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What led to the liquidity shortage? Liquidity of the enterprise Leads to losses of liquid assets.

Bank liquidity- the ability of assets to be easily convertible into money. A liquid asset is an asset that can be quickly sold at a market price. Liquidity financial organization is the ratio of available assets to monetary obligations to be fulfilled. And the bank's liquidity reflects its ability to fulfill its obligations in a timely manner and in full.

A lack of liquidity in a bank can lead to its insolvency, and excess liquidity has a negative impact on profitability (“extra” money is difficult to make the bank generate income - they are not in demand by customers, so banks try to get rid of them, including through the interbank loan market). Thus, the liquidity and solvency of the bank are closely related.

The main sources of the bank's liquidity are cash on hand and in accounts, and assets that can be converted into money (for example, securities). An important role is also played by the interbank market, where banks can trade liquidity among themselves or buy it from the National Bank.

Bank liquidity indicators in Belarus, which are used when making decisions on the parameters of the National Bank's operations, are current liquidity and position banking system. Calculation of the bank's liquidity (meaning the current liquidity of commercial banks) is carried out by summing the Belarusian rubles on the banks' correspondent accounts with the National Bank, minus their required amount until the end of the reserve requirements fulfillment period. If the value turns out to be negative (deficit of current liquidity), it reflects the amount of funds borrowed by banks from the Fund of Required Reserves (FOR), and if positive (excess or surplus of current liquidity) - the amount of funds in the FOR in excess of the required value.

The position of the banking system, which is also one of the indicators of liquidity, represents the net claims of banks to the National Bank on current liquidity management instruments and reserve requirements at the end of the day.

In order to improve the requirements for the safe and stable functioning of the banking system of Belarus, the Board of the National Bank adopted Resolution dated May 18, 2017 No. 180 "On approval of the Instructions on the procedure for determining systemically important banks, non-bank financial institutions and introducing amendments and additions to certain regulatory legal acts National Bank of the Republic of Belarus". The document entered into force on January 1, 2018.

According to the document, Basel III liquidity indicators (indicators of liquidity coverage and net stable funding), as well as requirements for reporting on their implementation and analytical information on liquidity risk monitoring tools, are established as mandatory standards for the safe functioning of banks in the Republic of Belarus.

To control the state of liquidity of a bank, a non-bank financial institution (NCO), the following liquidity ratios are established:

liquidity coverage ratio;
net stable funding ratio.

To supervise the state of liquidity of the Development Bank OJSC, a net stable funding ratio is established for it. The liquidity coverage ratio is designed to assess the ability of a bank, NBCO to provide a stock of highly liquid unencumbered assets at a level sufficient to timely and fully meet the obligations of the bank, NBCO in stressful conditions, accompanied by a significant shortage of liquidity, in the next 30 days. The amount of liquidity coverage is calculated as the ratio of the amount of highly liquid assets and the net expected cash outflow over the next 30 days.

The minimum allowable value of the liquidity coverage ratio is set at 100%.

These additions and changes to the current requirements of the National Bank in the field of banking supervision will help strengthen control over the risks of the banking system, as well as improve the system for managing capital, liquidity and liquidity risk in banks.

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Liquidity is one of the key concepts in the economy. In general, it is needed so that investors and lenders can understand how profitable an investment in a particular asset is.

For reference: assets are the means of a business entity from which it is planned to receive benefits.

What is liquidity in simple words

Liquidity is the ability of assets to turn into cash without any loss. The faster an asset is converted into money, the more liquid it is.

The essence of this term can be best understood with a simple example. Let's say you have several assets: real estate, demand bank deposits, and securities. Which one will be more liquid? To answer this question, you need to understand which of the following can be quickly realized or converted into cash without loss? Real estate is currently quite difficult to sell, in addition, it will have to bear the cost of paperwork, etc., not to mention significant time costs.

As for the possibility of selling valuable papers, then many factors influence this: their type, maturity, market situation, exchange rates, quotes, etc. In any case, it is obvious that their implementation will require significant moral and financial expenses.

Demand deposit means investing money in a bank with the possibility of withdrawing it at any time. Accordingly, this asset is the most liquid, since you can convert the deposit into cash in the shortest possible time without incurring any costs. And if you may need money at the next moment of time, then he is the best option from those offered.

Let's turn to our example. Demand deposit, as we found out, is the most liquid asset. However, it is also the least profitable. As a rule, the interest rate in banks on it is minimal. Accordingly, this asset is also the least risky. Those. the risks of losing money in this case are reduced to almost zero.

