The concentration ratio of attracted funds is. Debt capital concentration ratio

One of the characteristics of the stable position of the enterprise is its financial stability.

The following financial stability ratios, characterize independence for each element of the enterprise's assets and for property as a whole, make it possible to measure whether the company is financially stable enough.

The simplest financial stability ratios characterize the ratio between assets and liabilities in general, without regard to their structure. The most important indicator of this group is autonomy coefficient(or financial independence, or concentration of equity in assets).

The stable financial position of the enterprise is the result of skillful management of the entire set of production and economic factors that determine the results of the enterprise. Financial stability is due both to the stability of the economic environment within which the enterprise operates, and from the results of its functioning, its active and effective response to changes in internal and external factors.

The final stage in assessing the financial stability of a commercial organization is the calculation and analysis of relative indicators ( financial ratios) financial stability, which are sometimes called the coefficients of market stability of the enterprise. The analysis of these coefficients is carried out in dynamics, in comparison with the recommended values ​​and with the data of other enterprises.

When conducting an analysis, it is advisable to consider the dynamics of two groups of qualitative indicators:

1st group - characterizes the structure of sources of funds. The indicators of this group are formed by comparing certain groups of property and the sources of its coverage. Conventionally, this group of indicators can be considered indicators of capitalization.

2nd group - characterizes the quality of the costs associated with servicing external sources. Conventionally, this group of indicators can be considered coverage indicators. Using the indicators of this group, an assessment is made of whether the enterprise is able to maintain the existing structure of sources of funds.

The main financial stability ratios 1st group (capitalization)

are:

Equity concentration ratio

(financial autonomy, independence) - is defined as the ratio of the company's own capital to the balance sheet of the enterprise.

Ksk = Equity

Balance currency

This ratio shows the share of equity in the total amount of funds advanced in its activities. It is believed that the higher the share of own funds, the more chances the company has to cope with market uncertainty.

The normal minimum value of this indicator is estimated at 0.5. If the value is greater than 0.5, then the company can cover all its obligations with its own funds.

The growth of the equity concentration ratio in dynamics is a positive factor, indicating an increase in the level of financial stability, a decrease in the level of dependence on external investors.

The addition to this indicator is the following coefficient:

♦ Funds Concentration Ratio

It is defined as the ratio of the amount of attracted funds of the enterprise to the total balance sheet of the enterprise.

Kps = Raised funds

Balance currency

Its value shows the share of attracted funds in the total amount of funds advanced in the organization's activities. The growth of the indicator in dynamics is a negative factor, indicating a decrease in the level of financial stability, an increase in the level of dependence on external investors. The sum of the values ​​of the Ksk and Kps indicators is equal to 1 (or 100%).

Funding ratio

The ratio of equity to borrowed funds:

Kfin = Equity

Involved funds

The value of the indicator shows which part of the organization's activities is financed by its own funds, and which part is financed by borrowed funds. This indicator is used for a general assessment of the level of financial stability. Recommended value of this indicator: Kfin > 0.7; optimal Kfin = 1.5. In other words, for every ruble of borrowed funds, there should be at least 0.7 rubles. own funds.

The ratio of borrowed and own funds(capitalization) - is defined as the ratio of the sum of long-term (DO) and short-term liabilities (CO) to the equity capital of the organization (SC):

Кз/с = (TO + KO) = Raised funds

SK Equity

This ratio gives the most overall rating financial stability of the enterprise. The value shows how many rubles of attracted capital account for 1 ruble. own capital. The growth of the indicator in dynamics indicates an increase in the dependence of the enterprise on external investors and creditors, i.e. about some decrease in financial stability, and vice versa. This indicator is especially widely used in assessing the financial risk associated with a given enterprise.

The financial stability of an enterprise is such a state of the financial resources of an enterprise in which it is able to provide continuous manufacturing process, expansion of economic activity and not experience difficulties with financing.

