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ЕКОНОМ1КА: реали часу
№6(l6), 2014
ECONOMICS: time realities
UDC 65.011:658.15
STRATEGIC ASSESSMENT OF THE FINANCIAL SUSTAINABILITY OF THE
INDUSTRIAL ENTERPRISE
E.I. Maslennikov, PhD in economics, Associate Professor
Odesa National Polytechnic University, Odesa, Ukraine
Масленшков C.I. Стратеглчна оцшка фтансовог emiÜKoemi промыслового тдприемства.
У данш статп розглянуто теоретичш та методичш питания стратепчно'1 оцшки фшансовсн ctíMkoctí в систем! управлшня промисловим шдприемством. Запропоноваш етапи комплексно!' програми аналогичного забезпечення фшансово'1 ctíMkoctí промислового шдприемства, яю формують два ochobhí напрями в систем! управлшня фшансовою ст1йюстю: вивчення глибини впливу стратепчних pinieHb на результативнють фшансово'1 стшкостц обгрунтування заход1в, як\ забезпечують фшансову стшюсть шдприемства з метою отримання íx перспективно! спрямованост1 та результативность
Ключовг слова: фшансова стшюсть, стратепчна оцшка, стратепчне управлшня, система управлшня, шформацшно-аналггичне забезпечення, зовшшш та внутр1шн1 користувач1, кер1вники, активи пщприемства, каштал, зобов 'язання
Масленников Е.И. Стратегическая оценка финансовой устойчивости промышленного предприятия.
В данной статье рассмотрены теоретические и методические вопросы стратегической оценки финансовой устойчивости в системе управления промышленным предприятием. Предложенные этапы комплексной программы аналитического обеспечения финансовой устойчивости промышленного предприятия, которые формируют два основных направления в системе управления финансовой устойчивостью: изучение глубины воздействия стратегических решений на результативность финансовой устойчивости; обоснование мероприятий, обеспечивающих финансовую устойчивость предприятия с целью получения их перспективной направленности и резу льтатив но сти.
Ключевые слова: финансовая устойчивость, стратегическая оценка, стратегическое управление, система управления, информационно-аналитическое обеспечение, внешние и внутренние пользователи, руководители, активы предприятия, капитал, обязательства
Maslennikov E.I. Strategic assessment of the financial sustainability of the industrial enterprise.
This article examines the theoretical and methodological issues of strategic assessment of financial stability in the management of industrial enterprises. The proposed integrated program of analytical steps to ensure the financial sustainability of the industrial enterprises, which form the two main directions in the management of financial stability: the study of the depth of the impact of strategic decisions on the effectiveness of financial stability; substantiation of measures ensuring the financial stability of the company in order to obtain their perspective directions and effectiveness.
Keywords: financial sustainability, strategic assessment, strategic management, management system, information and analytical support, internal and external users, managers, enterprise assets, equity and liabilities
The key to the transition from a predominantly commodity model of development of the national economic complex of Ukraine to investment and innovative economy is the sustainable development of entrepreneurial activity. The constant frequency of crises of our state's economy accompanied by a decline in production, loss of solvency and liquidity of enterprises, necessitates research in the field of management of financial sustainability of industrial enterprises as a factor of fundamental importance for growth of the gross domestic product of Ukrainian national economy.
Analysis of recent researches and publications
The survey management system financial sustainability of economic entities and methods of assessment, dedicated to the works of a number of Ukrainian and foreign scientists: E. Altman, I. Ansoff, W. Arnold, I. Balabanov, I. Blanc, M. Bryuho-vezkaya, I. Buleev, F. Butynets, T. Golovko, A. Gradov, V. Kryzhanovskaya, G. Kireicev, O. Kirov, D. Lapaeva, D. Myers, E. Minaev, E. Mnich, V. Panagushin, Yu. Pachkovskiy, O. Redkin, S. Romanchin, G. Savitskaya, V. Savchuk, R. Saifullin, L. Sutnic, T. Taffler, O. Tereshchenko, E. Utkin, M. Hammer, N. Hahonov, A. Sheremet, R. Cufrovaya, D. Ciampi, A. Cherniavskiy and others.
