home Economy Ekonomіchny analіz - Bolyuh MA, Burchevsky VZ

Ekonomіchny analіz - Bolyuh MA, Burchevsky VZ

8.4. Analіz lіkvіdnostі that platospromozhnostі for danimi P (C) BO number 2

In rinkovіy ekonomіtsі, if mozhliva lіkvіdatsіya of companies unaslіdok їh bankrutstva one s nayvazhlivіshih pokaznikіv fіnansovogo will Je lіkvіdnіst.

Fіnansovy mill of companies mozhna otsіniti s yogo Look korotkostrokovoї that dovgostrokovoї prospects. In korotkostrokovіy perspektivі kriterієm otsіnki fіnansovogo will pіdpriєmstva Yea i yogo lіkvіdnіst platospromozhnіst, tobto zdatnіst svoєchasno i in Povny obsyazі rozrahuvatisya for korotkostrokovimi zobov'yazannyami. Termіn "lіkvіdny" peredbachaє bezpereshkodne peretvorennya lane on groshі. Lіkvіdnіst pіdpriєmstva - tse yogo spromozhnіst peretvoryuvati svoї assets on groshі for pokrittya vsіh neobhіdnih platezhіv.

Naylіkvіdnіshoyu Je gotіvka (abo balance balance rahunka 311 "Potochnі rahunki in natsіonalnіy valyutі"). For the following rіvnem lіkvіdnostі asset Je korotkostrokovі іnvestitsії (Paper the tsіnnі) oskіlki in razі neobhіdnostі їh Shvydko mozhna realіzuvati.

Debіtorska zaborgovanіst - TER lіkvіdny asset oskіlki peredbachaєtsya scho rakhunok debіtori oplatyat in nayblizhchomu maybutnomu.

Naymensh lіkvіdnim precisely Je asset reserves, more for peretvorennya їh on groshі spochatku treba їh prodatsya. Otzhe, pid lіkvіdnіstyu whether Thou of asset slіd rozumіti mozhlivіst peretvorennya yogo on groshі and rіven lіkvіdnostі viznachaєtsya trivalіstyu perіodu, protyagom yakogo vіdbuvaєtsya tse peretvorennya. Shcho korotshim Je Tsey perіod then vischoyu bude lіkvіdnіst danogo aktivіv mind.

Korotkostrokovі zobov'yazannya - Tse Borg, lines yakih not perevischuє repayment of rock. Koli nastaє lines of payment, in pіdpriєmstva Got Booty dostatno pennies for SPLAT. Analіz lіkvіdnostі balance polyagaє in porіvnyannі koshtіv s asset zgrupovanih for rіvnem їhnoї lіkvіdnostі, іz zobov'yazannyami for pasiv, ob'єdnanimi for strings i їh repayment in order zrostannya Tsikh strokіv. Fallow od rіvnya lіkvіdnostі assets pіdpriєmstva podіlyayutsya on takі groups:

• Naybіlsh lіkvіdnі assets (A1) - tse sumi for vsіma statte koshtіv that їh ekvіvalentіv, tobto groshі, SSMSC mozhna vikoristati for precisely rozrahunkіv. Syudi nalezhat takozh korotkostrokovі fіnansovі vkladennya, Paper the tsіnnі, SSMSC mozhna prirіvnyati to pennies (tse rows 150, 220, 230, 240 other rozdіlu asset balance).
• Assets scho Shvydko realіzuyutsya, (A2) - tse assets for peretvorennya yakih on groshі potrіbny Pevnyi hour. At Qiu grupu vklyuchayut debіtorsku zaborgovanіst (rows 160 to 220). Lіkvіdnіst Tsikh aktivіv rіznoyu Yea i od deposits sub'єktivnih that ob'єktivnih faktorіv: kvalіfіkatsії fіnansovih pratsіvnikіv, platospromozhnostі platnikіv, minds vidachі kreditіv pokuptsyam toscho.
• Assets scho realіzuyutsya povіlno (A3) - tse stattі 2nd rozdіlu asset balance, SSMSC vklyuchayut reserves that INSHI oborotnі assets (. 100 to 140 rows on, and takozh number 250.). Stock is not shaping can Buti prodanі, Pokey Absent pokuptsya. Іnkoli pevnі reserves potrebuyut dodatkovoї obrobki for dwellers їh mozhna Bulo prodatsya and all tse potrіben hour.
• Assets scho vazhko realіzuyutsya (A4) - tse assets SSMSC peredbacheno vikoristovuvati in gospodarskіy dіyalnostі protyagom trivalogo perіodu. At Qiu grupu vklyuchayut usі stattі 1st rozdіlu asset balance ( "Neoborotnі assets").

