Activity planning
Enterprise management is a complex challenging tasks. In order to apply informed decisions, high-quality and timely information is needed. To obtain it, an analysis of the economic activity of the enterprise is carried out. Activity planning is a process that requires the closest attention. First of all, the tasks that are assigned must be realistic in order to achieve them. On the other hand, setting goals and developing standards should be based on a thorough study of the actual activities of the company, on identifying weaknesses and hidden reserves.
Analysis of the economic activities of the enterprise to a large extent uses the data provided by the accounting department. In particular, they make it possible to study in detail how the cost of production is determined, what specific costs form it, where there are hidden reserves for reducing costs and increasing productivity.
Usage various methods to study the effectiveness
One of the ways in which an analysis of the economic activity of an enterprise can be performed is to create a business plan. As part of the activities of the entire company, it can be drawn up either for individual projects, or for some important stages of work. Such a document is compiled on the basis of careful preparation, including the collection of the necessary information, a thorough analysis, a specific plan developed and expected results, by which it will be possible to control the implementation of the tasks set.
The role of statistics
In addition to accounting, it is possible to use other sources of information. The analysis of the economic activity of an enterprise can be partly based on one or another statistical information that can be purposefully obtained for this purpose. An important source of data can be an audit.
Comparison of your indicators with data from other enterprises
The study is not necessarily carried out exclusively within the firm. If we compare the indicators of economic activity of the enterprise with the corresponding data of other firms, then this can also help to draw certain conclusions about the possibilities for further improvement of work.
Business Performance Characteristics System
In order to comprehensively assess how the financial and economic activities of the enterprise are effective, a complex system of indicators is used.
It includes various aspects of business. Important parameters are the criteria that allow assessing the correctness of the use of fixed assets (capital productivity, capital intensity). Usage labor resources can be reflected in such indicators as labor productivity, personnel profitability. Usage material resources can be characterized by such indicators as material consumption, material efficiency and others. Investment activity is reflected in determining the return on capital investments. The overall efficiency of the use of the assets of the enterprise is reflected in the estimates of profit per ruble of assets and others. Also, the efficiency of the economic activity of the company as a whole is characterized by the ratio of profit and invested capital. Constant study of efficiency own business is the basis of his improvement.
The term " analysis”has its origin from the Greek language, where the word “analysis” means dismemberment, fragmentation of an object or phenomenon into separate elements in order to study this object or phenomenon in detail. The opposite is the concept synthesis" (it comes from the Greek word "synthesis"). Synthesis is a combination of individual components of an object or phenomenon into a single whole. Analysis and synthesis are two interrelated aspects of the process of studying any objects and phenomena.
Economic Sciences, including economic analysis, belong to the totality of the humanities, and the object of their research is economic processes and phenomena.
Economic analysis is included in a group of interrelated specific economic disciplines, which, in addition to it, includes control, audit, micro-and, and other sciences. They are learning economic activity organizations, but each from a certain point of view, characteristic only for it. Therefore, each of these sciences has its own, independent subject.
Economic analysis and its role in the management of the organization
Economic analysis(otherwise - ) plays an important role in increasing economic efficiency activities of organizations, in strengthening their financial condition. It is an economic science that studies economics of organizations, their activities in terms of assessing their work on the implementation of business plans, assessing their property and financial condition and in order to identify untapped reserves to improve the efficiency of organizations.
Subject economic analysis is the property and financial condition and the current economic activity of organizations, studied from the point of view of its compliance with the tasks of business plans and in order to identify unused reserves to improve the efficiency of the organization.
Economic analysis is subdivided on the interior and external depending on the subjects of the analysis, that is, on the bodies that carry it out. The most complete and comprehensive is the internal analysis carried out by the functional departments and services of the organization. The external analysis carried out by debtors and creditors and others, as a rule, is limited to establishing the degree of stability of the financial condition of the analyzed organization, its liquidity, both at reporting dates and in the future.
Objects of economic analysis are the property and financial position of the organization, its production, supply and marketing, financial activities, the work of individual structural divisions organizations (shops, production sites, teams).
Economic analysis as a science, as a branch of economic knowledge, and finally, as academic discipline closely interconnected with other specific economic sciences.
Laughter number 1. The relationship of economic analysis with various economic sciencesEconomic analysis is a complex science that uses, along with its own, also the apparatus inherent in a number of other economic sciences. Economic analysis, like other economic sciences, studies the economics of individual objects, but from an angle peculiar only to it. It gives an assessment of the state of the economy of a given object, as well as its current economic activity.
Principles of economic analysis:
- Scientific. Analysis must comply with the requirements of economic laws, use the achievements of science and technology.
- Systems approach. Economic analysis must be carried out taking into account all the laws of the developing system, that is, to study the phenomena in their interconnection and interdependence.
- Complexity. In the study, it is necessary to take into account the impact on the economic activity of the enterprise of many factors.
- Research in dynamics. In the process of analysis, all phenomena should be considered in their development, which allows not only to understand them, but also to find out the causes of changes.
- Highlighting the main goal. An important point in the analysis is the formulation of the research problem and the identification of the most important reasons that hinder production or hinder the achievement of the goal.
- Concreteness and practical usefulness. The results of the analysis must necessarily have a numerical expression, and the reasons for the change in indicators must be specific, indicating the places of their occurrence and ways to eliminate them.
Method of economic analysis
The word "method" came into our language from the Greek language. In translation, it means "the path to something." Therefore, the method is, as it were, a way to achieve the goal. In relation to any science, a method is a way of studying the subject of this science. The methods of any sciences basically have a dialectical approach to the study of the objects and phenomena they consider. Economic analysis is no exception here.
The dialectical approach means that all processes and phenomena taking place in nature and society should be considered in their constant development, interconnection and interdependence. So economic analysis studies the indicators characterizing the activities of any organizations, comparing them over several reporting periods (in dynamics), as well as in their change. Further. Economic analysis considers various aspects of the organization's activities in unity and interconnection, as elements of a single process. So, for example, the volume of sales of products depends on its output, and the fulfillment of the planned target for profit depends mainly on
The method of economic analysis is determined by its subject and the challenges ahead.
Methods and techniques, used in , are subdivided into traditional, statistical and . They are discussed in detail in the relevant sections of the site.
In order to practically implement the use of the method of economic analysis, certain techniques have been developed. They are a set of methods and techniques used to optimally solve analytical problems.
The techniques used in economic analysis at individual stages of analytical work involve the use of various techniques and methods.
The key moment of the method of economic analysis is the calculation of the influence of individual factors on economic indicators. The relationship of economic phenomena is a joint change in two or more of these phenomena. There are various forms of interconnections between economic phenomena. The most significant among them is the causal relationship. Its essence lies in the fact that a change in one economic phenomenon is caused by a change in another economic phenomenon. Such a relationship is called deterministic, otherwise - a causal relationship. If two economic phenomena are connected by such a relationship, then the economic phenomenon, the change of which causes a change in the other, is called the cause, and the phenomenon that changes under the influence of the first is called the effect.
In economic analysis, those signs that characterize the cause are called factorial, independent. The same signs that characterize the consequence are usually called resultant, dependent.
See further:So, in this paragraph, we examined the concept of the method of economic analysis, as well as the most important methods (methods, techniques) used in the analysis of the organization's activities. We will consider these methods and the order of their use in more detail in special sections of the site.
Tasks, sequence of conducting and procedure for processing the results of economic analysis
The most complete and deep is the internal (intraeconomic) analysis, carried out, as a rule, by the functional departments and services of a given organization. Therefore, internal analysis faces much more numerous tasks than external analysis.
The main tasks of the internal analysis of the organization's activities should be considered:
- verification of the validity of the tasks of business plans and various standards;
- determination of the degree of fulfillment of tasks of business plans and compliance with established standards;
- calculation of the influence of individual on the magnitude of the deviation of the actual values of economic indicators from the base
- finding on-farm reserves to further improve the efficiency of the organization and ways of mobilization, that is, the use of these reserves;
Of the listed tasks of internal economic analysis, the main task is to identify reserves in a given organization.
Before external analysis, in essence, there is only one task - to assess the degree both at a certain reporting date and in the future.
The results of the analysis carried out are the basis for the development and implementation of optimal ones that improve the efficiency of organizations.
In the process of conducting economic analysis, methods of induction and deduction.
Induction method(from particular to general) suggests that the study of economic phenomena begins with individual facts, situations and proceeds to the study of the economic process as a whole. Method same deduction(from general to particular) is characterized, on the contrary, by the transition from general indicators to particular ones, in particular, to the analysis of the influence of individual ones on generalizing ones.
The most important when conducting economic analysis is, of course, the deduction method, since the sequence of analysis usually involves the transition from the whole to its constituent elements, from synthetic, generalizing indicators of the organization's activities to analytical, factor indicators.
When an economic analysis is carried out, all aspects of the organization's activities, all the processes that make up the production and commercial cycle of the organization, are examined in their interconnection, interdependence and interdependence. Such a study is the key moment of the analysis. It bears the name.
After the end of the analysis, its results should be formalized in a certain way. For these purposes, explanatory notes to annual reports, as well as certificates or conclusions based on the results of the analysis are used.
Explanatory notes intended for external users of analytical information. Consider what should be the content of these notes.
They should reflect the level of development of the organization, the conditions in which its activities take place, it should be characterized, on it, data on product sales markets, etc. Information should also be provided on the stage at which each type of product is on the market. (These include stages of introduction, growth and development, maturity, saturation and decline). In addition, it is necessary to provide information about the competitors of this organization.
Then, data on the main economic indicators should be presented for several periods.
Those factors that influenced the organization's activities and its results should be indicated. one should also cite those measures that are planned to eliminate shortcomings in the organization's activities, as well as to increase the efficiency of this activity.
