Own funds on the balance sheet. Financial condition of the enterprise

Sources of formation of working capital are reflected in the liability of the balance sheet of the enterprise. Based on the classification of working capital of the enterprise, the sources are divided into own, borrowed and attracted (Fig. 8.2).

The sources of formation of own working capital include:

authorized capital;

Extra capital;

Reserve capital (funds formed in accordance with the law, as well as with founding documents);

Targeted income and funding;

Undestributed profits.

Borrowed sources of working capital include short-term loans and borrowings. Short-term loans are provided commercial banks based loan agreements for the creation of seasonal stocks of raw materials and materials, temporary replenishment of the lack of own working capital, settlements, etc.

Commercial loans of other enterprises are provided in the form of loans, advances, bills; in addition, it is possible to issue debt valuable papers- bonds, bills. Despite the payment for the use of borrowed resources, their involvement in the turnover of the enterprise can significantly increase profitability own funds.

The sources included are accounts payable. It may be associated with existing system settlements (shipment - payment), and may also arise in connection with a violation of payment discipline. This is the most significant part of short-term debt, it can be higher for smaller enterprises that do not always have the opportunity to use other sources.

At each specific enterprise, the sources of formation of working capital are determined by financial policy.

A conservative approach to the formation of current assets provides for a low specific gravity short-term loans and borrowings that cover only a part of variable current assets (temporary need for working capital). Fixed assets and the main share of current assets are financed from their own sources and long-term obligations. This assumes the creation tall sizes insurance stocks in case of failures in the supply of raw materials and materials, technological conditions production, degradation general situation on the market. A conservative policy reduces business and financial risks, but does not improve the efficiency of the use of current assets and increase their profitability.

A moderate approach to the formation of current assets is aimed at ensuring full satisfaction of the current need for all types of current assets and the creation of their normal insurance amounts in case of the most typical failures in the course of the enterprise's operations. As a rule, the entire variable part of current assets is covered by short-term loans and borrowings; its permanent part is financed from its own sources. With this approach, an average for real economic conditions ratio between the level of risk and the level of efficiency of use is provided. financial resources.

An aggressive approach to the formation of current assets is to minimize all forms of insurance reserves for certain types these assets.

Due short term loan not only the variable part of working capital is financed, but also a significant share of its permanent part. In the absence of failures in the course of operating activities, this approach to the formation of current assets provides the most high level the effectiveness of their use. However, any disruption to the normal course of operations caused by internal or external factors, leads to significant financial losses due to a decrease in the volume of production and sales of products.

Thus, the choice of sources of financing of current assets and the formation of working capital depends on the financial strategy and policy of the organization as a whole and ultimately affects the efficiency of the use of working capital, the level of risk, financial stability and solvency.

Growth (decrease) of working capital, sources of its coverage

Comparison of the total need for own working capital at the end and beginning of the planning period determines the increase or decrease in own working capital. The increase in working capital is reflected in financial plan and requires the identification of sources of its coverage. These sources can be:

Surplus working capital at the beginning of the year;

Unused profit of the enterprise;

An increase in accounts payable that is constantly in the turnover of the enterprise (sustainable liabilities), i.e. equal to own sources;

Issue of securities;

Other sources.

The surplus or shortage of working capital is determined by comparing the actual availability of own working capital on the balance sheet with the need for them. Actual Availability own working capital is determined by the following calculation:

total section III balance sheet + lines 640, 650 of section V of the balance sheet - (the result of section I - section IV).

Both surplus and shortage of working capital negatively affect the financial condition. An excess of working capital means diversion, deadening of funds in excess stocks of commodity material assets, which slows down the turnover of working capital; increased costs associated with the storage of these stocks.

The main reasons for the formation of excess reserves can be:

In terms of production stocks - surplus and unused materials in the warehouse, uneven receipt material resources, excess expenses for production;

For work in progress - higher cost of production as a result of non-compliance with production technology, overspending of material resources, shortcomings in planning and organization of production;

By finished products- low quality, irregular production, shipment failures, changes in the situation on the sales market.