Pershi three groupies aktivіv (naybіlsh lіkvіdnі; assets scho Shvydko realіzuyutsya; assets scho realіzuyutsya povіlno) protyagom stream gospodarskogo perіodu postіyno zmіnyuyutsya i nalezhat addition to precisely aktivіv pіdpriєmstva.

Pasiv balance vіdpovіdno to zrostannya strokіv zobov'yazan grupuyutsya repayment as follows:

• Negaynі pasiv (P1) - tse kreditorska zaborgovanіst (. 530 to 610 rows on), rozrahunki for divіdendami, svoєchasno not pogashenі loans (for danimi dodatku to balance).
• Korotkostrokovі pasiv (P2) - tse korotkostrokovі bankіv loans (row 500), precisely for zaborgovanіst dovgostrokovimi zobov'yazannyami (row 510), vekselі vidanі (row 520). For rozrahunku mainly pokaznikіv lіkvіdnostі mozhna koristuvatisya іnformatsієyu 4th rozdіlu balance ( "Potochnі zobov'yazannya").
• Dovgostrokovі pasiv (P3) - tse dovgostrokovі zobov'yazannya - 3rd rozdіl pasiv balance.
• Postіynі pasiv (P4) - tse stattі 1st rozdіlu pasiv balance ( "Vlasnyi kapіtal") - (number 380, and takozh number 430, 630..).

Pіdpriєmstvo bude lіkvіdnim, Yakscho yogo potochnі assets perevischuvatimut korotkostrokovі zobov'yazannya. Pіdpriєmstvo Mauger Buti lіkvіdnim in bіlshіy chi menshіy mіrі. Yakscho on pіdpriєmstvі werewolf kapіtal skladaєtsya in the main s koshtіv (pennies) that korotkostrokovoї debіtorskoї zaborgovanostі, then TAKE pіdpriєmstvo vvazhayut lіkvіdnіshim, nіzh those werewolves de kapіtal skladaєtsya Basically іz zapasіv. For otsіnki real rіvnya lіkvіdnostі pіdpriєmstva neobhіdno spend analіz lіkvіdnostі balance. Analіz lіkvіdnostі pіdpriєmstva peredbachaє two takі Etap:

skladannya lіkvіdnostі balance (Table 8.6.);

rozrahunok that analіz mainly pokaznikіv lіkvіdnostі.

Lіkvіdnіst balance - tse rіven pokrittya zobov'yazan pіdpriєmstva yogo assets, lines yakih peretvorennya on groshі vіdpovіdaє lines zobov'yazan repayment.

For viznachennya lіkvіdnostі balance neobhіdno porіvnyati pіdsumki for cutaneous GROUP asset i pasiv balance.

table 8.6

ANALІZ LІKVІDNOSTІ balance yew. UAH

Balance bude absolutely lіkvіdnim, Yakscho zadovolnyatime takі minds:

• Naybіlsh lіkvіdnі assets perevischuyut negaynі pasiv abo dorіvnyuyut їm.
• Assets scho Shvidky of realіzuyutsya, dorіvnyuyut korotkostrokovim pasiv abo bіlshі for them.
• Assets scho realіzuyutsya povіlno, dorіvnyuyut dovgostrokovim pasiv abo bіlshі for them.
• Assets scho vazhko realіzuyutsya, menshі for postіynі pasiv.