References, as well as conclusions based on the results of the economic analysis, may have more detailed content compared to explanatory notes. As a rule, references and conclusions do not contain generalized characteristics of the organization and the conditions for its functioning. The main emphasis here is on describing reserves and how to use them.
The results of the study can also be presented in non-textual form. In this case, the analytical documents contain only a set of analytical tables and there is no text characterizing the economic activity of the organization. This form of registration of the results of the conducted economic analysis is now being used more and more widely.
In addition to the considered forms of processing the results of the analysis, the introduction of the most important of them into certain sections will also be applied. economic passport of the organization.
These are the main forms of generalization and presentation of the results of the economic analysis. It should be borne in mind that the presentation of the material in explanatory notes, as well as in other analytical documents, should be clear, simple and concise, and should also be linked to analytical tables.
Types of economic analysis and their role in the management of the organization
Financial and managerial economic analysis
Economic analysis can be subdivided into different types according to certain characteristics.
First of all, economic analysis is usually divided into two main types - the financial analysis and managerial analysis- depending on the content of the analysis, the functions it performs and the tasks facing it.
The financial analysis, in turn can be subdivided into external and internal. The first is carried out by statistical authorities, higher organizations, suppliers, buyers, shareholders, audit firms, etc. The main the task of external financial analysis is , its and. It is carried out at the organization itself by the forces of its accounting department, financial department, planning department, other functional services. Internal financial analysis solves a much wider range of tasks compared to the external one. Internal analysis studies the effectiveness of the use of equity and borrowed capital, explores, identifies reserves for the growth of the latter and strengthening the financial condition of the organization. Internal financial analysis, therefore, is aimed at developing and implementing optimal, conducive to improving financial indicators activities of this organization.
Management analysis, as opposed to financial is internal. It is carried out by the services and departments of this organization. He studies issues related to the organizational and technical level and other conditions of production, using certain types of production resources (,), analyzes, her.
Types of economic analysis depending on the functions and tasks of the analysis
Depending on the content, functions and tasks of the analysis, the following types of analysis are also distinguished: socio-economic, economic-statistical, economic-environmental, marketing, investment, functional-cost (FSA), etc.
Socio-economic analysis examines the relationship and interdependence between social and economic phenomena.
Economic and statistical analysis used to study mass socio-economic phenomena. Economic-ecological analysis studies the relationship and interaction between the state of ecology and economic phenomena.
Marketing Analysis aims to study the markets for raw materials and materials, as well as sales markets finished products, ratios , for this product, the products of this organization, the level of prices for products, etc.
Investment analysis is aimed at choosing the most effective options for the investment activities of organizations.
Functional cost analysis(FSA) is a method of systematic study of the functions of a product, or any production and economic process, or a certain level of management. This method aims to minimize the cost of designing, mastering production, selling products, as well as industrial and domestic consumption of these products, given their high quality, maximum utility (including durability).
Depending on the aspects of the study, there are two main types (directions) of analysis of economic activity:- financial and economic analysis;
- technical and economic analysis.
The first type of analysis studies the influence of economic factors on the implementation of business plans in terms of financial indicators.
A feasibility study examines the impact of engineering, technology and production organization factors on economic performance.
Depending on the completeness of coverage of the organization's activities, two types of analysis of economic activity can be distinguished: full (complex) and thematic (partial) analysis. The first type of analysis covers all aspects of the financial and economic activities of the organization. Thematic analysis studies the effectiveness of certain aspects of the organization's activities. Economic analysis can also be divided according to the objects of study. Microeconomic and macroeconomic analysis. Microeconomic analysis studies the activities of individual economic units. It can be divided into three main types: intrashop, shop and factory analysis.
Macroeconomic it can be sectoral, that is, to study the functioning of a particular sector of the economy or industry, territorial, which analyzes the economy of individual regions, and, finally, intersectoral, which studies the functioning of the economy as a whole.
a separate sign classification of types of economic analysis is a division of the latter by subjects of analysis. They are understood as those bodies and persons who carry out the analysis.
The subjects of economic analysis can be divided into two groups.- Directly interested in the activities of the organization. This group may include the owners of the funds of the organization, tax authorities, banks, suppliers, buyers, management of the organization, individual functional services of the analyzed organization.
- Subjects of analysis indirectly interested in the activities of the organization. This includes legal organizations, accounting firms, consulting firms, trade union bodies, and etc.
Economic analysis depending on the timing
Depending on the time of the analysis (in other words, on the frequency of its implementation), there are: preliminary, operational, final and prospective analysis.
preliminary analysis allows you to assess the state of this object when developing a business plan. For example, the production capacity of the organization is assessed, whether it is able to provide the planned volume of production.
Operational(otherwise current) analysis is carried out on a daily basis, directly in the course of current activities organizations.
final(subsequent, or retrospective) analysis examines the effectiveness of the economic activities of organizations for the past period.
Perspective analysis is used to determine expected results in the coming period.
Forward-looking analysis is critical to ensure the success of the organization in the future. This type of analysis examines possible options for the development of the organization and outlines ways to achieve optimal results.
Types of economic analysis depending on the research methodology
Depending on the methodology used to study objects in the economic literature, it is customary to subdivide the analysis of economic activity into the following types: quantitative, qualitative, express analysis, fundamental, marginal, economic and mathematical.
Quantitative(otherwise) analysis is based on quantitative comparisons, measurement, comparison of indicators and the study of the influence of individual factors on economic indicators.
Qualitative Analysis uses qualitative comparative assessments, characteristics, and expert opinions analyzed economic phenomena.
Express analysis- this is a way to assess the economic and financial condition of the organization on the basis of certain signs that express certain economic phenomena. Fundamental analysis is based on a comprehensive, detailed study of economic phenomena, usually based on the use of economic-statistical and economic-mathematical research methods.
Margin Analysis explores ways to optimize the amount of profit received as a result of sales of products, works, services. Economic and mathematical analysis is based on the use of a complex mathematical apparatus, with the help of which the best option solutions of any economic-mathematical model.
Dynamic and static economic analysis
According to its nature, economic analysis can be divided into two following: dynamic and static. The first type of analysis is based on the study of economic indicators taken in their dynamics, that is, in the process of their change, development over time, for several reporting periods. In the process of dynamic analysis, indicators are determined and analyzed absolute growth, growth rate, growth rate, absolute value of one percent of growth, as well as the construction of time series and their analysis. Static analysis assumes that the studied economic indicators are static, that is, unchanged.
According to the spatial basis, economic analysis can be divided into the following two types: internal (on-farm) and inter-farm (comparative). The first one studies the activities of this organization and its structural divisions. In the second type, the economic indicators of two or more organizations are compared (the analyzed organization with others).
According to the methods of studying the object of analysis, it is divided into the following types: complex, system analysis, continuous analysis, selective analysis, correlation analysis, regression analysis, etc. The most important is a comprehensive final analysis of the activities of organizations, comprehensively studying their work for the reporting period; the results of this analysis are used for both short-term and long-term forecasting.
Operational economic analysis
Operational economic analysis applied at all levels of government. The share of operational analysis in making optimal management decisions increases with approach to individual organizations and their structural subdivisions.
The most important feature of operational analysis is that it is as close as possible in time to the implementation of individual phases of the production and commercial cycle of a given organization. operational analysis promptly establishes the causes of existing shortcomings and their perpetrators, reveals reserves and promotes their timely use.
Final economic analysis
plays a very important role in the development of optimal final, subsequent analysis. The most important source of information for such an analysis is the reporting of the organization.
Final Analysis gives a refined assessment of the organization's activities and its results for a certain period, ensures the identification of reasonable values of reserves to increase the efficiency of the organization's activities, seeks ways to mobilize, that is, use these reserves. The results of the final analysis carried out by the organization itself are reflected in the explanatory note to the annual report.
The final analysis is the most complete type of analysis of the economic activities of the organization.
Ministry of Education and Science of the Republic of Kazakhstan
East Kazakhstan State Technical University
them. D. Serikbaeva
Economic analysis of economic activity of enterprises
Working programm, tasks and guidelines
on course work for students of the specialty 070640 "Finance and credit"
Ust-Kamenogorsk, 2003
UDC 658.1: 338.3 (075.8)
Ekeyeva Z.Zh., Sadykova A.E. Economic analysis of economic activity of enterprises: Work program, assignments and guidelines for the implementation of course work for students of the specialty 070640 (SPO) "Finance and Credit" correspondence course / EKSTU. - Ust-Kamenogorsk, 2003. - 31 p.
The guidelines contain the necessary provisions for the organization of course work and theoretical information on the main methods of economic analysis.
The goals of studying the discipline
The transition to a market economy requires enterprises to increase the efficiency of production, the competitiveness of products and services based on the introduction of the achievements of scientific and technological progress, effective forms of management and production management.
An important role in the implementation of this task is assigned to the economic analysis of the activities of business entities. It develops strategies and tactics enterprise development, plans and management decisions are substantiated, their implementation is monitored, reserves for increasing production efficiency are identified, and the performance of the enterprise, its divisions and employees is evaluated.
A qualified economist, financier, accountant, auditor must be proficient in modern methods economic research, a method of systematic, comprehensive economic analysis, the skill of an accurate, timely, comprehensive analysis of the results of economic activity.
Tasks of the discipline
The tasks of the analysis of economic activity as a scientific discipline arise primarily from the functions that it performs in the system of other applied economic sciences. Thus, one of the main functions of the analysis are.
1.2.1 The study of the nature of the operation of economic laws, the establishment of patterns and trends in economic phenomena and processes in the specific conditions of the enterprise.
1.2.2 Scientific rationale for current and long-term plans.
1.2.3 Control over the implementation of plans and management decisions, over the economical use of resources.
1.2.4 Search for reserves to improve production efficiency based on the study excellence and achievements of science and practice.
1.2.5 Evaluation of the results of the enterprise's activities, the implementation of plans, the achieved level of economic development, the use of existing opportunities.
