Financial stability of the enterprise. Debt capital concentration ratio

The higher the value of this ratio, the more financially stable, stable and independent of external creditors the enterprise. Minimum value indicator is taken at the level of 0.5; the maximum is 0.7. The value of the coefficient > 0.5 means that all the obligations of the enterprise can be covered by its own funds.

The borrowed capital concentration ratio complements the previous indicator and characterizes the share of borrowed capital in the organization's turnover. The recommended value of the indicator is 0.3–0.5. The sum of the two coefficients is equal to one or 100%.

Kconc. loan. cap. = ; (3.6)

Kk.z.cap. kg = = 0.35;

Kk.z.cap. ng == 0.20;

The value of the coefficient characterizes the share of borrowed capital in the organization's turnover. The value of the coefficient reaches the normative value. The sum of the two coefficients is equal to 1, which indicates the correctness of the calculations.

The debt-to-equity ratio / funding ratio provides the most general estimate financial stability enterprise and shows how much borrowed funds account for each ruble of equity capital.

Kfinancer. = ; (3.7)

Kf.kg. == 0.54;

Kf.ng = = 0.25;

The growth of the coefficient in dynamics is, in a certain sense, a negative trend, which means that from a long-term perspective, the dependence of the enterprise on external creditors is increasing. Two mutually exclusive factors act on the optimal value of the indicator: on the one hand, the higher the share of equity capital, the more independent the enterprise from external sources the easier it is to get a loan if needed. On the other hand, equity capital in developed countries market economy it is quite expensive, because it is represented by equity capital, and shareholders are willing to invest in shares only if they bring dividends higher than bank deposits, therefore, bank loans for an enterprise are often cheaper. In Western practice, where it is customary to live on credit, the ratio of own and borrowed capital is considered normal 1/3 and 2/3, respectively. In domestic practice, where loans are provided reluctantly or at a very high interest rate, the ratio of 2/3 of equity and 1/3 of borrowed capital is considered optimal. The recommended value of the financing ratio according to domestic standards is considered to be 0.5 - 1.0.

Structure ratio of long-term investments / coverage ratio outside current assets. The logic behind this indicator is based on the assumption that long-term capital should be used to finance capital investments.

BOA coating = ; (3.8)

K coating kg = = 0.008;

K coating ng = = 0.001;

Coefficient name	Meaning		Regulatory restrictions
1. Equity concentration ratio
2. Debt capital concentration ratio
3. Funding ratio
4. Non-current assets coverage ratio

Analyzing the data in the table, we can conclude that the value of the equity concentration ratio reaches the standard value and at the end of the analyzed period is 0.65. This indicates that the enterprise is financially stable, stable and independent of external creditors, all obligations of the enterprise can be covered by its own funds. But if we analyze the dynamics of the enterprise's development, we can conclude that financial independence is declining, and the value of the debt capital concentration coefficient complements the previous indicator and characterizes the share of debt capital in the organization's turnover.

The financing ratio gives the most general assessment of the financial stability of an enterprise and shows how much borrowed funds fall on each ruble of equity. The growth of the coefficient in dynamics (for 2004 0.2 - for 2005 0.35) is a negative trend, which means that from a long-term perspective, the company's dependence on external creditors is increasing.

A value of 1 is considered normal.

4. Ways to improve the financial condition of JSC "Nadezhda"

4.1 Anti-crisis financial management of the enterprise

The policy of anti-crisis financial management is part of the overall financial strategy of the enterprise, which consists in developing a system of methods for preliminary diagnosis of the threat of bankruptcy and the inclusion of mechanisms for the financial recovery of the enterprise, ensuring its exit from the crisis.

main goal crisis management is the development and implementation of measures aimed at neutralizing the most dangerous factors that lead the company to a crisis state. The main tasks of anti-crisis management of the company should include a change in the functioning of economic mechanisms, the transformation of acceptance criteria management decisions, the development and implementation of the company's strategy and tactics in the new conditions, the active use of new management opportunities, the use of all possible methods of economic maneuvering.

