Анализ финансового состояния предприятия

1.1 Characteristic of concept of a financial condition, purpose and task of its analysis

The enterprise is the independent managing subject created for conducting economic activity which is carried out for extraction of profit and satisfaction of public requirements.

The financial condition of the enterprise is understood as ability of the enterprise to finance the activity. It is characterized by security with the financial resources necessary for normal functioning of the enterprise, expediency of their placement and efficiency of use, financial relationship with other legal entities and individuals, solvency and financial stability.

The financial condition of the enterprise can be steady, unstable and crisis. Ability of the enterprise in due time to make payments, to finance the activity on an expanded basis testifies to its good financial condition. The financial condition of the enterprise depends on results of its production, commercial and financial activity. If production and financial plans are successfully carried out, it positively influences a financial condition of the enterprise, and, on the contrary, as a result of plan non-performance on production and realization of production there is an increase of its prime cost, the revenue and the profit sum decreases, therefore, the financial condition of the enterprise and its solvency worsens. The steady financial position in turn has positive impact on implementation of production plans and ensuring needs of production with necessary resources. Therefore financial activity as a component of economic activity is directed on ensuring systematic receipt and an expenditure of monetary resources, performance of settlement discipline, achievement of rational proportions of own and loan capital and most its effective use. Main goal of financial activity is the decision, where, when and how to use financial resources for effective development of production and receiving the maximum profit.

To survive in the conditions of market economy and not to allow bankruptcy of the enterprise, it is necessary to know well how to operate finance what has to be capital structure on structure and the education sources, what share own and borrowed funds have to occupy. It is necessary to know and such concepts of market economy as business activity, liquidity, solvency, solvency of the enterprise, a profitability threshold, a stock of financial stability (safety zone), risk degree, effect of a financial leverage and others, and also a technique of their analysis. Therefore the financial analysis is an essential element of financial management and the audit, Practically all users of financial reports of the enterprises use methods of the financial analysis for decision-making on optimization of the interests. Owners analyze financial reports for increase of profitability of the capital, ensuring stability of increase of firm. Creditors and investors analyze financial reports to minimize the risks on loans and deposits. It is possible to say firmly that quality of made decisions entirely depends on quality of analytical justification of the decision.

The purpose of the analysis consists not only in establishing and estimating a financial condition of the enterprise, but also in constantly to carry out the work directed on its improvement. The analysis of a financial condition of the enterprise shows, in what directions it is necessary to conduct this work, gives the chance to reveal the most important aspects and the weakest positions in a financial condition of the enterprise. According to it results of the analysis answer a question, what major ways of improvement of a financial condition of the enterprise during the concrete period of its activity. But a main goal of the analysis is in due time to reveal and eliminate defects of financial activity and to find reserves of improvement of a financial condition of the enterprise and its solvency. For an assessment of stability of a financial condition of the enterprise the whole system of the indicators characterizing changes is used:

structures of the capital of the enterprise for its placement to education sources;

Ø efficiency and intensity of its use;

Ø solvency and solvency of the enterprise;

stock of its financial stability.

Indicators have to be such that all those who is connected with the enterprise the economic relations, could answer a question, how reliably  the enterprise as the partner and, therefore, to make the decision on economic advantage of continuation of the relations with it. The analysis of a financial condition of the enterprise is based mainly on relative indicators since absolute measures of balance in the conditions of inflation can't almost be given to a comparable look. Relative indicators can be compared with:

standard "norms" for an assessment of degree of risk and forecasting of possibility of bankruptcy;

similar data of other enterprises that allows to reveal strong and weaknesses of the enterprise and its opportunity;

similar data for previous years for studying of a tendency of improvement or deterioration of a financial condition of the enterprise.

Main objectives of the analysis:

timely identification and elimination of shortcomings of financial activity, and search of reserves of improvement of a financial condition of the enterprise, its solvency;

forecasting of possible financial results, economic profitability, proceeding from real conditions of economic activity and existence of own and loan resources, development of models of a financial condition at various options of use of resources; development of the concrete actions directed on more effective use of financial resources and strengthening of a financial condition of the enterprise.

In the analysis of a financial condition of the enterprise are engaged not only heads and the relevant services of the enterprise, but also his founders, investors for the purpose of studying of efficiency of use of resources, banks for an assessment of credit conditions and definition of degree of risk, suppliers for timely receiving payments, tax inspections for implementation of the plan of receipt of funds in the budget etc.

