Theme: Assessment of the rating of the financial condition of enterprises in the digital economy Contents: Introduction The first chapter. Theoretical basis for evaluating the rating of the financial condition of enterprises in the digital

3.3. International experiences in the rating assessment of the financial situation and the possibilities of using them in the analytical practice of our country‌‌
The Republic of Uzbekistan is moving towards market relations and building a multi-level market economy. Foreign economic relations of the republic are developing, investments of foreign countries are being attracted to the republic. Uzbekistan is entering the world market economy.
This situation requires the formation of market relations in foreign countries, the experience of building a market economy, and the study of ways to increase the efficiency of the market economy. In addition, the management system of companies and enterprises should be well studied. In this regard, analysis of the financial situation of firms and enterprises is of great importance.
When it comes to reading and studying the experience of foreign countries in this field, there is a desire to mechanically use this experience in the republic. Undoubtedly, the methods of financial analysis developed in foreign countries are thoroughly studied and widely used. However, without denying the methods developed in our country, they should be widely used. For this, we need to learn and know the experience of foreign countries in this regard.
It is known that in the past - during the time of the former Soviet Union, the problems of analyzing the economic and production activities of enterprises, their financial situation were centralized in textbooks, training manuals, guidelines, published in the center, at the level of the Union. published in the magazines "Accounting", "Finances of the USSR", "Statistical Information", "Money and Credit" and these sources were distributed to the allied republics.
After the former union republics were transformed into independent states, each state began to bear its own burden and solve the problems of transition to market relations by themselves. In addition, previously formed economic and social relations have been broken, inter-republic relations have become complicated, and it has become difficult to distribute economic literature and magazines published in the center, in the Russian Federation, to the republics. Therefore, it has become a problem for the experience of foreign countries in financial analysis to reach our republic.
In this regard, it is necessary to welcome and support the work initiated by the State Tax Committee of the Republic of Uzbekistan. In its weekly "Tax and Customs Notices" newsletter, the Committee organizes the "Young Accountant School" and "Chief Accountant Academy" pages, covering the experiences of foreign countries in organizing accounts and reports, conducting financial analysis in the period of market relations. started In addition, the work being done in the republic is also covered.
As the republic moves to market relations, the method of analyzing the financial activity of enterprises in the republic should be adapted to market relations. For this, it is necessary to carefully study the experience of foreign countries, especially the Russian Federation, and use it.
For this purpose, using the economic sources that have reached us, we would like to briefly discuss the experience of foreign countries in financial analysis and the possibilities of its use.
In February 1995, the newspaper "Tax and customs notices" published an article entitled "Analysis of the financial situation" by A.H. Shoalimov, associate professor of the Tashkent State University of Economics, candidate of economics. In this article, the author gave his opinion about the purpose of financial analysis, subjects and objects, sources of information.
In his article, the author highlighted the main directions of financial analysis based on the experience of foreign countries. These include:
- internal and external analysis;
- management analysis - on the company's activity in general;
- research analysis — analysis of labor productivity and material costs; - functional analysis - analysis of small departments of the company.
In the 22nd issue of the "Tax and customs notices" newspaper of 1995, an article by M. Tolakhojaeva, associate professor of the Tashkent Financial Institute, member of the board of the Association of Accountants and Auditors of the Republic of Uzbekistan, candidate of economic sciences, was published. The article entitled "Analysis of financial statements and financial coefficients" describes the experience of foreign countries in the field of financial analysis using the materials of the "Accounting reform in Uzbekistan" project.
As described in the article, the financial analysis is carried out in the following five areas:
- analysis of absolute indicators, that is, indicators of the volume of funds of enterprises and their sources;
- horizontal analysis - absolute and relative changes of the items expressed in the report of enterprises during one period;
- vertical analysis - analysis of structural changes in the funds of enterprises;
- trend analysis - a separate representation of the financial situation of enterprises
- analysis of trends in indicators;
- analysis of financial coefficients, in which liquidity, profitability, efficiency, market activity, structural indicators of enterprise capital are used as financial coefficients. The logic of the financial analysis process is not shown in the above-mentioned directions of analysis.