1.2.6 Development of measures for the use of identified reserves.
2.1 Method and methodology for a comprehensive economic analysis of the economic activity of enterprises. The concept of AHD. Analysis and synthesis as features of human thinking. Types of AHD, its role. AHD as a control function. The content of AHD as a science aimed at solving certain problems. Analysis functions. System approach in AHD, the main features of the system approach. Characteristic features of the AHD method. AHD method. The sequence of the complex AHD. AHD methods, their classification. The role of indicators in complex analysis, characterization of the content of subsystems. Relationships between individual subsystems. Development of a system of analytical indicators, their classification.
2.2 Processing methods economic information in AHD. Methods of comparison in AHD. Essence of comparison, types of comparisons and their purpose. Multivariate comparisons in AHD. Tasks, possibilities and directions of using multidimensional comparisons in AHD. Algorithm for multidimensional comparisons. Ways to bring indicators into a comparable form. Conditions for comparability of indicators. Neutralization of the influence of cost, volume, quality and structural factors. The use of relative and average values in the practice of economic and analytical work. Ways to group information. Algorithm for constructing analytical groupings. Using the balance method in AHD. Using graphical and tabular methods.
2.3 Methodology factor analysis. The relationship of economic phenomena. Introduction to factor analysis. Types of factor analysis, its main tasks. The value of the classification of factors. Main types of factors. The concept and difference between different types of factors in AHD. Necessity and importance of systematization of factors. The main ways of systematizing factors in deterministic and stochastic analysis. Essence and value of modeling, requirements to it. The main types of factorial deterministic models. Methods for transforming factor models. Modeling rules.
2.4 Method of functional cost analysis (FSA). The history of the development of the FSA. The essence of the functional approach to the analysis of the object. Types of consumer functions of the object. FSA algorithm. Features and tasks of the FSA. Early diagnosis, prioritization, optimal detailing, allocation of the leading link are the main principles of the FSA. Other FSA principles. Stages of FSA research. Features of the organization of research on the FSA in the CIS and leading Western countries. Problems of further development of research on the methodology and organization of the FSA.
2.5 Methodology for substantiating management decisions based on marginal analysis. The concept of marginal analysis, its capabilities, main stages and conditions for conducting. Methods for determining the amount of fixed and variable costs. The concept and meaning of indicators of break-even sales volume and enterprise security zone. The concept and procedure for determining the critical value of fixed costs and the price level. The procedure for justifying the volume of sales, which gives the same profit for different options for management decisions. Analytical assessment decisions to accept an additional order at a price below the cost of production. Justification of the price option for a new product. Justification of the decision to "make or buy". Choice of production technology option. Choice of the decision taking into account restrictions on resources.
3. Purpose, objectives of the course work
The purpose of the course work is to gain skills in the analysis of the production and economic activities of the company (enterprise).
The main objectives of the course work are:
consolidation and deepening of students' knowledge in the course "Economic analysis of economic activity of enterprises".
acquisition of practical skills in the calculation of the main economic indicators of the enterprise.
the use of computers for processing economic information.
acquisition of practical skills and abilities when using educational, reference and normative literature.
Coursework consists of the following tasks:
Task one - correlation and regression analysis to determine the influence of factor indicators on the performance indicator.
Task two - analysis of the economic activity of the enterprise:
analysis of production and sales industrial products.
analysis of the use of enterprise resources.
analysis of profit and profitability.
4. The order of the course work
Course work on the course "Economic analysis of the economic activity of an enterprise" is an independently performed by the student and submitted in writing settlement work.
Course work consists, as a rule, of an introduction, a settlement part, a conclusion, a list of references.
In the introduction, it is necessary to show the role of the analysis of economic activity, as one of the main functions of enterprise management.
The calculation part consists of two separate tasks, for each of which it is necessary to select the initial data according to the appropriate methodology (clauses 4.1 and 4.2). When performing tasks, you must be guided by the following requirements:
at the beginning of the work, the number of the task option must be indicated
source data must be provided
calculations should be detailed, they should be accompanied by the necessary formulas and brief explanations. If there are several methods of calculation, it is necessary to apply the most rational of them.
in the process of completing tasks, it is necessary to check the calculations made, using the relationship between the calculated indicators and paying attention to the economic content of the latter
all calculations must be accompanied by conclusions, which is the result of analytical work
in conclusion, brief conclusions are given on the results of calculations of tasks 1 and 2, as well as proposals based on these calculations.
4.1 Choice of option for task 1
The student receives the initial data on the options from table 1. The data of column No. 2 changes due to the addition of the last digit of the number to the initial number record book.
Table 1 - Initial data for task 1
| company number | Profit from sales, thousand tenge | Sales volume, million tenge | The volume of gross output million tenge. | The average annual cost of the main and revolving funds, million tenge | The cost of all marketable products million tenge. | Fund of wages of workers, thousand tenge. | Costs per 1 tenge. Commercial products yew. tg. |
| 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 |
| 1 | 41 | 1,7 | 1,66 | 0,27 | 1,5 | 285,3 | 97,7 |
| 2 | 75 | 2,2 | 2,2 | 0,55 | 2,1 | 275,6 | 97,3 |
| 3 | 82 | 1,3 | 1,4 | 0,47 | 1,1 | 253,3 | 94,6 |
| 4 | 106 | 18,9 | 19,9 | 4,96 | 18,7 | 3673,2 | 99,0 |
| 5 | 181 | 8,8 | 8,9 | 1,63 | 8,6 | 1224,0 | 97,7 |
| 6 | 215 | 3,9 | 4,0 | 0,91 | 3,6 | 734,9 | 94,6 |
| 7 | 254 | 4,3 | 4,2 | 0,74 | 4,0 | 753,2 | 93,7 |
| 8 | 262 | 1,6 | 1,7 | 0, 19 | 1,1 | 267,4 | 82,0 |
| 9 | 395 | 11,7 | 11,8 | 1,61 | 11,3 | 1675,6 | 96,0 |
| 10 | 512 | 2,2 | 2,2 | 0,49 | 1,7 | 299,3 | 77,5 |
| 11 | 526 | 4,8 | 4,9 | 1,12 | 4,3 | 956,3 | 89,5 |
| 12 | 558 | 6,5 | 6,6 | 2,18 | 5,7 | 1438,8 | 90,3 |
| 13 | 575 | 14,9 | 15,0 | 2,43 | 14,3 | 2000,9 | 85,3 |
| 14 | 602 | 9,5 | 9,6 | 1,78 | 8,8 | 1056,6 | 93,2 |
| 15 | 664 | 5,9 | 5,9 | 0,56 | 5,1 | 495,8 | 88,7 |
| 16 | 789 | 16,0 | 16,7 | 0,78 | 15,2 | 1383,3 | 94,7 |
| 17 | 902 | 22,3 | 22,1 | 2,72 | 19,2 | 2805,0 | 95,7 |
| 18 | 909 | 8,0 | 7,9 | 2,60 | 7,1 | 1202,0 | 90,4 |
| 19 | 967 | 26,0 | 26,1 | 7,00 | 24,8 | 4161,8 | 96,2 |
| 20 | 998 | 7,5 | 7,5 | 0,30 | 6,4 | 633,2 | 86,2 |
4.2 Choosing an option for task 2.
Introduction 4
as a method for evaluating the effectiveness of its functioning 6
1.1. Essence and principles of AHD 6
1.2. AHD classification 11
1.3. Methods and methodology of AHD 15
Chapter 2. Analysis of economic activities of Partner LLC 25
2.1. Characteristics of Partner LLC 25
2.2. Analysis of the dynamics and structure of the balance sheet
enterprise and income statement 29
2.2.1. Vertical and horizontal analysis of accounting
balance sheet and income statement 29
2.2.2. Balance sheet liquidity analysis
for 2006 and 2007 40
2.3. Analysis of the company's financial ratios 42
2.3.1. Analysis of liquidity ratios for 2006 and 2007 42
2.3.2. Financial stability analysis 49
Analysis of financial stability by the size of the surplus
(shortage) of own working capital 49
Financial stability indicators for 2006 and 2007 51
2.3.3. Indicators business activity 55
General turnover rates 55
Asset management indicators 57
Chapter 3
enterprises 63
3.3. Brief financial analysis for the 1st quarter of 2008
and profit forecast for the year 75
3.3.1. Horizontal and vertical analysis of accounting
balance sheet for the 1st quarter of 2008 75
3.3.3. Balance sheet liquidity analysis
for the 1st quarter of 2008 80
Conclusion 87
References 92
Applications 94
Introduction
The relevance of the study is due to the fact that the market economy is associated with the need to improve the efficiency of production, the competitiveness of products and services based on a systematic analysis of the financial and economic activities of the enterprise. An analysis of financial and economic activity makes it possible to develop the necessary strategy and tactics for the development of an enterprise, on the basis of which a production program is formed, reserves for increasing production efficiency are identified.
The purpose of the analysis is not only to establish and evaluate the financial condition of the enterprise, but also to constantly carry out work aimed at improving it. An analysis of the financial condition of the enterprise shows in what areas this work should be carried out, makes it possible to identify the most important aspects and the weakest positions in the financial condition of the enterprise. In accordance with this, the results of the analysis provide an answer to the question of what are the most important ways to improve the financial condition of an enterprise in a particular period of its activity. But the main purpose of the analysis is to timely identify and eliminate shortcomings in financial activity and find reserves for improving the financial condition of the enterprise and its solvency.
Thus, it is clear how important the assessment of the financial condition of an enterprise is, and that this problem is the most relevant in our country, in the transition to a developed market economy.
Due to the relevance of the topic goal thesis work is to analyze and develop recommendations for improving the financial and economic activities of the enterprise.
To achieve this goal, it is necessary to solve the following tasks:
1) to study the basics and methods of analysis of the financial and economic activities of the enterprise;
2) to analyze the financial and economic activities of an existing (or functioning) enterprise;
object study of the thesis is LLC "Partner".