Lack of working capital leads to failures in manufacturing process due to the inability to timely replenish productive reserves, make settlements with creditors, employees, banks, etc. All this ultimately affects the financial condition of the enterprise, worsens its solvency, and leads to bankruptcy.

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Bibliography

1. Classification of sources of financing of the enterprise

financing bankruptcy profitability balance sheet

The transformational processes taking place in Russian economy, and the emergence of various forms of ownership determined the diversity of economic behavior of economic entities.

But the end result of their activities always comes down to making a profit and increasing profitability, which largely depends on the volume financial resources and from funding sources.

Availability in enough financial resources, their efficient use, predetermine good financial position enterprises solvency, financial stability, liquidity. In this regard, the most important task of enterprises is to find reserves for increasing their own financial resources and their most effective use in order to increase the efficiency of the enterprise as a whole.

Each enterprise in the process of its formation and development must determine how much equity capital should be invested in turnover. The expediency of attracting one or another financial source must be compared with the return on investment of this type and cost given source. The need of the enterprise for its own and borrowed funds is an object of planning, respectively, decision-making this issue has a direct impact on the financial condition and the possibility of survival of the enterprise.

The choice of methods and sources of financing for an enterprise depends on many factors: the experience of the enterprise in the market, its current financial condition and development trends, the availability of certain sources of funding.

However, it is necessary to note the main thing: an enterprise can find capital only on those conditions on which given time real operations are carried out to finance similar enterprises, and only from those sources that are interested in investments in the relevant market (in the country, industry, region).

All sources of enterprise funds can be divided into two groups:

1. Sources of own funds:

1. Authorized capital (UK) - the totality of all types of funds of the organization contributed by its founders at the time of the formation of the enterprise

2. Profit - the end result of the enterprise, the difference between the proceeds from the sale of products, works and services of the organization and its full cost, including the costs of its production and sale.

3. Additional capital

a) the difference from the revaluation of fixed assets;

b) share premium;

c) gratuitously received valuables.

4. Reserve capital -- part of the profit intended for the payment of dividends to shareholders in the event of a shortage of profits or losses.

5. Budget financing- Funds received from the state on a gratuitous basis.

2. Sources of borrowed funds:

1. Bank loans (short-term - up to 12 months and long-term - over 12 months)

2. Credits (loans) of other individuals and legal entities(short-term and long-term)

3. Accounts payable: to suppliers and contractors; pay staff; for insurance; before the budget to founders; other creditors

The separation of sources by urgency, which means that after a certain period the funds raised must be returned to their supplier, it is important to understand in the sense that the longer the period of use of the source, the more slowly turning over assets funds can be invested.

The division of sources into internal (intra-company) and external (out-of-company) means that a certain investment can be financed either from the resources accumulated by the firm or by attracting external sources. The first option assumes the presence of the company's internal reserves and their certain mobilization, the second - the absence of such reserves or the desire of the company's top managers to expand their activities without compromising the financing of already established areas.

The allocation of sources of own and borrowed funds delimits two fundamentally different groups of financial donors: the owners of the company and other donors. Each of these groups has its pros and cons in terms of relationships with the firm; in the same way, the firm is not indifferent to which of the groups (and in what proportion) participates in the financing of its activities.

The capital of the owners of the company is the value of the total rights of the owners of the company to a share in its property (synonymous with equity). In the balance sheet, numerically is equal to net assets; in market valuation(for a listed company) coincides with the concept of "market capitalization". As a source of funds, it is represented by the “Capital and reserves” section in the liabilities side of the balance sheet, and its main components are the authorized, additional and reserve capital, as well as retained earnings.

Own funds are replenished from internal and external sources. Domestic savings are formed by distributing gross, and then net profit, and newly issued and sold shares attract funds from outside.