Despite the large number of scientific studies on the issue of financial stability of enterprises at the present time, there is considered a strategic assessment of financial stability in the system of industrial enterprise management.
The aim of the article is theoretical and methodological issues strategic assessment of financial stability in the system of industrial enterprise management.
The main part
In the professional economics literature it is difficult to find consensus of common interpretation of the notion of "financial stability", which is believed to be generally accepted and commonly used. Some sources about financial analysis this concept is considered as one of the indicators of the financial condition of the enterprise, which is characterized: the state of assets (liabilities) of the company that guarantees the permanent solvency [1]; such a state enterprise, when the amount of its assets sufficient to meet obligations, the company is solvent [2]; status
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and structure of assets of the company, its security by sources [3].
It can be noted the most scientists associate the essence of the concept "financial stability" as state and structure of assets and liabilities, it is based on generally accepted identified finance as a system of economic relations that arise during process of formation, distribution and using cash resources of the company. But it is worth noting that the finances are much deeper economic sense. They are "relatively independent sphere of the system of finance of the state, covering a wide range of monetary relations, associated with the formation and use of capital, income, funds in the process of circulation of their funds and expressed in the form of various cash flows" [4].
The management of the financial stability of the enterprise is information and analytical support to logon as the starting material and on the output when passed the management team. As part of the process control analytical information becomes repeatedly used, is sent in the form teams in the financial process and is returned again into the management system financial stability. Management personnel in their work based on state information of the entity and create the new analytical information for the purpose of transfer of the controlled object from the actual state to the desired. Information about the operating, investing and financing activities of an industrial enterprise is the product of administrative work. Describing the information as the object of managing labour in the process of the financial stability of the enterprise must consider a number of its features. First of all, the analytical information is subject to labor long and reusable.
Quantitative accumulation of analytical information makes it possible on the basis of the analysis to identify new relationships between the individual classification group information. This made it possible to formulate one of the most important principles of information-analytical system of control of financial stability "as the maximum of the derivative at the minimum source of information".
Orientation of financial stability on outcomes requires alignment of its indicators with sustainable economic development of the relevant industrial enterprises. This necessitates the inclusion of program-target methods of evaluation as a new economic leverage in the financial strategy of the enterprise. In order to develop and use complex evaluation system to be effective, this process should proceed deliberately. A special reorganization procedure is not mandatory. If the company is small, then a comprehensive assessment can be obtained by summation of the analytical performance of the company's divisions. However, one of the main advantages of any strategy is to obtain a synergistic effect. Therefore, in order to properly assess the relationship, interaction and interdependence of the elements of industrial enterprises, activities required a certain order. To explore synergies in strategic assessment it is necessary to develop some mechanisms to use these estimates as the basis for
realizing the benefits of the interaction and interdependence of the elements of financial stability.
Strategic assessment of financial stability is necessary understand the set of interrelated, interdependent methodical methods, techniques, dissection, penetrating into the essence of the financial effects of a business entity, which allow industrial enterprise to optimize financial strategy.
Breaking up large subsystem and system blocks into its elements, we should take into account that the sum of the elements is not a simple integer. The overall system is always richer and more diverse than its component elements. Therefore, the conclusions made on the basis of dissection, are developed in such a way that private actions arising on the basis of the analysis, to see the total change of the whole system processes financial strategy.
For real promising strategic direction assessment system financial stability, it is necessary not only to prove the ways of its improvement and to identify priorities and find the most rational in a particular path of development and improvement of the processes of formation and use of financial results.
In the strategic evaluation of financial stability can distinguish two independent object of study, which correspond to the direction of the following types. The first direction is related to the financial balance, defines the basic conditions for the functioning of the enterprise and its relationships. The second direction forms a set of procedures that provide growth in the value of the enterprise's capital. In the first direction is the volumetric characteristics of financial stability, shows the volume of balanced non-current and current assets. In the second direction is estimated efficiency, rationalization of the financial assets as their use on the enterprise.