Subject research is the financial and economic activities of the enterprise.
As tools methods of economic and graphical analysis, synthesis of the obtained data were applied.
The scientific and methodological basis of the diploma work was legislative acts, as well as the work of domestic and foreign scientists on the analysis of the financial and economic activities of the enterprise.
Sources specific information for the study are the financial statements of the enterprise for 2006 - 2007 and the 1st quarter of 2008: form No. 1 "Balance sheet", form No. 2 "Profit and loss statement" (Appendices 1, 2, 3, 4, 5, 6).
Main ideas, conclusions and recommendations in thesis are formulated taking into account the possibilities of their practical implementation, based on the analysis of both theory and practice of enterprise management. A logical result of this approach is the possibility of practical application of most of the research results.
Chapter 1. Analysis of the economic activity of the enterprise
as a method for evaluating the effectiveness of its functioning
1.1. Essence and principles of AHD
The study of natural phenomena and social life is impossible without analysis. Analysis is the division of a phenomenon or object into its main parts (elements) in order to study their inner essence.
However, analysis cannot give a complete picture of the subject or phenomenon being studied without synthesis, i.e. without establishing links and dependencies between its constituent parts.
Economic analysis- this is a scientific way of knowing the essence of economic phenomena and processes based on dividing them into component parts and studying them in all the variety of connections and dependencies.
Distinguish macroeconomic analysis, which studies economic phenomena and processes at the level of the global and national economy and its individual industries, and microeconomic analysis studying these processes and phenomena at the level of individual business entities. The latter is called the "analysis of economic activity" (ABA), which we will consider.
The emergence of economic analysis as a means of understanding the essence of economic phenomena and processes is associated with the emergence and development of accounting and balance science. However, it received its theoretical and practical development in the era of the development of market relations, namely in the second half of the 19th century. The separation of the analysis of economic activity into a special branch of knowledge occurred somewhat later - in the first half of the twentieth century.
The formation of AHD is conditioned by the objective requirements and conditions that are characteristic of the emergence of any new branch of knowledge.
First, the practical need for a comprehensive and systematic analysis in connection with the development of productive forces, the improvement of production relations, and the expansion of the scale of production. Without a comprehensive, comprehensive AHD, it is impossible to manage complex economic processes and make optimal decisions.
Secondly, it is connected with the development of economic science in general. Previously, the functions of economic analysis were performed by balance science, Accounting, finance, statistics, etc. However, at a certain stage of development, they could not meet all the demands of practice, and therefore it became necessary to separate AHD into an independent branch of knowledge.
1) With the help of planning, the main directions and content of the activities of the enterprise, its structural divisions and individual employees are determined. Its main task is to ensure the planned development of the enterprise and the activities of each of its members, to determine ways to achieve the best final production results.
2) To manage production, you need to have complete and truthful information about the progress production process and implementation of plans. Therefore, one of the functions of production management is accounting, which ensures the collection, systematization and generalization of information necessary for managing production and monitoring the progress of plans and production processes.
3) Analysis of economic activity is the link between accounting and management decision-making. In the process of its accounting information is subject to analytical processing: a comparison is made of the achieved results of activities with data for past periods of time, with indicators of other enterprises and industry averages; the influence of various factors on the results of economic activity is determined; errors, shortcomings, unused opportunities, prospects, etc. are identified. With the help of AHD, comprehension and understanding of information is achieved.
4) Based on the results of the analysis, management decisions are developed and justified. Therefore, economic analysis can be viewed as an activity for the preparation of data necessary for the scientific substantiation and optimization of management decisions. .
As a management function, AHD is closely related to production planning and forecasting. An important role belongs to the Academy of Arts in preparing information for planning, assessing the quality and validity of planned indicators, in verifying and objectively assessing the implementation of plans. AHD is a means of not only substantiating plans, but also monitoring their implementation. Planning begins and ends with an analysis of the results of the enterprise, which allows you to increase the level of planning, make it scientifically sound.
An important role is given to analysis in determining and using reserves for increasing the efficiency of production. It promotes the intensification of innovation activities aimed at the economical use of resources, the identification and implementation of best practices, the scientific organization of labor, new equipment and production technology, the prevention of unnecessary costs, shortcomings in work, etc. As a result, the economy of the enterprise is strengthened, the efficiency of its activities is increased.
Thus, AHD is an important element in the production management system, an effective means of identifying on-farm reserves, the main development of scientifically based plans and management decisions.
Main tasks AHD of a business entity:
1. The study of the nature of the action of economic laws, the establishment of patterns and trends in economic phenomena and processes in the specific conditions of the enterprise.
2. Scientific substantiation of current and long-term plans.
3. Control over the implementation of plans and management decisions, over the economical use of resources.
4. Study of the influence of objective and subjective, internal and external factors on the results of economic activity.
5. Search for reserves to improve the efficiency of the enterprise based on the study of best practices and achievements of science and practice.
economic activities is also one of the functions analysis economic activities economic activities enterprises. In this way, analysis economic activities enterprises like science...
Analysis economic activities enterprises (8)
Coursework >> Economics2. Kovalev V.V., Volkova O.N. Analysis economic activities enterprises. M.: PBOYuL Grizhenko E. M., 2009. 424p. 3. Savitskaya G.V. Analysis economic activities enterprises. Mn.: New...
Analysis economic activities enterprises (14)
Coursework >> EconomicsWork By discipline: Economic analysis
The role of analysis
Subject and method of AHD
Product quality analysis
Competitiveness analysis
Analysis of the product range
Analysis of the rhythm of production
Analysis of marriage and losses from marriage
Motion evaluation and technical condition OS
Analysis of capital productivity of fixed production assets
Assessment of the level of production capacity utilization
Analysis of the provision of the organization with labor resources
Analysis of commercial expenses
Analysis of costs per ruble of goods produced
Solvency assessment
Financial leverage
The role of analysis
At present, AHD occupies an important place among the economic sciences. It is considered as one of the functions of production management.
Economic analysis precedes decisions and actions, justifies them and is the basis scientific management production, ensures its objectivity and efficiency. In this way, economic analysis is a management function that ensures the scientific nature of decision making.
The role of analysis as a means of production management is increasing every year. This is due to various circumstances. Firstly, the need for a steady increase in production efficiency due to an increase in the shortage and cost of raw materials, an increase in the science and capital intensity of production. Secondly, a departure from the command-administrative management system and a gradual transition to market relations. Thirdly, the creation of new forms of management in connection with the denationalization of the economy, the privatization of enterprises and other measures of economic reform.
An important role is given to analysis in the determination and use of reserves for increasing the efficiency of production. It promotes the economical use of resources, the identification and implementation of best practices, the scientific organization of labor, new equipment and production technology, the prevention of unnecessary costs, etc.
So, ACD is an important element in the production management system, an effective means of identifying on-farm reserves, the basis for the development of scientifically based plans and management decisions.
Subject and method of AHD
Under subject economic analysis refers to the economic processes of enterprises, their socio-economic efficiency and final financial results activities that are formed under the influence of objective and subjective factors, reflected through the system of economic information.
Method economic analysis is a way of approaching the study of economic processes in their smooth development.
characteristic method features economic analysis are:
determination of a system of indicators that comprehensively characterize the economic activity of organizations;
establishing the subordination of indicators with the allocation of aggregate productive factors and factors (main and secondary) that affect them;
identification of the form of the relationship between factors;
the choice of techniques and methods for studying the relationship;
quantitative measurement of the influence of factors on the aggregate indicator.
The set of techniques and methods that are used in the study of economic processes is methodology of economic analysis .
The methodology of economic analysis is based on the intersection of three areas of knowledge: economics, statistics and mathematics.
To economic methods analysis include comparison, grouping, balance and graphical methods.
Statistical methods include the use of average and relative values, the index method, correlation and regression analysis, etc.
Mathematical methods can be divided into three groups: economic (matrix methods, theory production functions, the theory of intersectoral balance); methods of economic cybernetics and optimal programming (linear, non-linear, dynamic programming); methods of operations research and decision making (graph theory, game theory, queuing theory).
Characteristics of the main techniques and methods of AHD
Comparison- comparison of the studied data and facts of economic life. Distinguish horizontal comparative analysis, which is used to determine the absolute and relative deviations of the actual level of the studied indicators from the baseline; vertical comparative analysis used to study the structure of economic phenomena; trend analysis used in the study of the relative growth rates and growth of indicators over a number of years to the level of the base year, i.e. in the study of the series of dynamics.
Average values- are calculated on the basis of mass data on qualitatively homogeneous phenomena. They help to determine the general patterns and trends in the development of economic processes.
Groupings- are used to study dependence in complex phenomena, the characteristics of which are reflected by homogeneous indicators and different values(characteristics of the equipment fleet by commissioning time, by place of operation, by shift ratio, etc.)
balance method consists in comparing, juxtaposing two sets of indicators tending to a certain balance. It allows you to identify as a result a new analytical (balancing) indicator.
Graphic way. Graphs are a scale representation of indicators and their dependencies using geometric shapes.
Index method is based on relative indicators expressing the ratio of the level of a given phenomenon to its level, taken as a basis for comparison. Statistics names several types of indices that are used in the analysis: aggregate, arithmetic, harmonic, etc.
Method of correlation and regression (stochastic) analysis is widely used to determine the closeness of the relationship between indicators that are not functionally dependent, i.e. The relationship does not appear in each individual case, but in a certain dependence.
Matrix Models represent a schematic reflection of an economic phenomenon or process using scientific abstraction. The most widespread here is the method of "cost-output" analysis, which is built according to a chess scheme and allows in the most compact form to present the relationship between costs and production results.
Mathematical programming- this is the main means of solving problems of optimizing production and economic activities.
Operations Research Method aimed at studying economic systems, including the production and economic activities of enterprises, in order to determine such a combination of structural interrelated elements of systems, which to the greatest extent will allow determining the best economic indicator from a number of possible ones.
