Evaluation of profitability and efficiency of financial investments of the enterprise. Analysis of the effectiveness of financial investments and investment policy of companies

Investments — this is long term investment funds into the assets of the enterprise in order to increase profits and increase equity. They differ from current costs by the length of time during which the enterprise receives an economic effect (increase in output, labor productivity, profit, etc.).
According to the objects of investment, investments are divided into real and financial. Real investment - this is an investment in updating the existing material and technical base of the enterprise, increasing its production capacity, development of new types of products or technologies, innovative intangible assets, construction of housing, social and cultural facilities, environmental costs, etc.
Financial investments - is a long-term investment in securities, corporate joint ventures that provide guaranteed sources of income or supply of raw materials, sales of products, etc.

The task of the analysis is to assess the dynamics, the degree of fulfillment of the plan and to find reserves for increasing the volume of investments and increasing their efficiency.
Volume Analysis investment activity should start with study of general indicators, such as gross investment and net investment. Gross investment — is the volume of all investments in the reporting period. Net investment less than gross investments by the amount of depreciation charges in the reporting period. If the amount of net investment is positive and has a significant share in the total amount of gross investment, then this indicates an increase in the economic potential of the enterprise, which directs a significant part of the profit into the investment process. On the contrary, if the amount of net investment is a negative value, then this means a decrease in the production potential of the enterprise, which “eats away” not only its profit, but also part of it. depreciation fund. If the amount of net investment is zero, this means that the investment is carried out only at the expense of depreciation and that the enterprise does not have the economic growth and does not create a basis for profit growth.
The following indicators are used to assess the effectiveness of investments:
1. additional output per ruble of investment:
E \u003d (VP0 - VP0): And, where
E - investment efficiency;
VP0, VP1 - gross volume of production, respectively, with initial and additional investments;
And - the amount of additional investment;
2.reduction in the cost of production per ruble of investment:
E \u003d Q1 (C0-C1): And, where
Co, C1 - the cost of a unit of production, respectively, with initial and additional capital investments;
Q1 is the annual volume of production in physical terms after additional investments;
3. reduction of labor costs for production per ruble of investment:
E \u003d Q1 (TE0-TE1): And, where
TE0 and TE1 - respectively, the cost of labor for the production of a unit of output before and after additional investment.
If the numerator Q1 (T0-T1) is divided by the annual fund of working hours per worker, then we get a relative reduction in the number of workers as a result of additional investment;
4.increase in profit per ruble of investment:
E \u003d Q1 (P'1-P'0): And, where
P'1 and P'0 - profit per unit of output before and after additional investment, respectively;
5. payback period of investment:
T=I/Q1(TE0-TE1) or t=I/Q1(C0-C1).
All of the above indicators are used for integrated assessment investment efficiency, both in general and for individual objects.
It is necessary to study the dynamics of these indicators, the implementation of the plan, conduct an inter-farm comparative analysis, determine the influence of factors and develop measures to increase their level.
The main direction of increasing the efficiency of investments is the complexity of their use. This means that with the help of additional investments, enterprises must achieve optimal ratios between fixed and circulating assets, active and passive parts, power and working machines, etc.
Important conditions for increasing the efficiency of investment activity are the reduction of the construction-in-progress period and the reduction in the cost of commissioned facilities, as well as their correct operation (full use of design capacity, prevention of downtime of machinery, equipment, etc.).
Financial investment is an active form effective use temporarily free funds enterprises. This is an investment in:
profitable stock instruments (shares, bonds and other | securities freely traded on money market);
profitable types of monetary instruments, such as certificates of deposit;
statutory funds of joint ventures in order not only to make a profit, but also to expand the sphere of financial influence on other business entities, etc.
The analysis examines the volume and structure of investment in financial assets, its growth rates are determined, as well as the profitability financial investments in general and individual financial instruments.
Retrospective evaluation of the effectiveness of financial investments is made by comparing the amount of income received from financial investments with the average annual amount of this type of assets. The average level of return (DVK) may change due to: the structure of securities (Udi) with different levels of return; the level of profitability of each type of securities acquired by the enterprise (DVKi)
DVKi=∑(Udi*DVKi).
The return on securities must also be compared with the so-called alternative (guaranteed) income, which is taken as the refinancing rate or interest received on government bonds or treasury bills.
Forecasting economic efficiency individual financial instruments can be done using both absolute and relative indicators. In the first case, the current market price the financial instrument for which it can be purchased, and its intrinsic value based on the subjective assessment of each investor. In the second case, its relative profitability is calculated.
The difference between the price and value of a financial asset is that price — is an objective declared indicator, and intrinsic value - calculated indicator, the result of the investor's own subjective approach.
The current intrinsic value of any security in general view can be calculated using the formula:

