Financial sustainability and ways to strengthen it

1.1 The concept, essence and significance of the financial stability of the enterprise

The financial stability of an enterprise is one of the key characteristics of the financial condition, representing the most capacious, concentrated indicator that reflects the degree of security of investing in this enterprise. This property of the financial condition, which characterizes the financial solvency of the enterprise. Financial stability management is an important management task throughout the existence of an enterprise in order to ensure independence from external counterparties (external financial stability - stability to meet its debts and obligations) and the rationality of covering assets with sources of their financing (internal financial stability).

Financial stability is an integral part of the overall stability of the enterprise, the balance of financial flows, the availability of funds that allow the organization to maintain its activities for a certain period of time, including servicing loans received and producing products. It largely determines the financial independence of the organization.

Financial stability is a forecast of solvency in a long period of time. Unlike creditworthiness, it is an indicator that is important not external, but internal financial services. Financial stability and its evaluation is part of the financial analysis in the organization. In order to analyze the financial stability of the enterprise, certain indicators are used.

In the process of supply, production, marketing and financial activities there is a continuous process of 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 make payments on time, finance its activities on an extended basis, withstand unforeseen shocks, and maintain its solvency in adverse circumstances testifies to his persistence financial condition, and vice versa.

To ensure financial stability, an enterprise must have a flexible capital structure, 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 self-reproduction.

The financial condition of the enterprise, its sustainability and stability depend on the results of its production, commercial and financial activities. If the production and financial plans are successfully implemented, then this has a positive effect on financial position enterprises. Conversely, as a result of underfulfillment of the plan for the production and sale 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 happy accident, but the result of competent, skillful management of the entire complex of factors that determine results. economic activity enterprises.

A stable financial position, in turn, has a positive impact on the performance production plans and providing the needs of production with the necessary resources. Therefore, financial activity as an integral part of economic activity should be aimed at ensuring the planned receipt and expenditure of financial resources, the implementation of settlement discipline, the achievement of rational proportions of equity and borrowed capital and its most efficient use.

The main goal of financial activity is reduced to one strategic task - to increase the assets of the enterprise. To do this, it must constantly maintain solvency and profitability, as well as optimal structure asset and liability balance sheet.

The main tasks of the analysis.

1. Timely identification and elimination of shortcomings in financial activities and the search for reserves to improve the financial condition of the enterprise and its solvency.

2. Forecasting possible financial results, economic profitability based on the actual conditions of economic activity and the availability of own and borrowed resources, developing models of financial condition in case of variety of options resource usage.

3. Development of specific activities aimed at more effective use financial resources and strengthening the financial condition of the enterprise.

To assess the FSP, its sustainability, a whole system of indicators is used that characterizes:

a) the availability and allocation of capital, the efficiency and intensity of its use;

b) the optimality of the structure of the enterprise's liabilities, its financial independence and the degree of financial risk;

c) the optimality of the structure of the enterprise's assets and the degree of production risk;

d) optimality of the structure of sources of formation current assets;

e) solvency and investment attractiveness of the enterprise;

f) the risk of bankruptcy (insolvency) of a business entity;

g) the margin of its financial stability (a zone of break-even sales volume).

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 strengths 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 analysis of the financial condition is carried out not only by the managers and relevant departments of the enterprise, but also by its founders, investors in order to study the efficiency of the use of resources, banks - to assess credit conditions and determine the degree of risk, suppliers - to receive payments in a timely manner, tax inspections- to fulfill the plan for the receipt of funds to the budget, etc. In accordance with this, the analysis is divided into internal and external.

Internal analysis is carried out by the enterprise's services and its results are used for planning, controlling and forecasting the FSP. Its purpose is to ensure the regular flow of funds and to allocate own and borrowed funds in such a way as to create conditions for normal functioning enterprises, maximizing profits and eliminating the risk of bankruptcy.

External analysis is carried out by investors, suppliers of material and financial resources, regulatory authorities on the basis of published reports. Its goal is to establish an opportunity to invest funds profitably in order to ensure maximum profit and eliminate the risk of loss.

The main sources of information for analyzing the financial condition of an enterprise are the balance sheet, profit and loss statements, capital flows, cash flows and other forms of reporting, data from primary and analytical accounting, which decipher and detail individual balance sheet items.

