Golovko V.I., Sharmans’ka V.M. A systemic approach to the formation of analytical indicators of the economic analysis of the financial condition of the enterprise
Effectiveness of the economic analysis of the financial condition of the enterprise, as an interlink between the financial management and accounting, on the one hand, and the information user and the factor of the formation of the target information support for the management process, on the other hand, assumes to a great extent the use of all available sources of information. As a result, the quality of ensuring the financial management, effectiveness of management mostly depends on the complexity, scope, depth and quality of the information system and the economic analysis in the area of which it is done [2, 3].
It is common knowledge that the development of the system of indicators always has a relative and creative nature. Thus, in order not to put accents on a somewhat controversial system of notions and categories of the system of indicators, not to carry out the comprehensive revision and specification of definitions, but to make further clear and consistent formulations of our own understanding of the category apparatus, the scientific and practical tools of the analyst, it is proposed to use our own selective approach to the formation of the system of indicators of the financial condition of the enterprise.
Hereinafter, the system of indicators means their arranged multiplicity, in which each indicator gives a quantitative and qualitative characteristic to the specific part of the status and development of the subject or phenomenon in conjunction with other indicators, but does not duplicate them. The properties of aggregation and divisibility are typical for it. For pragmatic semantization and the use, the system of indicators must meet some requirements. Among them, there are the most important ones, which have a methodological significance. They are: a) the necessary scope of coverage of all parts of the investigated subject or phenomenon by the system indicators; b) the interrelation between these indicators; c) verification.
We believe that in the process of the formation of the system of economic indicators one should be guided by some principles, but the implementation of these principles in reality is often constrained by some specific circumstances. The following principles are the most important :
- The principle of the dendrogram structure of the system of indicators.
- The principle of accessibility.
- The principle of optimal combination of absolute and relative indicators.
- The principle of informality.
Being guided by the maximum informativeness and the principle of permissible multicollinearity for the development of the methodology for making a comprehensive assessment of the financial condition of the enterprises, there were selected 56 financial indicators, which formed the content of the information area of the research . These indicators were grouped into 10 functional subsystems, each of which can characterize the relevant aspect of the activities of the business entities and has a direct or indirect impact on the financial condition of the enterprise, namely:
1) liquidity ratios (5 coefficients); 2) coefficients of the structure of the funds sources (6 coefficients); 3) ratios of the turnover of the floating funds (working, functioning capital) (8 coefficients); 4) coefficients of the capital turnover and the transformation of the assets (5 coefficients); 5) ratios of business activity: the turnover of accounts receivable and payable (4 coefficients); 6) the coefficients of business activity: the coefficients of the resource productive capacity (5 coefficients); 7) efficiency ratios: the total efficiency (7 coefficients); 8) profitability ratios: the total profitability of the capital (5 coefficients); 9) efficiency of the property use (7 coefficients); 10) analysis of the position of the enterprise on the securities market (5 coefficients).
The algorithm of the calculation of the formation of the system for making the analysis on the basis of the descriptive models can be recorded as a sequence of operations (Picture 1):
The proposed methodology differs from the existing methodologies by the fact that it has been developed and finalized not only as the system of indicators, but it also implies the sequential analysis of the indicators, the data set of which belongs to the category of time bands. In addition, the proposed three-stage scheme of sequential analysis allows you to thoroughly, comprehensively, and, in our opinion, the most accurately assess the financial condition of the enterprise.
While making the express and detailed economic analysis of the financial condition of the enterprises, we have proposed a method of the permissible multicollinearity (Picture 2), which allows us to reduce the number of iterative calculations as much as twice and to get the acceptable results. And the difference in quantitative calculations, when analyzing with other methods, is not more than the allowable error and has only the theoretical value with no impact on the quality of the analysis. For each pair of coefficients from item 5, 2 p* and Z are calculated.
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