where PVfi is real present value financial instrument;
CFn is the expected returnable cash flow in the nth period;
d is the expected or required rate of return on the financial instrument;
n is the number of income generation periods.
Substituting in this formula values of expected cash receipts, profitability and duration of the forecasting period, it is possible to calculate the current value of any financial instrument.
If the actual amount of invested costs (market value) on a financial instrument exceeds its current value, then it makes no sense for an investor to purchase it in the market, since he will receive a profit less than expected. On the contrary, it is profitable for the holder of this security to sell it under the given conditions.
As can be seen from the above formula, The fair value of a financial instrument depends on three main factors: expected cash receipts, the length of the projected period of receipt of income and the required rate of return. The forecasting horizon depends on the type of securities. For bonds and preferred shares it is usually limited, and for ordinary shares is equal to infinity.
The required rate of return, which the investor puts into the calculation algorithm as a discount, usually reflects the profitability of investment options alternative to this investor. It could be the size interest rate on bank deposits, interest rate on government bonds, etc.
Capital investments(investments) represent funds invested for a period of more than 12 months in the assets of the enterprise.
When analyzing the implementation of a capital investment plan, they study, firstly, implementation of the investment plan in general for reporting year and in its directions, then their dynamics, taking into account the price growth index. At the same time, they analyze the amount of investment per employee, the coefficient of renewal of fixed production assets.
The analysis examines the implementation of the plan indicators investment on a separate object of construction and installation works, and the reasons for their change from a given plan are also studied. The implementation of the plan for these works depends on such factors:
1) design and estimate documentation, which is approved for the enterprise;
2) the amounts of funding;
3) availability of material and labor resources for construction and installation works.
The indicators characterizing the implementation of the capital investment plan include implementation of planned indicators for commissioning building objects into action.
One of the main sources of income for an enterprise that is not directly related to its core business can be the provision of free own resources and other assets to other enterprises. This investment of free cash is called financial investment.
In the process of analyzing the effectiveness of financial investments for a period of more than 12 months, the amount of income received from a certain type of investment is compared with annual average this type of asset. The change in the average rate of return arises from the structure of securities that have various levels profitability and profitability of a particular type of securities that are acquired by the enterprise.
One of the more profitable investment investments are investment in shares joint activities of the agricultural sector of the economy. During the analysis process, comparing the yield of securities with alternative income, presented in the form of a refinancing rate or interest, which, it turns out, on government bonds or on obligations of the treasury bodies.
To predict the effectiveness of financial investments and make investment decisions, it is necessary to study income and expenses on them.
To the main methods of analysis of investment activity include:
1) determination of the level of return on investment;
2) finding the duration of the payback period of investments;
3) calculation of the net present value of investments;
4) determination of return on invested capital. These methods are based on a comparison of the amount of expected investment and future cash received. The calculation of the payback period of investments and the return on invested capital are based on the accounting amount of cash receipts, and the determination of the net present effect and the calculation of the level of return on investment on discounted income, taking into account the time period of cash flows.
In the process of analysis, they study return on invested capital, calculated by the ratio of the expected amount of profit to the expected amount of investment. Usage extension method lies in. calculating the amount of cash expected by the investor at the completion of the transaction by applying the initial investment amounts, the interest rate of return and the term. This method applicable to the analysis of the present cash flow to the future period.
Analyzing cash flow from the future to current period carried out with the help discounting method cash receipts, which provides an opportunity to find out the amount of money that needs to be invested today in order to receive a certain amount of money at the end of a given period.
5. Financial condition commercial organization and methods of its analysis.
The emphasis on the financial aspects of the activities of business entities, the growing role of finance is a trend characteristic of all countries.
Professional financial management inevitably requires deep analysis, which allows to more accurately assess the uncertainty of the situation using modern quantitative research methods. In this regard, the priority and role of financial analysis, i.e. complex system study financial condition enterprise (FSP) and the factors of its formation in order to assess the degree financial risks and predicting the level of return on capital.
FSP is characterized by a system of indicators that reflect the state of capital in the process of its circulation and the ability of a business entity to finance its activities at a fixed point in time.
In the process of supply, production, marketing and financial activities, there is a continuous circulation of capital, the structure of funds and sources of their formation, the availability and need for financial resources and, as a result, the financial condition of the enterprise, the external manifestation of which is solvency, change.
The financial condition can be stable, unstable (pre-crisis) and crisis. The ability of an enterprise to successfully operate and develop, maintain a balance of its assets and liabilities in a changing internal and external environment, constantly maintain its solvency and investment attractiveness within the boundaries acceptable level risk indicates its stable financial condition, and vice versa,
If solvency is is an external manifestation of the financial condition of the enterprise, then financial stability - its inner side, reflecting the balance of cash and commodity flows, income and expenses, means and sources of their formation.
To ensure financial stability, an enterprise must have a flexible capital structure and be able to organize its movement in such a way as to ensure a constant excess of income over expenses in order to maintain solvency and create conditions for normal functioning.
FSP, its sustainability and stability depend on the results, production, commercial and financial activities. If production and financial plans are successfully implemented, it has a positive effect on financial position enterprises. On the contrary, as a result of the decline in production and sales of products, there is an increase in its cost, a decrease in revenue and the amount of profit and, as a result, a deterioration in the financial condition of the enterprise and its solvency. Consequently, a stable financial condition is not a game of chance, but the result of skillful management of the entire complex of factors that determine the results of financial and economic activity enterprises.
A stable financial condition, in turn, has a positive effect on the volume of core activities, meeting the needs of production necessary resources. Therefore, financial activity as an integral part of economic activity should be aimed at ensuring the planned receipt and expenditure monetary resources, implementation of settlement discipline, achievement of rational proportions of own and borrowed capital and its most effective use.
The main goal of the financial activity of the enterprise— increasing own capital and ensuring a stable position in the market. To do this, it is necessary to constantly maintain the solvency and profitability of the enterprise, as well as the optimal structure of the asset and liability balance.
The main tasks of the analysis:
timely and objective diagnostics of the financial condition of the enterprise, the establishment of its "pain points" and the study of the reasons for their formation;
search for reserves to improve the financial condition of the enterprise: its solvency and financial stability;
development of specific measures aimed at more efficient use financial resources and strengthening the financial condition of the enterprise;
forecasting possible financial results and the development of models of financial condition under a variety of options for the use of resources.
The analysis of the financial condition is divided into internal and external, the goals and content of which are different.
Internal analysis of the FSP - this is a study of the mechanism of formation, placement and use of capital in order to search for reserves to strengthen the financial condition, increase profitability and increase the equity capital of a business entity.
External financial analysis - this is a study of the financial condition of a business entity in order to predict the degree of risk of investing capital and the level of its profitability.
According to most authors, the analysis of the FSP includes the following blocks:
a) assessment of property status and capital structure:
analysis of capital allocation;
analysis of sources of capital formation;
b) assessment of the efficiency and intensity of capital use:
analysis of profitability (profitability) of capital;
capital turnover analysis;
c) assessment of financial stability and solvency:
analysis of financial stability;
analysis of liquidity and solvency;
d) assessment of creditworthiness and bankruptcy risk.
It is most expedient to begin the analysis of the financial condition with the study of the formation and placement of the capital of the enterprise, assessing the quality of management of its assets and liabilities, determining operational and financial risks.
After that, it is necessary to analyze the efficiency and intensity of the use of capital, evaluate business activity enterprise and the risk of losing its business reputation.
Then you need to study the financial balance between separate sections and subsections of the asset and liability balance on a functional basis and assess the degree of financial stability of the enterprise.
At the next stage of the analysis, the liquidity of the balance sheet (the balance of assets and liabilities by terms of use), the balance of cash flows and the solvency of the enterprise are studied.
In conclusion, a general assessment of the financial stability of the enterprise and its solvency is given, a forecast is made for the future, and the probability of bankruptcy is assessed.
Such a sequence of analysis allows for a systematic approach to the presentation of the course and a deeper assimilation of its foundations.
As for the practice of conducting an analysis, the content and sequence of procedures completely depend on the purpose of the analysis and the information base. First, the analyst empirically must determine the priority areas of research, the main areas of risk concentration, and then the sequence of stages. This order of emphasis and priority may change during the course of the analysis.
The FSP analysis is based mainly on relative indicators, since absolute balance sheet indicators in inflationary conditions are very difficult to bring into a comparable form.
The relative indicators of the analyzed enterprise can be compared:
with generally accepted "norms" for assessing the degree of risk and predicting the possibility of bankruptcy;
with similar data from other enterprises, which makes it possible to identify strong and weak sides enterprise and its capabilities;
with similar data for previous years to study trends in the improvement or deterioration of the FSP.
The effectiveness of financial analysis largely depends on the organization and perfection of its information base. Main sources of information: reporting balance sheet (form No. 1), profit and loss statements (form No. 2), changes in capital (form No. 3), cash flows (form No. 4), appendix to the balance sheet (form No. 5) and other forms reporting, primary and analytical accounting data, which decipher and detail individual balance sheet items.
(!)Financial condition of a commercial organization characterizes the state of capital in the course of its turnover and the ability of an economic entity to self-develop certain period time.
Efficient Management financial resources enterprise inevitably requires a deeper analysis, which allows for an accurate assessment of its position, through the application of new quantitative research methods. Thus, there is a growing need to use financial analysis based on a comprehensive systematic study of the financial condition of an enterprise and the factors of its formation in order to determine the level of financial risks and predict the value of return on capital.
The stability and stability of the financial condition of the enterprise is influenced by the final results of its production, commercial and financial activities. Achieving a sustainable financial condition is possible through professional, competent management of the entire set of factors that determine the results of its activities.
Main goal The financial activity of the enterprise is to increase its own capital and strengthen its position in the market. One of the main tasks of the analysis of the financial condition are:

