early 40-ies there are the first books of the enterprise Ahd (S.K.Tatur, DP Andrianov). In the early 70-ies published the first book on the theory of Ahd. Later, with the advent of Gorbachev to power and the ensuing "perestroika" there was a need to review the basics of accounting. The most important element of the analytic work - financial analysis has become topical again. Conduct financial analyzes become accountants, financiers and financial managers. Despite the revival and development of the financial analysis, Ahd remained relevant, it was understood as a technical and economic analysis. Ahd conducted by line managers.

Financial analysis is an integral part of the analytical work. It involves the collection and analysis of financial information for the purpose of:

- To assess the financial condition of the enterprise;

- Assess possible rates of development of the enterprise with financial position;

- Identify the available sources of funds and assess the possibility and expediency of their use;

- Predict the position of the company in the future period.

Financial analysis is reduced to the analytical work with financial documents. In the Russian Federation, financial analysis assumes certain features. The financial markets of the Russian Federation is almost not developed. This in turn has a direct negative impact on the risk analysis.

It should be noted that not enough attention is paid to the historical aspects of the origin of a systematic analysis of the financial statements (SAPO). Lack of attention is manifested in scientific works as a domestic scientists there and Western experts. This is all the more strange when you consider that the reporting is prepared in order to analyze it.

In the late 19th century SAPO segregated in a separate section of the financial analysis. At this time in the accounting and analytical practice in the annex to the report w / d transport calculations were a number of relative performance. These indicators characterize the company's liquidity and cost efficiency.

At this time are five relatively independent approaches in the establishment and formation of SAPO. The division is rather conditional - in varying degrees, these approaches intersect and complement each other.

The first approach involves a "school of empirical pragmatics" activities (EmpiricalPragmatistsSchool). Its representatives - professional analysts who have worked in the field of the analysis of the creditworthiness of companies. By the nature of their professional activities, they tried to argue the relative set of criteria that are suitable for this analysis. The aim was to selection criteria that could assist the analyst in answer to the question whether the company is able to pay its short-term obligations?

This aspect of the analysis of the company's activity was analyzed by them as the most significant. Actually, therefore, the majority of analytical calculations were based on application of the criteria that characterize the current assets, own working capital, short-term payables.

More successful representatives of this school were able to assure a company specializing in the management of financial resources and credit policy in the wisdom of this approach.

In the role of example, may result in the development of Robert Foulka committed in the 50s for the world's largest media company "Dun & Bradstreet» (TheDun & BradstreetCorporation). A significant mite to this school to study SAPO theory was that the first time they have tried to reveal a variety of analytical criteria, which may be calculated according to the financial statements and are useful in the management decisions of financial nature.

The second approach is determined by the school activities "statistical financial analysis» (RatioStatisticiansSchool). The birth of this school is associated with the difficulty of Alexander Wall (AlexanderWall). His works are devoted to the development of credit criteria. The central idea of the representatives of this school contained in the fact that the analytical criteria, calculated according to the financial statements are useful only if there are criteria with threshold values which these factors may correlate. The development of such standards coefficients intended to produce, depending on the sectors, sub-sectors and groups of similar companies by obrabatyvaniya divisions coefficient data to the promotion of statistical methods. Reasoned separation of similar companies in the strata, for each of which personal analytical standards, was one of the most important tasks could be developed, discussed by representatives of the school. Since the 60s, under this current studies are devoted to the count linearity and stability coefficients. Studies have found that factors inherent in the temporal and spatial multicollinearity. This fact determined the birth of the newly founded actual problem - codify the entire set of coefficients into groups: indicators of the same group are correlated with each other, and the performance of different groups of relatively autonomous.

The third approach is associated with school activities "multivariate analysts» (Multivariate Modellers School). The representatives of this school are repelled by the thought of constructing the conceptual foundations of SAFO, based on the existence of an obvious connection partial factors characterizing the financial condition and the effectiveness of the current activity of the company. This trend is united with the names of James Bliss, Arthur Vinakora. They worked this issue in the 20-ies. The most important task of the representatives of this school have seen in the construction of a system of indicators. A certain development in this direction was the 70 years of building the computer simulation models.

The fourth approach is associated with the birth of "school of analysts involved in predicting the likely bankruptcy of companies» (Distress Predictors School). The difference between the first approach is that the representatives of this school accents in the analysis on the financial stability of the company, preferring foresight. In their view, the value of the financial statements is due to its ability to provide predictability of possible bankruptcy. In the 30 years we have been committed by the first attempts to analyze the activity of bankrupt firms. A. They made Vinakor and Raymond Smith. In the most completed form of procedure and bankruptcy prediction technique shown in the works of Edward Altman.

And the last, the fifth approach is the latest trend in the framework of the SAPO. School representatives "of the stock market» (Capital Marketers School). Their views are based on the idea that the accounting value of its application is possible to predict the level of efficiency of investment in securities. Also assessed the degree of associated risk. The central difference between this flow from the other lies in excessive theorizing. No wonder it is produced by scientists and is not currently acquired a well-deserved recognition among practitioners. What affects the future prospects of the formation of SAPO, then it is combined, the development of new analytical factors. As well as the expansion of the information base analysis. It is quite obvious that the development of a comprehensive, objective, useful data coefficients only financial statements is not enough.

Список использованной литературы

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