Each object can be considered as a system with its subsystems. The degree of detail the systems, its separation into subsystems are practically unlimited. System properties and objects are homogeneous and they are characterized by a single parameter the value and sometimes the nomenclature of them is changed. Communications are opened the forms of interaction between objects and its elements. A systemic approach to financial stability requires a clear formulation of the ultimate goal, which expresses the desired state of the object of valuation and arranged in the form of the concept of financial development. It is always associated with the alternative approach, considering the many possibilities, assuming the maximum total number of variables that determine the state and changes of the object of assessment.
A systematic approach can be entered into a strategic evaluation of the specific restrictions that allow us to assess the reality of the individual alternatives in a certain period of time. The latter become the basis for designing specific solutions and implement them. This makes a systematic approach to normative theory. Part of the system approach is to iteratively solve the financial problems, that is, a gradual phased approach to a given target with consistent implementation of the necessary conditions.
EKOHOMIKA: pecwii uacy
№6(16), 2014
ECONOMICS: time realities
Strategic assessment of the financial stability considers it as part of the overall process of reproduction and as an independent field of activity that has the laws and regularities of development.
Based on the nature and boundaries of financial stability are determined by the basic objects and directions of its strategic assessment, the most important are: the organization of financial stability and the level of its economy; the validity and quality of the developed financial strategies; methods of strategic impact on the financial stability and efficiency.
Feature strategic assessment of financial stability is the allocation as separate object estimation - value and compliance with its separate elements of the general goal of increasing financial stability. The basis for this is the choice of standards evaluation and development goals as the financial stability and its elements, the original position of which is determined by the general thrust of the financial strategy of industrial enterprises.
The most radical restructuring of the system of financial stability provides a concept developed outside the context of the present structure aimed at achieving the selected goal development and considers the theoretical and methodological developments and progressive experience in this area. This is an important methodological principle in the formation and development of the control system.
The increasing dynamism of the task, the complexity of the requirements of results-based financial sustainability, the importance of centralization of all forces on the achievement of goals. Strategic assessment of financial stability and its transformation in the financial strategy should not be to the detriment of both current and long-term assessment.
The essence and purpose of a strategic assessment of financial stability is the approach to managed funding process as a holistic system and identification of linkages and interdependencies, ensuring the achievement of the global objectives of industrial enterprises.
The principle of consistency is implemented by the logical ordering of the stages and procedures strategic assessment of financial stability. She defines it as an independent object with rights, the relevant assets and the assessment criteria.
All considered measures of financial stability diverse in its internal content. They are influenced by both external and internal factors affecting the final result. Accounting for this diversity is possible by studying difference information about the production, economic and social activities of the enterprise. The principle of comprehensiveness means a comprehensive assessment of all impacts on the final result on different aspects of his manifestations.
To ensure the implementation of the developed activities, specific targeted actions for achieving them. The principle feasibility is an essential precondition for the establishment of deadlines for the implementation of the strategic developments in the context of specific persons.
All elements of the strategic evaluation of financial stability must comply with principle of consistency with national and sectoral interests. In the centre of the financial sustainability of its elements should be agreed with the relevant non-current and current assets, performers, implementation timelines. The principle of consistency means a smooth transition from the goals and objectives of the higher level to the interests and capabilities of the lower level. This consistency is ensured by the system of activities to achieve the objectives at the level of industrial enterprises.
Data requirements according to the stages of the strategic evaluation of financial stability of enterprises can be specified as follows: clearly defined focus on achieving a particular result; the arrangement structure of goals; functional and logical transition from objective measures; resource coordination activities; developing alternative options for achieving the objectives and the choice of the optimal; a rational combination of quantitative and qualitative evaluation, of a priori and a posteriori information; a comprehensive submission to the various activities of industrial enterprises in the system of common goals.
Thus, the management of financial stability is a complex and purposeful process of studying the status and trends of key elements of the financial strategy, forms and how they interact.