The term - authorized capital, characterizes the total nominal value of the company's shares acquired by its shareholders. The authorized capital of an organization is considered as a guarantee of the interests of creditors, and therefore in Russia for some organizational and legal forms of business its value is limited from below; in particular, the minimum authorized capital of an OJSC must be at least 1,000 times the minimum wage as of the date of its registration, and for a CJSC - at least 100 times the minimum wage.

If at the end of the next fiscal year it turns out that the value of the net assets of the joint-stock company will be less authorized capital, the company is obliged to declare and register in in due course reduction of its authorized capital. If the value of the specified assets of the company becomes less than that specified by law minimum size authorized capital, the company is subject to liquidation (see Articles 90 and 99 of the Civil Code of the Russian Federation).

When establishing a joint-stock company, all its shares must be placed among the founders and paid for within the period specified in the charter. According to the Russian federal law"About joint-stock companies» at least 50% of the shares distributed during the founding of the company must be paid up within 3 months from the date of its state registration, and the rest - during the year, unless otherwise provided statutory documents. The unpaid part of the authorized capital is reflected in the balance sheet asset under the item "Debts of participants (founders) on contributions to the authorized capital".

The authorized capital often consists of two parts: equity capital in the form of preferred shares and equity capital in the form of ordinary shares. Most often, preference shares make up an insignificant part of the authorized capital and over time are either redeemed by the company or converted into ordinary shares.

Additional capital is the conditional name of the source of financing, represented by an independent item in the liabilities side of the balance sheet. Behind this source, in fact, are the owners of ordinary shares.

Reserve capital is a source of financing, represented by an independent item in the liabilities side of the balance sheet, reflecting the company's reserves formed from net profit. In the balance sheet, the reserve capital is represented by two main items: reserves formed in accordance with the legislation, and reserves formed in accordance with the constituent documents. The first are created in without fail, the second - at the discretion of the company's management.

Profit - this source is fundamentally different from those considered. The fact is that all the above sources are included in the group of so-called non-distributable funds and reserves, i.e. they cannot be used to accrue dividends, while the profit is potentially available for such an operation. Profits can be shown on the balance sheet different ways; in particular, in the balance sheet format recommended by the Russian Ministry of Finance, profit is presented only in terms of cumulative retained earnings; profit of the reporting period can be seen only in the income statement.

Borrowed capital is money third parties granted to the enterprise on a long-term basis. Although this is a long-term, but temporary source of funding.

Borrowed funds represent someone else's capital that an economic entity can acquire from its owner for certain time. These resources differ from equity capital in that they are received for temporary use, as a rule, for a fee and are subject to return within a specific time frame.

The conditions for their receipt and return are regulated relevant treaty concluded between the lender and the borrower of capital. The contract determines its volume, form of provision, directions for spending funds, the amount and method of establishing material support, repayment terms, the price of borrowed funds and some other conditions.

Short-term sources of financing. These sources are presented in the balance sheet liability in the form of the company's liabilities to third parties, which must be repaid within 12 months. since the reporting date. Creditors actually stand behind these sources; suppliers of raw materials, banks, the state, employees of the company, etc.

Each organization, depending on the profile of its activities, social and technical condition there is a need to attract funding sources. If, as a result of attracting sources of financing, the efficiency of the organization's activities increases, then with with good reason we can talk about the expediency of the investments made. At the same time, the question arises, due to which sources the increase occurred - own or borrowed.

If the main focus was on borrowed funds, i.e. loans, loans and accounts payable, it is obvious that in subsequent periods these sources may not be, at least in the same size. AT such a case an increase in the mobility of property is unstable, because an increase in the share of borrowed funds indicates an increase in the financial instability of the organization and an increase in the degree of its financial risks, as well as an active redistribution (in conditions of inflation and failure to meet deadlines financial obligations) income from creditors to the debtor organization.

