Concentration ratio of raised funds. Standard value of the indicator. Ksk = Own capital

Capital structure- a concept introduced into modern financial analysis to denote the combination (ratio) of sources of debt and equity financing, which is adopted by a company to implement its market strategy. Attracting debt financing should work for the strategic objectives of the owner.

Capital structure indicators include:

To determine the degree possible risk Bankruptcies due to the use of borrowed funds are used capital structure indicators(financial stability). They reflect the ratio of equity and borrowed funds in the company’s sources of financing and characterize the degree of financial independence of enterprises from creditors.

Autonomy ratio (concentration of equity capital)

The coefficient shows specific gravity own funds in total amount sources of financing:

Ka = equity / total assets

This indicator determines the share of “other people’s money” in the total amount of claims against the company’s assets. The higher this ratio, the greater the likely risk for the lender. It represents the primary and broadest assessment that can be made when seeking to assess a lender's risk.

This value of the equity capital concentration ratio suggests that all liabilities can be covered by its own funds. An increase in this indicator reveals greater independence from the financial investments of third parties. At the same time, a decrease in this ratio signals a weakening of financial stability. Therefore, the higher this ratio, the more reliable the financial position of the enterprise appears to banks and creditors.

Gearing ratio

This ratio shows the share of borrowed funds in the total amount of financing sources.

The ratio characterizes the degree of dependence of the company on borrowed funds. It shows how many borrowed funds account for one ruble of own assets.

Kpz = borrowed capital / total assets

Accordingly, the value of this indicator should be less than 0.5. The higher this ratio, the more loans the company has and the riskier the situation, which can ultimately lead to the insolvency of the enterprise.

Coverage ratio of non-current assets

Kpv = (equity + long-term loans) / non-current assets

The excess of permanent capital over non-current assets indicates the solvency of the enterprise in the long term. Financial position An enterprise can be considered sustainable if the coefficient value is at least 1.1. The value of this coefficient below 0.8 indicates a deep financial crisis.

Interest coverage ratio (creditor protection)

Characterizes the degree of protection of creditors from non-payment of interest and shows how many times during the year the company earned funds to pay interest on loans.

KPP = earnings before interest and taxes (accounting profit) / interest payable

A ratio value above 1.0 means that the company has enough profit to pay interest on loans, i.e. creditors are protected.

Asset coverage ratio with own working capital

The coefficient shows the share of own working capital (net working capital) in the total amount of financing sources and is determined by the formula:

Kpa = own working capital / amount of assets

The coefficient value must be at least 0.1.

It should be borne in mind that the rational (optimal) option for forming the finances of an enterprise is considered to be the one when fixed assets are acquired at the expense of the enterprise’s own funds and long-term loans, and working capital - ¼ at the expense of own funds and long-term loans, ¾ - at the expense of short-term loans .

Borrowed capital and its features

Borrowed capital is an element in the calculation of many economic indicators that, to one degree or another, characterize the efficiency of an enterprise.

Increasing borrowed funds shows the success of the enterprise and indicates the confidence of creditors, and also helps to increase the profitability of equity. At the same time, the enterprise takes on the risk of impossibility of settlements on financial obligations, that is, the risk of loss of solvency and reduction of financial stability.

Features and disadvantages of debt capital

Features and advantages of debt capital:

• The higher the credit rating of the enterprise, the wider the opportunities for obtaining borrowed capital;
• Borrowed capital ensures the growth of the financial potential of the enterprise, which has a positive effect on the expansion of assets and an increase in the growth rate of economic activity;
• Debt capital has a lower cost when compared to equity capital;
• Borrowed capital leads to an increase in the return on equity ratio (ratio net profit enterprises to average cost his own funds).

Disadvantages of borrowing capital:

• With an increase in the share of borrowed funds in the total amount of capital, the risk of deterioration in financial stability and loss of solvency increases;
• When the rate decreases loan interest the use of previously received loans for an enterprise becomes unprofitable due to the availability of cheaper alternative sources of credit resources;
• Lenders' decisions to extend credit often depend on the availability of third-party guarantees or collateral.

Concept of gearing ratio

Definition 2

The debt capital ratio is a coefficient characterizing the amount of borrowed funds in the total capital.

The coefficient is determined based on the data balance sheet. It, in turn, is the main financial document of any organization and is a table with numerical values ​​of the value of the enterprise’s property, as well as its equity capital and borrowed funds. The cost of a company's borrowed funds is reflected in its second part, called liabilities.

The debt capital ratio is defined as the ratio of borrowed capital to the total amount of assets/liabilities of the balance sheet (to all capital) and shows what amount of borrowed capital falls on a unit of financial resources.

$Кзк = ЗК/А = ЗК/П$, where:

• Кзк – debt capital ratio,
• ZK – amount of borrowed capital,
• A – the amount of assets of the enterprise,
• P – the amount of liabilities of the enterprise.

There is also a concentration ratio of equity capital. It is calculated in a similar way. In this case, the sum of the coefficients of concentration of equity and borrowed capital equals one.