identifying the causes that negatively affect financial activity, as well as the elimination of shortcomings;
search for reserves to increase the level of financial condition and solvency of the enterprise;
forecasting possible profits, the level of profitability, taking into account the real business conditions, as well as the availability of own and borrowed production resources;
development of measures for the development of identified reserves to improve the financial condition of the enterprise.

The financial condition of the enterprise is largely determined by its disposable property, as well as in what assets the capital is invested and how much income it receives from them. Information on the placement of capital, which is at the disposal of the enterprise, is reflected in the asset balance, i.e. for each separate type of allocated capital, there is a certain item of the balance sheet asset. According to these data, it is possible to determine the changes that have occurred in the assets of the enterprise, which part is represented by fixed assets of the enterprise, and which working capital, including manufacturing process and sphere of circulation.
During the analysis of the assets of the enterprise, it is necessary to investigate changes in their composition and structure, and then evaluate them. In the future, to study in more depth the composition, structure and dynamics of the fixed and working capital of the enterprise

Financial investment is an active form of effective use of temporarily free funds of an enterprise. It can be carried out in various forms.1. Capital investment in profitable South instruments (shares, bonds and other foam papers freely circulating on the money market).2. Capital investment in profitable types of monetary instruments, such as certificates of deposit.3. Capital investment in the authorized capital of joint ventures with the aim of not only making a profit, but also expanding the sphere of financial influence on other business entities. The analysis examines the volume and structure of investment in financial assets, determines the rate of its growth, as well as the profitability of financial investments in general and individual financial instruments. A retrospective assessment of the effectiveness of financial investments is made by comparing the amount of income received from financial investment with the average annual amount of this type of assets. The average level of profitability (L V K) may change due to the structure of securities with different levels of profitability

(UD): the rate of return of each type of securities purchased

enterprise (DVK,).

Called alternative (guaranteed) income, which is accepted as a refinancing rate or percentage,

received on government bonds or treasury bills. Forecasting the economic efficiency of individual financial instruments can be done using both absolute and relative indicators. In the first case, the current market price of a financial instrument is determined, at which it can be purchased, and its intrinsic value based on the subjective assessment of each investor. In the second case, its relative profitability is calculated. The current intrinsic value of any security in general terms can be calculated using the formula

n - the number of periods of receipt of income. By substituting the values of expected cash receipts, profitability and the duration of the forecasting period into this formula, it is possible to calculate the current value of any financial instrument. If the actual amount of invested costs ( market price) for a financial "instrument" will exceed its current value, then it makes no sense for an investor to purchase it on the market. because he will receive less than expected profit. On the contrary, it is profitable for the holder of this security to sell it under the given conditions. As you can see from the above formula, the present value of a financial instrument depends on three main factors: the expected cash flows, the length of the projected period of earnings and the required rate of return. The forecasting horizon depends on the type of foam paper. For bonds and preferred shares, it is usually limited, and for ordinary shares it is equal to infinity. The required rate of return, included by the investor in the calculation algorithm as a discount, reflects. as a rule, the profitability of options for capital investment alternative for a given investor. This can be the interest rate on bank deposits, the level of interest on government bonds PIYA and hell. Bond yield analysis. Bonds belong to the class of securities confirming the obligation of the issuer to reimburse face value to its holder within the prescribed period with the payment of a fixed interest income. According to the forms of payment of income, they are divided into interest and discount. For interest-bearing bonds, the terms of the issue provide for periodic payment of interest in accordance with the coupon rate established for them. There are bonds with a fixed and floating interest rate, which varies depending on the level of inflation or the interest rate for a loan. Interest on them can be paid evenly or at the end when they are redeemed. For discount bonds, the terms of issue do not provide for the payment of interest income. The income of the bondholder is formed as the difference between the face value of the bond and the purchase price cc, which is set on a discount basis. Such a bond generates a cash flow only once at the time of redemption. The peculiarities of the formation of a returnable cash flow for individual types of securities determine the variety of models for determining their current value. The basic model for estimating the present value of bonds with periodic interest payments looks like in the following way:

From here it is obvious that the current value of the bond depends on the value of the market interest rate and the term to maturity. If r > k, then the current value of the bond will be less than the face value, i.e. The bond will be sold at a discount. If g< к, то текущая стоимость облигации будет больше номинала, т.е. облигация продается с премией. Если г = к, то текущая стоимость облигации равна ее номиналу. Из этого следует, что если доходность облигации не меняется в течение срока с обращения, то по мере уменьшения срока до погашения величина дисконта или премии будет начать. Причем эти изменения более существенны по мере приближения срока погашения (рис. 16.3).Доход по купонным облигациям состоит, во-первых, из периодических выплат процентов (купонов), во-вторых, из exchange rate difference between the market price and the nominal price of the bond.

Therefore, several indicators are used to characterize the yield of coupon bonds:

a) coupon yield, the rate of which is announced when you

launch of bonds;

b) current yield, which is the ratio of interest income to the purchase price of a bond:

It is higher than the coupon yield because the bond was purchased at a price below its face value; c) yield to maturity. It is higher than the coupon yield because the bond was purchased at a price below its face value:

The yield to maturity in this case is higher than the current yield because the bond was purchased at a price lower than its face value. When buying a bond at a price above its face value, the yield to maturity will be lower than the current yield of this security. The model for estimating the current value of a bond with the payment of the entire amount of interest upon its redemption:

There is no periodic annual income. The holder of this bond receives income in the form of accrued interest and redeemed face value at the end of its circulation period. Let us suppose that on the same bond all interest due for three years is paid at maturity.