2. Methods of forecasting possible bankruptcy enterprises

Bankruptcy is inevitable for any modern market, which uses insolvency as a market tool for the redistribution of capital and reflects objective processes structural adjustment of the economy.

The lack of investment inflows into the economy calls into question the very existence of a number of enterprises. At present, the rise of many, even promising, enterprises is hindered by huge accounts payable to suppliers, the budget, and the workforce. No investor will invest knowing that his money will be used to pay off the company's debts.

Determining the probability of bankruptcy has great importance to assess the state of the enterprise itself (the possibility of timely normalization financial situation, taking measures to restore solvency), and when choosing counterparties (assessment of the solvency and reliability of the counterparty).

Bankruptcy as a mechanism for improving the economy has long been one of the main instruments of the Western market. Bankruptcy is certainly a radical measure. This is the last opportunity to save this or that enterprise from the final collapse due to the transfer of management of an insolvent enterprise from an inefficient owner to a more efficient one.

The practice is not limited to the options presented earlier, i.e., a scorecard from groups financial indicators and a system of criteria for assessing the solvency of an enterprise. The reliability of the results obtained can be significantly increased if the analysis of the financial condition is supplemented with the forecasting of the probability of bankruptcy.

In the practice of intra-company control, a method of operational diagnostics of bankruptcy can be applied, using the method of discriminant analysis. Particular cases of discriminant analysis are models of a complex single-criteria assessment of the financial condition of an enterprise, where the probability of bankruptcy acts as an assessment criterion. To a certain extent, these models are not perfect for a number of reasons, but their advantage lies in the ability to quickly and comprehensively characterize the current financial condition of the enterprise in terms of the ability to meet its obligations, i.e., from the standpoint of solvency.

The simplest model for diagnosing bankruptcy or insolvency of an enterprise is a single-criteria two-factor model. When building a model, two indicators are taken into account - this is the coefficient current liquidity(coverage ratio) and the ratio of borrowed funds to the assets of the enterprise.

Single-criteria two-factor model for assessing the probability of bankruptcy of an enterprise

where Z is the probability of bankruptcy;

current liquidity ratio;

The ratio of borrowed funds (liabilities) to the balance sheet currency.

With Z = 0, the probability of bankruptcy is 50%;

at - the probability of bankruptcy is less than 50%;

at - the probability of bankruptcy is more than 50%, and it increases with increasing Z.

The two-factor bankruptcy probability model does not reflect such aspects of the financial condition of an enterprise as asset turnover, profitability, the rate of change in sales proceeds, and others. Forecasting accuracy is increased if one takes into account large quantity factors reflecting the financial condition of the enterprise. Such a model should include an assessment of the probability of insolvency of an enterprise based on Altman's Z-score or creditworthiness index. This model is the most famous and popular among other methods for diagnosing the insolvency of an enterprise.

Altman Z-Score or Credit Index

where - the share of working capital in the assets of the enterprise, is calculated as the ratio of working capital (form 1 page 290) to total amount assets (form 1 page 300);

The return on assets of an enterprise for retained earnings is calculated as the ratio of the amount of retained earnings of previous years (form 1, page 460) and retained earnings of the reporting period (form 1, page 470) to the total amount of assets (form 1, page 300);

Return on assets of the enterprise calculated on book profit enterprises before taxes, is calculated as the ratio of the amount of balance sheet profit (form 2, line 140) to the total amount of assets (form 1, line 300);

Coverage ratio market value own capital (the value of preferred and ordinary shares), that is, the ratio of the market value of ordinary and preferred shares (form 1, page 410) to the amount of long-term liabilities (form 1, page 590) and short-term liabilities(form 1 page 690);

The return of all assets, i.e. the ratio of revenue (form 2, page 010) to the total amount of assets (form 1, page 300).

The quantitative score of points and the probability of bankruptcy can be presented in the following form:

1.8 points or less - the probability of bankruptcy is very high;

1.81-2.765 points - the probability of bankruptcy is high;

2.765-2.99 points - the probability of bankruptcy is possible;

2.99 and above points - the probability of bankruptcy is unlikely.

