Volume 02 Issue 06-2022
98
American Journal Of Social Sciences And Humanity Research
(ISSN
–
2771-2141)
VOLUME
02
I
SSUE
06
Pages:
98-108
SJIF
I
MPACT
FACTOR
(2021:
5.
993
)
(2022:
6.
015
)
OCLC
–
1121105677
METADATA
IF
–
5.968
Publisher:
Oscar Publishing Services
Servi
ABSTRACT
The theoretical foundations for determining the level of financial stability of an enterprise, its goals and objectives in
modern market conditions are considered, which in turn contributes to the creation of a reputation as a reliable and
solvent enterprise.
KEYWORDS
Financial result, financial condition of an enterprise, financial stability of an enterprise, mechanism for managing the
financial stability of an enterprise.
INTRODUCTION
The reforms carried out in the Republic of Uzbekistan
in recent years in the field of formation and effective
functioning of the financial stability management
system, in particular, the use of effective methods of
corporate financial management, the establishment
and strengthening of corporate control over the
targeted use of funds, ensuring openness and
transparency of this process has become a single
whole.
An intermediate link between the collected economic
information and the adoption of a managerial decision
is economic analysis. He is not only a consumer of
Research Article
DETERMINATION OF THE LEVEL OF FINANCIAL STABILITY OF AN
ENTERPRISE: ESSENCE, GOALS AND TASKS IN MODERN CONDITIONS
Submission Date:
June 08, 2022,
Accepted Date:
June 18, 2022,
Published Date:
June 29, 2022
Crossref doi:
https://doi.org/10.37547/ajsshr/Volume02Issue06-16
Kilichev Alisher Akramovich
Researcher at Tashkent state university of economics, Tashkent, Uzbekistan
Journal
Website:
https://theusajournals.
com/index.php/ajsshr
Copyright:
Original
content from this work
may be used under the
terms of the creative
commons
attributes
4.0 licence.
Volume 02 Issue 06-2022
99
American Journal Of Social Sciences And Humanity Research
(ISSN
–
2771-2141)
VOLUME
02
I
SSUE
06
Pages:
98-108
SJIF
I
MPACT
FACTOR
(2021:
5.
993
)
(2022:
6.
015
)
OCLC
–
1121105677
METADATA
IF
–
5.968
Publisher:
Oscar Publishing Services
Servi
information, but he himself creates it for the
corresponding needs. In general, the analysis of
economic activity can be considered as a management
function that closely interacts with the information
support of accounting and other management
functions of the organization.
Financial stability is one of the necessary qualities of a
successful business in the long run. Let's figure out
what indicators to use to analyze financial stability,
what values to focus on and what conclusions to draw
from the calculations.
To ensure the achievement of the goal of financial
stability management will allow such a component of
the management system as the financial stability
management mechanism developed and implemented
in the company. In order to competently use the
mechanisms of financial stability management, it is
necessary to know the essence of financial stability,
the criteria for its assessment. Also, in order to solve
the problems of ensuring the financial stability of the
company, it is necessary to use the principles of a
systematic approach.
In general, the relevance of the topic of this scientific
article is due to the fact that an assessment of an
enterprise in terms of financial stability is necessary to
obtain information about its ability to function and
develop in modern market conditions, which in turn
contributes to creating a reputation as a reliable and
solvent enterprise.
LITERATURE REVIEW
Analysis of the company's financial condition and the
level of its financial stability is the most important
element in the company's management system, as well
as an effective tool that allows you to evaluate a
potential partner or counterparty. It is the
understanding of this fact that leaves a certain imprint
on the process of making managerial decisions, that is,
on the procedure and term for preparing management
documents, and on the sequence of procedures for
analyzing the financial condition of an enterprise and
assessing the level of its financial stability [1, p. 81].
Evaluation of textile and clothing industry clustering
capabilities in Uzbekistan were reseearcged by
Ergashxodjaeva, S. J. [20], Kyvyakin, K. S., Tursunov, B.
O.[12,13,16,17], evaluation of competitiveness of brands
of local sewing and knitting enterprises were studied
by Hakimov, Z.[15], innovative and export potential of
the agro-industrial complex of Uzbekistan were
inverstigated by Yuldashev, N. K., [14], Umarkhodjaeva,
M. [18], Saidova, M., [19] and others.
Also, some foreign researchers as well as Kaya M.[21],
Abdyldaev, M.[22], Polat, C.[23], ÖZDEN K. [24],
Maksudunov A. [25,27], ELEREN A. [26] researched of
some marketing issues of durable consumer goods.
According to M.I. Bakanov [2, p. 305] and A.D.