Depending on the branches of activity, the structure within the enterprises, their position in the market, financial policy and other aspects, organizations have different financial stability. However, there are main types of sustainability:

1. Absolute financial stability shows that stocks and costs are fully covered by own working capital.

1. Normal financial stability of the company makes optimal use of credit resources, current assets exceed accounts payable.

1. An unstable state is characterized by a violation of solvency: the company is forced to attract additional sources of coverage of reserves and costs, there is a decrease in the profitability of production

2. Crisis financial condition on the verge of bankruptcy

This classification is explained by the level of coverage of own funds borrowed, the ratio of equity and borrowed capital to cover stocks.

However, before making appropriate management decisions to ensure the financial stability of the enterprise, it is necessary to analyze the ratio of own and borrowed funds in the liabilities side of the balance sheet, since the process of external borrowing largely depends on it. It explores:

1. The coefficient of total debt -- the ratio of borrowed capital to the total balance sheet.

Kob.z.=ZK/IB;

2. Ratio financial leverage-- relation long-term liabilities to your own funds.

Kfin.l. \u003d Ob-va / SK;

3. The ratio of short-term debt -- the ratio of short-term liabilities to equity.

Kkr.z.=Kr.ob-va / (Dl.v.+Kr.ob-va)

These indicators characterize the ability of the enterprise to cover obligations own sources financing. Their growth is a signal of a decrease in financial stability. The ratio of borrowed capital to equity at a level of no more than 0.5 is considered normal. In addition, one should not lose sight of the security of current assets and working capital with equity. It is also important to evaluate the company's ability to cover financial expenses related to borrowings, net income from ordinary activities and depreciation. To manage the state and dynamics of working capital, it is necessary to determine the general indicators and their normative values. Among such indicators that characterize the state and use of working capital of the enterprise, include:

The coefficient of provision with working capital (to achieve financial stability, it must be at least 0.1-0.2);

Coefficient of financing of inventories with own working capital (it should be 0.6-0.8). This indicator characterizes the need to attract borrowed funds for the formation of reserves;

The coefficient of maneuverability of own working capital (it reflects the mobile part of the company's funds and should be > 0.5);

The turnover of working capital and their profitability.

As can be seen from the above indicators, the management of working capital to achieve the financial sustainability of the enterprise should be aimed at providing them as much as possible with their own working capital. Such managerial approach allows the company to minimize external dependence in the formation of funds in the turnover of the operating cycle. With appropriate measures to accelerate the turnover of working capital, the need for borrowed resources will further decrease. The return on assets will enable the company to increase the corresponding capital, and therefore, increases the sources of financing of working capital.

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Introduction 3

1. Financial stability is the basis of enterprise stability, the guarantee of its survival. 5

1.1 The concept of financial stability, factors determining its level 5

1.2 Methods for assessing financial stability. nine

2. The current state of financial stability. 17

2.1. Organizational and economic characteristics of the enterprise. 17

2.2. Assessment of the degree of independence from borrowed sources of financing 23

2.3 Analysis of the adequacy of sources of financing for the formation of reserves 28

3. Ways to strengthen financial stability. 32

3.1. Improving the use of resource potential is the main condition for strengthening financial stability. 32

3.2. Increasing profits and ways to improve its use 35

3.3. Improvement of settlement discipline.. 38

3.4 Substantiation of directions for strengthening financial stability. 40

Conclusions and offers. 46

List of used literature. 48

Applications………………………………………………………………………….. 50

Introduction

The relevance of the topic of this work is due to the fact that financial stability is the basis for a strong position of a commercial organization. The higher the stability of the organization, the more it is independent of unexpected changes in market conditions and, therefore, the less the risk of being on the verge of bankruptcy.

The financial stability of economic entities is an integral component of economic stability, which, according to a widely held point of view, is understood as a certain ratio of own and borrowed financial resources accumulated for the needs of economic activity.

Determining the sustainability of the development of commercial relations is necessary not only for the organizations themselves, but also for their partners, who rightly want to have information about stability, financial well-being and reliability of its customer or client. That's why everything large quantity contractors begins to be involved in research and assessment of the financial stability of a particular organization.