Yakscho on pіdpriєmstvі vikonuyutsya Pershi three minds tobto potochnі assets perevischuyut zovnіshnі zobov'yazannya pіdpriєmstva then obov'yazkovo vikonuєtsya th Stop Umov, oskіlki tse svіdchit about nayavnіst in pіdpriєmstva Vlasnyi werewolf koshtіv scho yogo zabezpechuє fіnansovu stіykіst. Nevikonannya odnієї s Persha minds troh ukazuє to those scho factual lіkvіdnіst balance vіdrіznyaєtsya od absolyutnoї.

For danimi tablitsі pіdpriєmstva balance scho analіzuєtsya, Je Basically lіkvіdnim. On kіnets zvіtnogo perіodu:

• A1> A1;
• A2 <P2;
• A3> P3;
• A4 <P4.

Against the absolute lіkvіdnim balance vvazhati not possible, oskіlki in pіdpriєmstva on kіnets zvіtnogo perіodu vinikli problemi s repayment korotkostrokovih kreditіv, kreditorskoyu zaborgovanіstyu item, robots Hotel.

Yakscho on pіdpriєmstvі rіven lіkvіdnostі nastіlki great scho pіslya repayment naybіlsh termіnovih zobov'yazan zalishayutsya zayvі Costa, you can priskoriti line rozrahunkіv s bank postachalnikami that іnshimi creditors.

Prospective lіkvіdnіst mozhna viznachiti, porіvnyuyuchi assets scho realіzuyutsya povіlno, іz dovgostrokovimi pasiv, tobto s maybutnіmi nadhodzhennyami that payments.

Balance lіkvіdnostі for kіlka perіodіv give uyavlennya about tendentsії zmіni fіnansovogo will pіdpriєmstva.

For skladannya fіnansovogo plan one іz Jerel Informácie Je balance lіkvіdnostі for Relief yakogo mozhna zdіysnyuvati prognoznі rozrahunki on vipadok lіkvіdatsії pіdpriєmstva.

Another Etap analіzu lіkvіdnostі pіdpriєmstva Je rozrahunok that analіz mainly pokaznikіv lіkvіdnostі. Pong zastosovuyutsya for otsіnki mozhlivostey pіdpriєmstva vikonati svoї korotkostrokovі zobov'yazannya. Pokazniki lіkvіdnostі give uyavlennya not tіlki about platospromozhnіst pіdpriєmstva for a specific date, and the second in vipadkah Nadzvychaina sytuatsia situatsіy.

Lіkvіdnіst pіdpriєmstva, yak vіdomo can quickly viznachiti for Relief koefіtsієntіv lіkvіdnostі. Koefіtsієnti lіkvіdnostі shaping can Buti rіznimi for titles, ale sutnіst їh in the main odnakova yak on pіdpriєmstvah of Ukrainian, so i in zarubіzhnih fіrmah that kompanіyah.

Osnovnі pokazniki lіkvіdnostі:

• Zagalny koefіtsієnt lіkvіdnostі (koefіtsієnt pokrittya, koefіtsієnt potochnoї lіkvіdnostі) daє zagalnu otsіnku platospromozhnostі pіdpriєmstva i rozrahovuєtsya of the formula:

Kz.l = [A1 + A2 + A3]: [P1 + P2].