Sheremet [3, p. 131] financial stability characterizes the
level of placement literacy and the use of the
company's financial resources. The level of financial
stability and financial condition of the enterprise
depends on the following factors:
The level of achievement of the financial plan - the
growth of own sources of financing at the expense
of retained earnings, as well as other sources of
financing;
The rate of turnover of production assets and
working capital. The authors believe that the level
of financial stability and financial condition of the
company is manifested in the level of its solvency,
in the ability to timely satisfy the urgent payment
requirements of suppliers of inventory items in
accordance with the concluded contracts, to repay
loans on time, not to delay the payment of wages
Volume 02 Issue 06-2022
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American Journal Of Social Sciences And Humanity Research
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VOLUME
02
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06
Pages:
98-108
SJIF
I
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FACTOR
(2021:
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)
(2022:
6.
015
)
OCLC
–
1121105677
METADATA
IF
–
5.968
Publisher:
Oscar Publishing Services
Servi
to employees and workers, to make payments to
the budget [4, p. 485].
G.V. Savitskaya suggests that the level of financial
stability of a company is an economic category that
generally reflects the state of the company's property
in the process of its circulation and the company's
ability to progressive development at a certain point in
time [5, p. 137].
V.P. Valevich [6, p.134]13 and M.S. Abryutin [7, p. 122]
reduce the essence of the financial stability of an
enterprise to the level of its solvency, while they do not
investigate the relationship between its financial
condition and financial stability. They believe that the
guaranteed financial stability of a company is nothing
more than a guaranteed and reliable level of its
solvency and independence from random factors of
market conditions, the behavior of partners, as well as
internal economic processes taking place in the state.
RESEARCH METHODOLOGY
This scientific article used the methods of systematic
and comparative analysis, economic and statistical
analysis and generalization, statistical comparison and
grouping, economic modeling, forecasting.
ANALYSIS AND RESULTS
The level of financial stability and financial condition of
the company is the most important characteristic of
the level of its business activity and reliability, as well
as the level of its competitiveness in the market and
the potential for business cooperation. The stable
financial position of the company largely depends on
calculated and thoughtful methods and approaches to
managing the entire set of production, economic and
financial factors that determine the results of its
functioning.
In the process of managing the company's financial
resources, its top management has to make
managerial decisions, the process of making which is
more an art than a science. The analysis carried out, as
a rule, is not the only selection criterion for making
managerial decisions in the field of managing the
company's financial resources [8, p. 308]. The results
of the analysis are the managerial basis (core) of
decision-making. Management decisions should also
be based on the experience, intelligence, and logic of
the person authorized to make such decisions.
In order to ensure the effective functioning of any
company in modern economic conditions, its financial
management, first of all, needs to be able to accurately
determine the current and future financial condition of
the company, as well as the financial stability of its
existing and potential partners. For these purposes,
the company must have a wide range of information
and technical support, possess a modern methodology
suitable for the characteristics of the functioning of the
control object, as well as have qualified employees
with the ability to apply such methods in practice.
An assessment of the level of financial stability and an
analysis of the financial condition of an enterprise is a
process of purposeful and continuous research of
economic and financial information. At the same time,
the main objectives of the analysis of the financial
condition and assessment of its financial stability
include the following:
An objective analysis of the financial condition and
assessment of the achieved level of financial
stability of the company, assessment of structural
and dynamic changes in indicators characterizing
them, as well as an objective assessment of the
level of influence of various factors on their change
in comparison with the previous and current
period;
Volume 02 Issue 06-2022
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VOLUME
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SJIF
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(2021:
5.
993
)
(2022:
6.
015
)
OCLC
–
1121105677
METADATA
IF
–
5.968
Publisher:
Oscar Publishing Services
Servi
Adoption by investors of reasonable and most
balanced management decisions on the possible
amount of financing of investment funds in
enterprise development projects based on the
criteria of its investment attractiveness;
Increasing the financial stability of the company to
the maximum level and improving its financial
condition,
its
solvency
and
investment
attractiveness [9, p. 64].