Investments in real estate are more profitable, but also more risky. There is always the possibility of a fall in the value of housing in price. Finally, investing in securities is the most risky type of investment. After all, it is extremely difficult to determine how, for example, stock quotes on the stock exchange will change. Accordingly, the highest risks are observed here. Risk, therefore, acts as a price for high income.

Knowing the basics of liquidity is important not only for individual investment, but also for the functioning of banks and companies.

Enterprise liquidity

Species classification

The above example will help to understand the types of liquidity of the enterprise. According to the degree of ability to convert assets into cash, they are divided into several types:

highly liquid (A1);
quick liquidity (A2);
slowly liquid (А3);
hard liquid (A4).

The most liquid asset is money, because it does not need to be manipulated in order to convert it into cash. It is customary to include receivables that do not exceed one year to quickly liquid assets. Slowly liquid assets include: receivables over a year, work in progress, inventories, VAT. Hard-to-liquid assets are non-current assets (buildings, structures) that have a long sale period.

Knowledge of the types of liquidity is necessary in order to correctly assess how creditworthy and solvent an enterprise is. These two seemingly similar concepts differ in the following way. Creditworthiness shows the ability of the enterprise to repay obligations with the help of highly liquid and quick liquid assets. And solvency - with the help of assets of all types. Accordingly, the calculation of solvency indicators is important for assessing the financial condition of a company in the event of its liquidation or sale. Creditworthiness is needed, first of all, by lenders to assess the value loan capital.

Video - about the company's liquidity indicators:

The liquidity of the enterprise is the ability of the company to repay obligations in the shortest possible time. She demonstrates her financial stability. The liquidity of a company means that it has current assets in an amount that is sufficient to meet short-term obligations. In general, an enterprise can be considered liquid if the amount of current assets exceeds the amount of short-term debts.

Liquidity ratios: balance sheet formula

Indicators and ratios are used to assess the level of liquidity. They can be either absolute or relative. The absolute numbers are:

current liquidity;
prospective liquidity.

Relative indicators are represented by the following liquidity ratios:

current;
fast;
absolute.

The level of liquidity is calculated by comparing assets by the degree of liquidity (in the numerator) and liabilities (liabilities) in the denominator. Therefore, to calculate liquidity ratios, one should refer to the balance sheet of the enterprise. The differentiation of assets by the level of liquidity was presented above. Therefore, we will now deal with liabilities (liabilities in the balance sheet). They are divided according to the level of increasing deadlines:

the most urgent liabilities (P1): raised funds;
mid-term liabilities (P2): short-term debts;
long-term liabilities (P3);
permanent liabilities (P4) ( equity).

A1 exceeds P1;
A2 is higher than P2;
A3 is greater than P3;
A4 exceeds P4.

To begin with, let's consider the methods for calculating absolute liquidity indicators.

Current liquidity needed to reflect absolute value covering short-term liabilities with the help of the most liquid assets (A1 and A2). Respectively, formula for calculating current liquidity presented as:

Current liquidity\u003d (A1 + A2) - (P1 + P2)

Prospective liquidity is needed to calculate the absolute value of the excess of A3 (slowly sold assets) over long-term liabilities (P3). The formula looks like this:

Prospective liquidity= A3 - P3

It is needed in order to calculate the company's ability to fulfill its obligations with the help of working capital(which includes all assets except A4).

Current liquidity ratio = (A1 + A2 + A3) / (P1 + P2).

Formula (balance lines): (1200 - 1230 - 1220) / (1500 - 1550 - 1530).

Quick liquidity ratio is needed in order to calculate the possibility of fulfilling short-term obligations using the first two groups of assets (A1 and A2).

Quick or urgent liquidity ratio = (A1 + A2) / (P1 + P2).

Balance formula (lines): (1230 + 1240 + 1250) / (1500 - 1550 - 1530).

Helps to calculate the ability to fulfill short-term obligations using A1, i.e. highly liquid assets.

Absolute liquidity ratio = A1/ (P1 + P2).

This indicator is needed to calculate the financial reliability of the enterprise.

Formula for balance line numbers: (1240 + 1250) / (1500 - 1550 - 1530)

As you can see, the calculation formulas differ only in numerators. The denominator remains unchanged.

For bank

The concept of liquidity is also necessary for successful banking. At the same time, it is important for the bank not only to correctly assess the liquidity of the borrowing company for a reasonable issuance of a loan. It is also necessary to take into account your own liquidity in order to meet the banking performance indicators set by the Central Bank and stay afloat in the banking business.