Vіn pokazuє, skіlki UAH precisely aktivіv pіdpriєmstva pripadaє one hryvnia precisely zobov'yazan. Logіka tsogo pokaznika polyagaє in fact scho pіdpriєmstvo pogashaє korotkostrokovі zobov'yazannya mainly due rakhunok precisely aktivіv. Otzhe, Yakscho potochnі assets perevischuyut potochnі zobov'yazannya, pіdpriєmstvo vvazhaєtsya lіkvіdnim. Rozmіr perevischennya zadaєtsya koefіtsієntom pokrittya. Meaning tsogo pokaznika deposits of the Branch i od, od i mean dіyalnostі. In єvropeyskіy oblіkovo analіtichnіy praktitsі-induced criticality mіnіmalne values ​​tsogo pokaznika. Viznano scho potochnі assets povinnі vdvіchі perevischuvati korotkostrokovі zobov'yazannya.

Yakscho on pіdpriєmstvі vіdnoshennya precisely aktivіv i korotkostrokovih zobov'yazan nizhche for 1: 1, tse Yea svіdchennyam temple fіnansovogo riziku, oskіlki pіdpriєmstvo not zmozі oplatiti svoї rahunki. Spіvvіdnoshennya 1: 1 pripuskaє rіvnіst precisely aktivіv i korotkostrokovih zobov'yazan. Ale, on zvazhayuchi rіzny rіven lіkvіdnostі aktivіv can vvazhati, scho not OAO All assets will negayno realіzovanі and to vinikaє zagroza for fіnansovoї stabіlnostі pіdpriєmstva. Yakscho values ​​koefіtsієnta pokrittya uniquely perevischuє spіvvіdnoshennya 1: 1, it is possible to visnovuvati, scho Got pіdpriєmstvo znachnі oborotnі Costa, sformovanі zavdyaki Vlasnyi Jerel. W pozitsії kreditorіv pіdpriєmstva Taqiy varіant formuvannya werewolf koshtіv Je naybіlsh priynyatnim. Prote, s glancing manager digit nakopichennya zapasіv on pіdpriєmstvі, vіdvernennya pennies in debіtorsku zaborgovanіst Mauger poyasnyuvatis nezadovіlnim upravlіnnyam assets. Skorochennya quantities koefіtsієnta pokrittya Mauger article pid vplivom dvoh faktorіv: zbіlshennya precisely aktivіv i digit zrostannya korotkostrokovih zobov'yazan.

For reasons z'yasuvannya zmіni tsogo pokaznika neobhіdno proanalіzuvati zmіni in skladі Jerel koshtіv that їh rozmіschennі, porіvnyuyuchi s cob rock.

• Koefіtsієnt shvidkoї lіkvіdnostі - Tsey koefіtsієnt for smislovim values analogіchny koefіtsієntu pokrittya, tіlki vіn obchislyuєtsya for vuzhchogo Cola aktivіv precisely, if h rozrahunku viklyucheno naymensh lіkvіdnu їh Chastain - virobnichі stocks. Vіn obchislyuєtsya as follows:

Ksh.l = [A1 + A2]: [P1 + P2].

Materіalnі reserves viklyuchayutsya not stіlki fact scho stink Mensch lіkvіdnі and, head through those scho Costa, SSMSC mozhna will win in razі vimushenoї realіzatsії virobnichih zapasіv, shaping can Buti іstotno nizhchimi for vitrati on їhnyu zakupіvlyu. Over the minds rinkovoї Economy types situatsіya Yea, if for lіkvіdatsії pіdpriєmstva oderzhuyut 40% less then i od oblіkovoї vartostі zapasіv. "Rozumny" koefіtsієntom shvidkoї lіkvіdnostі Je spіvvіdnoshennya 1: 1.

Practical bagato of companies toil nizhchy koefіtsієnt shvidkoї lіkvіdnostі (napriklad, 0.5: 1), that for otsіnki їhnoї faktichnoї lіkvіdnostі treba proanalіzuvati tendentsії zmіni tsogo pokaznika for Pevnyi perіod. So, Yakscho zrostannya koefіtsієnta shvidkoї lіkvіdnostі Bulo pov'yazane in the main Zi zrostannyam nevipravdanoї debіtorskoї zaborgovanostі, the tse svіdchit about seryoznі fіnansovі problemi pіdpriєmstva. In zahіdnіy ekonomіchnіy lіteraturі Tsey koefіtsієnt nazivayut koefіtsієntom mittєvoї otsіnki.