When defining the goals of the evaluation in the first stage taking into account: the specifics of the problem for which the evaluation is conducted, the characteristics of the entity in respect of which the assessment; the presence of similar and regulatory framework; the reality of providing the necessary analytical information; methodological support of the analytical calculations. In table 1 the stages of a comprehensive program to ensure the financial stability of an industrial enterprise.
Proposed stages of a comprehensive program to ensure the financial stability of an industrial enterprise is characterized by two main trends in the management system and financial stability: exploring the depth of the impact of strategic decisions on the effectiveness of financial stability; the rationale for the measures, ensuring the financial sustainability of the enterprise in order to obtain their perspective orientation and performance.
Tasks of a comprehensive program are combined into the following elements: target; plan; resource; organizational.
Each element problems are solved on the basis of relevant operations or procedures. For the target task is the development goals of financial stability. These tasks correspond to the following operations and procedures: the formation of the list of targets; the establishment of a hierarchical priority objectives; evaluation of performance and components of financial sustainability; research and development the main areas of financial stability; the justification of the possible impacts of the selected areas; assessment of financial stability. The result of solving the above problem is the evaluation of the performance of the
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guaranteed reserves financial stability of the industrial enterprise.
In planned element of the task is to develop relevant measures of financial sustainability of the industrial enterprise. This task correspond to the following operations and procedures: develop possible ways of achieving the objectives; development of alternative activities; establishing and measuring the relationships between objectives; creation of a project list of activities; evaluation basic version of events; identifying and assessing the priority activities of the project list; strategic assessment.
The result of solving the task is to evaluate options for use of reserves financial stability of the industrial enterprise.
Organizational element solves the problem of developing a system to ensure control of the financial stability of industrial enterprises. It contains such operations or procedures: the formation of information-analytical support of financial stability; the formation controlling options adjustments to financial stability; modeling variants of the obtained results; adjustment measures to achieve the specified financial stability; financial stability evaluation. The execution result of the proposed operations or procedures it is determined the evaluation of the factors affecting the optimal value reserves financial stability of the industrial enterprise.
This methodological framework defines the strategic assessment of the financial sustainability of the enterprise as understood conceptual level and at the level of the working procedures, or operational level management. This approach reflects the essence of the strategic assessment as an integrating concept
Resource element solves the problem of design parameters of the elements, ensuring the financial stability of the enterprise.
This element of the stage contains the following operations and procedures: development of target parameters restrictions; justification of the choice of the criterion for the optimal growth of financial stability; evaluation of acceptable alternatives; the formation of the list and the volume of fixed and current assets to carry out the activities; assessment of the achievement of objectives in the valid version; estimation of effective options program; the choice of optimal resource provision; review and analysis of regulations and potential of the enterprise. The result of the resource element is to evaluate the elements of the optimal reserves financial stability.
of the list of strategic activities. Criteria used to evaluate these activities must be strategic objectives financial stability of industrial enterprises.
Activities receiving high evaluation from the perspective of some goals, strategies and objectives may not get high marks from the point of view of others, so when strategic assessment there are no good or bad events.
Events are only implemented which are correspond the strategic criteria. The principles of this match will determine the algorithm of the strategic evaluation of financial stability of an industrial enterprise. Evaluation is basically using methods such as drilling, decomposition, elimination. It penetrates deep into the phenomenon of financial stability, identifying the elements that are amenable to specific effects. Thus, the experience of successfully working industrial enterprises in the current economic conditions is the identity of their financial soundness.