When applying the Altman model, two types of forecast errors are possible:

1) it is predicted that solvency will be maintained, but in reality bankruptcy occurs;

2) bankruptcy is predicted, and the enterprise retains solvency.

According to E. Altman, with the help of this model, the forecast of bankruptcy on the horizon of one year can be set with an accuracy of up to 95%. In this case, an error of the first type is possible in 6% of cases, of the second type - in 3%. The forecast for the horizon of two years is 83%, while the error of the first type is possible in 28% of cases, and the second type - in 6%. Predict bankruptcy with some certain accuracy for more long term quite difficult with the help of a five-factor model, therefore E. Altmanov and a group of scientists in 1977 proposed a seven-factor model that allows predicting bankruptcy on a five-year horizon with an accuracy of up to 70%.

In addition to the presented models, practical activities There are other methods for diagnosing the financial condition of an enterprise and its solvency, for example, the Springate, Fullmer models, W. Beaver's scorecard, rating methods, odd sets, etc.

Rationally organized financial management can reduce the impact of the crisis in the form of financial insolvency and restore solvency and financial stability organization to save it from bankruptcy. The organization may be updated while maintaining the owners and managers, or the organization may be restructured (merger, division, accession, spin-off). Under other conditions financial failure may lead to the complete liquidation of the organization or the change of ownership and the restructuring of the organization's functioning.

System crisis management involves studying the nature, trends and practices of the development of an enterprise crisis, methods of diagnosing and early detection of its signs, ways and means, strategies and tactics, the use of which can ensure its financial recovery.

Financial sustainability advocates the most important characteristic stability of the organization. Financial stability is characterized by a continuous excess of income over expenses, free maneuvering of funds and their efficient use, uninterrupted production and sale of goods, works, services.

The financial condition of the organization can be assessed from the point of view of the short and long term. If the criteria for assessing the financial condition in the short term are liquidity and solvency, then from the position of the long-term perspective, the financial condition is characterized by financial stability.

Table 1 - Dynamics absolute indicators financial ratios organizations

The financial condition of the enterprise is unstable because the EU /< 0; Ет / < 0; Ео / = 0 это означает что затраты и запасы обеспечиваться за счет собственных оборотных средств и долгосрочных кредитов и займов.

Analysis relative indicators given below.

Table 2 - Dynamics of relative indicators of financial ratios of the organization

Analysis of the financial stability ratios indicates an unstable financial condition.

The autonomy coefficient is below the critical one and is 0.46, which indicates that the share of own funds in the volume of the enterprise's resources is 46%.

The ratio of borrowed and own funds is higher than the critical one and is 1.18, which indicates that the activities of the enterprise are financed by borrowed sources.

The ratio of working capital for the reporting period increased from -0.28 to 0.08, but is below the critical level.

The maneuverability coefficient is increasing, but its value at the end of the year indicates that the company does not have the opportunity for free financial maneuvering, since the share of funds invested in the most liquid assets is very small.

The funding ratio is below critical and is 0.85.

To change this financial condition, it is necessary to improve a number of financial indicators.

Table 3 - Dynamics of indicators of business activity of the organization

An analysis of business activity indicators shows that in reporting year there was an increase in the amount of revenue by 2% and the amount of net profit by 10%, the cost of fixed production assets amounted to 23,835 thousand rubles, which is 15% lower than last year. An increase in the amount of stocks negatively affects the financial result of the organization.

Table 4 - Dynamics of profitability indicators

Gross margin () reflects that in reporting period per ruble products sold account for 0.16 rubles. gross profit, which is 0.05 rubles more than in the previous period.

Net profitability (R 3) - shows that in the reporting period, 1 ruble of revenue accounts for 0.87 rubles. net profit.

Cost-effectiveness (), shows that in the reporting period, 1 ruble of costs accounts for 0.19 rubles. profit from the sale.