The financial stability of the organization is characterized by the constant availability of the required amounts of cash in bank accounts, the absence of overdue loans, loans, receivables and payables, the optimal volume and structure of current assets, the acceleration of their turnover, a sufficient amount of equity capital and its effective use, the rhythmic development of output products, turnover, profit growth, profitability increase, etc. Market economic conditions force organizations to provide an opportunity to urgently repay debts at any time. In this regard, the assessment of the financial stability of the organization is carried out primarily by its solvency.

In trade, more than in other sectors of the national economy, commercial risk is possible, and therefore, the importance of analyzing the financial stability of an organization increases.

The purpose of this work was the financial stability of the organization and ways to strengthen it.

To achieve the goal, the following tasks were formulated and solved:

The concept of financial stability and the factors that determine it are defined;

Methods for assessing financial stability are considered;

An assessment of the current state of the organization's financial stability is given;

The ways of strengthening the financial stability of the organization are proposed and the rationale for their effectiveness is made.

Object of study - trade Organization Unitoys-Sibir LLC.

The subject of the study is the financial stability of the organization.

Financial stability is the basis of enterprise stability, the guarantee of its survival

The concept of financial stability, factors determining its level

The assessment of financial stability is considered one of the priority areas of financial analysis due to the fact that its task is to predict the stability of the enterprise, and, therefore, will be a prerequisite for the absence of financial problems in future periods.

For effective management of financial stability, it is necessary to define its most accurate and complete concept. Since the definition of financial stability is an ambiguous characteristic of an organization's activities, there are many definitions of financial stability in the domestic economic literature.

“Financial stability is one of the most important characteristics of assessing the financial condition of an organization,” Artemenko V.G. and Ostapova V.V. .

Academician G.B. Polyak believes that "the financial stability of an organization is externally manifested through its solvency" .

A similar point of view is shared by a group of authors (V.G. Kogdenko, A.D. Sheremet, R.S. Saifulin and E.V. Negashev), in the definition of which the essence of financial stability lies in the provision of current assets with long-term sources of formation, and solvency and liquidity is its external manifestation.

In particular, the opinion of Sheremet A.D. sounds as follows: "the financial condition of the organization is characterized by the placement and use of funds (assets) and the sources of their formation (liabilities)"

Gilyarovskaya A. and Vehoreva A. adhere to the same definition “financial stability is the guaranteed solvency and creditworthiness of an enterprise as a result of its activities based on the effective formation, distribution and use of financial resources. At the same time, this is the provision of reserves with their own sources of their formation, as well as the ratio of own and borrowed funds - the sources of covering the assets of the enterprise.

Abryutina M.S. states that "financial stability characterizes the structure of the property (capital) of the enterprise as a whole, expresses in a complex both the production and financial potential of this economic entity" .

Lieberman K. believes that “financial stability is an integral part of the overall stability of an enterprise, the balance of financial flows, the availability of funds that allow an organization to maintain its activities for a certain period of time, including servicing loans received and manufacturing products. It largely determines the financial independence of the organization. Financial stability is an indicator of solvency in a long period of time.

Summarizing the above opinions of economists, the author of this work believes that the most complete, comprehensive and accurate essence of financial stability reveals the following definition: financial stability is the state of its financial resources, their formation, distribution and use, in which the enterprise, while remaining solvent and creditworthy , has the ability, with a balanced attraction of own and borrowed funds, to actively invest and increase working capital, create financial reserves, thereby ensuring its development and profit.

One of the main tasks of the analysis of the financial and economic state of the enterprise is the study of indicators characterizing its financial stability. It is determined by the degree of provision of reserves and costs by own and borrowed sources of their formation, the ratio of the volume of own and borrowed funds and is characterized by a system of absolute and relative indicators. Sustainability is the key to survival and the basis for the stability of the enterprise, but it can also contribute to the deterioration of the financial condition under the influence of external and internal factors. Financial stability is a reflection of a stable excess of income over expenses, provides free maneuvering of the enterprise's funds and, through their effective use, contributes to the uninterrupted production and sale of products.

Thus, financial stability is the result of a certain margin of safety that protects the enterprise from accidents and sudden changes in external factors.

Practice shows that the stability of the work of enterprises is associated with the availability of financial resources and their structure, the degree of their dependence on creditors and investors. If the structure "equity - borrowed funds" is skewed towards debt, then such an enterprise may go bankrupt and cease to exist.