Game theory as a branch of operations research is theory mathematical models making optimal decisions in conditions of uncertainty or conflict of several parties with different interests.
Product quality analysis
Product quality- a set of product properties that can satisfy certain needs in accordance with its purpose. Quantitative characteristic one or more product properties that make up its quality, is called a product quality indicator.
There are generalizing individual and indirect indicators of quality. To general quality indicators include: - specific and qualitative weight of products in the total volume of its output; - the share of products that meet international standards; - share of exported products, including to highly developed industrial countries; - share of certified products. Individual indicators characterize usefulness (fat content of milk, protein content in the product, etc.), reliability (durability, non-failure operation), manufacturability (labor intensity and energy intensity). Indirect- fines for low-quality products, the volume and specific gravity of rejected products, losses from marriage, etc.
Product quality is a parameter that affects such cost indicators of the enterprise as output (VP), sales proceeds (B), profit (P).
The change in quality primarily affects the change in price and cost of production, so the calculation formulas will look like
where C 0 , C 1 - respectively, the price of the product before and after the change in quality;
C 0 , C 1 - the cost of the product before and after the change in quality;
VVP K - the number of high quality products manufactured;
RP K - the number of high quality products sold.
Competitiveness analysis
Under competitiveness is understood as a set of qualitative and cost characteristics of a product that contribute to the creation of the superiority of this product over competing products in meeting the specific needs of the buyer. Competitiveness is assessed by comparing the parameters of the analyzed products with the parameters of the comparison base. The comparison is carried out by groups of technical and economic parameters. In the assessment, differential and complex assessment methods are used. The differential method for assessing competitiveness is based on the use of single parameters and their comparison. The calculation of a single indicator of competitiveness is carried out according to the formula:
where qi is a single parametric indicator of competitiveness for the i-th parameter (i= 1, 2, 3,..., P); Pi- the value of the i-th parameter for the analyzed products; P i 0 - the value of the i-th parameter, at which the need is fully satisfied; P - number of parameters. Since the parameters can be evaluated in different ways, when assessed by normative parameters, a single indicator takes only two values - 1 or 0. At the same time, if the analyzed product complies with mandatory norms and standards, the indicator is 1 if the product parameter does not fit into the norms and standards , then the indicator is equal to 0. Calculation of the competitiveness indicator (K):
where Q is the quality of the goods; C - the quality of after-sales service or service.
Analysis of the product range
A necessary element of analytical work is analysis of the implementation of the plan for the nomenclature and assortment. Nomenclature- a list of product names and their codes established for the relevant types of products in the All-Union Classifier of Industrial Products (OKPP) operating in the CIS.
Range- a list of product names with an indication of the volume of its output for each type. Distinguish full (all types and varieties), group (by related groups), intra-group assortment.
Evaluation of the implementation of the plan for the nomenclature is based on a comparison of the planned and actual output of products for the main types included in the nomenclature. Evaluation of the implementation of the plan for the assortment can be carried out:
by the method of the least percentage by the share in the general list of product names, according to which the production plan was made by the method of the average percentage according to the formula
VP a = VP n: VP 0 x 100%,
where VP a - fulfillment of the plan for the assortment,%;
VP n - the sum of actually produced products of each type, but not more than their planned output;
VP 0 - planned output.
Formulas for calculating indicators of the average number
| Index | Calculation formula |
Average number, |
|
Average number, |
|
 |
|
Average actually working, R C F |
|
Analysis of labor movement indicators
An important component of the analysis of labor resources of the organization is the study of the movement of labor. Considering the movement of the labor force, it should be borne in mind that the frequent change of workers hinders the growth of labor productivity. It is necessary to analyze the causes of staff turnover (social security status, absenteeism, care for own will and others), the dynamics of the composition of dismissals: individual and collective, change of official position, number of transfers to other positions, retirement, contract expiration, etc.
The analysis is carried out in dynamics over a number of years based on the following coefficients:
acceptance turnover ratio ( K P) is the ratio of the number of all hired employees for the reporting period ( R P) to the average number of employees for the same period ( R SS):
K P = R P / R SS,
disposal turnover ratio ( K B) is the ratio of all retired workers ( R) in the reporting period to the average number of employees:
K B = R Y / R SS,
the sum of the values of the coefficients for admission and disposal characterizes the total turnover of the labor force:
K OVR = K P + K V.
The turnover of labor power is divided into excessive and normal. Normal - this is a turnover that does not depend on the organization, due to such reasons as conscription into the army, retirement and study, transfer to elected positions, etc. Dismissal of one's own free will, for absenteeism is attributed to excessive labor turnover.
Staff turnover rate ( K T) is the ratio of the excess labor turnover ( R Y*) for a certain period to the average number:
K T = R Y* / R SS.
Composition constancy factor ( K POST) is the ratio of the number of employees who worked for the entire period ( R R) to the average headcount:
K POST = R R / R SS
The level of labor discipline (K D) is determined by calculation.
K D \u003d 1 - R P / R SS
where R P is the number of workers fired for absenteeism.
Analysis of the use of working time
The volume of production of goods depends not so much on the number of workers, but on the amount of labor spent on production, a certain amount working time. Therefore, the analysis of the use of working time is an important part of the analytical work in the organization. In the process of analyzing the use of working time, the validity of production tasks, to study the level of their implementation, to identify the loss of working time, to establish their causes, to outline ways to further improve the use of working time, to develop the necessary measures.
Analysis of the use of working time is carried out on the basis of the balance of working time. Depending on the goal and the accuracy of measuring the reserves for increasing labor productivity, various values of the working time fund are used: nominal, secret, effective (useful). The main components of the balance are presented in the table.
The main indicators of the balance of working time per worker
The completeness of the use of labor resources is estimated by the number of days and hours worked by one employee for the period, as well as by the degree of use of the working time fund. This analysis is carried out as certain categories staff and the organization as a whole.
To analyze the use of the total calendar fund of time, it is necessary to determine its potential value. Working Time Fund ( T RV) depends on the number of workers ( R p), the number of hours worked per working day on average per year ( D), the average working day ( t):
In the course of the analysis, it is necessary to identify the causes of the formation of losses of working time. The classification of working time losses divides working time losses into reserve-forming and non-reserve-forming ones. Reserve-forming losses are losses that can be reduced with a systematic organization of work to reduce the loss of working time. Among them may be: additional holidays with the permission of the administration, absence from work due to illness, absenteeism, downtime due to equipment malfunction, lack of work, raw materials, materials, fuel, energy, etc.
Labor productivity analysis
Labor productivity is one of the most important qualitative indicators of the work of the organization, an expression of the effectiveness of labor costs. The level of labor productivity is characterized by the ratio of the volume of production and sales of goods or work performed and the cost of working time.
The rate of development depends on the level of labor productivity industrial production, increase wages and income, the size of the reduction in the cost of production. Increasing labor productivity through the mechanization and automation of labor, the introduction of new equipment and technology has practically no boundaries, therefore, the purpose of analyzing labor productivity is to identify opportunities for further increasing output through increased labor productivity, more rational use of workers and their working time.
Based on these goals, the following tasks of studying labor productivity in organizations are distinguished: - measuring the level of labor productivity and its dynamics; - studying the factors of labor productivity and identifying reserves for its further increase; - analysis of the relationship of labor productivity with other economic indicators characterizing the results of the organization.
Labor productivity is characterized by the volume of production of goods (the volume of work performed) produced by one employee per unit of working time. When planning, accounting and analyzing, labor productivity is usually calculated according to the formula:
where V is the volume of production of goods;
T- labor indicator against which labor productivity is calculated.
The volume of production of goods and, accordingly, labor productivity can be expressed in natural, conditionally natural, cost and labor units of measurement. Cost indicators are universal, currently determined through contractual prices, but they are influenced by inflation and do not very clearly characterize real labor productivity. In-kind indicators, in turn, are of limited use, are used in the preparation of plans for enterprises (main workshops and sections), are not affected by inflation, and give an actual idea of labor productivity in the manufacture of a particular type of product.
Labor meters characterize the dynamics of labor productivity in a particular operation. In this case, the normalized labor intensity of manufacturing a certain volume of products (accounting unit) is divided by the planned or actual labor costs in the manufacture of the same volume of products. This is the most accurate measure of labor efficiency, however, it has limited application. Depending on the number of employees taken into account when planning labor productivity, there are indicators per employee and per production worker. Depending on the unit of working time, the following types of labor productivity are distinguished: annual, quarterly, monthly, ten-day, daily, shift and hourly. Currently, the main indicator used is the assessment of labor productivity in terms of value:
where Rcc is the average number of employees, pers. Based on the above formula, we can conclude that the value of labor productivity is influenced by two groups of factors:
change in the volume of production of goods; change in the number of employees of the organization.
Methodology for determining the influence of labor factors on output
The volume of output (VP) is influenced by such labor factors as:
1. Average headcount workers (H);
2. The average number of days worked by one worker for the analyzed period (D);
3. Average working day (t);
4. Average hourly output of a worker (B).
We represent the relationship of the indicator under study with factor indicators in the form of a four-factor multiplicative model:
Let us determine the size of the influence of factors on the change in the effective indicator:
chain substitution method;
the method of absolute differences;
relative difference method;
percentage difference method.
Analysis of the impact of the use of labor of workers on the volume of output
It is known that the volume of production of goods can be determined by the formula:
V = R R * W P,
where W P- productivity of the worker, rub.
R R- number of workers, pers.
The degree of influence of the use of labor of workers on the volume of production of goods can be determined by the integral method according to the formulas:
a) when the number of workers changes:
b) when the productivity of workers changes;
c) under the influence of both factors:
∆V = ∆V R + ∆V W ,
where ∆ V R - increase in production volume due to changes in the number of workers, rub. ∆ V W- increase in production volume due to changes in labor productivity of workers, rub. W PP R- labor productivity of workers in the previous period, rub. R PP R- the number of workers in the previous period, people. ∆ R P - increase in the number of workers in the current period compared to the previous period, pers. ∆ W P - increase in labor productivity of workers in the current period compared to the previous period, rub.