It is obvious that anti-crisis management should be an integral element of the financial policy of any company, which requires constant monitoring of the market and the company's position on it, analysis of the degree of its financial stability, the state of affairs of counterparties. At the same time, the organization of anti-crisis management of the company is based on the following principles: early diagnosis of crisis phenomena in financial activities companies, the urgency of responding to crisis phenomena, the adequacy of the company's response to the degree real threat its financial balance, full realization of the internal possibilities of the company's exit from the crisis. All this means that in the fight against the threat of bankruptcy, the company must rely mainly on internal financial capabilities.

Debt capital concentration ratio -balance formula will be considered by us further - reflects the degree of debt burden on the enterprise. Let us study the specifics of calculating this indicator, as well as interpreting its value.

How to calculate the debt capital concentration ratio (according to the balance sheet)

The coefficient about which in question, shows the ratio of assets generated by external loans to the total capital of the enterprise. In fact, the degree of debt burden on the company. This includes both short-term and long-term loans.

The debt capital concentration ratio is determined by the formula:

KZ \u003d SD / PO,

KZ - coefficient of concentration of borrowed capital;

SD - the amount of short-term and long-term debts at the end of the analyzed period;

ON - the value of the organization's liabilities as of the end of the analyzed period (balance sheet currency).

If the analyzed period is 1 year, then the SD indicator will correspond to the sum of the values ​​of rows 1400 and 1500 balance sheet organizations. The indicator of software is the value in line 1700 (the sum of the indicators in lines 1300, 1400 and 1500 of the balance sheet).

Concentration ratios of own and borrowed funds: the relationship of indicators

Very close in essence and in economic sense to the coefficient of concentration of borrowed funds is another indicator - a coefficient that reflects the concentration of the company's own capital.

It is calculated by the formula:

KS = SK / PO,

KS - coefficient reflecting the concentration of equity;

SC - the value of the equity capital of the company.

The SC indicator is located on line 1300 of the enterprise's balance sheet.

The higher the COP, the better. It is welcome if its value exceeds 0.5 (that is, the company has 50% or more equity). What is the optimal value of the coefficient reflecting the concentration of borrowed capital?

Debt capital concentration ratio: optimal value

The concentration ratio for borrowed capital is normalized based on the specifics of business processes at a particular enterprise. The industry-wide unofficial standard is 0.5 or less (thus, the presence of up to 50% of borrowed capital is allowed in the firm).

• A common approach is that the considered coefficient is estimated in dynamics. Its growth may indicate difficulties in business management or that the company is forced to develop mainly at the expense of attracted funds.
• Another approach is to estimate the coefficient in average values. So, if at the beginning of the reporting period it is 40%, and at the end - 60%, then its average value will correspond to the industry-wide norm.

In general, the debt capital concentration ratio below 0.5 is considered a positive criterion in assessing the effectiveness of enterprise management. It is obvious:

• the lower the debt burden on the company, the less will be the diversion of capital to pay interest to the creditor;
• the more the enterprise has its own funds for servicing activities, the better the indicators of turnover and efficiency in the use of working capital.

In turn, too low rates KZ - for example, less than 0.1 - may indicate that the company for some reason is unable to take loans that may be needed.

A low ratio may be formed due to the fact that potential lenders refuse loans to the company, considering its business model to be insufficiently stable. Other possible reason A similar policy of creditors is the lack of a sufficient amount of liquid assets in the company that could be used as collateral.

Results

The borrowed capital concentration ratio reflects the share of the company's assets formed at the expense of borrowed funds. This indicator is calculated using the balance sheet. Its optimal value is within 0.1-0.5. In terms of economic meaning, the considered coefficient complements the equity concentration coefficient - its optimal value, in turn, should be higher than 0.5.

You can learn more about the specifics of capital formation in an enterprise in the articles:

• ;
• .

