Faculty: Economics
Speciality: Economics of Fuel and Energy Complex
The property state of enterprise and mechanisms of estimation of his use is one of major descriptions of success of conduct financially - economic activity of organization. This side tests influencing from the side of many factors which acquire yet greater actuality at the analysis of property of enterprises of extractive industry, and especially their capital assets inconvertible and circulating assets. Taking into consideration the modern state of industrial enterprises of Ukraine, which are characterized by the problem of high degree of wearing out, moral and physical ramshackleness of capital assets, consideration of this theme becomes especially actual for contemporaneity.
On this basis estimation of composition and structure of sources of forming of property of enterprise, adduction of mechanisms of his analysis, is the purpose of this research final work, for determination of existent problems of efficiency of the use of resources on industrial enterprises and enterprises of coal industry in particular, and prospects of its development.
The analysis of property is important for in fact every enterprise the financial state and his stability to a great extent depend on that, what property is at disposal of organization, in what assets inlaid capital and what profit they bring to him. Property of enterprise is analysed for the sake of determination of level of providing of organization by the separate types of assets and search of backlogs of increase of efficiency of their use.
For efficiency of estimation and directionfinding increase of efficiency of the use of property of enterprise it is necessary to analyse composition of property structure on productions enterprises taking into account sourcings their and forming; to expose basic approaches to the analysis of property of enterprise taking into account the features of this analysis on extractive enterprises; to expose efficiency of functioning of coal industry and prospects of his development in the conditions of actualization of problem of wearing out of capital assets and difficult property situation.
Composition and structure of property of enterprise and sourcings his
Activity of any enterprise must be provided by facilities which are needed for satisfaction of his necessities. Name the aggregate of facilities of enterprise property. In accordance with Economic Code of Ukraine property names the aggregate of things and other values (including immaterial assets), which have cost determination, is made or is used in activity of subjects of menage and is represented in their balance [17].
For the effective management by economic activity of enterprise important to know, what property an enterprise owns, where it is used and due to what sources created [1, c.134-135]. .
For providing of continuity of process of production and appeal of products facilities which form their productions funds are given in the order of industrial enterprises. The last consist of floating assets capital and.
Most particle in the productions funds of enterprises is occupied by capital assets.
As is generally known, capital assets are subdivided into productions and unproductive. Every industry of industry peculiar the structure of capital assets, that represents its proyzvodstvenno-tekhnycheskye features. The capital assets of separate industries of mining industry above all things are characterized by correlation of industrially-productions and uncommercial funds. In coal industry approximately 75 % it is on a stake industrially-productions capital assets and 25 % on the stake of uncommercial capital assets [2, c.125-127].
Numerous factors influence on the structure of capital assets of mining industry, the main are from which: technical progress in industry, that causes changes of technological processes growth of productivity of machines; natural terms; technical progress in machine-building and building industry, that provides the issue of more productive equipment and machines. In addition, for coal industry the characteristic higher stake of cost of buildings is in the total worth of capital assets.
Correlation of separate groups of capital assets in general their size characterizes their specific structure. Plenty of factors influences on forming of specific structure of capital assets. Among them: rates of technical rearmament of industry; structural changes in methods and districts of booty; level of concentration of works; standard of prices on the mountain equipment and yn. That is why specific gravity of active part of capital assets in mining industry considerably below, than in other industries of industry. If on the whole on industry specific gravity of active part of capital assets is 38,1%, in mashynostroenyy and metal-workingness - 42,9%, in coal industry - only 28,6%. At the same time exactly this part of capital assets acts determining part in the improvement of tekhnyko-ekonomycheskykh indexes of work of industry. Other things being equal the increase of particle of active capital assets allows to grow mining volumes, creates terms for growth of labour and decline of unit cost productivity [6, c.41-45].
Except for a specific structure distinguish the production structure of capital assets. She is characterized by specific gravity of cost of capital assets of separate objects in general its size on industries[8, c.47-55]. The production structure of capital assets in mining industry has substantial differences. They appear in different specific gravity of the capital assets intended for a booty and processing of useful minerals. In coal industry the funds related to mining prevail in composition capital productions assets. On their particle is more than 80% all funds [4, c.33-36].
Much to our regret the modern state of industrial enterprises of Ukraine is characterized by the problem of update of capital productions assets. That is why because of large value of capital productions assets as basis of process of realization of economic activity, becomes extremely important forming of strategy of their recreation as the effective instrument of successful realization of production policy of enterprise. < /p>
Strategy of update of capital productions assets is developed for this purpose, as well as any strategy she foresees the use of aggregate of methods and instruments. In the most general view forming of strategies of update of capital productions assets on the enterprises of extractive industry it is possible to represent as sequence of four stages [8, c.164-166].
The no less important value for providing of activity of enterprise is played by floating productions assets and funds of appeal. The floating assets of industry are divided into three basic parts.