For the analysis of banking activity, indicators similar to the analysis of the liquidity of an enterprise are used. For this, the following banking standards are used, established by the Instruction of the Central Bank of the Russian Federation No. 139-I:

H1 is a whole group of indicators, which includes:

H1.0 - reflects the sufficiency own funds bank and is the main indicator of banking activity. It is for failure to comply with this indicator that a large number of banking licenses are revoked. The minimum value for today is set by the Central Bank of the Russian Federation in the amount of 8%.

H1.1 - shows the adequacy of the basic capital. The minimum value is 4.5%.

H1.2 - shows the capital adequacy and is set at 6%.

Н2 – instant liquidity ratio. Shows the bank's ability to repay its obligations within one business day. The minimum allowable value is 15%.
H3 is the current liquidity ratio. reflect ability credit institution fulfill their obligations within the next 30 days. The minimum level of the standard is 50%.
Н4 – long-term liquidity ratio. Demonstrates the ability of a credit institution to withstand the risk of default due to the placement of funds in long-term assets. The maximum value of the indicator is set at 120%.

These are the main liquidity ratios, although the Instruction also highlights others.

For securities

The concept of liquidity is widely used in the securities market when investing. So, securities are distinguished by the level of liquidity.

One of the most liquid securities is a bond, especially a government one. Since its issuer (that is, the one who issued it) is the state, the level of trust in which is traditionally higher than in private companies, the risk of default on it is minimal. However, according to the golden rule of investing presented above, the return on such a security will be minimal. A corporate bond will be considered a more liquid security. Its issuer is a private company. At the same time, the closer the maturity of a bond, the more liquid it is.

Stocks are less liquid than bonds. Among them, the most liquid are the shares of the largest reliable companies and banks, the so-called "blue chips". These include, for example: Gazprom, VTB, Sberbank, etc. Since these companies are practically not threatened with bankruptcy, the risk of investing in them is minimized. However, their profitability is minimal. Among the shares, the least liquid are the shares of new companies that have not yet had time to widely establish themselves in the market. So, one of the most risky investments is investments in shares of venture capital firms. However, the yield on them will be significantly higher than from investing in blue chips.

This is what concerns classical securities. However, there are even less known derivatives for Russia financial instruments: futures, forwards, options, etc. These securities are less liquid because the risk of investing in them is the most significant.

Thus, the calculation of liquidity ratios is important not only at the enterprise. Neither a bank, nor private investors, nor even an ordinary household can do without it.

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The liquidity of any thing is the ability to quickly sell it at a market price. The easier it is to exchange a thing for money, the more liquid it is considered. For example, machine tools at the plant have low liquidity - it will not be possible to sell them quickly and at real cost. And money has absolute liquidity - they, in fact, do not need to be exchanged for themselves, they are self-liquid.

Both machines and money in this case are called assets. An asset in the language of finance is any kind of property. Liquidity can be not only for an individual asset, but also for the company as a whole.

Why evaluate a company's liquidity?

The liquidity of assets is assessed in order to understand how solvent the company that owns them is, whether it can actually pay off its debts.

If the company has a lot of money in its accounts, and in warehouses there are large stocks of goods that are easy to sell, it is easier for it to get a loan from a bank or a delivery without prepayment. So, she will pay off without any problems on time.

If the only asset of the enterprise is a dilapidated factory building on the outskirts of the city, and the cash desk is empty, then in case of bankruptcy, creditors will wait a long time for their money back.

Types of liquidity and their coefficients

To understand whether the company is able to pay creditors on time, the liquidity ratio is calculated on the basis of the balance sheet. It shows the ratio of a company's debt to working capital.

Liquidity is current, fast and absolute. For each type, a coefficient is calculated.

current liquidity ratio, or coverage ratio, equal to the ratio of current assets to short-term liabilities (current liabilities). It is calculated by the formula:

Ktl \u003d OA / KO,

Ktl - current liquidity ratio;

OA - current assets;

TO - short-term liabilities.

This ratio shows how the company can repay current liabilities at the expense of current assets only. The higher the ratio, the higher the solvency of the enterprise. If this indicator is below 1.5, then the company is not able to pay all bills on time. The ideal score is 2.

Quick liquidity ratio equal to the ratio of highly liquid current assets to short-term liabilities. At the same time, inventories are not classified as highly liquid current assets, because their urgent sale will lead to high losses. Quick liquidity ratio is calculated by the formula:

Kbl \u003d (Kdz + Kfv + Ds) / KO,

Kdz - short-term receivables;

Kfv - short-term financial investments;

Ds - account balance;

TO - current short-term liabilities.

This ratio shows the ability to respond to current debts in case of any difficulties. The situation in the company is considered stable if the coefficient is not less than 1.