Financial coefficients, in turn, are divided into two groups: - distribution coefficients; - coordination coefficients. Considering the content of the indicators used in the article, it would be appropriate if the coefficients of the first group were called structural coefficients, not distribution coefficients, and the second group were called ratio coefficients, not coordination coefficients of financial coefficients.
Because when it comes to distribution coefficients, in the composition of the company's assets, the amount of fixed and working capital, in the composition of the total working capital, the amount of tangible and monetary working capital, in the composition of the sources of the enterprise's funds, equity capital sources, the weight of obligations and other structural indicators are analyzed. Regarding coordination coefficients, indicators of financial strength, balance sheet liquidity and profitability of enterprises are analyzed here. Therefore, various forms and directions of the financial situation of enterprises are analyzed here. But these indicators are defined as relative indicators.
For example, the coefficient of financial strength is the ratio between the company's tangible assets and the resources that cover them, the balance liquidity ratio is the ratio between the company's working capital and the company's short-term liabilities, etc.
Based on the experience of foreign countries, financial ratios are widely used in financial analysis. Financial ratios can be up to 80 in the same countries.
In the article of M. Tolakhojaeva, the following classification of financial coefficients is recommended:
1. Liquidity ratios: current liquidity; temporary liquidity; absolute liquidity; net working capital.
2. Active asset ratios: asset turnover; circulation of receivables; turnover of accounts payable; circulation of material production reserves; the length of the operation period.
3. Profitability coefficients: profitability of assets; profitability of realization; profitability of funds belonging to the enterprise.
4. Structural coefficients of capital: coefficient of financial dependence; property coefficient; creditor protection ratio; the profitability ratio of one share.‌‌
5. Market-related coefficients: price-earnings ratio; return on equity; the balance sheet value of the share; weight of paid dividends.
Recommendation "The classification (classification) of financial ratios is of great importance, but:
First of all, the given financial coefficients do not represent all aspects of the financial situation of enterprises.
Secondly, it is known that financial ratios are always relative
expressed in the form of indicators. The author also added absolute indicators to the financial coefficients, for example, "net working capital", "length of the operation period", etc.
In the given classification, the sequential representation of financial coefficients is not implemented. For example, from the general analysis of the financial situation of enterprises, the analysis of individual directions of this situation, or vice versa.
In the educational materials of the Association of Economists of the Republic of Uzbekistan entitled "Composition of production and sales costs", the classification of financial coefficients presented above is completely returned.
In 1996, the International Scientific Seminar on "Privatization and Restructuring of Enterprises" held by the World Bank, the State Property Committee of the Republic of Uzbekistan, and the Tashkent State University of Economics discussed the system of indicators used to analyze the financial status of enterprises. . In this seminar, the following system of indicators was recommended for financial analysis:
1. For the management of companies: gross profit; net profit; operating expenses; the weight of the funds allocated to cover constant, fixed expenses in the company's profit; operating lever.
2. For the owners of companies: the rate of profit of the capital belonging to the enterprise; ordinary share profit ratio; earnings per share; cash per share; increase in the price of one share; total shareholder benefit.
3. For investors of firms: coverage ratio; "critical" rating coefficient; sudden sale value of enterprise property.
The indicators of the financial analysis seen above refer to distant foreign countries - USA, Great Britain and Germany.
With the dissolution of the former Union, the Russian Federation also became a foreign country for us. The Russian Federation has rich experience in financial analysis. V.V. Petrov and V.V. Kovalev's monograph "How to read the balance" published in 1993 describes the accounting report, the method of analysis of the accounting report, and it is recommended that the financial analysis be carried out in the following two stages:
In the first stage, the financial analysis is carried out in the following directions:
1. Preliminary analysis of the economic and financial situation of enterprises, assessing the general financial and economic activity of enterprises, and identifying "sick" items in the balance sheet.
2. Analysis and assessment of the economic potential of enterprises. For this purpose, the company's balance sheet is analyzed both vertically and horizontally, the state of the company's assets, the liquidity of the company's balance sheet, and the financial strength of the company are analyzed. This and the following sources are published in Russian in the Russian Federation.
3. Analysis and assessment of financial results of enterprises. For this, market activity, profitability, market and investment activity of enterprises are analyzed.