The first part is made by the articles of labour, which are on an enterprise as productions supplies. To this part of floating assets attribute raw material, basic and auxiliary materials, fuel, purchased ready-to-cook foods, spare parts malotsennye and bystroyznashyvaemye objects and remanent.
To the second part of floating assets attribute the uncompleted production and ready-to-cook foods of the own making. Except for these two basic parts other articles of labour join in the floating assets of industry, for example, charges of future years, that charges, which will be is put not only on the prime price of current booty but also on the prime price of booty of next periods. To by him charges belong on the leadthrough gorno - preparatory making and unsealing works, acquisition of metallic bars, conveyer ribbon, flexible cable rails .
Facilities which are in the funds of appeal are unconnected directly with flowing of productions processes, they are called only to serve the sphere of production. These facilities in the field of appeal are used for the purveyance of materials and fuel, mountain works necessary for the continuous conduct, and and also calculations, for the realized products with customers, payments of ettlings.
Productions floating assets and funds of appeal monetary show itself working assets. Working assets, in-use in mining industry, consistently and continually pass from the sphere of appeal to the sphere of production and again in the sphere of appeal. Time during which working assets pass two stages appeals and one stage of production makes the period of turn of circulating assets. Such rotation takes place continually. [10, c.24-35]. As a rule, from all amount of circulating monies approximately 70- 75% is in the field of production 25-30% in the field of appeal.
The sources of formation of economic facilities in the conditions of market economy name a capital. There can be two types of capital on the enterprises of different legal forms: own and attracted (loan).
Under a property asset understand the total worth of facilities enterprises which belong to him on ownership rights and is used to them for forming of assets. He is one of major indexes of functioning of enterprise, as characterizes solvency, solvency and material well-being of enterprise by the personal funds.
A property asset is used for forming of certain part of assets. This part of asset, formed due to the property asset invested at them, shows itself the net assets of enterprise. A property asset contains different on the economic maintenance, principles of forming and use of source of financial resources: chartered, additional, reserve capital. In addition, in the complement of property asset by which a being subject in charge can operate unreservedly during realization of agreements, the retained earnings funds of the special setting and other backlogs enter. Also the bezoplatnye receipts and governmental subsidies behave to the personal funds. The size of the chartered capital must be certain in regulation other constituent documents of organization, incorporated in the organs of executive power. She can be changed only after bringing of the proper changes in constituent documents.
All personal funds in that or other degree serve as the sources of forming of facilities which are used by organization for achievement of the put aims.
Many researchers mark that in composition a property asset can be selected two basic to the constituent: invested capital, that the capital inlaid by proprietors in an enterprise; and the accumulated capital, that capital, floor of that at first advanced by proprietors created on an enterprise.
The invested capital includes the nominal cost of preference shares simple and, and also additionally prepaid (over the nominal cost of actions) capital. To this group usually take the gratis got values. The first constituent of the invested capital is represented in balance by the chartered capital, friend - additional capital (in part of the got emission profit), third - additional capital (in part of the gratis got property) or fund of social sphere.
In the turn the accumulated capital finds the reflection as reasons which arise up as a result of division of net income (operating surplus, retained earnings other similar articles). Without regard to that source of formation of separate constituents of the accumulated capital one is the retained earnings, aims and order of forming, direction and possibility of the use of every his article, differ substantially.
Except for a property asset, the attracted sources are the sources of forming of property of enterprise. An enterprise get them on rental a basis on a certain term on ending of which come back to the proprietors.
The sources of loan capital can be divided into two groups are long-term and short-term. To long-term those loans sources belong in Ukrainian practice, the term of redemption of which exceeds twelve months. In oversea practice loans sources which are given out on a term from one to five years, is considered medium-term. To the short-term loan capital it is possible to deliver credits, loans, and also bills obligations of exchange - with the term of redemption less than one year; account payable.
In addition, all obligations of enterprise can be grouped after the terms of their redemption as most urgent, short-term, long-term and permanent.
Most urgent are current liabilities of enterprise before suppliers, by the state and workers payment of which concernes by the moment of origin of debt on results realizable economic operations. The short-term obligations concerne by the term of redemption of the got loans facilities for period less than one year. The long-term debt concerne by the term of redemption of loans facilities for period more than one year. The permanent obligations are the obligation before the proprietors of subject of menage in part formings of property asset, which arise up of own free will separate proprietors or at liquidation of enterprise.
Thus the capital structure of enterprise determines the great number of aspects of not only financial but also operating and investment his activity, influences on end-point of the activity. She influences on the coefficient of profitability of assets and property asset .
An enterprise which uses a property asset only has the greatest financial firmness, but here it limits the rates of the development (as can not provide forming of necessary additional volume of assets in periods of the favourable state of affairs of market) and does not use financial possibilities of increase arrived on the inlaid capital.