Increasing the company's competitiveness in the
capital attraction market and strengthening its
image among existing and potential partners;
The above goals determine the solution of the
following main tasks in the analysis process:
Assessment of the company's property status, its
structure and dynamics of change;
Assessment of the effectiveness of the use and
distribution of the company's property;
Assessment of the sufficiency of the level of own
financial resources and the security of the level of
borrowed
financial
resources
for
current
production, economic and financial activities, the
rationality of their use and distribution;
The choice of an enterprise development strategy
and increasing its financial stability [10, p. 107];
Assessment of the level of financial stability of the
company achieved in the periods under study, its
financial independence, the level of provision with
its own working capital, the level of adequacy of
fixed production assets; sufficiency of stocks of
inventory items, the level of work in progress, the
level of competitiveness and profitability of
activities;
Assessment of the achieved level of solvency of the
company and the liquidity of its capital;
Analysis of the influence of the main technical,
production and financial and economic factors on
the state of the company's financial stability, which
include the following: changes in the structure of
the cost of the company's capital and funds
advanced into it [11, p. 113]; change in the level of
solvency of the company; change in the efficiency
of using the company's financial resources and its
property as a whole; change in product
profitability;
Determining the level of influence of factors on the
financial stability of the company independent of
the level of managerial decision-making by its
management (inflation, the refinancing rate of the
Central Bank of the Republic of Uzbekistan, the tax
policy of the state, etc.) [12, p. eighteen];
Identification of reserves of financial resources and
development of management decisions aimed at
increasing the investment attractiveness of the
company and the level of its financial stability.
Increasing the financial and economic feasibility of
developing a business plan for the company, aimed
at increasing the level of financial stability and
improving the financial condition of the company,
as well as identifying prospects for their further
improvement;
Development of forecast balances, calculations of
the need for investments in fixed assets and the
increase in working capital [13, p. 944].
From the above, we can conclude that financial and
economic analysis and assessment of the achieved
level of financial stability of the company is a universal
tool for determining the factors that influenced its
level [14, p. 233].
An analysis of the financial stability and financial
condition of an enterprise is carried out in a complex of
a general and complete analysis of the financial,
economic and production and economic activities of
the company. At the same time, financial analysis can
Volume 02 Issue 06-2022
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American Journal Of Social Sciences And Humanity Research
(ISSN
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VOLUME
02
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06
Pages:
98-108
SJIF
I
MPACT
FACTOR
(2021:
5.
993
)
(2022:
6.
015
)
OCLC
–
1121105677
METADATA
IF
–
5.968
Publisher:
Oscar Publishing Services
Servi
be carried out in two directions, such as external and
internal financial analysis.
External analysis is carried out by financial managers of
the company in order to determine the reliability and
solvency of their counterparties according to the
financial statements that are in the public domain. Due
to the inaccessibility of financial analysts to in-depth
financial information, which may be confidential and
secret, external analysis is carried out on a less detailed
basis than internal analysis and often follows a fairly
formal procedure.
Internal financial analysis is carried out by highly
qualified financial managers and analysts of the
company. At the same time, the information base of
such an analysis includes almost any information
generated and circulating within the company, which
will be of the most detailed nature, which can facilitate
the adoption of the most optimal management
decision.
The set of measures for the financial analysis of the
production, economic and financial activities of the
company includes the following elements:
Analysis of the financial condition;
Analysis of the achieved level of financial stability;
Analysis of financial ratios and indicators;
Analysis of the liquidity level of the balance sheet;
Analysis of the company's business activity
indicators and financial performance ratios.
The foregoing makes it possible to assert that without
setting up an effective system for managing the
financial condition of the company and the level of its
financial stability, its progressive development in the
future is impossible.
The financial stability of the enterprise is also directly
dependent on the results of its activities. An
organization that successfully implements plans for
revenue growth and cost savings, as a general rule, is
in a more stable position than enterprises in which the
corresponding plans are not fully implemented or not
implemented at all. An increase in the cost of
manufactured goods and a decrease in revenue
reduces profits, which leads to a decrease in financial
stability and a deterioration in the financial condition as
a whole.
Financial stability is the internal side of the financial
condition of the enterprise, it reflects the balance of
commodity and cash flows, expenses and incomes,
means and sources of their formation, solvency is also
an external manifestation.
The financial stability of an organization is influenced
by a wide variety of factors. They are usually grouped
into internal and external factors. The system of
external factors, as a rule, includes such groups as:
economic, political and legal, social and cultural,
technological
(table-1).
They
shape
the
macroeconomic climate.
Table 1
Environmental factors affecting the financial stability of an economic entity*
Environmental factors
Volume 02 Issue 06-2022
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VOLUME
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SJIF
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(2021:
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)
(2022:
6.
015
)
OCLC
–
1121105677
METADATA
IF
–
5.968
Publisher:
Oscar Publishing Services
Servi
Economic
1.
inflation;
2.
Unemployment rate;
3.
Effective demand and income level of consumers;
4.
Market position, including financial;
5.
Competitive struggle;
6.
Indicators of the economic cycle (rise, decline, peak or
recovery);
7.
