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Abstract

Content

Introduction

Financial security, is one of the most important components of the economic security of an enterprise, can be defined as a set of works to ensure effective capital structure of the enterprise, improving the quality of planning and implementation of financial – economic activities of the enterprise.One of the pressing problems ensuring the financial security of the enterprise–is the effective use of financial resources, expressed in improving financial performance, quality of management and use of fixed and circulating assets, capital structure, the rate of dividend payments on securities. The most important direction in the formation of the system of economic security, including enterprises, is the creation of an effective financial security mechanism.

The resulting profit in absolute terms for a certain period does not make it possible to reliably assert the effective functioning of the enterprise for a given period. In order to give a complete and accurate assessment of the results obtained, it is necessary to know the factors that influenced their formation, direction and degree their impact.Therefore, studying the issue of analyzing the formation of financial results of an economic entity is important and relevant in a market economy. When writing this work, the following research methods   were used: comparative, analytical, and also an integrated approach.

  1. Studying the essence of the financial security of an enterprise.
  2. Study of the essence of the financial results of the enterprise.
  3. Consideration of the category of profit as the main financial result.
  4. Study of the relative indicators of financial results.
  5. Consideration of the procedure for the formation of the financial results of the enterprise.

Object of study: financial results of the enterprise.

Subject of study: financial security of the enterprise.

1. The essence and importance of the financial security of the enterprise

The importance of strategies that allow an enterprise to survive in the competition has been increasing lately. In modern conditions, the development of an enterprise depends on many groups of factors, the main ones are – internal environment, external environment, dynamic feature of the country's economy. Changing these factors requires the development of adequate strategies enterprise development.Formulation of strategies – one of the important management functions, which is the process of choosing an enterprise goal and ways to achieve it, and therefore, ensuring the economic security of the enterprise.The essence of economic security is to ensure a state of better use of resources enterprises to prevent threats to entrepreneurship and create optimal conditions for its stable and effective functioning, profit.

In Soviet times, a narrow, almost closed circle of scientists working in special departments was engaged in the development of the issue of ensuring economic security. Not allowed broad scientific discussion of the problem of ensuring the economic security of the company [5, 7].

Summarizing the definitions of financial security, it should be noted that the essence of the financial security of an enterprise lies in the ability of an enterprise to develop and implement a financial strategy in accordance with the chosen direction of development. The main condition for the financial security of an enterprise is the ability to withstand existing and possible risks and threats that can cause significant damage to the enterprise. Ensuring compliance with this condition is achieved : financial stability, balance, security financial independence of the enterprise, liquidity of the balance sheet, coherence of all levels of management in making financial decisions, ensuring the protection of its financial interests in the process formation and development.

Financial security implies not only maintaining a sufficient level of indicators that characterize it, but also includes development, manifested in economic growth, those. in the trend of a positive change in the aggregate indicators of enterprise development for a certain period. To characterize economic growth, both general and specific indicators are used.

The main components of financial security:

Financial stability is a characteristic of the stability of the financial position of an enterprise, provided by a high share of equity capital in the total the amount of funds used by him.

The end result of the multilateral activities of each business entity is its financial results. In rare cases, profit and loss are simultaneously equal to zero, which should be considered negative result, since the general activity of the enterprise did not bring positive effects.

Financial security is ensured using the financial indicators of the enterprise.

Consider the definition of financial results given in the works of various authors (see table 1.2).


Table 1 – Definition of financial result
Name of the author Definition
Anufriev V. E. [1] excess of income over expenses, means an increase in the property of the enterprise - profit, and expenses over income - a decrease in property - a loss.
Efimova O. V. [3] he end result of the enterprise is what the owners have the right to dispose of, and in world practice, under profit / loss means increase / decrease in net assets .
Kozlov E. P., Parashutin N. V. [2] is an (integrating) indicator characterizing financial, production and other activities.
Voitolovsky N. V., Kalinina A. P.[4] characterizes the profit or loss of the enterprise and is an absolute indicator that does not characterize the efficiency.
Tolkacheva N. A.[3]. increase or decrease in the capital of an enterprise in the process of financial and economic activities for the reporting period, which is expressed in the form of total profit or loss.

The significance of the problem of studying financial security lies in the effective use of financial resources, expressed in improving financial results.

2. The procedure for the formation of the financial result of the enterprise

The mechanism for the formation of financial results is one of the constituent parts of the economic mechanism that functions at a certain stage of the development of society. The algorithm for the formation of indicators of financial results is presented in the form No2 Profit and loss statement . The main purpose of the Profit and Loss Statement is in the description of indicators of the financial results of the organization's activities for the reporting period.

Statement of financial results   – one of the main forms of accounting reporting, which characterizes the financial results of the organization for the reporting period and contains data on income, expenses and financial results on an accrual basis from the beginning of the year to the reporting date. The main indicators of the enterprise are – revenue, cost of sales, selling and administrative expenses – all this constitutes the financial result (profit or loss) [12, 13].

The algorithm for generating financial results is shown in figure 1.

Figure 1 – Algorithm for the formation of the financial results of the enterprise ( animation: 17 frames, 85,8 kilobyte )


Thus, the analysis of the formation of the financial results of the enterprise, has a direct impact on the quality of management decisions..

3. The main directions of strengthening the financial security of the enterprise

Ensuring the financial security of an enterprise is very closely related to the efficiency of its activities.

There are several ways to strengthen the financial results of the enterprise.

The first direction is to increase the volume of products. The implementation of this method is possible by improving the technologies of the production process, as well as attracting additional investments in production.

The second direction is pricing policy. The formation of an effective pricing policy will affect the volume of the enterprise's operating activities, the formation of its image among consumers of products, contributes to the economic development of the enterprise and an increase in the level of financial condition in general.

The third area is cost reduction. The operational activity of the enterprise since its inception is associated with the implementation of various labor, material, intangible and financial resources in the process of production and sales of products. By their nature, these costs are divided into two main types - current and long-term.[6, 10]

Figure 1 – The content and sequence of the main stages of the formation of the pricing policy of the enterprise

Thus, financial security is one of the most important components of the economic security of an enterprise. The financial security of an organization will be ensured if it carries out operational and other types of activities in the planned volume, if it is capable of development and renewal, i.e., if its functioning is stable and stable. For this, the enterprise needs to have a sufficient amount of financial resources, to carry out rational placement and effective management of working capital.

Ensuring the financial security of an enterprise on the basis of managing its financial results is one of the most important tasks of its activities in a market economy. If the company is financially safe, it develops steadily and therefore has an advantage over other enterprises of the same profile in the process of attracting investments, in obtaining loans, in choosing suppliers and in the selection of qualified personnel.

Conclusions

Any enterprise, regardless of its organizational and legal form and industry affiliation, is faced with the need to resolve the problems of its own economic security, and these problems not only during crisis periods, but also when working in a stable economic environment.

The most important type of economic security in modern conditions is financial security. This is due to the fact that, taking into account the dominant position occupied by the financial component in the modern economy, we have the right characterize the latter as an economy that is fundamentally financially managed, through financial mechanisms, through financial leverage, financial incentives and for financial purposes.

Financial security expresses a certain state of financial stability in which the company should be, and is also characterized by the ability of the company to resist external and internal threats, for example, local and global financial crises, hostile takeovers, unscrupulous partners.

For effective management of financial resources, cash flows of a company, it is necessary that entrepreneurs and managers of various levels know the theory of financial security, its structure, objects of financial security, main hazards and threats, quantitative and qualitative indicators for assessing the level of financial security, methods of factor analysis and, most importantly, the main areas of security, and also knew how to put into practice theoretical provisions.

References

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