The disadvantage of the performed calculation is that it does not at all reflect the costs of the working time of workers. To account for this factor, we use the following representation of the volume of production of goods:
V = R p * T p * W p,
The analysis of labor productivity of one worker also includes an assessment of the influence of extensive and intensive factors. Extensive factors include factors that affect the use of working time and depend on the organization of labor and production. Factors that affect the average hourly productivity of labor, such as the technical level of development of the organization and the qualifications of workers, are considered intensive, which in turn determines the labor intensity of products.
The degree of influence of extensive and intensive factors on the annual labor productivity of workers can be determined by the method of calculating differences based on the following expression:
rub.,
where W WG- annual labor productivity of the worker,
T RD - worked out by one worker per year - man-days,
T RDCH - worked out by one worker per day - man-hours,
W RF - labor productivity of one worker per hour.
Indicators of the efficiency of the use of material resources
Math resources are raw materials and technical and energy. resources. Raw fuels and energy. resources are used in the production of production and are completely consumed, this is their difference from OF. Math raw materials transfer their cost to the cost of the produced product in the course of the 1st technol. process. Types of industrial raw materials:
1) By origin: industry. and agricultural
2) According to the character of the image: organic, mineral, chemical.
3) According to the nature of labor: primary, secondary (ore, metal).
Raw material diff. on the:
1) Main - composition. mat. - tech. basis.
2) Auxiliary - the implementation of non-basic f-tion with pr-ve.
Mat. R. are divided into:
1) Inventories are stocks of raw materials. did not go into production. percent .
2) Unfinished prod. - this is prod. the cat entered the process. pr-va, but did not come out of it.
3) Cons. bud. periods - this is e. Wed cat. there is already now and the expense is now, but they are attributed to the art of the future. products.
Indicators of the effectiveness of the use of mat. resources
The analysis of the use of own OBS is carried out according to the data of section B of the asset and liability of the balance sheet.
Active - normalized OBS
Liabilities - credits b-ka under standardized goods and materials.
Problems of analysis of the effectiveness of the use of material resources, comp. is to install:
1) Is everything mat. required for production are in stock.
2) Sufficiency V of these stocks for the release of the planned V products.
3) Determine the efficiency of the use of consumed objects of labor.
4) Is there a slave at the enterprise? on the introduction of progressive types of mats.
On the effectiveness of the use of mat. influenced by factors:
1) Use of local mat. cat. yavl. cheaper.
2) Replacing one mat. others (while maintaining quality).
3) Reducing the consumption of materials.
The sources of information for the analysis of material resources are: a logistics plan, applications, contracts for the supply of raw materials and materials, forms statistical reporting on the availability and use of material resources and on production costs, operational data of the logistics department
To characterize the ef-ti use of mat-x resources, a system of generalizing and particular indicators is used. To generalize, show-lyam rel-Xia profit per ruble of mat-x costs, material efficiency, material consumption, coefficient of ratio of the growth rate of production volumes and mat-x costs, beats. weight of mat-x costs in s / s prod-and, coefficient of mat-x costs. Profit per ruble of mat-x costs is determined by dividing the amount of profit received from the basics. deyat-ty in the amount of mat-x costs.
Material output is determined by dividing the cost of manufactured products (VP) by the amount of material costs (MC). This indicator characterizes the return of materials, i.e. the amount of manufactured products from each ruble of consumed material resources (raw materials, materials, fuel, energy, etc.).
Material consumption is determined by dividing the MOH into VP shows how much material costs need to be made or actually account for the production of a unit of output.
The ratio of the ratio of the growth rate of the volume of production and mat-x costs is determined by the ratio of the VP index to the MOH index. it characterizes in relative terms the dynamics of material productivity and at the same time reveals the factors of its growth.
Oud. the weight of mat-x costs in s / s prod is calculated by the ratio of the amount of MZ to the full s / s prod. the dynamics of this indicator characterizes the change in the material consumption of products.
Coef-t mat x costs - this is a relative fact. the amount of the MO to the planned one. Converted to fact. volume of released prod-and. It shows how economically materials are used in the production process, whether there is an overrun compared to the established norms. If the coefficient is greater than 1, then this indicates an overspending of material resources for the production of products, and vice versa, if it is less than 1, then material resources were used more economically.
Material consumption (ME) can be general, private and specific. ME depends on the volume of VP and the amount of MOH for its production.
Total ME definition: MZ / VVP
The total IU depends on the volume of production. prod-i, its structure, consumption rates mat-in for ed-iu prod-and, prices for mat-e resources and selling prices for prod-th.
Specific IU is determined: UME \u003d HP (consumption rates)
Private IU (NME) is defined: NME = UME / QI (product price)
UMEo = Nro CMO
UME, = HP,-CM1 CM (mat-la price)
UME=UME, - UMEo
DIED=HP, CMO
NMEo=UMEo/CIO
WCH| \u003d UME, / QI,
CHME=CHME,-CHMEo
CHMER=UME, / CIO
Analysis of the provision of the organization with material resources
An important factor in the organization's security with material resources is the correct calculation of the need for them, rationally organized logistics and economical efficient use of material resources in production.
The need for material resources is determined in the context of their types for the needs of the main and non-core activities of the organization and for the stocks necessary for normal functioning, at the end of the period:
MP i = ∑MP ij + MP i ,
whereMR i - the total need of the enterprise in the i-th type of material resources;
MR ij - the need for the i-th type of material resources for j-th view activities;
MR i - the stocks of the i-th type of material resources necessary for the normal functioning of the organization at the end of the period; i = 1, 2, 3,..., m.
The provision of the organization with reserves in days is calculated as the ratio of the balance of this type of material resources to its average daily consumption according to the formula:
where D i is the stock of the i-th type of material in days;
MR i - stocks of the i-th type of material in physical units;
RD i - average daily consumption of the i-th type of material in the same units of measurement.
An important condition for the normal uninterrupted operation of the organization is the complete provision of the need for material resources with sources of coverage:
where AND i is the sum of sources to cover the need for the i-th type of material resources. External resources include material resources received from suppliers under concluded contracts (orders). The amount of sources to cover the need is determined by the formula
AND i \u003d ∑ AND ij + AND i or MP i \u003d ∑ AND ij + AND i,
where AND i is the j-th own source of covering the need for the i-th type of material resources;
And i is an external source of covering the need for the i-th type of material resources; i= 1, 2, 3,..., n; j= 1, 2, 3,..., m .
A significant share in the sum of sources of coverage is made up of external sources: receipts of material resources from suppliers under concluded contracts.
Analysis of commercial expenses
The sale of goods (products, works, services) causes a number of costs. These are called selling expenses (sales expenses) and are included in the total cost of sales.
The sales expenses include - Expenses for tare and packaging of finished products - Expenses for transportation, loading - Other sales expenses.
According to the Instructions to the Chart of Accounts, the cost of tare and packaging of finished products are considered direct, conditionally variable costs.
All other types of business expenses are considered indirect. commercial organization should draw up a cost estimate for the sale using the following inputs:
contracts for the supply of products to consumers, in which the terms of sale are fixed;
the amount of expenses for individual items in the previous period;
spending rates.
In the analysis of conditionally variable costs, relative deviations are calculated according to the estimate.
To do this, the planned cost for each item is recalculated to the percentage of the plan in terms of sales volume, then deviations of the actual amounts from the recalculated planned indicators are revealed.
There is a discussion in the economic literature about how to calculate the percentage of the target in terms of sales volume.
1. Based on the evaluation of products in the prices of the manufacturer (in basic prices):
I q = ∑q 1 p 0/ ∑q 0 p 0
2. Based on the evaluation of products at the planned production cost:
I q = ∑q 1 s 0/ ∑q 0 s 0
In more detail, the reasons for savings and overspending can be identified according to accounting data with the involvement of planned settlements with buyers and commission agents.
When analyzing sales costs, it must be borne in mind that advertising costs are normalized for tax purposes.
Cost analysis by economic elements
The official financial statements do not contain enough data for the actual analysis of the cost of goods sold.
Comparing the absolute amount of costs over 2 years does not answer the question of whether there are cost savings in reporting year compared to the previous one, because the amount of costs for 2 years differs for many reasons:
1. For each year, the costs were formed for a specific structure of sales of products (works, services) of a given year.
2. For each year, the costs were formed on the volume of sales of goods (works, services) of the given year.
3. Inflationary processes are not taken into account. inflation affects each cost element differently:
mostly for materials and other costs
to a lesser extent for wages and, as a result, for social contributions.
The method proposed by prof. Kalinina A.P., invites us to explore relative performance(coefficients), with the help of which the influence of these factors is eliminated.
The cost ratio in kopecks per ruble of revenue can be calculated for each economic cost element. These coefficients are named as follows:
1. coefficient of material consumption;
2. coefficient of wage intensity (labor intensity);
3. coefficient of deductions for social needs;
4. coefficient of specific depreciation;
5. coefficient of other costs;
6. total cost ratio.
Each of the coefficients can be further detailed. So, for example, the coefficient of material consumption can be represented as the sum of the following coefficients: coefficient of raw materials and materials; coefficient of auxiliary materials; coefficient of purchased semi-finished products and components; coefficient of third-party services; coefficient of fuel and electricity for technological needs.
Based on the data obtained, it is also possible to calculate the amounts of relative savings (increase) for each cost element on actual sales revenue using the following formula:
K eq (pov) \u003d (Change in the share of the element * revenue reporting period) / 100
Factor analysis of cost
At present, when analyzing the actual cost of manufactured goods, identifying reserves and the economic effect of its reduction, factor analysis is used.