The financial stability of an organization is influenced by a number of factors that can be divided:

According to the place of origin - into external and internal;

By the importance of the result - on the main and secondary;

By structure - into simple and complex;

By the time of action - permanent and temporary.

The analysis focuses on internal factors that depend on the activities of an economic entity, on which it has the ability to influence, adjust their impact and, to a certain extent, manage them.

Internal factors include:

Industry affiliation of the organization;

The structure of products (services), the range of goods, their share in the total effective demand;

Amount paid authorized capital;

The value of costs, their dynamics in comparison with cash income;

The state of property and financial resources, including stocks and reserves, their composition and structure.

To external factors attribute influence economic conditions management, technology and technology prevailing in society, effective demand and the level of income of consumers, the tax credit policy of the government, legislative acts to control the activities of the organization, foreign economic relations, the system of values ​​in society, etc. An economic entity is not able to influence these factors, it can only adapt to their influence.

Sheremet A.D. believes that “the main factors determining the financial condition are: firstly, the implementation financial plan and replenishment as the need arises for own working capital at the expense of profit and, secondly, the speed of turnover of current assets. The signal indicator, in which the financial condition is manifested, is the solvency of the organization, which means its ability to meet the payment requirements of suppliers in time in accordance with business contracts, repay loans, pay staff, make payments to budgets and extra-budgetary funds "

Loss of financial stability means that this enterprise expects bankruptcy in the future with all the ensuing consequences, up to its liquidation, if prompt and effective measures are not taken. effective measures to restore financial stability.

The problem of financial stability of enterprises operating in a market economy is one of the most important not only financial, but also general economic problems. Indeed, the significance of the financial stability of individual economic entities for the economy as a whole is very high. Effective uninterrupted functioning of business entities, as individual elements a single, aggregated mechanism of the economy, ensures its normal, well-functioning work. The deterioration of the financial condition of an individual enterprise will inevitably lead to failures in the operation of the mechanism of the economy. Insolvency has a negative impact on the dynamics of production and manifests itself in the form of a reduction in effective demand for production resources, an increase in overdue debts to suppliers, budgets of various levels, extrabudgetary funds, employees of enterprises for wages, banks, for payment of dividends to owners, etc.

The foregoing allows us to conclude that the financial stability of an enterprise plays an extremely important role in ensuring the sustainable development of both individual enterprises and society as a whole.

The essence of financial stability is determined by the effective formation, distribution and use of financial resources, which ensures the development of the enterprise based on the growth of profits and capital while maintaining solvency and creditworthiness under conditions of acceptable risk.

The financial stability of an enterprise is a certain state of the enterprise's accounts, which guarantees its constant solvency. As a result of any business transaction, the financial condition of the enterprise may remain unchanged, improve or worsen.
The financial stability of an enterprise is a characteristic that indicates a stable excess of income over expenses, free maneuvering of funds and their effective use in the uninterrupted process of production and sales of products. It is formed in the process of all production and economic activities and is the main component of the overall sustainability of the enterprise.
An analysis of the stability of the financial condition on a particular date allows you to find out how correctly the company managed financial resources during the period preceding this date. It is important that the state of financial resources meet the requirements of the market and meet the needs of the development of the enterprise, since insufficient financial stability can lead to the insolvency of the enterprise and the lack of
funds for the development of production, and excess - to impede development, burdening the costs of the enterprise with excessive stocks and reserves.
Many factors influence the financial stability of an enterprise:
position of the enterprise in the commodity market;
production and release of cheap, in-demand products;
potential of the enterprise in business cooperation;
the degree of its dependence on external creditors and investors;
presence of insolvent debtors;
efficiency of economic and financial operations.
These factors can be classified according to:
place of occurrence (external and internal);
the importance of the result (primary and secondary);
structure (simple and complex);
duration of action (permanent and temporary).
Analysis of balance ratios allows you to determine the type of financial stability of the enterprise:
absolute - own working capital provide stocks and costs;
normal - stocks and costs are provided by the amount of own working capital and long-term borrowed sources;
unstable - reserves and costs are provided at the expense of own working capital, long-term borrowed sources and short-term credits and loans;
crisis - stocks and costs are not provided by the sources of formation, the company is on the verge of bankruptcy.
In addition, indicators of the capital structure can be determined, since in the long term it is the balance of interests of the company's owners and creditors, as well as the degree of dependence of the company's financial policy on borrowed funds, that determine the level of its solvency.