Under such conditions, its price becomes lower by 21.4 rubles.

(904 - 882.6), because all income will be received after three years. Since the secret bond does not bring current income, its current yield is not determined, and the yield to maturity is calculated as follows:

This will be her fair price to date. It is equivalent to the amount of investment, putting which in the bank at 12% per annum, we will receive the same income in three years:

Suppose you want to determine the yield level of a bond to maturity, if the purchase yen is 850 rubles, the redemption price (face value) is 1000 rubles, the maturity of the bond is 90 days: a) by effective rate percent

Analysis of stock returns. A share is a security that certifies the participation of its owner in the formation of the authorized capital of a joint-stock company and gives the right to receive an appropriate share of its profit in the form of a dividend and accumulated capital. To assess its current value and profitability, it is necessary to take into account the type of share (preferred or common), the limited or unlimited period of its circulation. view dividend payments(with a stable, constantly increasing or fluctuating level of dividends) The model for assessing the current value of preferred and simple with a stable (fixed) level of dividends is determined by the ratio of the amount of the annual dividend to the market rate of return:

The current value of shares with a uniformly and constantly increasing level of dividends is determined as follows (Gurdon model):

The current value of a stock with a fluctuating dividend level is determined as follows:

where CV is the market value of the share at the end of the period of its sale

n is the number of periods of use of the action.

Income from shares consists of the amount of dividends received and income from the increase in their value. The current yield is determined by the ratio of the amount of dividends per share for the last year to the market value of the share:

Using the above models, it is possible to compare the profitability of investments in various financial instruments and choose the best option investment projects. At the same time, it should be borne in mind that the return on investment, expressed in different currencies, is not comparable.

different types securities the amount of transaction costs associated with the procedure

purchase and sale of securities: frequency and time of receipt of interest income; the level of inflation, supply and demand and other factors.

51.Analysis of sources of financing for innovations and other investment projects .

The successful implementation of the investment plan for innovative and other projects largely depends on the availability of funding sources for the enterprise. Simultaneously with the study of the dynamics and implementation of the capital investment plan, it is necessary to analyze the implementation of the plan for the formation of sources and financing. Financing of innovation and investment activities is carried out both at the expense of own funds enterprises (profits of the enterprise, depreciation, proceeds from the sale of fixed assets, reserve fund enterprises), as well as at the expense of borrowed funds (long-term bank loans, loans, leasing). For state enterprises may be allocated, in addition, budgetary appropriations. In connection with the transition to market economy share own sources financing of capital investments and the share of bank loans are increasing, and budget investments are shrinking. A distinction must be made between gross and net investment. Gross investment is the volume of all own investments in the reporting period. Net investments are less than gross investments by the amount of depreciation charges in the reporting period. If the amount of net investment is a positive value and occupies a significant share in the total amount of gross investment, then this indicates an increase in the economic potential of the enterprise, directing a significant part of the profit into the investment process. On the contrary, if the amount of net investment is a negative value, then this means a decrease in the production potential of the enterprise, “eating up” not only its profit, but also part of the depreciation fund. If the amount of net investment is zero, this means that the investment is carried out only at the expense of depreciation and that the enterprise is not growing economically and is not creating a base for increasing profits. In the process of analysis, it is necessary to study the implementation of the plan for the formation of funds for investment activities in general and for the main sources and establish the reasons for the deviation from the plan. It is also necessary to analyze changes in the structure of sources of funds for these purposes, to find out how optimally their own and borrowed funds. If the share of the latter increases, then this can lead to instability of the enterprise's economy, an increase in its dependence on banks and other organizations. The share of borrowed sources of financing capital investments depends on the following factors: the sufficiency of own funds for updating and expanding the material and technical base of the enterprise; the level of real interest rates on long-term bank loans, taking into account inflationary expectations and the effect financial leverage; the level of credit intensity of the enterprise and the availability of long-term loans for shortfalls; achieved level financial leverage (the ratio of equity and debt capital), which determines financial stability enterprises.

Attraction of this or that source of financing of investment projects is associated with certain costs for the enterprise: the issue of new shares requires the payment of dividends to shareholders; bond issue - interest payments; obtaining a loan paying interest on it; use of leasing - payment of remuneration to the lessor, etc. Therefore, the analysis process needs to determine the price of different sources of funding. (the method of determining which is described in paragraph 17.3.2) and choose the most profitable of them.

52. Analysis of the effectiveness of leasing operations

Leasing is one of the ways to accelerate the renewal of fixed assets. It allows the enterprise to get at its disposal the means of production without buying them and without becoming their owner. The effectiveness of leasing operations is studied by the lessee and the lessor. The disadvantage of leasing compared with bank loans is its higher cost, since the leasing payments that the lessee enterprise pays to the leasing institution must cover the depreciation of property, the cost of invested money and the remuneration for servicing the buyer.

Advantages of leasing for the tenant 1) the user enterprise is exempted from the need to invest a lump sum of a large amount, and the temporarily released amounts of funds can be used to replenish its own working capital, which increases its financial stability; as a result, taxable income decreases by this amount: 3) instead of the usual warranty period, the lessee receives warranty service for the equipment for the entire lease period; 4) it becomes possible to quickly increase production capacity, introduce scientific and technological progress, which contributes to increasing the competitiveness of the enterprise. In addition, leasing gives the enterprise to the tenant certain non-financial advantages. For an enterprise that uses rapidly aging equipment, such as computers, leasing allows you to insure against its depreciation. Leasing as an alternative financial method imputes sources of long-term and short term financing. Therefore, the advantages and disadvantages of leasing operations are compared primarily with the advantages and disadvantages of traditional sources of investment financing (long-term and medium-term loans). Consider it on specific example. Suppose a company needs to purchase equipment. Its value from the lessor is 500 million rubles. with even installment payment over five years. when purchased at a manufacturing plant - 400 million rubles. If you use the purchase option, you can get a loan from a bank for five years at 10% per annum. The income tax rate is 30%. It is required to evaluate the advantage of leasing compared to financing the purchase with a bank loan. The solution to this problem from the tenant's point of view is to determine the net payments reduced to the current date for both options and then compare them. To do this, you need to determine the discounted present value after tax payments: a) in case of leasing