Return on assets () shows that in the reporting period for 1 rub. own property the company receives 0.09 rubles. profit, this is 0.01 rubles. more than in the previous period.

The return on equity () allows you to establish the relationship between the amount of invested own resources and the amount of profit received from their use, and is 0.19 rubles. in the reporting period, which is 10% less than in the previous

Return on permanent capital (R 8) - shows the efficiency of using capital invested in the activities of the organization for a long time, and is 9.55 rubles, which is 6% more than in the previous period.

Based on the foregoing, we can conclude that in the reporting period the company's activities were less efficient compared to the previous year.

Bibliography

1. Blank I.A. Financial management: Training course. - 2nd ed., revised. and additional - K .: Elga, Nika-Center, 2005. - 656 p.

2. Gavrilova A.N. Financial management: tutorial/ A.N. Gavrilova, E.F. Sysoeva, A.I. Barabanov, G.G. Chigarev, L.I. Grigorieva, O.V. Dolgova, L.A. Ryzhkov. - 5th ed., erased. - M.: KNORUS, 2009. - 432 p.

3. Kovalev V.V. Financial management: theory and practice. - M.: TK "Velby", Publishing house "Prospect", 2006. - 1016 p.

4. Kolchina N.V. Financial management: textbook. manual for students of universities studying in the specialties of economics and management / N.V. Kolchina, O.V. Portugalova, E.Yu. Makeev; ed. N.V. Quiver. - M.: UNITI-DANA, 2008. - 464 p.

5. Lapusta M.G., Mazurina T.Yu., Skamai L.G. Finance of organizations (enterprises): Textbook. - M.: INFRA-M, 2007. - 575 p. - (Higher education).

6. Makarova L.G. Economic analysis in the management of the company's finances: textbook. allowance for students. higher textbook institutions /L.G. Makarova, A.S. Makarov. - M.: Publishing Center "Academy", 2008. - 336 p.

7. Plaskova N.S. Economic analysis: textbook. - 2nd ed., revised. and additional - M.: Eksmo, 2009. - 704 p. - (Higher economic education).

8. Sirotkin V.B. Financial management of the firm: Proc. allowance / V.B. Sirotkin. - M.: Higher. school, 2008. - 320 p.

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The liabilities side of the balance sheet reflects the company's decisions on the choice of a source of financing. Sources of economic funds (liability) are divided into own and borrowed funds or according to the urgency of their return. Own sources belong to the enterprise itself and are presented in the first section of the liability in the form of capital and reserves, and attracted, that is, borrowed or arising in the course of settlement relations in the form credit debt, are divided into long-term and short-term, depending on the duration of their consolidation. This determines the structure of the Liabilities of the balance sheet and the sequence of placement of sources of economic funds in it. Passive(sources of economic funds) consists of 3 sections: capital and reserves ( own sources); long-term liabilities and short-term liabilities (borrowed sources).

Sources of own funds:

Authorized capital- set in monetary terms contributions of founders (owners) to property (value of fixed assets, intangible assets, negotiable and Money) when creating an enterprise to ensure its activities in the amount determined by the constituent documents. It is formed during the initial investment of funds. Its value is announced during the registration of the enterprise, and any adjustments in the size of the authorized capital (additional issue of shares, reduction in the nominal value of the share, making additional contributions, admitting a new participant, joining part of the profit, etc.) are allowed only in cases and in the manner prescribed by the current legislation.

Profit- the amount of excess of income over expenses of the enterprise received from the beginning of the year to the reporting period, from the sale of products, works, services, material assets, fixed assets, including the excess of non-operating income over expenses. In the balance sheet, profit is present explicitly as retained earnings, as well as in a veiled form - the creation of funds and reserves at the expense of profit

Reserves and financing- the amount of unused intended purpose reserves, etc.