To key groups Factors that have a significant impact on the cost include the following.
1) Raising the technical level of production. For this group of factors for each event, the economic effect is calculated, which is expressed in the reduction of production costs. The savings from the implementation of measures is determined by comparing the cost per unit of output before and after the implementation of measures and multiplying the resulting difference by the volume of production in the planned year:
EC \u003d (Z 0 - Z 1) * Q ,
where E K- saving direct current costs;
Z 0- direct current costs per unit of production before the implementation of the measure;
Z 1 - direct operating costs per unit of output after the implementation of the measure
Q- the volume of output of goods in natural units from the beginning of the implementation of the measure to the end of the planning period.
2) Improving the organization of production and labor: changes in the organization of production, forms and methods of labor with the development of specialization in production; improvement of production management and cost reduction; improving the use of fixed assets; improvement of material and technical supply; reduction of transport costs; other factors that increase the level of organization of production.
3) Changing the volume and structure of goods: changing the range and range of goods, improving the quality and volume of production of goods. Changes in this group of factors can lead to a relative decrease in fixed costs (except for depreciation), a relative decrease in depreciation.
Relative savings on semi-fixed costs is determined by the formula
E K P \u003d (T V * Z UP0) / 100,
where EK P- Savings of semi-fixed costs;
Z UP0 - the amount of conditionally fixed costs in the base period;
T V- the growth rate of output compared to the base period.
The relative change in depreciation charges is calculated separately. Part of the depreciation is not included in the cost, but is reimbursed from other sources, so the total amount of depreciation may decrease. The decrease is determined by the actual data for the reporting period. The total savings on depreciation allowances are calculated using the formula
EC A \u003d (A O K / Q O - A 1 K / Q1) * Q1,
where EK A- savings due to the relative decrease in depreciation;
A 0, A 1- the amount of depreciation deductions in the base and reporting period;
To- coefficient taking into account the amount of depreciation charges attributable to the cost of production in the base period;
Q 0 , Q1- the volume of output of goods in natural units of the base and reporting period.
4) Improved usage natural resources: change in the composition and quality of raw materials; changes in field productivity, volumes preparatory work during extraction, methods of extraction of natural raw materials; change in other natural conditions. These factors reflect the influence of natural (natural) conditions on the value variable costs. The analysis of their impact on reducing the cost of production is carried out on the basis of sectoral methods of the extractive industries.
5) Industry and other factors: Significant reserves are laid in reducing the cost of preparing and mastering new types of production of goods and new technological processes, in reducing the cost of the start-up period for newly commissioned shops and facilities. The calculation of the amount of change in expenses is carried out according to the formula:
EC P \u003d (Z 1 / Q 1 - Z 0 / Q0) * Q1,
where EK P - change in the costs of preparation and development of production;
Z 0, Z 1- sums of expenses of the base and reporting period;
Q 0 , Q1- the volume of output of goods of the base and reporting period.
Traditionally, cost analysis begins with an analysis of the dynamics of the cost of all goods, while comparing the actual costs with the planned ones or with the costs of the base period. The total cost may change due to the volume and composition of the output of goods, the level of variable costs per unit of goods and the amount of fixed costs. In the process of analysis, it is revealed for which cost items the greatest overrun occurred and how this change affected the change in the total amount of variable and fixed costs.
Cost analysis per ruble manufactured goods
4 the most important factors that are in direct functional connection with it:
change in the structure of manufactured goods;
change in the level of costs for the production of individual goods;
changes in prices and tariffs for consumed material resources;
change in wholesale prices for manufactured goods.
The impact of structural shifts in the composition of goods is determined by the following formula:
The impact of changes in the level of costs for the production of individual products in the composition of manufactured goods is determined by the formula:
Analysis of material costs in the cost of production
Analysis of the impact on the s / s of the efficiency of the use of material resources can be carried out in two directions:
1. Analysis of material costs as an economic element.
2. Analysis of material costs in the s / s of specific products, i.e. according to the calculation of these products.
In the analysis for the 1st direction, indicators of material consumption are calculated in the amount per 1 rub. sales revenue.
The second direction of analysis is according to the calculation data of the c / c of a particular product.
As a rule, the second section of the cost estimate is called Decoding of material costs.
This section provides information on the main types of consumed materials, on their quantitative consumption per calculation unit of production, on the procurement s/s unit of consumed materials.
The cost estimate may contain a block of normative or planned data, or data for the previous similar period. This block serves as a basis for comparing actual indicators.
If such information is available, then it is possible to carry out an analysis of material costs in the s / s of the calculation unit of production in the context of the most important types of consumed materials.
The analysis determines the amount of savings or cost overruns for each type of material and reveals the influence of two main factors:
1. Change in the quantitative consumption of materials per cost unit of production.
2. Change in the procurement s/s unit of consumed materials.
Algorithm of the analysis technique (method of chain substitutions)
Basic option: MZ 0=K 0*C 0
Reporting option: MZ 1=K 1*Ts 1
∆ MZ = MZ 1 - MZ 0
MZ - the amount of material costs for specific type materials,
K - quantitative consumption of this type of material in physical terms per calculation unit of production,
C - procurement s / s units of this type of material in monetary terms.
Including:
∆ MZ (K) \u003d ∆K * C 0 \u003d (K1-K0) * C 0
∆ MZ (C) \u003d ∆C * K 1
Check: ∆ MZ (K) + ∆ MZ (C) = MZ 1 - MZ 0
With further analysis, it is possible to identify specific reasons for the influence of each of the two main factors.
So, for example, a change in the quantitative consumption of materials per calculated unit can be caused by
1. improvement of production technology,
2. centralization of harvesting operations,
3. violation of technological regimes,
4. substandard raw materials,
5. lack of logistics,
6. forced replacement of materials
Procuring s / s materials includes:
1. invoice value
2. transport costs,
3. fees of various kinds,
4. shipping costs from the pier to the company's warehouse and handling costs
36. Finn sustainability analysis
The financial stability of an organization is such a state of its financial resources, their distribution and use, which ensures the development of the organization based on the growth of profits and capital while maintaining solvency and creditworthiness under conditions of acceptable risk.
Unlike solvency, which evaluates current assets and short-term liabilities of an organization, financial stability is determined on the basis of the ratio of different types of funding sources and its compliance with the composition of assets. Knowing the limiting boundaries of changes in sources of funds to cover capital investments in fixed assets or inventories allows you to generate such areas of business operations that lead to an improvement in the financial condition of the organization, to increase its stability.
The absolute stability of the financial condition reflects the situation when all reserves are fully covered by their own working capital, i.e. the organization is completely independent of external creditors.
The normal stability of the financial condition of the organization reflects the presence of sources of formation of stocks, the value of which is calculated as the sum of own working capital, bank loans, loans used to cover stocks, and payables for commodity transactions.
An unstable financial condition is associated with a violation of solvency, in which the organization, in order to cover part of its reserves, is forced to attract additional sources of coverage that ease financial tensions and are not, in a certain sense, "normal", i.e. justified.
A crisis or critical financial condition is characterized by a situation in which the organization is on the verge of bankruptcy, since in this situation, the organization's cash, short-term securities and receivables do not even cover its accounts payable and overdue loans.
One of the areas of financial stability analysis is the use of absolute indicators. Its meaning is to check which sources of funds and to what extent are used to cover stocks.
To illustrate this approach, it is advisable to consider a multi-level reserve coverage scheme. Depending on what type of sources of funds are used to form reserves, it is possible to judge with a certain degree of certainty the level of financial stability of the entity.
The analysis of the availability of reserves with sources of their formation is carried out in the following sequence:
1) The presence of own working capital is determined ( E C) as the difference between own capital ( I C) and immobilized assets ( F IMM):
E C \u003d AND C - F IMM, thousand roubles.
2) In case of insufficiency of own working capital, the organization can receive long-term loans and credits.
Availability of own and long-term borrowed sources ( EAT) is determined by calculation:
E M = (AND C + K T) - F imm, thousand roubles.
3) The total value of the main sources of formation is determined taking into account short-term loans and credits:
E å = (AND C + K T + K t) - F IMM, thousand roubles.
Three indicators of the availability of sources of formation of reserves correspond to three indicators of the availability of their sources of formation:
1) Surplus (+) or shortage (-) of own working capital:
±E C = E C - Z, thousand roubles.
2) Surplus (+) or shortage (-) of own and long-term borrowed sources of reserves formation:
±E M = E M - Z, thousand roubles.
3) Surplus (+) or shortage (-) of the total value of the sources of formation of reserves:
S (x) = (1; 1; 1) - absolute financial stability;
S (x) = (0; 1; 1) - normal financial stability;
S (x) = (0; 0; 1) - unstable financial condition;
S (x) = (0; 0; 0) - financial crisis (on the verge of bankruptcy).
Solvency assessment
For an in-depth analysis of solvency, it is necessary to know the composition of the organization's property, the sources of its formation and all possible options for changing them. For these purposes, a balance model is compiled:
F IMM + O A \u003d I C + Z K, thousand roubles.,
where F IMM- immobilized assets; O A - current assets; I C- equity; Z K- borrowed capital. Drawing up a balance model involves a certain regrouping of sections and balance sheet items to highlight borrowed money, homogeneous from the point of view of return, and, having transformed the balance model, we obtain the value current assets (O A):
O A \u003d (AND C - F IMM) + Z K, thousand roubles.
Taking into account that long-term loans and borrowings are directed to the acquisition of fixed assets and long-term financial investments, we will make a further transformation of the formula, highlighting the components of current assets and borrowed capital.
Z+ R A + D \u003d [ (And c + K T) - F imm ] + ( K t + R P), thousand roubles.,
where Z- reserves;
R A - accounts receivable;
D - free cash;
K T- long term duties;
K t - short-term loans and credits;
R R - accounts payable.