Main objective of the financial analysis is receiving a small number of the key (most informative) parameters giving an objective and exact picture of a financial condition of the enterprise, its profits and losses, changes in structure of assets and liabilities, in calculations with debtors and creditors. Thus the analytics and operating (manager) can interest as the current financial  condition of the enterprise, and its projection to the next or more remote prospect, i.e. expected parameters of a financial condition. But not only temporary borders define alternativeness of the purposes of the financial analysis. They depend also on the purposes of subjects of the financial analysis, i.e. specific users of financial information.

The goals of the analysis are reached as a result of the solution of the certain interconnected set of analytical tasks. The analytical task represents a specification of the purposes of the analysis taking into account organizational, information, technical and methodical capabilities of carrying out the analysis. Major factor, finally, is the volume and quality of initial information. Thus it must be kept in mind that the periodic accounting or financial statements of the enterprise are only "crude information", prepared during performance at the enterprise of registration procedures. To make decisions on management in the field of production, sale, finance, investments and innovations the constant business awareness on appropriate questions which grows out of selection, analysis, assessment and concentration of initial crude information is necessary to the management, analytical reading of basic data proceeding from the analysis and management purposes is necessary.

The basic principle of analytical reading financial reports is a deductive method, i.e. from the general to the particular, but it has to be applied repeatedly. During such analysis the historical and logical sequence of the economic facts and events, an orientation and force of their influence on results of activity as though is reproduced. Introduction of new book of accounts of accounting, reduction of forms of accounting reports in bigger compliance with requirements of the international standards causes of use of a new technique of the financial analysis corresponding to conditions of market economy. Such technique is necessary for a reasonable choice of the business partner, definition of degree of financial stability of the enterprise, an assessment of business activity and efficiency of business activity. The basic (and in some cases and the only thing) a source of information on financial activity of the enterprise are accounting reports which became public. The enterprise reporting in market economy is based on synthesis of data of the financial account and is the information link connecting the enterprise with society and business partners - users of information on enterprise activity. In certain cases for realization of the purposes of the financial analysis happens to use only accounting reports insufficiently. Separate groups of users, for example the management and auditors, have opportunity to attract additional sources (data of the production and financial account). Nevertheless, most often the annual and quarter reporting are the only source of the external financial analysis.

The technique of the financial analysis consists of three interconnected blocks:

        1) analysis of financial results of activity of the enterprise;

        2) analysis of a financial condition;

        3) analysis of efficiency of financial and economic activity.

For the analysis of a financial condition the balance sheet of the enterprise (the annual and quarter reporting) is the main source of information. Its value is so great that the analysis of a financial condition quite often call the balance analysis. Data source for the analysis of financial results is the report on financial results and their use (the annual and quarter reporting). For each of blocks of the financial analysis the annex to balance (the annual reporting) is a source of additional information.

 

 

 

 

 

 

 

 

 

 

 

 

1.2.Принципы анализа ФХД

Аналитическое исследование финансово – хозяйственной  деятельности предприятий базируется на определенных принципах.

• Государственный подход.

При оценке экономических явлений и процессов  необходимо учитывать их соответствие государственной экономической, социальной, международной политике и законодательству.

• Научный характер.

Анализ должен базироваться на положениях диалектической теории познания, учитывать требования экономических законов развития производства.

• Комплексность.

Анализ требует  всестороннего изучения причинных  зависимостей в экономике предприятия.

• Системный подход.

Анализ должен базироваться на понимании объекта  исследования как сложной динамической системы со структурой элементов.

• Объективность и точность.

Информация, использующаяся для анализа должна быть достоверна и объективно отражать действительность, а аналитические  выводы должны быть обоснованы точными  расчетами.

• Действенность.

Анализ должен быть действенным, т. е. активно воздействовать на ход производства и его результаты.

• Плановость.

Для эффективности  аналитических мероприятий анализ должен проводиться систематически.

• Оперативность.

Эффективность анализа сильно возрастает если он проводится оперативно и аналитическая информация быстро воздействует на управленческие решения менеджеров.

• Демократизм.

Предполагает  участие в анализе широкого круга  работников и, следовательно, более  полное выявление внутрихозяйственных  резервов.

• 10. Эффективность.

Анализ должен быть эффективным, т. е. затраты на его  проведение должны давать многократный эффект

 

1.2 . Principles of the analysis of FHD

Analytical research financially – economic activity of the enterprises is based on certain principles.