When evaluating the effectiveness of leasing, not only cost savings are taken into account, but also other advantages listed above. For this, a system of private and generalizing indicators is used, as in assessing the effectiveness of investments, namely, an increase in the volume of products, an increase in its quality and competitiveness. growth of labor productivity, profit, profitability, reduction of the payback period, etc. The profitability of leasing is the ratio of the amount of profit received to the amount of leasing costs. The payback period of leasing for the enterprise-lessee is determined by the ratio of the amount of leasing payments to the average annual amount of additional profit or the use of leased funds. The increase in profit due to the use of leasing equipment can be determined in one of the following ways: a) by multiplying the actual amount of profit by the share of output produced on leasing equipment; b) multiplying the costs of leasing by the actual level of profitability of the enterprise's costs; c) multiplying the reduction in the cost of a unit of production produced on leasing equipment by the actual volume of sales of this product. The effect can be not only economic, but also social, expressed in facilitating and improving the working conditions of employees of the enterprise. The effectiveness of leasing from the lessor is also assessed using indicators net profit, profitability and payback period of investments in leasing operations. Forecasting the net present value of income from leasing operation for the lessor is determined as follows:

The payback period for leasing costs can be determined if the leasing costs are divided by the average annual amount of net profit from leasing:

53. Assessment of solvency based on liquidity indicators .

One of the indicators characterizing the financial position of the Enterprise is its solvency, i.e. the ability to timely repay their payment obligations in cash.

The assessment of solvency on the balance sheet is carried out on the basis of the characteristics of liquidity current assets, which is determined by the time required for their transformation into cash. The less time it takes to collect a given asset, the higher its liquidity. The liquidity of the balance sheet is the ability of a business entity to turn assets into cash and pay off its payment obligations, or rather, it is the degree of coverage of the enterprise's debt obligations by its assets, the period of conversion of which into cash corresponds to the maturity of payment obligations. It depends on the degree to which the amount of available means of payment corresponds to the amount of short-term debt obligations. The liquidity of an enterprise is more general concept than the liquidity of the balance sheet. The liquidity of the balance sheet involves finding means of payment only at the expense of internal sources(realization of assets). But an enterprise can attract borrowed funds from outside if it has an appropriate image in the business world and enough high level investment attractiveness. The concepts of solvency and liquidity are very close, but the second is more capacious. Solvency depends on the degree of liquidity of the balance sheet and the enterprise. At the same time, liquidity characterizes both the current state of settlements and the future. An enterprise may be solvent at the reporting date, but at the same time have unfavorable opportunities in the future, and vice versa. In the economic literature, the concepts of liquidity are distinguished total assets as an opportunity for their rapid implementation in case of bankruptcy and self-liquidation of the enterprise and the liquidity of current assets, which ensures its current solvency. 9.10 shows a block diagram showing the relationship between the solvency, liquidity of the enterprise and the liquidity of the balance sheet, which can be compared with a multi-storey building in which all floors are equivalent, but the second floor cannot be built without the first, and the third - without the first and second; if the first floor collapses, then all the rest too. Consequently, the liquidity of the balance sheet is the basis (foundation) of the solvency and liquidity of the enterprise. In other words, liquidity is a way to maintain solvency. But at the same time, if an enterprise has a high image and is constantly solvent, it is easier for it to maintain its liquidity.

Analysis of the liquidity of the balance sheet consists in comparing the funds for the asset, grouped by the degree of decreasing liquidity (Table 9.28), with short-term liabilities for liabilities, which are grouped by the degree of urgency of their repayment

First group (A1) includes absolutely liquid assets, such as cash and short-term financial investments. Second group (A2)- these are quickly realizable assets: finished products, goods shipped and accounts receivable. The liquidity of this group of current assets depends on the timeliness of the shipment of products, registration bank documents, speed of payment document flow in banks, demand for products, their competitiveness, solvency of buyers, forms of payment, etc. Third group (Az) are slow-moving assets ( productive reserves, work in progress, prepaid expenses). A much longer period will be needed to turn them into finished products, and then into cash. Fourth group (A4)- these are hard-to-sell assets: fixed assets, intangible assets, long-term financial investments, construction in progress. Accordingly, the obligations of the enterprise are divided into four groups:

P 1 - the most urgent obligations that must be repaid within a month ( accounts payable and bank loans, the repayment period of which has come, overdue payments);

P 2 - medium-term liabilities with a maturity of up to one year ( short-term loans jar);
P 3 - long-term loans bank and loans;
P 4 - own (share) capital, which is constantly at the disposal of the enterprise.
The balance is considered absolutely liquid if:

A 1 ≥ P 1; A 2 ≥ P 2; A 3 ≥ P 3; A 4 ≤ P 4.

The study of the ratios of these groups of assets and liabilities over several periods will make it possible to establish trends in the structure of the balance sheet and its liquidity.

Along with absolute indicators, to assess the liquidity and solvency of the enterprise, relative indicators are calculated: coefficient absolute liquidity, quick liquidity ratio and current liquidity ratio (Table 9.29).

These indicators are of interest not only for the management of the enterprise, but also for external subjects of analysis: absolute liquidity ratio - for suppliers of raw materials and materials, quick liquidity ratio - for banks, current liquidity ratio - for investors. Absolute liquidity ratio (norm cash reserves) is determined by the ratio of cash and short-term financial investments to the total amount of short-term debts of the enterprise. It shows which part short-term liabilities can be repaid with available cash. The higher its value, the greater the guarantee of debt repayment. However, even with a small value of it, an enterprise can always be solvent if it can balance and synchronize the inflow and outflow of funds in terms of volume and timing. Therefore, there are no general standards and recommendations on the level of this indicator. The presence or absence of overdue obligations, their frequency and duration complement the overall picture of the enterprise's solvency. accounts receivable, payments on which are expected within 12 months after the reporting date, to the amount of short-term financial liabilities. A ratio of 0.7-1 usually satisfies. However, it may not be sufficient if a large proportion of liquid funds is accounts receivable, some of which is difficult to collect in a timely manner. In such cases, a larger ratio is required. If a significant share of current assets is occupied by cash and cash equivalents (securities), then this ratio may be smaller. In our example, at the beginning of the year, the value of this coefficient is 0.9 (7600/8500), and at the end - 0, 72 (12 600/17 400), however, the main share in its composition is occupied by a group of absolutely liquid assets. Current liquidity ratio (total debt coverage ratio Ktl) - the ratio of the entire amount of current assets, including reserves, to the total amount of short-term liabilities; it shows the degree of coverage of current liabilities by current assets:

Excess of current assets over short-term financial obligations provides a reserve stock to compensate for losses that an enterprise may incur during the placement and liquidation of all current assets, except for cash. The larger this reserve, the greater the confidence of creditors that the debts will be repaid. A coefficient > 2 usually satisfies. In our example, its value at the beginning of the year is 1.74 (14,800/8500), at the end - 1.53 (26,700/17,400), which is significantly below the standard level, and there has been a tendency to its downgrade.