Foreign economic relations;
8.
Economic conditions of management;
9.
Exchange rate.
Political and legal
1.
Political stability in the country;
2.
Monetary policy of the Government of the Republic
of Uzbekistan and decisions made by them;
3.
Tax and antimonopoly legislation;
4.
Legislative acts to control the activities of the
enterprise, state regulation.
Socio-cultural
1.
The system of values in society;
2.
Position and strength of trade unions
Technological
1. Technique and technology, their progress
*Compiled by the author.
In the system of external factors, the authors include
these factors that do not depend on the activities of an
economic entity, but can strongly influence it. At the
same time, the external environment of the enterprise
has at least two levels. The first level is the meso-
environment, which is the “near environment” [15, p.
49]. The meso-environment should be understood as a
part of the external environment with which the
organization directly interacts. Information about the
meso-environment is collected in order to develop an
effective behavioral strategy in a competitive market,
identify the sources of strengths and weaknesses of
the organization, and predict possible actions in the
short, medium and long term.
Meso-environment factors have a direct impact on the
enterprise. They are generated by relationships with
consumers, suppliers, competitors, the labor market,
owners, local authorities of state regulation and
control. An enterprise, entering into these relations
with the "inner environment", can, within certain
limits, influence its parameters in order to change them
in a direction favorable to itself. The second level -
actually "macro environment" or "far environment" -
these are factors that affect the enterprise not directly,
but indirectly, indirectly.
The external environment in which the enterprise
operates is in continuous motion and is subject to
constant changes. Also, no less important are the
internal factors that directly affect the financial
stability of the enterprise and shape the activities of
business entities[16, p. 98].
The macroeconomic climate determines the extent to
which an enterprise can achieve its goals. Positive
economic conditions can provide an increase in
Volume 02 Issue 06-2022
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VOLUME
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Pages:
98-108
SJIF
I
MPACT
FACTOR
(2021:
5.
993
)
(2022:
6.
015
)
OCLC
–
1121105677
METADATA
IF
–
5.968
Publisher:
Oscar Publishing Services
Servi
demand for goods and services of the organization,
and bad ones can reduce it.
The stability of the organization is also influenced by
the rate of economic growth of the country. When
there is economic growth, there is an increase in
consumer spending, as well as an increase in the
number of competitors and an increase in competitive
pressure. With a slowdown in economic growth, the
opposite picture is observed: consumers' expenses are
reduced, they buy less, as a result, competitors strive
to survive in the market and fight for each consumer,
which leads to increased competitive pressure.
The level, fluctuations and dynamics of effective
demand for the company's products is of particular
importance for financial stability, since effective
demand determines the stability of revenue. If we talk
about the case of a fall in effective demand (typical in
crisis situations), then this leads not only to an increase
in non-payments, but also to an aggravation of
competition. And high competition is an important
external factor in the financial stability of the company.
Changes
in
exchange
rates
directly
affect
competitiveness. If domestically produced goods are
less valuable than foreign goods, the threat from
foreign competitors is reduced. The opposite situation
is observed if the value of the domestic currency
increases against other currencies. In such cases,
foreign competitors also enter the domestic markets,
from which the threat also comes.
The level of existing opportunities and threats in the
activities of the enterprise is also influenced by political
and legal factors, expressed through the adoption of
legislative acts and government measures. Political
factors must be taken into account without fail for
foreign enterprises, as well as national governments.
For such enterprises, the assessment of political
factors is one of the most important criteria that
should be taken into account when analyzing the
external environment.
As for socio-cultural factors, the main ones can be
called the following: birth and death rates of the
population, average life expectancy of the population,
education, income, lifestyle, political mood and many
others.
Technological factors present both unlimited
opportunities and serious threats. Technological
discoveries are capable of both creating new industries
and closing, as unnecessary, old ones.
The system of internal factors, the authors include:
organizational, production, financial factors (table 2).
Table 2.
Factors of the internal environment*
Internal environmental factors
Organizational
1.
Industry affiliation;
2.
Life cycle stage;
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SJIF
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METADATA
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Publisher:
Oscar Publishing Services
Servi
3.
Organizational structure of management;
4.
Image of the enterprise.
Production
1.
Scale and structure of manufactured products (services)
2.
Volume of production;
3.
Product quality
Financial
1. Size, structure and dynamics of costs;
2. The composition and structure of the property of the enterprise
and sources
their funding;
3. The amount of borrowed funds;
4. Optimal composition and structure of assets;
5. Policy of distribution and use of profits;
6. The amount of the paid CC.
*Compiled by the author.