Analysis of the calculation results for this model allows us to conclude that the current solvency condition will be met if the organization's reserves are covered by the sources of their formation:
Z £ (AND C + K T) - F IMM, thousand roubles.
To assess the prospective solvency, accounts receivable and free cash are compared with short-term liabilities:
R A + D ³ K t + R R, thousand roubles.
The solvency of the organization is determined by the influence of not only internal factors, but also external ones. To external factors include: the general state of the economy, its structure, state budget and tax policy, interest rate and depreciation policy, market conditions, etc. It is completely wrong to consider only the position of the organization's management as the reason for non-payments. In essence, non-payments represent the desire of the organization to compensate for the lack of working capital. On the one hand, organizations are forced to function in conditions of rising production costs due to higher prices for raw materials and fuel and energy resources, and higher wages. On the other hand, effective demand for products is not stable. This forces organizations to defer payments to suppliers, widening the gap between liquidity and short-term liabilities, as the analysis showed.
Borrower creditworthiness assessment
The main purpose of a creditworthiness analysis is to determine the borrower's ability and willingness to repay the requested loan in accordance with the terms of the loan agreement. The bank must in each case determine the degree of risk it is willing to take on and the amount of credit that can be extended in the circumstances.
The first source of information for assessing the creditworthiness of economic organizations should be their balance sheet with explanatory note to him. Analysis of the balance sheet allows you to determine what funds the company has, and what is the largest loan these funds provide. However, for a reasonable and comprehensive conclusion about the creditworthiness of the bank's customers, balance sheet information is not enough. This follows from the composition of the indicators.
To begin with, the documents of the Borrower are considered. The main purpose of the analysis of documents for obtaining a loan is to determine the ability and willingness of the borrower to repay the requested loan on time and in full.
The borrower submits the following documents to the bank:
1. Legal documents:
2. Financial statements in full, certified by the tax inspectorate, as of the last two reporting dates, with breakdowns of the following balance sheet items;
3. For the last three months - copies of statements from current and foreign currency accounts for monthly dates and for the largest receipts during the indicated months.
4. As of the date of receipt of the request for a loan: certificate of received loans with copies of loan agreements attached.
5. Letter - an application for a loan (on the letterhead of the organization with an outgoing number) with brief information about the organization and its activities, main partners and development prospects.
A number of American economists describe a creditworthiness assessment system based on balance sheet indicators. American banks use four groups of key indicators:
liquidity of the firm;
capital turnover;
attraction of funds;
profitability indicators.
The first group includes the liquidity ratio (K l) and coverage (K pokr). Liquidity ratio K l- the ratio of the most liquid funds and long-term debt obligations. Liquid assets consist of cash and accounts receivable short term.
Coverage coefficient K until p is the ratio of working capital and short-term debt obligations. Coverage ratio - shows the credit limit, the sufficiency of all types of client funds to repay the debt. If the coverage ratio is less than 1, then the lending boundaries are violated, the borrower can no longer be granted a loan: he is insolvent.
Attraction ratios (To attract) form the third group of estimated indicators. They are calculated as the ratio of all debt obligations to the total amount of assets or to fixed capital, show the company's dependence on borrowed funds. The higher the attraction ratio, the worse the creditworthiness of the Borrower.
Turnover analysis (Reversal).
General indicators of turnover.
To characterize the efficiency of using OA, turnover indicators are used: t-duration of one turnover in days (turnover in days); q-number of revolutions for the period; k-coefficient of fixing OA.
All 3 turnover indicators are mathematically interconnected and are derived from one another, they characterize the same process of turnover of OA from different angles: t = (COxD): O, where CO is the average balances of assets for the period (calculated according to the average chronological ) (when determining the indicators of the turnover of all OA, their balances on balance dates are taken according to the results of Section II of the BB (p. 290)); D-number of days in the analyzed period; O-useful turnover for the period in monetary terms (calculated in the same units as CO). Economists have not come to a unified conclusion regarding the indicator of a unit of useful turnover. Sometimes the net proceeds from sales are taken (f. 2 p. 010); gross revenue or gross revenue (revenue + VAT, excises, exp. duties); the full cost of sold TT, PP, CU or Pr.; operating cost. When determining private indicators of turnover, other indicators of useful turnover are used. q=O: CO=D: t; k \u003d CO: O-coefficient of fixing OA shows how much OA falls on average per 1 rub. useful turnover. The economic result of accelerating the turnover of OA is an increase in useful turnover for the period, i.e. sales proceeds. If this is not required or impossible to achieve according to market conditions, then the economic result of accelerating the turnover is the relative release of OA. The amount of relative release of OA can be calculated by the formula: ΔCO (t) \u003d (t 1 -t 0) xO 1: D. If there was a slowdown in the turnover of OA, then the economic result is an additional involvement of OA in circulation.
1. increase in sales revenue in the reporting year compared to the previous ΔОА (Iв) =СО 0 -СО 0 хIв;
2. absolute change in the amount of OA ΔOA (abs) \u003d CO 1 - CO 0.
Private indicators of turnover
Indicators of the turnover of individual components of assets: stocks, receivables, short-term financial investments, cash, other OA. The calculation formulas are the same as for general indicators. The difference is that specific indicators are taken into account. The calculation of private indicators of turnover allows you to see how the duration of one turnover in days for all assets has developed.
Ways to accelerate the turnover of OA
In the management of OA, a distinction is made between the operating and financial cycles. The operating cycle characterizes the total time during which financial resources are in stocks and debit debts: t o. c. \u003d t s + t d. z. (average duration of the operating cycle in days; average time for the turnover of inventories; cycle: the stage of supply, production, marketing, settlements. Accelerating the turnover of OA is a reduction in the duration of the financial cycle. Ways to accelerate turnover are directly related to the reduction of these stages. Reduction of the operating cycle can be achieved by accelerating the supply processes, production, sales by accelerating the turnover of debit debt.
Operating and financial leverage
Operating leverage is quantitatively characterized by the ratio between fixed and variable costs in their total amount and the variability of the indicator "Profit before interest and taxes". It is this indicator of profit that makes it possible to isolate and evaluate the impact of the volatility of operating leverage on the financial performance of the company.
The leverage level is calculated as
.
Together with this indicator, when analyzing the financial and economic activities of an enterprise, the value of the effect of production leverage is used, which is the reciprocal of the safety threshold:
If the share of fixed costs is high, the company is said to have a high level of operating leverage. For such a company, sometimes even a slight change in production volumes can lead to significant change profits, since the company has to bear fixed costs in any case, whether products are produced or not. The variability of profit with a change in production volumes in the break-even model is expressed through the value of the derivative:
The higher the leverage, the more the value of the safety threshold will change with a change in output volumes.
Financial leverage
Comparing the formulas for determining operating profit and net profit before tax, we can conclude that an additional risk factor in the case of financial leverage is the total amount of interest on the loan:
,
Prib - operating profit;
E-I - net profit before income tax;
p - price of 1 item;
v- variable costs for 1 product;
q - sales volume;
FO - fixed costs associated only with operating activities (without interest on the loan);
I - the amount of interest on the loan.
It is obvious that the amount of interest payments increases as specific gravity borrowed capital in the overall structure of the sources of financing of the enterprise. Consequently, financial leverage reflects the degree of dependence of the enterprise on creditors, that is, the magnitude of the risk of loss of solvency. The higher the financial leverage, the higher the risk, firstly, of non-receipt of net profit, and secondly, the bankruptcy of the enterprise. On the other hand, financial leverage helps to increase the return on equity: without investing additional equity in the company (it is replaced by borrowed funds), the owners receive a large amount of net profit “earned” by borrowed capital. In addition, the company gets the opportunity to use the “tax shield”, since, unlike dividends on shares, the amount of interest on a loan is deducted from the total amount of profit subject to taxation. However, in order to take advantage of financial leverage, an enterprise must fulfill a prerequisite - to earn an operating profit sufficient at least to cover the interest payments on borrowed funds.
The quantitative impact of the effect of financial leverage is usually measured by the ratio of the amount of operating profit to the amount of net profit before tax:
Predicting Potential Bankruptcy
To study and develop possible ways for the development of an enterprise in the conditions market economy there is a need for financial forecasting.
Currently, in world practice, to predict the financial stability of an enterprise, choose its financial strategy, as well as determining the risk of bankruptcy, various economic and mathematical models are used.
The simplest model for predicting the probability of bankruptcy is considered to be a two-factor one.
To predict the probability of bankruptcy of enterprises in developed capitalist countries, economic and mathematical models of well-known Western economists Altman, Lis, Taffler, Tishaw, and others, developed using multivariate discriminant analysis, are widely used.
E. Altman's model has the following form:
Z-score = 1.2 x, + 1.4 x 2 + 3.3 x 3 + 0.6 x 4 + 0.999 x 5,
where the indicators x, x 2, x 3, x 4, x 5 are calculated as follows:
X1= 
X2= 
X4= 
If the result is less than 1.8, this indicates that the probability of bankruptcy of the enterprise is very high;
if the Z-score is in the range from 1.9 to 2.7, the probability of bankruptcy is average;
if the Z-score is in the range from 2.8 to 2.9, the probability of bankruptcy is low;
if the Z-score is above 3.0, the probability of bankruptcy is negligible.
Factors taken into account in the considered Z-score models by E. Altman influence the determination of the degree of bankruptcy probability
Russian enterprises. Therefore, the use of these models in domestic practice is quite legitimate. However, due to the fact that the influence
external factors in Russian practice is much higher, the quantitative values of the Z-score, which determine the probability of bankruptcy, may differ from Western ones.
The practice of applying this model in the analysis of Russian enterprises confirmed the correctness of the obtained values and the need for its use.
However, it should be noted that the use of this model in the Russian Federation requires great precautions. It is not entirely suitable for assessing the risk of bankruptcy of our business entities, since the proposed weighting coefficients in foreign Z-score models may not correspond to the external and internal conditions of Russian enterprises.
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