Table 1. Stages of a comprehensive program to ensure the financial stability of an industrial enterprise
Elements Target Plan Resource Organizational
Task The development objectives of financial stability The development of appropriate measures of financial stability The design parameters of the elements, ensuring the financial stability Development system support to the management of financial stability
Execution Formation of the list of goals; Establishing a hierarchical priority goals; evaluation of performance and components of financial stability; research and development the main areas of financial stability; the justification of the possible impacts of the selected directions; assessment of financial stability. Development of possible ways of achieving the obj ectives; Development of alternative measures; Establishing and measuring the relationships between objectives; Creation of a project list of activities; To estimate the basic version of the events; Identifying and assessing the priority activities of the project list; Strategic assessment. Development of target parameters restrictions; Justification of the choice of the criterion for the optimal growth of financial stability; Assessment of acceptable alternatives; Formation of the list and the volume of fixed and current assets to carry out the activities; Assessment of the achievement of objectives in the valid version; Evaluation of effective options program; Choosing the best option Resource provision; Study and analyze regulations and potential of the enterprise. The formation of information-analytical support of financial stability; The formation controlling options adjustments to financial stability; Modeling variants of the obtained results; Adjustment measures to achieve the specified financial stability; Assessment of financial stability.
Results Evaluation of the performance of the guaranteed reserves financial stability Assessment of options for the use of reserves of financial stability Evaluation of the elements of the optimal reserves financial stability Evaluation of factors influencing the optimal value reserves financial stability
ЕКОНОМ1КА: реалп часу
№6(16), 2014
ECONOMICS: time realities
This means that they increasingly focus on the wishes of the contracting parties and on the other hand continually improve turnaround performance of the enterprise. To combine these two requirements is not easy. This requires the direction of all elements of the economic system of industrial enterprise in the system of crisis management of financial stability.
In general, the following options of combinations relative and absolute indicators of financial stability of the enterprise are existed:
— increase the efficiency of financial assets at constant volume applications: the absolute numbers do not change, the relative decrease;
— increase in financial assets at constant efficiency: the absolute numbers are growing relative remain unchanged.
— increase consumption of financial assets and the efficiency of their use: the absolute numbers are growing, the relative decrease.
— increase consumption financial assets by reducing the efficiency of their use: the absolute numbers are growing together with the relative indicators.
— increase the efficiency of financial assets is the decrease its using: the absolute numbers are declining, the relative numbers are growing.
— reducing the efficiency of financial assets if there is a decrease its application: the absolute numbers are declining, the relative numbers are growing.
— reducing the efficiency of financial assets with growing consumption: the absolute numbers are growing, the relative numbers are growing.
— reducing the consumption of financial assets, at a constant efficiency of its using: the absolute numbers are declining, relative the numbers are growing.
For each situations should be investigated the rate of changes the relevant indicators. This will allow assessing and monitoring flush capacity of industrial enterprises. For effective asset management with a focus on the ability of the enterprise, it needs a comprehensive program of anti-crisis collateral management system financial stability.
Conclusions
Thus strategic assessment of the financial stability of the industrial enterprise can distinguish two directions of research. The first direction is related to the financial balance, defines the basic conditions for the functioning of the enterprise and its relationships. The second direction defines a set of procedures to increase the value of the capital of industrial enterprises in the conditions of innovative-investment economy.
Experience successfully working industrial enterprises in the current economic conditions, is the identity of their financial soundness. This means that they increasingly focus on the wishes of the contracting parties and, on the other hand continually improve turnaround performance of the enterprise. To combine these two requirements is not easy. This requires the direction of all elements of the economic system of industrial enterprise in the system of crisis management of financial stability of the entity.
Reference:
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5. Дорогань-Писаренко Л. О. Оцшка ткшдносп шдприемства як складова дiагностики фшансового стану / Дорогань-Писаренко Л. О., Дорошенко А. П., Лях М. В. // Науковi праш полтавсько! державно! аграрно! академп. - 2012. - №1 (4). - С. 109 - 113.
Надано до редакци 08.12.2014
Масленшков £вген 1ванович / Eugene I. Maslennikov
evgenmaslennikov@ukr. net
Посилання на статтю / Reference a Journal Article:
Strategic assessment of the financial sustainability of the industrial enterprise [Електронний ресурс] / E.I. Maslennikov // ExonoMiKa: реали часу. Науковий журнал. — 2014. — № 6 (16). — С. 111-115. — Режим доступу до журн.: http://economics. opu. ua/files/archive/2014/n6. html