An enterprise which uses the attracted capital has higher financial potential of the development (due to forming of additional volume of assets) and possibility of increase of financial profitability of activity, but here in greater mayor generates the financial risk and threat of bankruptcy ( that is increased with gain in specific weight of loan capital in the capital structure of enterprise).
Basic approaches to the analysis of property of enterprise
by an enterprise in nastoyaschem shows itself difficult processes, which are carried out in the conditions of permanent changeableness of public production increase of alternatives of economic activity. In the conditions of markets relations an enterprise carries responsibility for the result of the activity. Successful activity far in what concernes by the effective functioning of the control by property system which must be directed on his maintainance effectively-rational use.
The presence of certain property which belongs to him as to the proprietor or on rights for the domain is the important sign of realization of activity of every enterprise. Under property understand the aggregate of things and other values (including immaterial assets). Cost estimation of property, that belongs to the proprietor, that to the enterprise, is represented in balance. This property is named assets. Assets are the economic resources of enterprise, property values which are used with the purpose of receipt of income.
The analysis means dismemberment, decomposition of the explored object to pieces, elements, on internal incident to this object constituents. Analysis major by the instrument of influence on the increase of efficiency of the use of property, adduction in action of backlogs of growth of labour, upgrading products, services, decline of prime price, improvement of all proyzvodstvenno-khozyaystvennoy performance indicators of enterprise productivity.
The analysis of property of enterprise enables to define the structure of financial resources of enterprise and vydslydkuvaty tendency of their change. To the analysis of property of enterprise the vertical and horizontal analysis of the financial reporting is basic approaches; factor analysis, degrees of cross-coupling on activity of enterprise of prychynno-sledstvennykh connections, technical receptions of analysis of property. The vertical analysis shows the structure of property of enterprise and his sources. The horizontal analysis of accounting consists in construction of one whether a few analytical tables in which absolute indexes are complemented by the relative rates of growth (decline). It is necessary to notice that in the conditions of inflation the value of results of horizontal analysis goes down [11, c.32-34].
On the modern stage of development of national economy technical, economic and social processes interdependent. Establishment of intercommunications is the most essential moment of analysis. Causal connection oposredstvuet all economic facts, phenomena, situations, processes. That factor being the reason of one phenomenon, often comes forward investigation of other. For the exposure of such prychynno-sledstvennykh connections, degrees from the cross-coupling the factor analysis serves on activity of enterprise. The factor analysis allows to select influence of those or other factors on property potential of enterprise, development of socio-economic and technical processes [11, c.128-135].
The technical receptions of analysis allow to facilitate and accelerate analytical work from estimation of property and provide consideration of different factors which influence on activity of enterprise in intercommunication. The choice of technical receptions concernes by the purpose of analysis and character of vykorystovuemykh sources.
At the analysis of property of enterprise research of sourcings his is important. On the enterprises of different legal forms there can be two types of capital which finances formation of property of enterprise: own and attracted (loan). That is why at development of strategies of the use of property one of basic stages is the analysis of the proper financial sources. It is thus necessary to take into account that an enterprise which uses the attracted capital has higher financial potential of the development and possibility of increase of financial profitability of activity, but here in greater mayor generates the financial risk and threat of bankruptcy.
Activity of enterprise, which is based on the use of his property, many-sided and is characterized by different indexes. Effectiveness of activity of enterprise can be estimated by the groups of absolute and relative indexes. Yes, by the indexes of the first group it is possible to analyse the dynamics of indexes arrived (balance, clean, undistributed) for the row of years. The second group of indexes practically is not subject to influencing of inflation, because shows itself different correlations arrived the inlaid capital (own, loan). Economic maintenance of the noted indexes consists in that they characterize the income, got from every hryvnya of the facilities inlaid in an enterprise.
In the industrially developed countries there were a few approaches to estimation of property of enterprises [13, c.119-124]. First approach is property. His the estimation of component elements of property underlaids. The second approach contains not only estimation of property elements but also enterprise on the whole as unique functioning complex.
A property method is the most simple and accessible method of estimation of property of enterprise by which it is possible to define a property cost. It is more exactly possible to expect a property cost on the size of netto-aktyvyv, but with the use of inflationary balance which is folded from data of overvalue of tangible assets of enterprise. The technique of this method consists in determination of cost of property of enterprise as sums of cost of basic facilities - nets and circulating assets financed from own sources, corrected on the level of inflation.
Most exact, in opinion of practical workers, estimation of enterprises is considered after the method of intrinsic value. In this case property is divided into groups is the fixed assets, supplies, monies assets and liabilities. In the turn groups are subdivided into sub-groups is equipment, bills of exchange, actions and etc On the basis of the got estimations the economic analysis of efficiency of the use of property is conducted, mainly his profitability, that gives the key to determination of financial possibilities of enterprise. The system of indexes of efficiency of activity is thus used.