In the Republic of Belarus, its minimum level is set: for industrial enterprises- 1.7, agricultural enterprises - 1.5, construction organizations- 1.2, transport - 1.3, trade - 1.0, etc. If its actual value is below this level, then this is one of the grounds for recognizing the enterprise as insolvent. a period of six months:

where K tl1 and K tl0 - respectively, the actual value of the liquidity ratio at the end and beginning of the reporting period;
K TLnorm - the standard value of the current liquidity ratio;
6 - solvency recovery period, months;
T - reporting period, months. If K vp > 1, then the enterprise has a real opportunity to restore its solvency, and vice versa, if K vp< 1, у предприятия нет real opportunity restore your solvency as soon as possible.

If the actual level of K tl is equal to the standard value at the end of the period or higher, but there is a tendency to decrease, calculate the coefficient of loss of solvency (K y) for a period equal to three months:

When considering liquidity indicators, it should be borne in mind that their value is rather conditional, since the liquidity of assets and the maturity of obligations under balance sheet can be determined quite roughly. So, the liquidity of stocks depends on their quality (turnover, the share of scarce, stale materials and finished products). The liquidity of accounts receivable also depends on the speed of its turnover, the share of overdue payments and unrealistic for collection. Therefore, a radical increase in the accuracy of liquidity assessment is achieved in the course of internal analysis based on analytical data. accounting. The deterioration in the liquidity of assets is evidenced by an increase in the share of illiquid reserves, overdue receivables, overdue bills, etc.

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Financial investment is an active form of effective use of temporarily free funds of an enterprise. It can be carried out in various forms.1. Capital investment in profitable South instruments (shares, bonds and other foam papers freely circulating on the money market).2. Capital investment in profitable types of monetary instruments, such as certificates of deposit.3. Capital investment in the authorized capital of joint ventures with the aim of not only making a profit, but also expanding the sphere of financial influence on other business entities. The analysis examines the volume and structure of investment in financial assets, determines the rate of its growth, as well as the profitability of financial investments in general and individual financial instruments. A retrospective assessment of the effectiveness of financial investments is made by comparing the amount of income received from financial investments with the average annual amount of this type of assets. The average level of profitability (L V K) may change due to the structure of securities with different levels of profitability

(UD): the rate of return of each type of securities purchased

enterprise (DVK,).

called alternative (guaranteed) income, which is the refinancing rate or interest,

n - the number of periods of receipt of income. By substituting the values of expected cash receipts, profitability and the duration of the forecasting period into this formula, it is possible to calculate the current value of any financial instrument. If the actual amount of invested costs (market value) on a financial "instrument" exceeds its current value, then it makes no sense for an investor to purchase it in the market. because he will receive less than expected profit. On the contrary, it is profitable for the holder of this security to sell it under the given conditions. As you can see from the above formula, the present value of a financial instrument depends on three main factors: the expected cash flows, the length of the projected period of earnings and the required rate of return. The forecasting horizon depends on the type of foam paper. For bonds and preferred shares, it is usually limited, and for ordinary shares it is equal to infinity. The required rate of return, included by the investor in the calculation algorithm as a discount, reflects. as a rule, the profitability of options for capital investment alternative for a given investor. This can be the interest rate on bank deposits, the level of interest on government bonds PIYA and hell. Bond yield analysis. Bonds belong to the class of securities confirming the obligation of the issuer to reimburse the nominal value to its holder within the stipulated period with the payment of a fixed interest income. According to the forms of payment of income, they are divided into interest and discount. For interest-bearing bonds, the terms of the issue provide for periodic payment of interest in accordance with the coupon rate established for them. There are bonds with a fixed and floating interest rate, which varies depending on the level of inflation or the interest rate for a loan. Interest on them can be paid evenly or at the end when they are redeemed. For discount bonds, the terms of issue do not provide for the payment of interest income. The income of the bondholder is formed as the difference between the face value of the bond and the purchase price cc, which is set on a discount basis. Such a bond generates a cash flow only once at the time of redemption. The peculiarities of the formation of a returnable cash flow for individual types of securities determine the variety of models for determining their current value. The basic model for estimating the fair value of bonds with periodic interest payments is as follows:

From here it is obvious that the current value of the bond depends on the value of the market interest rate and the term to maturity. If r > k, then the current value of the bond will be less than the face value, i.e. The bond will be sold at a discount. If g< к, то текущая стоимость облигации будет больше номинала, т.е. облигация продается с премией. Если г = к, то текущая стоимость облигации равна ее номиналу. Из этого следует, что если доходность облигации не меняется в течение срока с обращения, то по мере уменьшения срока до погашения величина дисконта или премии будет начать. Причем эти изменения более существенны по мере приближения срока погашения (рис. 16.3).Доход по купонным облигациям состоит, во-первых, из периодических выплат процентов (купонов), во-вторых, из курсовой разницы между рыночной и номинальной ценой облигации.

Therefore, several indicators are used to characterize the yield of coupon bonds:

a) coupon yield, the rate of which is announced when you

launch of bonds;

b) current yield, which is the ratio of interest income to the purchase price of a bond:

Under such conditions, its price becomes lower by 21.4 rubles.

This will be its fair price today. It is equivalent to the amount of investment, putting which in the bank at 12% per annum, we will receive the same income in three years:

Suppose you want to determine the yield level of a bond to maturity if the purchase yen is 850 rubles, the redemption price (face value) is 1000 rubles, the maturity of the bond is 90 days: a) at the effective interest rate

Analysis of stock returns. A share is a security that certifies the participation of its owner in the formation of the authorized capital of a joint-stock company and gives the right to receive an appropriate share of its profit in the form of a dividend and accumulated capital. To assess its current value and profitability, it is necessary to take into account the type of share (preferred or common), the limited or unlimited period of its circulation. type of dividend payments (with a stable, constantly increasing or fluctuating level of dividends) The model for assessing the current value of preferred and simple with a stable (fixed) level of dividends is determined by the ratio of the amount of the annual dividend to the market rate of return:

The current value of shares with a uniformly and constantly increasing level of dividends is determined as follows (Gurdon model):

The current value of a stock with a fluctuating dividend level is determined as follows:

where CV is the market value of the share at the end of the period of its sale

n is the number of periods of use of the action.

Using the above models, one can compare the profitability of investments in various financial instruments and choose the most optimal option for investment projects. At the same time, it should be borne in mind that the return on investment, expressed in different currencies, is not comparable.

different types of securities the amount of transaction costs associated with the procedure

purchase and sale of securities: frequency and time of receipt of interest income; the level of inflation, supply and demand and other factors.