• Koefіtsієnt absolyutnoї lіkvіdnostі viznachaєtsya of the formula:

Cubs. lіk = [A1]: [P1 + P2].

Tsey koefіtsієnt pokazuє, yak Chastain korotkostrokovih pozikovih zobov'yazan possible for neobhіdnostі pogasiti negayno. Theoreticity dostatnіm values ​​for koefіtsієnta absolyutnoї lіkvіdnostі Je spіvvіdnoshennya 0.2: 1. praktitsі faktichnі serednі values ​​koefіtsієntіv lіkvіdnostі buvayut uniquely nizhchimi, Ale Tse slit is not daє pіdstavi visnovuvati about nemozhlivіst pіdpriєmstva negayno pogasiti svoї Borg, more maloymovіrno, dwellers usі creditors pіdpriєmstva odnochasno before 'have revealed Yomou svoї borgovі vimogi.

Lіkvіdnіst of companies harakterizuє takozh pokaznik manevrenostі Vlasnyi werewolf koshtіv (kapіtalu scho funktsіonuє). Vіn viznachaєtsya yak vіdnoshennya penny koshtіv to kapіtalu scho funktsіonuє. Tsey pokaznik harakterizuє the Chastain Vlasnyi werewolf koshtіv, SSMSC perebuvayut in formі penny koshtіv scho toil absolutely lіkvіdnіst.

For pіdpriєmstva, Cauterets normal funktsіonuє, Tsey pokaznik zmіnyuєtsya od zero to odinitsі. Priynyatne orієntovne values ​​pokaznika vstanovlyuє pіdpriєmstvo samostіyno. Vono deposits od rіznih faktorіv, napriklad, od of naskіlki temple Je schodenna require pіdpriєmstva in vіlnih penny resources.

Otzhe can skazati scho lіkvіdnіst - tse spromozhnіst whether yakogo s aktivіv transformuvatisya in groshі (Costa) and rіven lіkvіdnostі viznachaєtsya trivalіstyu perіodu, protyagom yakogo qiu transformatsіyu mozhna zdіysniti. Scho Tsei korotshy perіod then vischoyu Je lіkvіdnіst.

W tsієyu metoyu viznachaєtsya іndeks lіkvіdnostі, yaky pokazuє Quantity dnіv, neobhіdnih for peretvorennya precisely aktivіv on gotіvku.

For viznachennya іndeksu lіkvіdnostі zdіysnyuyut Taqiy rozrahunok (tab. 8.7).

table 8.7

ROZRAHUNOK ІNDEKSU LІKVІDNOSTІ

For danimi Table. 8.7 іndeks lіkvіdnostі dorіvnyuvatime: 5850000/250000 = 23.4 days. Otzhe, danomu pіdpriєmstvu neobhіdno 23.4 days for peretvorennya precisely aktivіv on gotіvku.

Nayavnіst rіznih pokaznikіv lіkvіdnostі poyasnyuєtsya rіznimi іnteresami spozhivachіv analіtichnoї Informácie: koefіtsієnt absolyutnoї lіkvіdnostі Je vazhlivim for postachalnikіv sirovini i materіalіv; koefіtsієnt shvidkoї lіkvіdnostі - for bankіv; koefіtsієnt potochnoї lіkvіdnostі - for pokuptsіv i vlasnikіv aktsіy that oblіgatsіy pіdpriєmstva.