More on the topic 14.1. The concept of financial stability and factors affecting it:

1. The concept of banking liquidity, factors affecting it. Bank liquidity management
2. Methods for calculating the price of a license and factors affecting it
3. 1.1. FACTORS AFFECTING THE SUSTAINABILITY OF THE ENERGY ECONOMY
4. 1. The concept of financial stability, the factors of its change

The successful functioning of a business entity depends, as you know, on the results of its financial and economic activities. In this regard, the enterprise needs to assess the results achieved in a critical analysis of all areas of activity and prospects for its development. For this purpose, an analysis of the financial condition of the company is used, which most fully reveals certain aspects of economic activity and helps to find effective ways to solve the identified problems.

Diagnostics of the financial condition of the enterprise includes an analysis whole system various indicators, among which the most important role belongs to the analysis of financial stability. Assessing the financial stability of the company on the basis of open accounting and financial information, suppliers and buyers will be able to make objective management decisions on the possibility of cooperation, participants (shareholders) - to assess the profitability of their financial investments, as well as directions of use net profit, managers - to discover reserves for improving the efficiency of operating and investment activity and, on their basis, to develop a strategy for the development of the company.

An analysis of the economic literature indicates that many authors interpret the concept of financial stability in different ways. Let's consider some of them.

So, Savitskaya G.V. defines the financial stability of an enterprise as the ability of an enterprise to function and develop, to maintain equality between the property of an enterprise and the sources of its formation in a changing internal and external environment, to ensure its solvency and investment attractiveness in the long term within an acceptable level of risk. In turn, the author Ivasenko A.G. agrees with this definition and generalizes it by the fact that financial stability is the independence of an enterprise from sources of financing.

Such authors as Kovaleva, A.M., Alekseeva A.I., Voitolovsky N.V., Melnikova L.A., Rodionova N.V., Rodionova S.P. and Fedotova M.A., Lapusta M.G. interpret this category as such a state of its financial resources, their distribution and use, which contributes to the development of the enterprise by increasing the growth of net profit while maintaining solvency and creditworthiness in conditions acceptable level risk .

In her textbooks Gilyarovskaya L.T. and Skamay L.G. believe that financial stability is formed due to a stable excess of income over expenses of the company, which provides the ability to freely maneuver the financial resources of the organization and, through their effective use, contributes to the uninterrupted process of production and sale of goods, expansion and renewal.

In the scientific works of Rusak N.A. and Rusaka V.A. the concept of financial stability acts as a criterion of reliability for the company's partners: financial independence, worthiness of financial resources, uninterrupted activities, availability of production potential.

In turn, Kovalev V.V. connects the essence of the financial stability of the organization only with the assessment of the ability of the enterprise to fulfill its long-term obligations.

Researcher Babich A.A. defines financial stability as the ability of a company to carry out its statutory activities in the face of constant external and internal changes. For the purpose of long-term functioning, the enterprise must solve a number of tasks: to form effective contractual relations with suppliers and buyers; to regularly monitor the activities of competitors; create intra-company control of planned and economic indicators of the company's activities.

Professor Sheremet A.D. views financial sustainability as constituent part assessment of the financial condition of the enterprise. Like Grigoryeva T.I., who says that financial stability is an assessment different parties activities of the company and a comprehensive indicator of its effective functioning. Financial stability is one of the factors of its insurance against possible bankruptcy.

Researcher Andreev S.A. interprets financial stability as the state of the company's accounts, guaranteeing its solvency. Indeed, the flow of business transactions performed daily is a “catalyst” for a certain change in financial condition, the reason for the transition of an organization from one type of sustainability to another.

Having systematized all possible definitions of the category "financial stability of an enterprise", we can distinguish two approaches to its study:

1. A meaningful approach assumes that financial sustainability is such a state of enterprise resources (labor, financial, information), as well as the process of their formation and use, as a result of which the organization expands its activities based on an increase in economic potential, while maintaining a stable level of profit, solvency, creditworthiness and liquidity in terms of an acceptable level of risk.

Within the framework of this direction, the author Eroshevsky S.A. gives the following characteristics of the financial stability of the enterprise: the ability of the organization to carry out basic and additional types activities, availability of own working capital, control of financial and operational needs, compliance with financial discipline, efficiency of investments in assets, availability of resources for the implementation investment programs and implementation of innovative projects, .