Sources of borrowed funds:

Borrowed funds- the amount of shares issued and sold by the enterprise labor collective, company shares and bonds, short-term and long-term liabilities, etc.

long term duties are obligations that must be repaid over a period of more than one year. The main types of long-term liabilities are long-term loans and credits, bonds, long-term bills payable, obligations under pension payments and payments rent payments on long-term lease.

Short-term liabilities are liabilities that are covered current assets or repaid as a result of the formation of new short-term liabilities. Short-term obligations are usually repaid within a relatively short period (usually no more than one year). Short-term liabilities include items such as invoices and bills payable; debt certificates of receipt by the company short term loan; tax arrears and deferred taxes, which are essentially a form of credit provided to the company by the state in the form of a deferment tax payments; accounts payable; advances received; the portion of long-term liabilities payable in the current period. Allocation of short-term liabilities in separate group important for monitoring the liquidity of an enterprise.

Bank loans- the amount of received short-term and long-term bank loans (outstanding).

Settlements and other payables- amounts owed to suppliers for goods and services, issued promissory notes, advances received, wages, insurance, budget, etc.

Such a construction of the balance sheet makes it possible to create a clear idea of ​​the volume, structure and condition of the enterprise's funds, the provision of their own and attracted sources of their coverage, as well as financial results and their use. This information is extremely important for investors, lenders, suppliers, public finance and tax authorities and all other users financial statements, because it allows you to evaluate the profitability of the enterprise, its solvency, the state and efficiency of the use of resources, credit and settlement relations, viability and efficiency entrepreneurial activity. With the help of vertical and horizontal analyzes, the liability of the balance sheet is studied. The ratio between debt and equity is established, and then the sections of the liability are analyzed item by item. From a long-term perspective, the financial condition of the enterprise is characterized by the structure of sources, dependence on external investors and creditors, as well as financial stability. Evaluation of the structure of sources is necessary for external consumers of information to assess the risk of investments. For enterprise analysts this information necessary for assessing financial independence, as well as for developing further financial policy.

Financial stability in the long run is characterized by the ratio of own and borrowed funds. However, this figure only overall score financial stability. Therefore, in the world and domestic accounting and analytical practice, a system of indicators has been developed.

1. Coefficient of ownership (autonomy) = SK / Pas. The autonomy coefficient characterizes the independence of the financial condition of an economic entity from borrowed sources of funds. It shows the share of own funds in the total amount of sources. For this coefficient, it is desirable that it exceeds 60% in its value. In this case, his creditors feel calm, knowing that all borrowed capital can be compensated by the property of the enterprise.

2. Coefficient of financial dependence \u003d ZK / SK. It is the ratio of debt capital to equity capital. The growth of this indicator means an increase in the share of borrowed funds in the financing of the enterprise. If its value is reduced to one (or 100%), this means that the owners fully finance their enterprise.

3. Investment coefficient \u003d SK / VA. Characterizes the viability of the enterprise: K inv =SK/VA≥1; shows how much equity is invested in VA and how much is invested in working capital. If the indicator is greater than 1, then this means that VA is completely formed at the expense of SC, and the enterprise has its own working capital, therefore, it is viable, even if all borrowed funds are withdrawn from it at the same time, to what extent equity capital covers production investments.

4. Availability coefficient SOK=SOK/TA. working capital (working capital) is the part of the company's capital invested in its current assets (TA=PZ+DZ >1 year +DZ<1 года +КФВ ). The SOK availability ratio shows how many times own working capital exceeds current assets.

5. Agility coefficient =SOK/SK (≤0.5). Shows which part of the SC is in the mobile form.

6.Coefficient of property = VALUE OF PROPERTY IN MATERIAL FORM / WB (≥0.5).

7. Supply ratio = SOK / PZ (≥0.8). Shows how much of the PP is funded by the SC.

8. Growth of SOC = SC-VA. Indicates financial stability.

9. Creditor protection factor calculated as the sum of profit before tax and interest on the loan divided by the amount of interest paid on the loan.