In the second stage, the financial analysis is carried out in the following directions:‌‌
1. Analysis of enterprise assets. For this, the balance currency, the weight of the asset part of fixed assets, the depreciation of fixed assets, recovery and retirement coefficients are analyzed.
2. Assessment of the liquidity of the enterprise's balance sheet. For this, the coefficient of coverage of the volume of working capital belonging to the enterprise, the quick and absolute liquidity of the balance sheet, the weight of working capital in the assets of the entire enterprise, and the weight of production reserves in current assets are analyzed.
3. Assessment of the financial stability of the enterprise. For this purpose, the company's capital concentration, financial leverage ratios, the composition of long-term debts, and the ratio between the company's own and borrowed funds are analyzed.
4. Assessment of labor activity. For this purpose, the coefficients of economic growth of economic growth of capital and fixed capital of the enterprise are analyzed.
5. Assessment of enterprise profitability. For this, net profit, product profitability, fixed capital, return on capital owned by the enterprise, enterprise
funds reimbursement indicators are used.
6. Evaluation of the market activity of the enterprise. For this purpose, earnings per share, value of shares, profitability of shares, dividend income, quotation coefficients of shares are determined.
Apparently, V.V. Petrov and V.V. The indicators recommended by Kovalev provide an opportunity to comprehensively analyze the financial situation of enterprises, but at the same time, the indicators that are not directly relevant to the assessment and analysis of the financial situation of enterprises are used in the composition of the recommended indicators.
E.A. Markaryan and G.P. In Gerasimenko's book "Financial Analysis" three forms of analysis were built. This is an analysis of financial results, an analysis of financial status, and an analysis of working capital.
Q. Holdervik in his monograph entitled "Analysis of financial and economic activities of enterprises" recommended conducting financial analysis through the following stages: financial reporting; business activity; economic aspects; financial aspects; model of economic and financial analysis; economic and financial analysis.
Problems of analyzing the general economic and economic activities of enterprises, including financial activities, are usually carried out in two directions:
Firstly, scientific-research works are carried out, articles, manuals, monographs are published.
Secondly, the Ministry of Finance and other bodies and organizations interested in the financial activities of enterprises establish the normative bases and methodological instructions of financial analysis.
This custom continues even now in the republic. Scientific and research works are being carried out, regulatory documents are being developed. Although these works have been started in the republic in accordance with the market relations, it cannot be said that the method of financial analysis has been formed in detail from the completed works.
In the pamphlet "Financial Analysis" published in Uzbek by Associate Professor Akramjon Ibrahimov, Candidate of Economics, Head of the Department of Analysis of the Tashkent Institute of Finance, the classification of the following indicators was recommended for conducting financial analysis:
1. Analysis of financial activity of the enterprise: balance analysis; analysis of property composition; analysis of sources of enterprise funds; financial strength analysis; analysis of the value of debt repayment; analysis of the movement of enterprise funds.
2. Analysis of the financial results of the enterprise: structural and dynamic analysis of profit on the balance sheet; analysis of profit from product sales and factors affecting it; analysis of other income and expenses of the enterprise; analysis of gross and net profit of the enterprise; analysis of enterprise profitability and factors influencing it; analysis of enterprise profit distribution. It can be seen that not all aspects of the financial situation of enterprises are represented in the classification of the indicators presented above. For example, balance sheet liquidity, etc.
In 1995, in the collection "Financial Laws of the Republic of Uzbekistan" published monthly by the Ministry of Finance, A.N. Lee and S.I. In Shevchenko's article entitled "Basic principles of financial analysis of enterprises", it is recommended to use the following indicators for financial analysis:
1. General assessment of the financial situation.
2. Coefficients of analysis of financial stability (solidity), liquidity coefficients, structural coefficients of enterprise capital, criteria for evaluating financial stability.
3. Analysis of the efficiency of enterprise activity, analysis of actual efficiency of enterprises, profitability coefficients, market activity coefficients, potential indicators of enterprises, efficiency-activity coefficients, and factors affecting enterprise costs and profits.
In the recommendations of the authors, the strength of the financial situation is mixed with stability, financial strength with balance liquidity, and not all forms of financial activity of enterprises, but some forms and directions are expressed.