2. indicator approach: in which financial stability is understood as a complex indicator, the most important characteristic the financial condition of the enterprise (a system of absolute and relative indicators, the ratio of equity and borrowed capital, balance structure coefficients).

In the economic literature, there are many approaches to the classification of the financial stability of an enterprise. Let's take a look at the common scientific papers scientists-economists classification bases:

• according to urgency, they distinguish: short-term financial stability - manifests itself for a short time (up to 1 year), medium-term - achieved at a given level of use of production potential under the influence of real conditions and factors, long-term financial stability - shows over a long period of time and does not depend on a change in the production cycle and management;
• by structure: formal financial stability (formed artificially) and real (competitive), which is formed in the conditions of market competition, taking into account the availability of opportunities to expand the scale of production;
• by management methods - conservative financial stability (arises due to the conservative policy of the enterprise) and progressive (is the result of a moderate or aggressive policy implemented in a competitive environment);
• if possible, regulation - open financial stability implies the possibility of influencing the efficiency and effectiveness of the enterprise, taking into account changing external conditions, and closed - based on their absence;
• in terms of utility - active (aimed at improving the financial performance of the enterprise and its long-term development) and passive (based on solving operational problems and does not interfere with the development of the enterprise);
• by place of origin - local (found at enterprises of a particular region), global - nationwide;
• if possible, planning - planned (formed within the framework of the enterprise's plans) and not planned (achieved despite the company's forecasts);
• in terms of sufficiency - sufficient financial stability (it is characterized by the absence of a shortage of resources in the company, the possibility of timely fulfillment of its obligations, the presence of reserves). Insufficient stability is manifested in a decrease in liquidity and solvency indicators, the presence of a high level of receivables. Excessive stability is rare and is characterized by excessive solvency, creditworthiness and other indicators of financial stability.
• from the point of view of controlling - current financial stability (formed within the reporting period) and prospective (possible within the forthcoming period);
• by type of financial situation - absolute and normal financial stability, unstable financial condition, crisis financial condition.

Thus, despite the many definitions of the financial stability of an enterprise, this article provides two approaches to its interpretation: content and indicator, which may be relevant in certain cases, and can be applied separately. Also, the paper presents various classification bases for the financial stability of an enterprise.

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• Ibragimov Rashad Nazim Ogly, master, postgraduate student
• Altai State University

• TASKS
• RESOURCES
• PROFIT
• SOLVENCY
• FINANCIAL STABILITY
• COMPANY
• FACTORS OF SUSTAINABILITY

This article discusses the problems of the essence of financial stability and its main factors. The author analyzed characteristics the concept of financial stability. The opinions of various authors on the essence and content of financial stability are also considered. The main tasks of financial stability analysis are identified and substantiated. Disclosed and systematized internal and external factors of financial stability. Based on the analysis, the author proposes to single out the influence of internal and external factors, as a result of which they can weaken the financial stability of an enterprise and reduce its solvency, especially if the influence of internal factors is supplemented by interaction with external ones and vice versa.

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Financial stability- This main component the overall sustainability of the organization, as it is a characteristic indicator of a stable excess of income over expenses. Solvency and financial stability are two interrelated categories. An insolvent enterprise cannot be financially stable, and a financially stable enterprise must be solvent. A study of the economic literature showed that in the domestic theory and practice a unified approach has not yet been established either to the definition of the concept of "financial stability" or to the methods of analysis.

The financial stability of an enterprise is the ability of a business entity to function and develop, to maintain a balance of its assets and liabilities in a changing internal and external environment. A stable financial position is achieved with the sufficiency of own capital, good quality assets, a sufficient level of profitability, stable income. To ensure financial stability, an enterprise must have a flexible capital structure, 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 self-financing. The financial condition of the enterprise, its sustainability and stability depend on the results of its production, commercial and financial activities.

Table 1. Systematization of definitions of financial stability

The main objectives of the analysis of the financial stability of the enterprise are:

• timely and objective diagnostics of the financial condition of the enterprise;
• search for reserves to improve the financial condition of the enterprise, its solvency and financial stability;
• development of specific recommendations aimed at more efficient use of financial resources;
• forecasting possible financial results.