One of the most important characteristics the financial condition of the enterprise - the stability of its activities from a long-term perspective. It is primarily related to the general financial structure enterprises, the degree of its dependence on creditors and investors. So, many businessmen, including representatives of the public sector of the economy, prefer to invest a minimum of their own funds in the business, and finance it with money borrowed. However, if the structure "equity - borrowed funds" is significantly skewed towards debt, the enterprise may go bankrupt when several creditors simultaneously demand their funds back at an "inconvenient" time.

The trend of normal financial stability is confirmed by the debt ratio: if the share of borrowed funds in the balance sheet decreases, then there is a tendency to strengthen the financial stability of the enterprise, which makes it more attractive to business partners.

The debt capital concentration ratio characterizes the share of debt in the total amount of capital. The higher the share of this ratio, the greater the dependence of the enterprise on external sources of financing.

The normative value of the coefficient of attracted capital must be less than or equal to 0.4. international standard(European) up to 50%.

Table 2.3.1

The results of calculations of the concentration ratio of borrowed capital LLC "PromZhilStroy" for the period 2010-2012.

Sources of borrowed capital
Amount, thousand rubles		Growth rate, %	Amount, thousand rubles		Growth rate, %
Borrowed capital, total, thousand rubles
including
long-term borrowings
short-term borrowings
accounts payable
Balance currency, thousand rubles
Debt capital concentration ratio, p.

According to the data in Table 2.3.1, it can be seen that during the analyzed period there is a downward trend in the concentration ratio of borrowed capital of PromZhilStroy LLC. The decrease in this indicator in 2011 by 0.04 points is due to the outstripping growth rate of the balance sheet currency (109.40%) from the growth rate of borrowed capital (101.92%). In 2012, the decrease in the debt capital concentration ratio of the enterprise was affected by a decrease in the amount of borrowed capital by 855 thousand rubles. with an increase in the balance sheet by 12,467 thousand rubles.

The decrease in the concentration ratio of borrowed capital indicates that the company uses less borrowed funds to finance fixed assets and other capital investments, attracting its own. The normative value of the coefficient must be less than or equal to 0.4. At the enterprise, this coefficient in the reporting year is 0.45, which indicates a positive trend in strengthening the financial stability of the enterprise, which makes it more attractive to business partners.

To determine the impact of each item on the amount of borrowed capital, it is necessary to conduct a factor analysis of the coefficient by the method of chain substitutions.

Change in the debt capital concentration ratio of PromZhilStroy LLC in 2011:

K kkk 0 \u003d (10975 + 851 + 20510) / 53542 \u003d 0.604.

K kkk conv1 = (10881 + 851 + 20510) / 53542 = 0.602;

K kkk conv2 = (10881 + 900 + 20510) / 53542 = 0.603;

K kkk conv3 = (10881 + 900 + 21176) / 53542 = 0.563;

K kkk 1 \u003d (10881 + 900 + 21176) / 58574 \u003d 0.563.

K kkk (DZS) \u003d K fu conv1 - K fu0 \u003d 0.602 - 0.604 \u003d -0.002;

K kzk (KZS) \u003d K fu conv2 - K fu conv1 \u003d 0.603 - 0.602 \u003d 0.001;

K kkk (KZ) \u003d K fu 1 - K fu conv2 \u003d 0.563 - 0.603 \u003d -0.040.

K kzk \u003d K fu 1 - K fu 0 \u003d 0.563 - 0.604 \u003d -0.041.

K kzk \u003d? K fu (DZS) +? K fu (KZS) +? K fu (KZ) \u003d -0.002 + 0.001 + (-0.040) +

+ (-0,041) = -0,004.

Change in the debt capital concentration ratio of PromZhilStroy LLC in 2012:

K kkk 0 \u003d (10881 + 900 + 21176) / 58574 \u003d 0.563.

Kkk conv1 = (18756 + 900 + 21176) / 58574 = 0.697;

Kkk conv2 = (18756 + 900 + 21176) / 58574 = 0.697;

K kkk conv3 = (18756 + 900 + 12446) / 58574 = 0.548;

K kkk 1 \u003d (18756 + 900 + 12446) / 71041 \u003d 0.452.