• State approach.

At an assessment of economic events and processes it is necessary to consider their compliance to the state economic, social, international policy and the legislation.

• Scientific character.

The analysis has to be based on provisions of the dialectic theory of knowledge, consider requirements of economic laws of development of production.

• Complexity.

The analysis demands comprehensive study of causal dependences in enterprise economy.

• System approach.

The analysis has to be based on understanding of object of research as difficult dynamic system with structure of elements.

• Objectivity and accuracy.

Information which is using for the analysis has to be authentic and objectively reflect reality, and analytical conclusions have to be proved by exact calculations.

• Effectiveness.

The analysis has to be effective, i.e. actively influence a course of production and its results.

• Planned character.

For efficiency of analytical actions the analysis has to be carried out systematically.

• Efficiency.

Efficiency of the analysis strongly increases if it is carried out quickly and analytical information quickly influences administrative decisions of managers.

• Democratism.

Assumes participation in the analysis of a wide range of workers and, therefore, fuller identification of intraeconomic reserves.

• 10  .  Efficiency.

The analysis has to be effective, i.e. costs of its carrying out have to give repeated effect

 

 

 

 

 

1.3. Виды анализа ФХД

 

Классификация анализа хозяйственной деятельности имеет важное значение для правильного понимания его содержания и задач и, следовательно, эффективного применения на практике.

Анализ  хозяйственной деятельности явление  многогранное и широкое. Он классифицируется:

по отраслевому признаку:

• отраслевой, специфика которого учитывает особенности отдельных отраслей народного хозяйства (промышленность, сельское хозяйство, транспорт и т. д.)
• межотраслевой, который учитывает взаимосвязи и структуру отраслей экономики и является методологической основой общего анализа хозяйственной деятельности (теорией АХД)

попризнакувремени:

• предварительный (перспективный), - проводится до осуществления хозяйственных операций для обоснования управленческих решений
• оперативный, проводится сразу после совершения хозяйственных операций для оперативного выявления недостатков процесса финансово – хозяйственной деятельности. Его целью является обеспечение функции управления – регулирования.
• последующий (ретроспективный, итоговый), проводится после совершения хозяйственных актов. Он используется для контроля за финансово – хозяйственной деятельностью предприятия.

по пространственному  признаку:

• внутрихозяйственный, изучает деятельность хозяйствующего субъекта и его структурных подразделений
• межхозяйственный, анализирует взаимодействие предприятия с контрагентами, конкурентами и т. д. и позволяет выявить передовой опыт в отрасли, резервы и недостатки организации.

по объектам управления

• технико – экономический анализ, который изучает взаимодействие технологических и экономических процессов и устанавливает их влияние на экономические результаты деятельности предприятия.
• финансово – экономический анализ, который особое место уделяет финансовым результатам деятельности предприятия, а именно, - выполнение финансового плана, эффективность использования собственного и заемного капитала, показатели рентабельности и т. п.
• социально – экономический анализ, который изучает взаимосвязь социальных и экономических процессов для повышения эффективности использования трудовых ресурсов, производительности труда и т.д.
• экономико – статистический анализ применяется для изучения массовых общественно – экономических явлений.
• экономико – экологический анализ исследует взаимодействие экологических и экономических процессов для более рационального и бережного использования ресурсов окружающей среды.
• маркетинговый анализ, который применяется для изучения внешней среды функционирования предприятия, рынков сырья  и сбыта и т. п.

по методике изучения объектов:

• сравнительный анализ, использует метод сравнения результатов финансово -  хозяйственной деятельности по периодам хозяйственной деятельности.
• факторный анализ, направлен на выявление величины влияния факторов на прирост и уровень результативных показателей.
• диагностический, направлен на выявление нарушения в механизме функционирования организации путем анализа типичных признаков, характерных только для данного нарушения.
• маржинальный анализ, - это метод оценки и обоснования эффективности управленческих решений на основе причинно – следственных взаимосвязей между объемом продаж, себестоимостью продукции и прибылью.
• экономико – математический анализ позволяет выявить наиболее оптимальный вариант решения экономической задачи с помощью математического моделирования.
• стохастический анализ используется для изучения стохастических зависимостей между исследуемыми явлениями и процессами финансово–хозяйственной деятельности предприятия.
• функционально – стоимостной анализ ориентирован на оптимизацию выполнения функций, которые выполняются на различных этапах жизненного цикла продукции.