Coefficient value

The value of the debt capital ratio is considered normal when its size does not exceed 60-70%. The most optimal situation is in which the shares of equity and debt capital from the total amount are equal, that is, the value of the debt capital ratio is 0.5 (50%).

Note 1

The value of the debt capital ratio is positive assessment if it decreases. It is generally accepted that the lower the indicator, the more stable the financial condition of the enterprise. At the same time, a too low value indicates a missed opportunity to increase the return on equity capital, since the organization is too cautious in attracting debt. At the same time, a ratio above the norm indicates the organization’s strong dependence on creditors.

Ministry of General and Professional Education of the Russian Federation

Ulyanovsk State Technical University

Department: Information systems

Report

for laboratory work No. 4

“Technical and economic analysis of the enterprise’s activities”

Option No. 4

Completed:

student of group ISEd-52

Potekhin A.S.

Checked by the teacher:

Shanchenko N.I.

Ulyanovsk 2010

Financial stability analysis

Exercise:

Based on the balance sheet data (F.1), analyze the financial stability of the enterprise - calculate the indicators from table. 3.2. and characterize the financial stability of the enterprise and their observed current dynamics.

Solution:

Indicators of financial stability of the enterprise

Conclusions:

Concentration factor characterizes the share of the owners of the enterprise in the total amount of funds advanced for its activities. The higher the value of this coefficient, the more financially sound, stable and independent of external creditors the enterprise is. In the analyzed period, the dynamics of this coefficient is negative, although the deviation is small – 0.02.

Financial dependency ratio– shows the firm’s dependence on borrowed funds. Too large a share of borrowed funds reduces the solvency of the enterprise, undermines its financial stability and, accordingly, reduces the confidence of counterparties in it and reduces the likelihood of obtaining a loan. The value of this coefficient at the end of the period increased (+0.06), which indicates an increase in the financial dependence of this enterprise.

Equity agility ratio– shows what part of equity capital is used to finance current activities. The recommended value is 0.5 and higher. It depends on the nature of the enterprise’s activities: in capital-intensive industries its normal level should be lower than in material-intensive ones. The value of this coefficient at the end of the period remains above the standard, but compared to the beginning of the period the dynamics are negative (-0.05).

Concentration ratio of attracted capital– shows the share of attracted capital. The dynamics are positive (+0.02).

Long-term investment structure coefficient– shows what part of fixed assets and other non-current assets is financed from long-term borrowed sources. A low value of this ratio may indicate the impossibility of attracting long-term loans and borrowings, while a too high value may indicate the possibility of providing reliable collateral or financial guarantees, or a strong dependence on third-party investors. The dynamics are negative (-0.04).

Long-term leverage ratio– shows what part of the sources of formation of non-current assets as of the reporting date is accounted for by equity capital, and what part is accounted for by long-term borrowed funds. Especially high value This indicator indicates a strong dependence on attracted capital and the need to pay significant amounts in the future Money in the form of interest on loans. Negative dynamics are observed (almost twofold decrease -0.42). This indicates a decrease in dependence on attracted capital.

Raised capital structure ratio– shows what part of the enterprise has long-term liabilities during the analyzed period. Negative dynamics in this case (-0.02) indicates a decrease in long-term liabilities.

Ratio of attracted and own funds– shows how much equity is per 1 ruble of borrowed capital. The recommended minimum value is 1. Positive dynamics are observed (+0.06).

The final stage of assessing financial stability commercial organization is the calculation and analysis of relative indicators (financial ratios) of financial stability, which are sometimes called coefficients of market stability of an enterprise. Analysis of these coefficients is carried out in dynamics, in comparison with recommended values ​​and with data from other enterprises.

When carrying out the analysis, it is advisable to consider the dynamics of two groups of qualitative indicators:

1st group - characterizes the structure of sources of funds. Indicators for this group are formed by comparing certain groups of property and sources of its coverage. Conventionally, this group of indicators can be considered capitalization indicators.

2nd group - characterizes the quality of costs associated with maintenance external sources. Conventionally, this group of indicators can be considered coverage indicators. Using the indicators of this group, an assessment is made of whether the enterprise is able to maintain the existing structure of sources of funds.

Main coefficients of financial stability 1st group (capitalization)

are:

Equity concentration ratio

(financial autonomy, independence) - is defined as the ratio of the enterprise’s own capital to the total balance sheet of the enterprise.

Ksk = Equity

Balance currency

This ratio shows the share of equity capital in the total amount of funds advanced for its activities. It is believed that the higher the share of equity capital, the greater the chances of an enterprise to cope with market uncertainty.

The normal minimum value of this indicator is estimated at 0.5. If the value is greater than 0.5, then the company can cover all its obligations with its own funds.

The growth of the equity capital concentration ratio in dynamics is a positive factor, indicating an increase in the level of financial stability and a decrease in the level of dependence on external investors.

In addition to this indicator is the following coefficient:

♦ Concentration ratio of attracted funds

It is defined as the ratio of the amount of funds raised by the enterprise to the total balance sheet of the enterprise.

