FINANCIAL STRATEGY OF THE ENTERPRISE: THE NEED FOR ASSESSMENT OF FINANCIAL SOLVENCY

Abstract

For any business (large, medium, small) at all times there is a high risk of bankruptcy (insolvency), Analysis of bankruptcy statistics in Russia and abroad showed that the number of bankrupt enterprises does not decrease, bankruptcy court procedures (supervision, external management, restructuring) usually end in bankruptcy proceedings. There are many reasons for the bankruptcy of enterprises, it is important to constantly monitor and comply with the rules of financial solvency to prevent it. The purpose of the study is to substantiate the need to assess the financial solvency in the development of financial strategies. Legislatively, the concept of "financial solvency" is not defined, indicators-characteristics of this state are not specified. The article differentiates the concept of "bankruptcy" (as an irreversible change in the enterprise, its liquidation) and "consistency" (temporary financial difficulties). A comparative analysis of some financial strategies already described in the scientific literature (generally recognized) and proposed by scientists has been carried out. Target and resource, general, operational, individual strategic tasks, hierarchical, integrated, anti-crisis, functional financial strategies are considered. It was revealed that the effectiveness of all financial strategies is determined by known financial indicators (coefficients), but they are not systematized and do not reflect the result - financial solvency.  The content of the concept of "financial solvency" introduced by Prof. Merzlikina G.S. was adopted, indicators of financial solvency were indicated, including both known financial ratios and new indicators, it is important that all indicators are systematically combined on the basis of the general principle - balance (balance of interests, balance of use resources, firm value). The article for the first time proposes the principles of assessing financial solvency (general, basic and special). Financial solvency assessment as part of financial strategies will allow you to keep control over financial solvency and make appropriate management decisions in time. The possibility of developing an independent financial strategy for financial viability has been announced.