51. Analysis of sources of financing for innovations and other investment projects .

The successful implementation of the investment plan for innovative and other projects largely depends on the availability of funding sources for the enterprise. Simultaneously with the study of the dynamics and implementation of the capital investment plan, it is necessary to analyze the implementation of the plan for the formation of sources and financing. Financing of innovative and investment activities is carried out both at the expense of the enterprise's own funds (profit of the enterprise, depreciation deductions, proceeds from the sale of fixed assets, the reserve fund of the enterprise), and at the expense of borrowed funds (long-term bank loans, loans, leasing). For state-owned enterprises, in addition, budget allocations may be allocated. In connection with the transition to a market economy, the share of own sources of financing capital investments and the share of bank loans are increasing, while budget investments are declining. A distinction must be made between gross and net investment. Gross investment is the volume of all own investments in the reporting period. Net investments are less than gross investments by the amount of depreciation charges in the reporting period. If the amount of net investment is a positive value and occupies a significant share in the total amount of gross investment, then this indicates an increase in the economic potential of the enterprise, directing a significant part of the profit into the investment process. On the contrary, if the amount of net investment is a negative value, then this means a decrease in the production potential of the enterprise, “eating up” not only its profit, but also part of the depreciation fund. If the amount of net investment is zero, this means that the investment is carried out only at the expense of depreciation and that the enterprise is not growing economically and is not creating a base for increasing profits. In the process of analysis, it is necessary to study the implementation of the plan for the formation of funds for investment activities in general and for the main sources and establish the reasons for the deviation from the plan. It is also necessary to analyze changes in the structure of sources of funds for these purposes, to find out how optimally their own and borrowed funds are combined. If the share of the latter increases, then this can lead to instability of the enterprise's economy, an increase in its dependence on banks and other organizations. The share of borrowed sources of financing capital investments depends on the following factors: the sufficiency of own funds for updating and expanding the material and technical base of the enterprise; the level of real interest rates on long-term bank loans, taking into account inflationary expectations and the effect of financial leverage; the level of credit intensity of the enterprise and the availability of long-term loans for shortfalls; the achieved level of financial leverage (the ratio of equity and debt capital), which determines the financial stability of the enterprise.

52. Analysis of the effectiveness of leasing operations

Advantages of leasing for the tenant 1) the user enterprise is exempted from the need to invest a lump sum of a large amount, and the temporarily released amounts of funds can be used to replenish its own working capital, which increases its financial stability; as a result, taxable income decreases by this amount: 3) instead of the usual warranty period, the lessee receives warranty service for the equipment for the entire lease period; 4) it becomes possible to quickly increase production capacity, introduce scientific and technological progress, which contributes to increasing the competitiveness of the enterprise. In addition, leasing gives the enterprise to the tenant certain non-financial advantages. For an enterprise that uses rapidly aging equipment, such as computers, leasing allows you to insure against its depreciation. Leasing as an alternative financial method imputes sources of long-term and short-term financing. Therefore, the advantages and disadvantages of leasing operations are compared primarily with the advantages and disadvantages of traditional sources of investment financing (long-term and medium-term loans). Let's look at this with a specific example. Suppose a company needs to purchase equipment. Its value from the lessor is 500 million rubles. with even installment payment over five years. when purchased at a manufacturing plant - 400 million rubles. If you use the purchase option, you can get a loan from a bank for five years at 10% per annum. The income tax rate is 30%. It is required to evaluate the advantage of leasing compared to financing the purchase with a bank loan. The solution to this problem from the tenant's point of view is to determine the net payments reduced to the current date for both options and then compare them. To do this, it is necessary to determine the discounted present value after tax payments: a) in the case of leasing

When evaluating the effectiveness of leasing, not only cost savings are taken into account, but also other advantages listed above. For this, a system of private and generalizing indicators is used, as in assessing the effectiveness of investments, namely, an increase in the volume of products, an increase in its quality and competitiveness. growth of labor productivity, profit, profitability, reduction of the payback period, etc. The profitability of leasing is the ratio of the amount of profit received to the amount of leasing costs. The payback period of leasing for the enterprise-lessee is determined by the ratio of the amount of leasing payments to the average annual amount of additional profit or the use of leased funds. The increase in profit due to the use of leasing equipment can be determined in one of the following ways: a) by multiplying the actual amount of profit by the share of output produced on leasing equipment; b) multiplying the costs of leasing by the actual level of profitability of the enterprise's costs; c) multiplying the reduction in the cost of a unit of production produced on leasing equipment by the actual volume of sales of this product. The effect can be not only economic, but also social, expressed in facilitating and improving the working conditions of employees of the enterprise. The effectiveness of leasing from the lessor is also assessed using indicators of net profit, profitability and payback period of investments in leasing operations. The projection of the net present value of income from a leasing operation for a lessor is determined as follows:

The payback period for leasing costs can be determined if the leasing costs are divided by the average annual amount of net profit from leasing:

53. Assessment of solvency based on liquidity indicators .

One of the indicators characterizing the financial position of the Enterprise is its solvency, i.e. the ability to timely repay their payment obligations in cash.

The assessment of solvency on the balance sheet is carried out on the basis of the characteristics of the liquidity of current assets, which is determined by the time required to convert them into cash. The less time it takes to collect a given asset, the higher its liquidity. The liquidity of the balance sheet is the ability of a business entity to turn assets into cash and pay off its payment obligations, or rather, it is the degree of coverage of the enterprise's debt obligations by its assets, the period of conversion of which into cash corresponds to the maturity of payment obligations. It depends on the extent to which the amount of available means of payment corresponds to the amount of short-term debt. The liquidity of an enterprise is a more general concept than the liquidity of the balance sheet. The liquidity of the balance sheet involves finding means of payment only from internal sources (realization of assets). But an enterprise can attract borrowed funds from outside if it has an appropriate image in the business world and a sufficiently high level of investment attractiveness. The concepts of solvency and liquidity are very close, but the second is more capacious. Solvency depends on the degree of liquidity of the balance sheet and the enterprise. At the same time, liquidity characterizes both the current state of settlements and the future. An enterprise can be solvent at the reporting date, but at the same time have unfavorable opportunities in the future, and vice versa. In the economic literature, the concepts of liquidity of total assets are distinguished as the possibility of their rapid implementation in case of bankruptcy and self-liquidation of an enterprise and the liquidity of current assets, which ensures its current solvency. . 9.10 shows a block diagram showing the relationship between the solvency, liquidity of the enterprise and the liquidity of the balance sheet, which can be compared with a multi-storey building in which all floors are equivalent, but the second floor cannot be built without the first, and the third - without the first and second; if the first floor collapses, then all the rest too. Consequently, the liquidity of the balance sheet is the basis (foundation) of the solvency and liquidity of the enterprise. In other words, liquidity is a way to maintain solvency. But at the same time, if an enterprise has a high image and is constantly solvent, it is easier for it to maintain its liquidity.