Kpc = Funds Raised

Balance currency

Its value shows the share of funds raised in the total amount of funds advanced for the activities of the organization. The growth of the indicator in dynamics is a negative factor, indicating a decrease in the level of financial stability and an increase in the level of dependence on external investors. The sum of the values ​​of the indicators Ksk and Kps equals 1 (or 100%).

Funding ratio

Ratio of equity capital to attracted capital borrowed funds am:

Kfin = Own capital

Involved funds

The value of the indicator shows what part of the organization’s activities is financed from its own funds, and what part from borrowed funds. This indicator is used to generally assess the level of financial stability. Recommended value of this indicator: Kfin > 0.7; optimal Kfin = 1.5. In other words, for every ruble of borrowed funds there should be at least 0.7 rubles. own funds.

Ratio of attracted and own funds(capitalization) - is defined as the ratio of the sum of long-term (LO) and short-term liabilities (CL) to the organization’s equity capital (SC):

Kz/s = (DO + KO) = Raised funds

SK Equity

This coefficient gives the most overall assessment financial stability of the enterprise. The value shows how many rubles of attracted capital are per 1 ruble. own capital. The growth of the indicator in dynamics indicates the increasing dependence of the enterprise on external investors and creditors, i.e. about some decrease in financial stability, and vice versa. This indicator is especially widely used when assessing the financial risk associated with a given enterprise.

The financial stability of an enterprise is the state of the enterprise’s financial resources in which it is able to ensure a continuous production process, expand economic activities and not experience difficulties with financing.

The analysis of financial stability is carried out using the balance sheet of the enterprise (Form 1) and is carried out by comparing the size and structure of its assets and liabilities. With regard to financial stability, the following types are distinguished:

1. Absolute financial stability means that there are no borrowed funds in the structure of the enterprise's liabilities. Such financial stability practically does not occur.
2. Normal financial stability is a state in which an enterprise ensures its activities with its own capital and long-term liabilities
3. An enterprise becomes financially unstable when the enterprise becomes dependent on short-term loans to finance its activities (no one gives long-term ones anymore)
4. Critical financial stability occurs when economic activity the enterprise is not provided with sources for the formation of liabilities and the enterprise is on the verge of bankruptcy.

To analyze the financial stability of an enterprise, there are a number of coefficients that are calculated using appropriate formulas. The main ones are:

Equity capital concentration ratio (autonomy ratio).

This coefficient characterizes the share of the owners of the enterprise in the total amount of funds invested in the enterprise. If this ratio is high, this means that the company is financially stable and weakly dependent on external creditors. An addition to this indicator of financial stability is the concentration ratio of attracted (borrowed) capital - their sum is equal to 1 (or 100%).

At present, no one can give a clear answer as to what the concentration of equity capital should be to maintain normal financial stability. It all depends on the region in which the company is located and the industry in which it operates. For industrial enterprises in countries former USSR the most common figure is 60% or more, for banks - 15%.

Financial dependency ratio.
This indicator of the financial stability of an enterprise is calculated by the formula:

From this formula it is clear that the coefficient of financial dependence is the inverse of the coefficient of concentration of equity capital. This indicator is better perceived by some people when assessing financial stability, because with a coefficient of 1.6 it becomes clear that for every $1 of owner funds there is $0.6 of borrowed funds.

Equity to debt ratio.
The formula by which this indicator of the financial stability of an enterprise is calculated looks like this:

This indicator for analyzing the financial stability of an enterprise is a variation of the previous two coefficients and is always one less than the financial dependence coefficient. Also created for ease of perception.

Debt capital concentration ratio.
This indicator of financial stability is calculated by the formula:

It is also closely related to the previous three indicators and is calculated for people who are comfortable with this particular form of representation about the proportion of equity and borrowed funds in the capital structure. Great importance The coefficient can signal both confidence on the part of banks and the pre-default state of the enterprise, a low one - either a cautious and balanced management policy, or a low level of confidence on the part of creditors. In any case, a deviation noticed during the analysis of financial stability should cause caution and subsequent clarification of the reasons.

To analyze the financial stability of an enterprise, it is not necessary to calculate all the previous four indicators; it is enough to choose the most convenient for yourself or for the person who will make the decision - they are still in different forms show the same thing.

Debt capital structure ratio.
This indicator of financial stability is determined by the formula:

This coefficient of financial stability of the enterprise shows what part of the liabilities consists of long-term loans. A low value of this indicator means that the company is highly dependent on short-term loans, and therefore on current market conditions.

Long-term investment structure coefficient.
This indicator of financial stability is obtained by the formula:

This ratio is calculated in order to obtain information about what part of fixed assets and other non-current assets is financed by external investors.

Equity capital agility ratio.
This indicator of financial stability is calculated using the formula:

Using this indicator of the financial stability of the enterprise, it is possible to determine which part is used in current activities and which is capitalized. This indicator may vary depending on the industry of the enterprise; the standard value is 0.4 - 0.6.