Basic facilities and immaterial assets behave to least liquid property of enterprise. The analysis of the use of irreversible assets is the active mean of influence on efficiency of production. At the analysis set dependence of results on the size of charges and degree of the use of resources, conformities to the law of change of efficiency of the use of irreversible assets discover. For estimation of structure of capital assets more frequent than all use their division on active and passive part. Gain in specific weight of active part of capital assets and accordingly diminishing of particle from passive part is the important factor of growth of efficiency of production activity. Efficiency of activity depends not only on the structure of capital assets but also from the structure of property of enterprise. Financial position of enterprise is in direct dependence on that, as far as quickly the facilities inlaid in assets, grow into the real money [13, c.65-69].
Insufficiency of sourcings, conduce disparity of directions of their use to the decline of efficiency of activity and, possibly, to bankruptcy of enterprise. That is why to one of basic tasks of analysis of property of enterprise consists in determination of material well-being of enterprise by the personal funds personal circulating funds, circulating of circulating assets state of account receivable.
But, in our view, analysis of property, directed in more greater part on research of the use of his assets is incomplete. It is known that insufficiency of sourcings, conduce disparity of directions of their use to the decline of efficiency of activity and, possibly, to bankruptcy of enterprise. That is why one of basic tasks of analysis of property of enterprise must be determination of optimum of structure of sourcings, determination of material well-being of enterprise by the personal funds personal circulating funds, state of both and creditor account receivable. Thus the receipt of dependence, which allows to define influence of structure of circulating and basic assets on their circulating and also influencing of indexes of efficiency of the use of assets on the financial state of enterprise on the whole, is important.
Such approach understands construction of integral estimations of efficiency the uses of property, which are based on the report of complex of indexes in unique estimation by a way either setting of norms of indexes in relation to a certain base or by the grant of balls estimations which on the last of peat-time are summed up. Obviously, that determination of dependence is a necessity also between such integral estimation and proper integral estimation, that characterizes the financial state of enterprise on the whole, because exactly the financial state determines possibilities of enterprise not only presently but also in the future. Here construction of the proper system of initial evaluation indexes, which must engulf all most essential aspects of activity of enterprise, be in a position of establishment of the grounded base for estimation, is most essential, to eliminate duplications and all that. In addition, out of sight of researchers, in our view, there are the social aspects of question the uses of property, which have not only social but also economic consequences, oposeredovano influencing on efficiency of activity of enterprise.
Modern industry of Ukraine, can not fully collect the rates of development in the format of world market through the presence of many open questions, which are related to the problems of the property state of enterprises of industry, moral and physical ramshackleness of capital assets, and also political, economic and social state. This industry needs reformation and transition on the high degree of development is introduction of new technologies of production, update of productions capacities of enterprises and bringing in of investments and financing of projects of technical perfection and rearmament of capital assets of enterprises [14, c. 24].
1. To carry out economic activity every enterprise must have certain property which belongs to him as to the proprietor or on rights for the domain. Under property understand the aggregate of things and other values (including immaterial assets), which have cost determination, is made or is used in activity of subjects of menage and is represented in their balance. His capital assets are the most ponderable part of property of industrial enterprise.
2. The analysis of property of enterprise enables to define the structure of financial resources of enterprise and to trace the tendencies of their change. To the analysis of property of enterprise the vertical and horizontal analysis of the financial reporting is basic approaches; factor analysis of degree of cross-coupling on activity of enterprise of prychynno-sledstvennykh connections, technical receptions of analysis of property.
3. At the analysis of property of enterprise research of sourcings his is important. On the enterprises of different legal forms there can be two types of capital which finances formation of property of enterprise: own and attracted (loan). That is why at development of strategies of the use of property, for example strategies of update of capital assets, one of basic stages is the analysis of the proper financial sources. It is thus necessary to take into account that an enterprise which uses the attracted capital has higher financial potential of the development and possibility of increase of financial profitability of activity, but here in greater mayor generates the financial risk and threat of bankruptcy.
4. Ponderable stake of coal in taken of balance of country and considerable payment of coal industry in the decline of degree of yiaicaaeneiinoe, the fundamental value of industry determines for providing of power and national safety of Ukraine. For today specific gravity of coal products in strukturepotreblenye of primary energoresursov makes over 20% (44 millions are tone.).
5. Coal industry of Ukraine, can not fully collect the rates of development in the format of world market of coal through the presence of many open questions, which are related to the problems of the property state of enterprises of industry, moral and physical ramshackleness of capital assets, and also political, economic and social state. The exit of coal industry from the difficult state is possible only at implementation of reformation and state adjusting of all fuel and energy complex, and bringing in of investments and financing of projects of technical perfection and rearmament of capital assets of enterprises.