Prote slіd spetsіalno zaznachiti scho lіkvіdnіst pіdpriєmstva zovsіm not totozhna yogo platospromozhnostі. So, koefіtsієnti lіkvіdnostі mozhut harakterizuvati fіnansovy camp yak zadovіlny, however, sutі, otsіnka tsya bude pomilkovoyu, Yakscho in-line assets valued pitomu breaking bar matimut nelіkvіdnі assets th korotkostrokova debіtorska zaborgovanіst.

Platospromozhnіst oznachaє nayavnіst in pіdpriєmstva koshtіv i ekvіvalentіv, dostatnіh for rozrahunkіv s kreditorskoї zaborgovanostі scho potrebuє negaynogo maturity.

Find our platospromozhnostі Je:

• nayavnіst pennies in kasі, on the production rahunkah;
• vіdsutnіst prostrochenoї kreditorskoї zaborgovanostі.

However nayavnіst tіlki Neznachny zalishkіv pennies on the production rahunkah znovu Well did not oznachaє neplatospromozhnostі pіdpriєmstva, more on the Costa potochnі rahunki mozhut nadіyti protyagom kіlkoh dnіv.

Beruchi zagalom can skazati scho vpravnіst fіnansovogo pіdpriєmstva manager viyavlyaєtsya in fact dwellers on rozrahunkovomu rahunku that in kasі pennies Bulo not less then (ale th not bіlshe) nіzh potrіbno for vikonannya precisely platezhіv and Rasht їh Got Booty contribution to materіalnі that INSHI lіkvіdnі assets. Dosyagnennyu this camp, krіm usogo іnshogo, spriyaє literacy skladannya platіzhnih kalendarіv.

Instituted vvazhati, scho in pіdpriєmstva on the production rahunku Got Booty zalishok koshtіv, yaky dorіvnyuє rіznitsі mіzh kreditorskoyu zaborgovanіstyu vsіh vidіv, line Pay yakoї nastayut protyagom Pevnyi nayblizhchogo perіodu (napriklad, tizhnya abo decade) i Flow debіtorskoyu zaborgovanіstyu on korist pіdpriєmstva, platezhі for yakoyu ochіkuyutsya in that samy perіod.

Kreditorska zaborgovanіst 1 Bereznev - 840 tis. UAH. Debіtorska zaborgovanіst 1 Bereznev - 620 tis. UAH. Zalishok koshtіv on the production rahunku - 55 tis. UAH. Todі rіven potochnoї platіzhnoї gotovnostі stanovitime (55 • 100) :: (840 - 620) = 25%.

Odnієyu s povsyakdennih Turbota fіnansovoї service pіdpriєmstva Je zabezpechennya povnoї platіzhnoї gotovnostі, znizhennya yakoї sprichinyaєtsya often to the great unproductive vitrat pіdpriєmstva in viglyadі penі for stitching platezhіv. For otsіnki platospromozhnostі on pіdpriєmstvі skladaєtsya platіzhny balance (calendar) to be yak-date (Table. 8.8).

Yakscho balance aktivі platіzhnogo balance, the tse oznachaє neplatospromozhnіst pіdpriєmstva. Vіdomo scho otsіnka rіvnya platospromozhnostі daєtsya for danimi balance on osnovі characteristics lіkvіdnostі werewolf koshtіv, tobto s urahuvannyam hour, neobhіdnogo for peretvorennya їh on gotіvku.

table 8.8

PLATІZHNY Balance (CALENDAR), yew. UAH

Pіdvischennya rіvnya platospromozhnostі pіdpriєmstva deposits od polіpshennya rezultatіv yogo virobnichoї that komertsіynoї dіyalnostі. Vodnochase nadіyny fіnansovy mill deposits takozh i od ratsіonalnoї organіzatsії vikoristannya fіnansovih resursіv. Tom rinkovoї minds of Economy zdіysnyuєtsya not tіlki otsіnka aktivіv i pasivіv balance and th poglibleny schodenny analіz become th vikoristannya gospodarskih zasobіv. Інформаційною базою для такого аналізу є дані управлінського обліку.