In a market economy, very importance acquires the financial independence of the enterprise from external borrowed sources. The stock of sources of own funds is the stock of financial stability of the enterprise, provided that its own funds exceed borrowed ones. Financial stability is formed in the course of all economic activities of the organization and is a reflection of a stable increase in income over expenses. It provides free maneuvering of the company's cash and contributes to the smooth process of selling goods.

Consequently, the financial stability of an economic entity is such a state of its financial resources that ensures the development of an enterprise mainly at its own expense while maintaining solvency and creditworthiness with a minimum level of entrepreneurial risk. It is important that the state of financial resources meet the requirements of the market and meet the needs of the development of the enterprise, since insufficient financial stability can lead to the insolvency of the enterprise and the lack of funds for the development of production, and excess financial resources can hinder development, burdening the costs of the enterprise with excessive stocks and reserves.

Another manifestation of dynamic stability is creditworthiness. Thus, the highest form of sustainability of an enterprise is its ability to develop in conditions of internal and external environment. To do this, it must have a flexible structure of financial resources and the ability, if necessary, to raise borrowed funds, that is, be creditworthy. An organization is creditworthy if it has the prerequisites for obtaining a loan and the ability to repay the loan in a timely manner, paying interest due from profits or other financial resources. At the expense of profit, the enterprise not only fulfills its obligations to the budget, banks, other enterprises, but also invests in capital expenditures.

At the expense of profit, the enterprise not only repays loan debt to banks, obligations to the budget for income tax, but also invests in capital expenditures. To maintain financial stability, it is necessary to increase not only the absolute mass of profit, but also its level relative to invested capital or operating costs, i.e. profitability. It should be borne in mind that high returns are associated with a significant level of risk. In practice, this means that instead of profit, the enterprise may suffer significant losses and even become insolvent (insolvent).

Many factors influence the financial stability of an enterprise:

• position of the enterprise in the commodity and financial markets;
• production and sale of competitive and in demand products;
• its rating in business cooperation with partners;
• degree of dependence on external creditors and investors;
• availability of solvent debtors;
• the size and structure of production costs, their correlation with cash income;
• the amount of paid authorized capital;
• efficiency of commercial and financial operations;
• the state of property potential, including the ratio between non-current and current assets;
• level vocational training production and financial managers, their ability to constantly take into account changes in the internal and external environment.

Other factors also come into play:

• Inflation. Rising inflation in the country has a negative impact on the financial stability of the organization.
• creditors' claims. With the simultaneous demand of creditors for repayment of debts, an organization, even the most stable financially, can have the most unexpected consequences for itself, up to bankruptcy.
• Bankruptcy of debtors. In this case, the organization will not be able to collect its debts.
• Changes in the tax system. If there is an increase in tax payments in the country, and enterprises are unable to pay them, then this can ultimately reduce the financial stability of the enterprise.
• Economic policy of the state. Depending on what economic policy the state leads: whether it reduces taxes, whether it encourages domestic manufacturers what measures are taken to improve the quality of products - depends on financial stability.
• The quality of the products. If the product is produced High Quality, therefore, its purchasing power will grow, which will positively affect the financial condition of the organization.
• Fluctuating exchange rates. It mainly concerns enterprises that have foreign currency available, currency transactions are performed, etc.
• Seasonality of cash flows. In some enterprises, the main cash flows occur at any time of the year.

Thus, it is possible to compile a table of internal and external factors of financial stability.

Table 2. Factors of financial stability of the enterprise

External factors do not depend on the enterprise, which is why it is not able to influence them and must adapt to them. Internal factors are considered dependent, so the company is able to adjust its financial stability by influencing them. The group of external factors affecting the solvency of an enterprise is the orientation of demand for imports, the weakness of the legal regime, cost inflation, contradictory state financial policy, excessive tax burden, budget underfunding, state or municipal participation in the capital of an enterprise.

The internal factors that have a destabilizing effect on the finances of an enterprise include an imbalance in the functional and managerial configuration, non-competitiveness of products, non-intensive marketing, unprofitable business, depreciation of fixed assets, non-optimal debts and reserves, fragmentation of authorized capital.

Thus, the influence of these factors can weaken the financial stability of the enterprise and reduce its solvency, especially if the influence of internal factors is supplemented by interaction with external ones and vice versa.

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