K KKK (DZS) \u003d K fu conv1 - K fu0 \u003d 0.697 - 0.563 \u003d 0.134;

K kkk (KZS) \u003d K fu conv2 - K fu conv1 \u003d 0.697 - 0.697 \u003d 0.000;

K kkk (KZ) \u003d K fu 1 - K fu conv2 \u003d 0.548 - 0.697 \u003d -0.149.

K kzk \u003d K fu 1 - K fu 0 \u003d 0.452 - 0.548 \u003d -0.096.

K kzk \u003d? K fu (DZS) +? K fu (KZS) +? K fu (KZ) \u003d 0.134 + 0.000 + (-0.149) +

+ (-0,096) = -0,011.

The results of calculations of the influence of factors on the change in the concentration coefficient of borrowed capital of PromZhilStroy LLC for the period 2009-2011. are given in Table 2.3.2.

Table 2.3.2

The influence of factors on the change in the concentration ratio of borrowed capital of PromZhilStroy LLC for the period 2009-2011.

In 2011, the debt capital concentration ratio of PromZhilStroy LLC decreased by 0.004 points as a whole, which was achieved by reducing long-term borrowings. By increasing the amount of short-term borrowings by 49 thousand rubles. there was an increase in the concentration ratio of borrowed capital by 0.001 points. The decrease in the coefficient by 0.040 points was due to an increase in accounts payable of 666 thousand rubles. The growth in the amount of assets (inverse factor) affected the decrease in the debt capital concentration ratio by 0.041 points.

In 2012, the debt capital concentration ratio of PromZhilStroy LLC decreased by 0.111 points as a whole, which was achieved due to an increase in the amount of assets. The debt capital concentration ratio did not change due to the unchanged amount of short-term borrowings in 2011. The decrease in the coefficient by 0.149 points was due to a decrease in accounts payable of 8,730 thousand rubles. with an increase in the amount of assets, which in turn affected the decrease in the debt capital concentration ratio by 0.096 points.

Thus, during the entire analyzed period, short-term borrowings provided positive influence on the debt capital concentration ratio. The negative impact on the debt capital concentration ratio of PromZhilStroy LLC from accounts payable was the largest in 2012 (0.149). In 2012, long-term borrowings had a positive impact on the change in the debt capital concentration ratio (0.134). Influence of the total assets of the enterprise on the debt capital concentration ratio in 2011-2012 was negative.

One of the characteristics of the stable position of the enterprise is its financial stability.

The following financial stability ratios, characterize independence for each element of the enterprise's assets and for property as a whole, make it possible to measure whether the company is financially stable enough.

The simplest financial stability ratios characterize the ratio between assets and liabilities in general, without regard to their structure. The most important indicator of this group is autonomy coefficient(or financial independence, or concentration of equity in assets).

sustainable financial position enterprises are the result of skillful management of the entire set of production and economic factors that determine the results of the enterprise. Financial stability is due both to the stability of the economic environment within which the enterprise operates, and from the results of its functioning, its active and effective response to changes in internal and external factors.

Every enterprise, firm or organization is aimed at making a profit. It is profit that makes it possible to pursue an investment policy in own current and non-current assets, to develop production capacity and product innovation. In order to assess the direction of development of the enterprise, reference points are needed.

Such guidelines in financial plan and financial policy are the coefficients of financial stability.

Definition of financial stability
Financial stability is the degree of solvency (creditworthiness) of the enterprise, or the share of the overall stability of the enterprise, which determines the presence Money, to maintain the stable and efficient operation of the enterprise. Financial sustainability assessment is an important step financial analysis enterprise, therefore it shows the degree of independence of the enterprise from its debts and obligations.

Types of Financial Strength Ratios
The first coefficient characterizing the financial stability of the enterprise is financial stability ratio, which determines the dynamics of state change financial resources enterprise in relation to how much the total budget of the enterprise can cover the costs of the production process and other purposes. The following types of coefficients (indicators) of financial stability can be distinguished:

• Indicator of financial dependence;
• Equity concentration indicator;
• The ratio of own and borrowed funds;
• Index of equity capital flexibility;
• Indicator of the structure of long-term investments;
• Debt capital concentration indicator;
• Indicator of the structure of borrowed capital;
• The indicator of long-term attraction of borrowed funds.