Confidence in the high competitiveness of the
enterprise is associated with a sufficient level of equity
capital. However, in this case, it is necessary that a
significant share of the profit received by the
enterprise be directed to replenish the main
production. Borrowed capital is of great importance
for the financial stability of the enterprise, because
thanks to it, the organization increases its financial
capabilities. However, the risk of financial loss is also
high.
The success or failure of entrepreneurial activity largely
depends on production factors (the choice of the
structure and composition of products and services
provided).
Internal factors include those factors that have a direct
impact on its activities, as well as which can be
controlled by the enterprise. It is rather difficult to
achieve the financial stability of an enterprise, since it
is influenced by a large number of external and internal
factors.
On the whole, we can agree with the factors presented
above, but, in our opinion, the above list of internal
factors affecting the financial stability of the company
should include such a factor as:
1)
Education and qualifications of personnel. Often,
the shortage of highly qualified and experienced
specialists leads to a decrease in the financial
stability of the company due to the adoption of
incorrect strategic management decisions;
2)
The culture of the enterprise is one of the
important aspects of maintaining the image of the
enterprise.
We also recommend supplementing the list of external
factors affecting the company's financial stability with
the level of monopolization of the industry, the level of
insolvency of debtors and natural factors.
The system of external factors can be divided into
environmental
factors
of
the
"immediate
environment" (environment of direct influence),
macro-environment
and
global
environment
(environment of indirect influence). But in this case it is
necessary to give examples of such factors.
In our opinion, the following factors should be added
to the environment of indirect influence:
Demographic - this is a change in the population
(growth, mortality, a decrease in the birth rate), a
change in the age and sex structure. Enterprises
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IF
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Publisher:
Oscar Publishing Services
Servi
producing products of a certain age category must
track changes in the trend in the demographic
structure;
is a natural factor. This factor is characterized by:
a)
Shortage of certain types of raw materials;
b)
An increase in the cost of electricity;
c)
Strengthening state intervention in the process of
rational use and reproduction of natural resources.
Monopolization of the industry. For example, a
monopolist, in order to oust competitors from the
market, using economies of scale and, as a result,
lower costs, will offer its products at low prices that
are not profitable for small and medium-sized
businesses. SMEs tend to have higher costs. SMEs
will be forced to cut costs, often at the expense of
reduced quality.
CONCLUSION AND SUGGESTIONS
1.
A financially stable enterprise, as a rule, has such
advantages over competitors as qualified
personnel, more favorable conditions for
attracting investments, better conditions from
suppliers. It should be noted that such an
enterprise does not have overdue debts to the
state (in the form of contributions to social funds
or taxes), banks (repayment of the principal
amount of the debt and timely payment of
interest), employees (timely payment of wages),
shareholders (payment of dividends).
2.
The financial stability management mechanism is a
set of measures that allows you to purposefully
influence the main communications and processes
of economic activity, taking into account the actual
and potential influence of external and internal
factors, in order to ensure the stable operation of
the company.
3.
The components of the financial stability
management mechanism are:
Assessment of the general financial condition of
the company;
Analysis and evaluation of financial ratios of
financial stability;
Conducting factor analysis to determine the impact
of each of the factors on economic activity.
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SJIF
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015
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OCLC
–
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IF
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5.968
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Volume 02 Issue 06-2022
108
American Journal Of Social Sciences And Humanity Research
(ISSN
–
2771-2141)
VOLUME
02
I
SSUE
06
Pages:
98-108
SJIF
I
MPACT
FACTOR
(2021:
5.
993
)
(2022:
6.
015
)
OCLC
–
1121105677
METADATA
IF
–
5.968
Publisher:
Oscar Publishing Services
Servi
araştırma. Karamanoğlu Mehmetbey Üniversitesi
Sosyal ve Ekonomik Araştırmalar Dergisi, 21(37),
186-196.
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(2016). YÜKSEK ÖĞRETİMDE ÖĞRENCİLERİN
HİZMET KALİTESİNE YÖNELİK ALGILAMALARI.
Manas Sosyal Araştırmalar Dergisi, 5(4), 65-76.
27.
MAKSÜDÜNOV,
A.
(2018).
GİRİŞİMCİLİK
MOTİVASYONUNU
ETKİLEYEN
FAKTÖRLER:
KIRGIZİSTAN VE HİNDİSTAN’DA LİSANSÜSTÜ
ÖĞRENCİLER ÜZERİNE KARŞILAŞTIRMALI BİR
ARAŞTIRMA. Mustafa Kemal Üniversitesi Sosyal
Bilimler Enstitüsü Dergisi, 15(41), 38-56.