Prominent economists in the republic on the problems of financial analysis, Professor of Samarkand Cooperative Institute, Doctor of Economics I.T.
In Abdukarimov's monograph "How to read and analyze the financial report", published in both Russian and Uzbek, the financial analysis is carried out in the following two stages:
1. Financial statement, its description. At this stage, the nature, content, structure of the financial report is built, the balance sheet is expressed as the main source of financial analysis, the relationship of the balance sheet with other forms of financial reporting is explained, and the problems of the validity of the balance sheet and preparation for the analysis of the balance sheet are highlighted.‌‌
2. Based on the financial report, the analysis of the financial activity of enterprises is covered. At this stage, the role of financial analysis in the period of market relations, the analysis of the structure of the company's balance sheet, the analysis of the state and level of use of the company's funds, the analysis of the sources of the company's funds, the value of debt repayment, financial strength, the analysis of receivables, payables, the problems of drawing up a chess balance sheet, analyzing the financial results of enterprises were seen.
In the author's recommendations, the requirements of market relations are taken into account more widely, and the financial analysis is expressed sequentially.
Candidates of economics from young economists of the Republic of Uzbekistan M.K. Pardaev, B.I. In 1999, the Israilovs published an album of methodical presentations and recommendations entitled "Financial Analysis". This collection consists of three parts.
In the first part, "Theoretical basis of financial analysis", the content, composition, forms and purpose of financial analysis were considered.
In the second part, "Analysis of the financial situation of the enterprise", the assessment and analysis of the economic potential of enterprises, the analysis of special types of enterprise funds, the analysis of the enterprise's own and external funds, the stability, liquidity, financial stability of the enterprise, bankruptcy and market activity analysis results are seen.
In the third part, "Analysis of financial results", analysis of financial results, analysis of profit in the enterprise, profitability, trade, profit and profitability indicators in joint-stock companies are analyzed.
The classification of the indicators used in the financial analysis and the factors affecting them, the methods of determining the indicators, and the presentation of the obtained results in graphical tables are clearly shown in the manual.
The preparation of the necessary methodological and regulatory materials has also found its place in the formation of the method of financial analysis in the republic. In this regard, the Ministry of Finance of the Republic of Uzbekistan is producing the necessary materials. As mentioned above, the Ministry of Finance of the Republic of Uzbekistan approved the new financial reporting system by its order on January 15, 1997. The order to fill out the "reference" (Form 26) was approved.
On April 17, 1997, the Government Commission of the Republic of Uzbekistan on bankruptcy and rehabilitation of enterprises adopted "Methodological recommendations on the financial analysis of the enterprise", which provides for the following forms of financial analysis:
1. Analysis of the financial situation - analysis of balance currency dynamics, composition of balance liabilities, fixed assets and non-current assets, and financial results.
2. Analysis of financial stability - provision of sources of reserves and expenses, coefficients of financial independence, ratio between own and borrowed funds, provision of reserves and expenses with own sources, ability to repay debts coefficient.
3. Analysis of the economic situation of enterprises - coefficient of recovery of debts, coefficient of maneuvering of activity, coefficient of real value of production assets of the enterprise.
4. Analysis of enterprise profitability - the real coefficient of product realization, the profitability coefficient of fixed assets, the profitability coefficient of permanent capital, the profitability coefficient of the total circulation of capital.
Forms and directions of financial activity of enterprises are not fully expressed in these methodological instructions.‌‌
In 1996, approved by the State Property Committee of the Republic of Uzbekistan, it is recommended to analyze the financial situation in the following directions:
1. General assessment of the financial situation, the dynamics of the balance sheet, the enterprise
indicators of funds and their sources.
2. Analysis of the financial stability of the enterprise - absolute, normative, non-normative and crisis indicators of financial stability, the ratio between the company's own and borrowed funds, the long-term ratio of external loans, own the coefficient of maneuverability of funds, the coefficient of reality of the value of fixed assets and tangible working capital.
3. Indicators of repayment value (liquidity) of debts received by the enterprise - absolute, transition and total coefficients of balance sheet liquidity, net profit coefficient.