The financial stability ratio determines the success of the enterprise, because its value characterizes how much the enterprise (organization) depends on the borrowed funds of creditors and investors and the ability of the enterprise to fulfill its obligations in a timely manner and in full. High dependence on borrowed funds can hamper the activity of the enterprise in the event of an unplanned payment.

Financial dependency ratios
The coefficient of financial dependence is a kind of coefficients of financial stability of an enterprise and shows the degree to which its assets are provided with borrowed funds. A large proportion of asset financing with borrowed funds shows the low solvency of the enterprise and low financial stability. This, in turn, already affects the quality of relations with partners and financial institutions (banks). Another name for the coefficient of financial dependence (independence) is the coefficient of autonomy (in more detail).

The high value of own funds in the assets of the enterprise is also not an indicator of success. The profitability of a business is higher when, in addition to its own funds, the enterprise also uses borrowed funds. The task is to determine the optimal ratio of own and borrowed funds for effective functioning. The formula for calculating the financial dependency ratio is as follows:

Financial dependency ratio = Balance currency / Equity

Equity concentration ratio
This indicator of financial stability shows the share of the company's funds that is invested in the activities of the organization. A high value of this financial stability ratio indicates a low degree of dependence on external creditors. To calculate this financial stability ratio, you must:

Equity concentration ratio = Equity / Balance sheet

Ratio of own and borrowed funds
This ratio of financial stability shows the ratio of own and borrowed funds from the enterprise. If this coefficient exceeds 1, then the enterprise is considered independent of the borrowed funds of creditors and investors. If less, then it is considered dependent. It is also necessary to take into account the speed of turnover of working capital, therefore, in addition, it is also useful to take into account the speed of turnover of receivables and the speed of material working capital. If receivables turn around faster than working capital, then this shows a high intensity of cash inflows into the organization. The formula for calculating this indicator:

Ratio of own and borrowed funds = Own funds/ Borrowed capital of the enterprise

Equity maneuverability ratio
This financial stability ratio shows the size of the company's own cash sources in mobile form. The standard value is 0.5 and above. Equity flexibility ratio is calculated as follows:

Equity maneuverability ratio = Own working capital / Equity capital

It should be noted that the normative values ​​also depend on the type of activity of the enterprise.

Long-term investment structure ratio
This ratio of the financial stability of the enterprise shows the share of long-term liabilities among all assets of the enterprise. The low value of this indicator indicates the inability of the enterprise to attract long-term loans and borrowings. A high value of the coefficient shows the ability of the organization to issue loans on its own. A high value can also be due to a strong dependence on investors. To calculate the coefficient of the structure of long-term investments, it is necessary:
Long-term investment structure ratio = Long-term liabilities / Non-current assets

Debt capital concentration ratio
This financial stability ratio is similar to the indicator of equity maneuverability, the calculation formula is given below:

Debt capital concentration ratio = Debt capital / Balance sheet currency

Borrowed capital includes both long-term and short-term liabilities of the organization.

Debt structure ratio
This ratio of financial stability shows the sources of formation of borrowed capital of the enterprise. From the source of formation, we can conclude how the non-current and current assets of the organization were created, because long-term borrowed funds are usually taken for the formation of non-current assets (buildings, machines, structures, etc.) and short-term funds for the acquisition of current assets (raw materials, materials, etc.)

Debt structure ratio = Long-term liabilities / Non-current assets of the enterprise

Long-term borrowing ratio
This financial stability ratio shows the share of sources of formation of non-current assets, which falls on long-term loans and equity. A high value of the coefficient characterizes the high dependence of the enterprise on borrowed funds.

Debt structure ratio = Long-term liabilities / (Long-term liabilities + Enterprise equity)

Conclusion
A set of financial stability ratios allows you to comprehensively determine and evaluate the success, nature and trends in the activities of the enterprise and the management of financial resources.