The analysis of financial stability is carried out using the balance sheet of the enterprise (form 1) and is carried out by comparing the size and structure of its assets and liabilities. With regard to financial stability, the following types are distinguished:

1. Absolute financial stability means that there are no borrowed funds in the structure of the company's liabilities. Such financial stability is practically non-existent.
2. Normal financial stability is a state in which the company provides its activities with its own capital and long-term liabilities.
3. An enterprise becomes financially unsustainable when the enterprise becomes dependent on short-term loans to finance activities (no one gives long-term loans anymore)
4. Critical financial stability occurs when the economic activity of the enterprise is not provided by the sources of formation of liabilities and the enterprise is on the verge of bankruptcy.

To analyze the financial stability of an enterprise, there are a number of coefficients that are calculated using the appropriate formulas. The main ones are:

Equity concentration ratio (autonomy ratio).

This coefficient characterizes the part of the owners of the enterprise in the total amount of funds invested in the enterprise. If this coefficient is high value, this means that the company is financially stable and weakly dependent on external creditors. An addition to this indicator of financial stability is the concentration ratio of attracted (borrowed) capital - their sum is equal to 1 (or 100%).

At present, no one can give an unambiguous answer what should be the concentration of equity capital to maintain normal financial stability. It all depends on the region in which the company is located and the industry in which it operates. For industrial enterprises in countries former USSR most often you can find an indicator of 60% or more, for banks - 15%.

Coefficient of financial dependence.
This indicator of the financial stability of the enterprise is calculated by the formula:

From this formula it can be seen that the coefficient of financial dependence is the reciprocal of the coefficient of concentration of equity. This indicator is better perceived by some people when assessing financial stability, because with a coefficient value of 1.6, it becomes clear that for every $ 1 of the owners' funds, there are $ 0.6 of borrowed funds.

The coefficient of the ratio of own and borrowed funds.
The formula by which such an indicator of the financial stability of an enterprise is calculated looks like this:

This indicator for analyzing the financial stability of an enterprise is a variation of the previous two coefficients and is always one less than the financial dependence coefficient. Also created for ease of perception.

Debt capital concentration ratio.
This indicator of financial stability is calculated by the formula:

It is also closely related to the previous three indicators and is calculated for people who are comfortable with just this form of representation of the proportion of own and borrowed funds in the capital structure. Great importance of the coefficient can signal both confidence on the part of banks and the pre-default state of the enterprise, low - either a cautious and balanced management policy, or a low level of confidence on the part of creditors In any case, the deviation noticed in the analysis of financial stability should cause caution and subsequent clarification of the reasons.

To analyze the financial stability of an enterprise, it is not necessary to calculate all the previous four indicators, it is enough to choose the most convenient one for yourself or for the person who will make the decision - all the same, they show the same thing in different forms.

Debt capital structure ratio.
This indicator of financial stability is determined by the formula:

This ratio of the financial stability of the enterprise shows what part of the liabilities are long-term loans. The low value of this indicator means that the company is highly dependent on short-term loans, and hence on the momentary market conditions.

Coefficient of structure of long-term investments.
This indicator of financial stability is obtained by the formula:

Such a coefficient is calculated in order to obtain information about how much of fixed assets and other non-current assets are financed by external investors.

The coefficient of maneuverability of equity capital.
This indicator of financial stability is calculated by the formula:

Using this indicator of the financial stability of the enterprise, it is possible to determine which part is used in current activities and which is capitalized. This indicator may vary depending on the industry of the enterprise, the normative value is 0.4 - 0.6.

One of the most important characteristics financial condition enterprises - the stability of its activities from a long-term perspective. It is associated primarily with the overall financial structure of the enterprise, the degree of its dependence on creditors and investors. So, many businessmen, including representatives of the public sector of the economy, prefer to invest a minimum of their own funds in the business, and finance it with money borrowed. However, if the structure "equity - borrowed funds" is significantly skewed towards debt, the enterprise may go bankrupt when several creditors simultaneously demand their funds back at an "inconvenient" time.

