Many enterprises in the process of implementationactivities face financial problems. In order to solve them, it is necessary to conduct measures for financial diagnosis and subsequent financial recovery. When setting a "financial diagnosis" it is easiest to use certain financial ratios and indicators. Typically, the analysis is based on the study of financial ratios related to the four groups: liquidity ratios, financial stability indicators, as well as profitability levels and indicators of business activity. Let's consider more closely the coefficients characterizing the liquidity of the enterprise.
The first and most common is the indicator,which has a very characteristic name - the coefficient of total liquidity. With its help, a comparison is made between the working capital at the disposal of the firm under study and the short-term debts that have arisen in the course of the activity. Obviously, the current assets must fully cover these debts - this is a liquidity requirement. On the other hand, there is a demand for efficiency - it is believed that more than twofold excess of current assets over liabilities with the shortest period indicates inefficient use of these assets.
However, the normal value of this indicator forspecific enterprise may differ from the generally accepted one. To determine it, it is necessary to proceed from the assumption that the current assets after the repayment of obligations should suffice to continue the activity. In other words, normally, current assets should equal the sum of short-term liabilities and the reserve ratio. Interestingly, this coefficient, having its limits, is a limiting factor for another indicator, which is called the intermediate liquidity ratio.
By the ratio of current assets to urgentliabilities also determine the coefficient of fast (intermediate) liquidity. However, in this case, the least liquid among them, which are traditionally recognized as reserves, should be excluded from the inventory. It can be formulated in such a way that the coefficient of intermediate liquidity shows to what extent the firm will be able to repay the most urgent debts when recovering the entire amount of receivables. The lower limit of the indicator is also set at the level of unity.
The above calculation is simple, but notquite accurate. The matter is that some stocks can be more liquid, than separate short-term investments or, for example, doubtful "дебиторка". The coefficient of intermediate liquidity is more accurately determined if we include in the calculation the value of products sold on prepayment, and exclude not only illiquid financial investments, but also accounts receivable in the part whose repayment causes doubts.
The solvency of the enterprise, that is itsthe ability to immediately settle for the most urgent obligations, is described by the same coefficient. To calculate it, only the most liquid assets are left in the numerator. Obviously, it will be cash and property equated to them. It should be borne in mind that in no case should illiquid financial investments be included in the calculation, since this will distort the real state of affairs. Russian organizations for the most part have this indicator at the level of no more than 0.1. Such a level in the Western economy is unambiguously unacceptable, since there is a restriction from 0.2 from below to 0.25 from above.
In some cases, an enterprise maycalculate the liquidity indicator when raising funds. It characterizes what part of the most urgent obligations can be repaid, if all the stocks of the enterprise are sold.
For an accurate analysis of activities,calculate not only, for example, the coefficient of intermediate liquidity, but all the rest. And it is also very useful to study the liquidity indicators in dynamics with the identification of trends.