First group (A1) includes absolutely liquid assets, such as cash and short-term financial investments. Second group (A2)- these are quickly realizable assets: finished products, goods shipped and accounts receivable. The liquidity of this group of current assets depends on the timeliness of the shipment of products, the execution of bank documents, the speed of payment documents in banks, the demand for products, their competitiveness, the solvency of buyers, forms of payment, etc. Third group (Az)- these are slow-moving assets (inventory, work in progress, deferred expenses). A much longer period will be needed to turn them into finished products, and then into cash. Fourth group (A4)- these are hard-to-sell assets: fixed assets, intangible assets, long-term financial investments, construction in progress. Accordingly, the obligations of the enterprise are divided into four groups:

P 1 - the most urgent obligations that must be repaid within a month (accounts payable and bank loans, the maturity of which has come, overdue payments);

P 2 - medium-term liabilities with a maturity of up to one year (short-term bank loans); P 3 - long-term bank loans and loans; P 4 - own (share) capital, which is constantly at the disposal of the enterprise. The balance is considered absolutely liquid if:

A 1 ≥ P 1; A 2 ≥ P 2; A 3 ≥ P 3; A 4 ≤ P 4.

The study of the ratios of these groups of assets and liabilities over several periods will make it possible to establish trends in the structure of the balance sheet and its liquidity.

Along with absolute indicators for assessing the liquidity and solvency of the enterprise, relative indicators are calculated: the absolute liquidity ratio, the quick liquidity ratio and the current liquidity ratio (Table 9.29).

These indicators are of interest not only for the management of the enterprise, but also for external subjects of analysis: the absolute liquidity ratio - for suppliers of raw materials and materials, the quick liquidity ratio - for banks, the current liquidity ratio - for investors. The absolute liquidity ratio (cash reserve ratio) is determined the ratio of cash and short-term financial investments to the total amount of short-term debts of the enterprise. It shows what part of short-term liabilities can be repaid from the available cash. The higher its value, the greater the guarantee of debt repayment. However, even with a small value of it, an enterprise can always be solvent if it can balance and synchronize the inflow and outflow of funds in terms of volume and timing. Therefore, there are no general standards and recommendations on the level of this indicator. The presence or absence of overdue liabilities, their frequency and duration complement the overall picture of the company's solvency. to the amount of short-term financial liabilities. A ratio of 0.7-1 usually satisfies. However, it may not be sufficient if a large proportion of liquid funds is accounts receivable, some of which is difficult to collect in a timely manner. In such cases, a larger ratio is required. If a significant share of current assets is occupied by cash and cash equivalents (securities), then this ratio may be smaller. In our example, at the beginning of the year, the value of this coefficient is 0.9 (7600/8500), and at the end - 0, 72 (12 600/17 400), however, the main share in its composition is occupied by a group of absolutely liquid assets. Current liquidity ratio (total debt coverage ratio Ktl) - the ratio of the entire amount of current assets, including reserves, to the total amount of short-term liabilities; it shows the degree of coverage of current liabilities by current assets:

The excess of current assets over short-term financial liabilities provides a reserve to compensate for losses that an enterprise may incur during the placement and liquidation of all current assets, except for cash. The larger this reserve, the greater the confidence of creditors that the debts will be repaid. A coefficient > 2 usually satisfies. In our example, its value at the beginning of the year is 1.74 (14,800/8500), at the end - 1.53 (26,700/17,400), which is significantly below the standard level, and there has been a tendency to its downgrade.

In the Republic of Belarus, its minimum level is set: for industrial enterprises - 1.7, agricultural enterprises - 1.5, construction organizations - 1.2, transport - 1.3, trade - 1.0, etc. If its actual value is below this level, then this is one of the grounds for recognizing the enterprise as insolvent. a period of six months:

where K tl1 and K tl0 - respectively, the actual value of the liquidity ratio at the end and beginning of the reporting period; K TLnorm - the standard value of the current liquidity ratio; 6 - solvency recovery period, months; T - reporting period, months. If K VP > 1, then the enterprise has a real opportunity to restore its solvency, and vice versa, if K VP< 1, у предприятия нет реальной возможности восстановить свою платежеспособность в ближайшее время.

When considering liquidity indicators, it should be borne in mind that their value is rather conditional, since the liquidity of assets and the maturity of liabilities on the balance sheet can be determined quite approximately. So, the liquidity of stocks depends on their quality (turnover, the share of scarce, stale materials and finished products). The liquidity of accounts receivable also depends on the speed of its turnover, the share of overdue payments and unrealistic for collection. Therefore, a radical increase in the accuracy of liquidity assessment is achieved in the course of internal analysis based on analytical accounting data. The deterioration in the liquidity of assets is evidenced by an increase in the share of illiquid reserves, overdue receivables, overdue bills, etc.

Analysis of the profitability of each type of financial investment and their average level. Comparative analysis profitability investment portfolio with alternatives.

Evaluation of the effectiveness of long-term financial investments is made by comparing the amount of income received from this type of investment with the average annual amount of this type of assets. Average return (DVK) may change due to:

structures of securities with different levels of profitability (UDi);

the level of profitability of each type of securities acquired by the enterprise (DVKi):

Table data. 23.6 show that the profitability of long-term financial investments for the reporting year increased by 1.4%, including due to changes in:

structures of long-term financial investments

the level of profitability of certain types of investments

A more profitable type of investment is investing in shares of a joint venture for the production of agricultural products. Moreover, there is an increase in the profitability of this type of investment, in connection with which investments in this project and reduced loans to other organizations.

Comparing financial efficiency long term investment with the return of capital in the analyzed enterprise, it is easy to see that it is much lower. However, it must be taken into account that joint venture is the main supplier of raw materials for the analyzed enterprise, and for more favorable conditions. Therefore, investing in this project is beneficial for the enterprise. It is not dividends that come to the fore here, but participation in the management of affairs in the interests of the investor.

The return on securities must also be compared with the so-called alternative (guaranteed) income, which is the refinancing rate or interest received on government bonds or treasury bills.

For example, an enterprise has 20 million rubles. to invest in securities. The share dividend level is 25% and the average discount rate bank interest- 20%, the cost of bonds upon purchase is 10,000 rubles, and upon redemption - 13,000 rubles.

Income with an investment of 20 million rubles. into shares will bring annual income to the enterprise in the amount of 5 million rubles. (20x25% / 100), when placing money in a bank - 4 million rubles. (20x20%/100), when buying bonds - 6 million rubles. (20x13,000/10,000-20). Therefore, the most profitable and least risky investment option in this example- investing in bonds.

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