Absolute liquidity ratio is equal to the ratio of funds in the company's accounts and short-term financial investments to current liabilities. This indicator is calculated in the same way as the quick liquidity ratio, but without taking into account receivables:

Kal \u003d (Ds + Kfv) / KO

It is considered normal when this coefficient is not lower than 0.2.

Liquidity by application

Enterprise liquidity- the ratio of debts to liquid assets, that is, whether the company can quickly pay off all creditors. Often the concepts of "liquidity" and "solvency" are used as synonyms.

Liquid assets are property that can be quickly sold at a market price. In the balance sheet, all the assets of the enterprise are indicated at the very beginning. Assets are divided into current and non-current.

Current assets - property that brings the company income within one year. As a rule, this is what is used in the production process or settlements with partners: money, raw materials, short-term receivables, financial investments for up to one year, etc.

Non-current assets are used and make a profit for more than one year: patents and developments, buildings, equipment, long-term investments.

Current assets are more liquid than non-current assets.

Assets are divided into four groups:

A1 - the most liquid assets: money in accounts and short-term financial investments.

А2 - fast-moving assets: short-term accounts receivable.

A3 - slow-moving assets: inventories, VAT, long-term receivables.

A4 - hard-to-sell assets: non-current assets.

The opposite of assets is the liabilities of an enterprise. These include the company's own capital, such as authorized or share capital, as well as borrowed funds, such as bank loans. Liabilities of the balance are also divided into four groups - according to the degree of urgency of payment:

P1 - the most urgent obligations: accounts payable.

P2 - short-term liabilities: short-term loans and borrowings, debt to participants on dividends and other income.

PZ - long-term liabilities: long-term loans.

P4 - sustainable liabilities: deferred income, reserves for future expenses and payments.

Balance liquidity of the enterprise shows how much assets cover liabilities - that is, whether the company has enough money in which case to pay off debts. At the same time, the term for the sale of assets must correspond to the maturity of liabilities.

Balance liquidity is calculated as the ratio of debt and liquidity.

The balance is considered absolutely liquid with the following ratio of assets and liabilities: A1 ≥ P1, A2 ≥ P2, A3 ≥ PZ, A4 ≤ P4.

Comparison of A1 and A2 with P1 and P2 allows you to find out the current liquidity, and A3 and A4 with P3 and P4 - prospective liquidity. So you can predict the solvency of the enterprise based on a comparison of future receipts and payments.

Bank liquidity- conditional characteristic. Usually, it means the ability of a bank to pay off customers who hold deposit accounts with this bank. When a bank issues a loan, the amount of money in it decreases, which means that liquidity also decreases.

In order for liquidity to always be at a sufficient level, the bank must have permanent reserves. And not necessarily financial - part of the money is invested in various assets, such as stocks or bonds. If necessary, they can be quickly sold and increase their own liquidity. The Central Bank of Russia monitors the liquidity of banks.

In addition, the bank, like any other organization, has low-liquid non-current assets on its balance sheet - buildings, equipment, and so on.

Market liquidity. There is liquidity not only in individual companies or banks, but also in entire markets - securities, services, and so on. The market will have high liquidity if transactions are regularly made on it, but at the same time, the difference in the prices of buy and sell orders is small. Moreover, there should be many such transactions so that each individual transaction on the market does not have a significant impact on the price of the goods.

An indicator of market liquidity is the "churn" parameter (from the English churn - mixing). This is the ratio between the volume of concluded contracts and the cost of goods actually supplied under these contracts. For a market to be considered liquid, black must have a value of 15 or higher.

Liquidity of securities in the stock market, they are evaluated by the volume of trading and the size of the spread. Spread is the difference between the maximum prices of buy orders and the minimum prices of sell orders. The more deals and the smaller the difference, the higher the liquidity.

If you can quickly sell or buy a lot of shares of a particular company without a significant change in price, then such securities can be considered liquid, and vice versa.

Liquidity of money- this is the ability to freely pay with them, as well as their ability to maintain their face value unchanged. In states with a stable economy, the national currency usually has the highest liquidity.

The change in the liquidity of money is directly related to inflation: the prices of goods rise simultaneously with the fall in the purchasing power of the national currency.

Real estate liquidity- the ability to quickly sell it. Real estate is less liquid compared to money, securities and company inventory. Selling it quickly will not work - an assessment is required, transactions are drawn up for a long time. In addition, the seller may offer a price below the market price in order to sell the asset faster.