The trend of normal financial stability is confirmed by the debt ratio: if the share of borrowed funds in the balance sheet decreases, then there is a tendency to strengthen the financial stability of the enterprise, which makes it more attractive to business partners.

The debt capital concentration ratio characterizes the share of debt in the total amount of capital. The higher the share of this ratio, the greater the dependence of the enterprise on external sources of financing.

The normative value of the coefficient of attracted capital must be less than or equal to 0.4. international standard(European) up to 50%.

Table 2.3.1

The results of calculations of the concentration ratio of borrowed capital LLC "PromZhilStroy" for the period 2010-2012.

According to the data in Table 2.3.1, it can be seen that during the analyzed period there is a downward trend in the concentration ratio of borrowed capital of PromZhilStroy LLC. The decrease in this indicator in 2011 by 0.04 points is due to the outstripping growth rate of the balance sheet currency (109.40%) from the growth rate of borrowed capital (101.92%). In 2012, the decrease in the debt capital concentration ratio of the enterprise was affected by a decrease in the amount of borrowed capital by 855 thousand rubles. with an increase in the balance sheet by 12,467 thousand rubles.

A decrease in the concentration ratio of borrowed capital indicates that the company uses less borrowed funds to finance fixed assets and other capital investments, attracting its own. The normative value of the coefficient must be less than or equal to 0.4. At the enterprise, this coefficient in the reporting year is 0.45, which indicates a positive trend in strengthening the financial stability of the enterprise, which makes it more attractive to business partners.

To determine the impact of each item on the amount of borrowed capital, it is necessary to conduct a factor analysis of the coefficient by the method of chain substitutions.

Change in the debt capital concentration ratio of PromZhilStroy LLC in 2011:

K kkk 0 \u003d (10975 + 851 + 20510) / 53542 \u003d 0.604.

K kkk conv1 = (10881 + 851 + 20510) / 53542 = 0.602;

K kkk conv2 = (10881 + 900 + 20510) / 53542 = 0.603;

K kkk conv3 = (10881 + 900 + 21176) / 53542 = 0.563;

K kkk 1 \u003d (10881 + 900 + 21176) / 58574 \u003d 0.563.

K kkk (DZS) \u003d K fu conv1 - K fu0 \u003d 0.602 - 0.604 \u003d -0.002;

K kzk (KZS) \u003d K fu conv2 - K fu conv1 \u003d 0.603 - 0.602 \u003d 0.001;

K kkk (KZ) \u003d K fu 1 - K fu conv2 \u003d 0.563 - 0.603 \u003d -0.040.

K kzk \u003d K fu 1 - K fu 0 \u003d 0.563 - 0.604 \u003d -0.041.

K kzk \u003d? K fu (DZS) +? K fu (KZS) +? K fu (KZ) \u003d -0.002 + 0.001 + (-0.040) +

+ (-0,041) = -0,004.

Change in the debt capital concentration ratio of PromZhilStroy LLC in 2012:

K kkk 0 \u003d (10881 + 900 + 21176) / 58574 \u003d 0.563.

Kkk conv1 = (18756 + 900 + 21176) / 58574 = 0.697;

Kkk conv2 = (18756 + 900 + 21176) / 58574 = 0.697;

K kkk conv3 = (18756 + 900 + 12446) / 58574 = 0.548;

K kkk 1 \u003d (18756 + 900 + 12446) / 71041 \u003d 0.452.

K KKK (DZS) \u003d K fu conv1 - K fu0 \u003d 0.697 - 0.563 \u003d 0.134;

K kkk (KZS) \u003d K fu conv2 - K fu conv1 \u003d 0.697 - 0.697 \u003d 0.000;

K kkk (KZ) \u003d K fu 1 - K fu conv2 \u003d 0.548 - 0.697 \u003d -0.149.

K kzk \u003d K fu 1 - K fu 0 \u003d 0.452 - 0.548 \u003d -0.096.

K kzk \u003d? K fu (DZS) +? K fu (KZS) +? K fu (KZ) \u003d 0.134 + 0.000 + (-0.149) +

+ (-0,096) = -0,011.

The results of calculations of the influence of factors on the change in the concentration coefficient of borrowed capital of PromZhilStroy LLC for the period 2009-2011. are given in Table 2.3.2.

Table 2.3.2

The influence of factors on the change in the concentration ratio of borrowed capital of PromZhilStroy LLC for the period 2009-2011.

In 2011, the debt capital concentration ratio of PromZhilStroy LLC decreased by 0.004 points as a whole, which was achieved by reducing long-term borrowings. By increasing the amount of short-term borrowings by 49 thousand rubles. there was an increase in the concentration ratio of borrowed capital by 0.001 points. The decrease in the coefficient by 0.040 points was due to an increase in accounts payable of 666 thousand rubles. The growth in the amount of assets (inverse factor) affected the decrease in the debt capital concentration ratio by 0.041 points.

In 2012, the debt capital concentration ratio of PromZhilStroy LLC decreased by 0.111 points as a whole, which was achieved due to an increase in the amount of assets. The debt capital concentration ratio did not change due to the unchanged amount of short-term borrowings in 2011. The decrease in the coefficient by 0.149 points was due to a decrease in accounts payable of 8,730 thousand rubles. with an increase in the amount of assets, which in turn affected the decrease in the debt capital concentration ratio by 0.096 points.

Thus, during the entire analyzed period, short-term borrowings provided positive influence on the debt capital concentration ratio. The negative impact on the debt capital concentration ratio of PromZhilStroy LLC from accounts payable was the largest in 2012 (0.149). In 2012, long-term borrowings had a positive impact on the change in the debt capital concentration ratio (0.134). Influence of the total assets of the enterprise on the debt capital concentration ratio in 2011-2012 was negative.

The capital structure ratio is a complex concept that provides for the assessment of the shares of debt and equity financing in the capital structure of a business entity. For this, it seems necessary to determine indicators of autonomy, dependence, concentration of borrowed capital, interest coverage, and in some cases, the share of coverage of total assets with own funds. The basis for the calculation is the data of the company's financial statements - Forms No. 1 and No. 2.

Any investor or creditor, before sending funds to a company, is interested in the degree of its solvency and, in particular, the ability to repay its long-term debt. The source of such information for them can be indicators of the capital structure.

Capital structure ratios (Capital Structure Indicator - CSI, KSK)- this is a group of financial indicators that allow you to identify how much the ratio of borrowed capital (LC) and equity capital (IC) in a company is close to the normative value, as well as determine the financial condition and solvency of a business entity.

Reference! The capital structure ratio allows you to assess the quality of the combination of debt and equity, for which several indicators are used:

• Coefficient of autonomy or concentration of equity capital (Kavt).
• Debt capital concentration ratio (Kcck).
• Coefficient of financial dependence (Kfz).
• Interest coverage ratio (KPP).

KSK allows you to determine the degree of financial autonomy of the enterprise and its dependence on borrowed sources of financing, and also clearly demonstrates the level of bankruptcy risk due to excessive use of loans.

Reference! If the company uses only borrowed funds, then the risk of bankruptcy is zero. However, this state of affairs cannot be considered an optimal state: if debt financing is not used to expand and improve production activities, then it is believed that management deliberately limits economic activity, loses revenue and profits.

In order to establish efficient production, but at the same time protect the enterprise from bankruptcy, it is important to achieve the optimal ratio between borrowed and own funds. For this purpose, capital structure indicators are used.

Who cares about calculating CSC?

Since the indicators of the company's financing structure are able to demonstrate the financial condition of the business, its solvency, the efficiency of using all channels, the risk of bankruptcy, the ability to cover obligations in the long term, it is of interest to calculate them. wide circle persons:

• Investors are convinced of the prospects for the development of the company and its stable financial position.
• Lenders specify the level of bankruptcy risk, which acts as a stop factor in determining the possibility of providing loans.
• Management is evaluating opportunities to raise additional debt without compromising its financial strength.

Note! In some cases, CSCs are calculated by government regulators when we are talking about enterprises of strategic industries or business entities, the deterioration of the financial situation of which may entail irreversible consequences for the entire national economy as a whole.

Formula for calculating the capital structure ratio

The indicators from the Capital Structure Indicator group include several separate indicators for assessing the ratio of SC and SC:

1. Autonomy coefficient is a financial indicator, which is calculated as the ratio of the total value of equity and reserve capital to the company's assets. It shows what proportion of its assets the company covers with its own funds.

   Kavt = SA + Reserves / Total Assets

2. Debt capital concentration ratio is a financial indicator that acts as the ratio of borrowed capital to the balance sheet (the total value of assets or liabilities). It shows what share in the financial resources of the enterprise borrowed capital.

   Кккк = Short-term liabilities + Long-term liabilities / Balance currency

3. Financial dependency ratio demonstrates how much the company depends on external sources of financing, in particular, how much borrowed funds it has attracted for 1 rub. loan financing.

   Kfz = Total Liabilities / Equity + Reserves

4. Interest coverage ratio often referred to as an indicator of creditor protection because it shows how many times a year a company has earned the funds to pay off its loan obligations.

   Kpp = Earnings before interest and taxes / Interest payable

After calculating the four indicators above, it is possible to formulate the final conclusion as to how optimal the ratio of borrowed and own funds seems to be within the framework of the object of study.

Note! Often, along with the above indicators, they calculate the coverage ratio of total assets (Total Equity Assets) with their own funds. However, it varies depending on the industry and is therefore optional.

What is the optimal value of indicators?

Regardless of the scale of activity and industry of operation, companies should strive for a common standard ratio of debt and equity financing.

The excess of any of the coefficients of the capital structure of the normative value indicates the development of factors that contribute to a decrease in the financial stability of the business.

Important point! An enterprise of any industry is obliged to use in its activities not only its own, but also borrowed funds. The optimal ratio of debt and equity financing is 60%/40%, respectively. If it shifts in favor of equity, the firm is said to be inefficiently leveraged. If the ZK is more than 60%, then the financial position of the enterprise is destabilized. With a ratio of 80% / 20%, the company is considered bankrupt.

Examples of indicator calculation

A more detailed procedure for assessing the financial condition of a company based on a system of capital structure ratios is presented in examples of their calculation for Russian companies: Vnesheconombank State Corporation and Surgutneftegaz PJSC.

All information for determining the company's financing structure is given in the corporation's financial statements - form No. 1 (balance sheet) and form No. 2 (profit and loss statement).

Conclusion! Based on the results of calculating the coefficients of the capital structure for Vnesheconombank, a significant dependence of borrowed sources of financing was revealed. In particular, the indicator of autonomy indicates the insufficiency of own funds, and the indicator of dependence on loans showed an excessively high value. It is kept from bankruptcy by the normal value of the debt concentration ratio, as well as the availability of own funds to ensure interest payments. In dynamics, a slow increase in own funds and a decrease in borrowed funds are noticeable.

For Vnesheconombank, an excessive amount of debt financing does not threaten bankruptcy proceedings, since funds are attracted with state support - at a low interest rate.

The information presented is taken from the consolidated financial statements of the corporation, which is in the public domain.

Conclusion! Based on the results of calculating the capital structure ratios for PJSC “Surgutneftegas”, it was found that all indicators are within acceptable limits: the company has a solid equity capital (Kavt) and makes optimal use of debt financing (Kfz and Kkzk). As for the CPP, during 2014-2015. the company received low profits due to a decrease in the cost of oil, which did not allow it to repay interest on obligations from equity, but in 2016 the situation changed.

The calculation of capital structure ratios is most conveniently carried out in the spreadsheet editor Excel. All of the above examples are presented in