The value of real estate is influenced by external factors. For example, a building may rise in price if the area around is actively built up and developed. Or, on the contrary, to become cheaper if the authorities decide to open a landfill nearby.

At the same time, real estate is not a low-liquid asset. For individuals, for example, investing in real estate is more profitable than a deposit in a bank in the amount of more than 1.4 million rubles. If the bank goes bankrupt, the depositor will only be compensated up to that amount, and the rest of the money will burn.

Liquidity analysis

The solvency of the company can be found on the balance sheet. The liquidity of the balance sheet means the liquidity of the enterprise. When it is necessary to assess whether an enterprise can pay off all obligations on time, they evaluate the balance sheet.

Factors affecting liquidity

To be liquid, an enterprise must have a lot of liquid assets. In addition to account balances, short-term investments and fast-moving inventory own capital is also necessary - first of all, we are talking about the authorized capital. It is better to diversify investments so that their price does not depend on the situation in individual markets.

The company's liquidity is also affected by internal factors: the company's management system, rational organizational structure, her image. All this is not in the balance sheet: the quality of management can be found by analyzing other documents of the company - for example, the charter and financial statements. Reputation is influenced by publications in the media, the opinions of customers, market experts and even competitors.

Ways to increase liquidity

To increase liquidity, it is necessary to improve the quality of assets: increase working capital and profit, reduce borrowed funds. Another way is to reduce receivables: for example, you can conclude an assignment agreement with debtors in order to transfer the debtor's obligations to a third party.

In her column on Bankakh.ru, Natalya Orlova raised the topical question of what happened to the liquidity of the banking sector in the past year, who is to blame. However, in my opinion, the debatable position on the causes of the conditional liquidity shortage needs to be clarified.

Thus, the appetite of state-owned banks to increase their share in the credit market was named as one of the main reasons for the liquidity shortage. Natalya Orlova writes: “In their pursuit of market share, they have not only fully used the influx of corporate and retail deposits to finance their credit expansion, but have also significantly reduced the excess liquidity they have had since 2010. It is enough to look at the decline in liquidity, which the Central Bank sterilized on its deposits and through the issuance of its bonds: if at the beginning of the year there were more than 1 trillion rubles, then in December 2011 only 100-200 billion rubles remained. Basically, it is state-owned banks that keep their funds in these instruments. And it was their appetite for increasing the share of the credit market that led to a shortage of liquidity in the banking system.”

In fact, since banks are addicted to lending, liquidity cannot disappear. Let's take a simplified model. The bank issues a loan to the borrower - a legal entity, he spends the funds for his own purposes. Money from the correspondent account of one bank is transferred to the correspondent account of another bank or remains on the original correspondent account if the recipient of the payment has a current account in the same bank. If the “physicist” received the money in cash, then he will spend it on purchases, as a result of which the funds will somehow get to the current account trade organizations, i.e., they will again return to correspondent accounts or to the cash desks of the same banks.

Therefore, no matter how many banks issue loans, the amount of liquidity in nominal terms will remain the same. Due to state-owned banks lending to the economy, the liquidity of banks as a whole cannot disappear. It's like communicating vessels. In one place of the banking system, liquidity decreases, in another, on the contrary, it increases, but the amount remains the same. It is clear that an adjustment needs to be made for the slight increase in transaction demand in the economy.

Liquidity, including excess liquidity (if we understand by liquidity the funds that banks in one form or another hold in the Central Bank or ruble funds in the cash desks of the CB), may decrease in gross volume for three complex reasons.

First, the Central Bank conducts sterilizing operations in the form of selling foreign currency / securities or reducing the volume of bank lending.

Second, the government is running a budget surplus and accumulating a surplus not in the accounts of commercial banks, but in accounts with the Bank of Russia.

Third: the demand for cash (money outside banks) in the economy is increasing.

Each of these three reasons can be considered as a basic explanation for the liquidity shortage.

What actually happened to the excess liquidity that was observed at the beginning of 2011?

The government reduced the budget to the surplus that it accumulated in the accounts of the Central Bank during the past year. Until December, the growth of account balances with the Central Bank amounted to about 2 trillion rubles, in December, traditionally, significant funds are again thrown into the economy, and therefore settle on correspondent accounts in banks. However, the government surplus would not have been so significant if the Bank of Russia, in turn, had been more active on foreign exchange market. But since the beginning of 2011, as part of the rejection of the managed floating of the ruble, the Bank of Russia has reduced its participation in trading, moreover, it sold foreign currency in the autumn, sterilizing the monetary base. Therefore, the funds that were transferred to the government's account with the Central Bank were, in other words, withdrawn from banks, which was reflected as a decrease in excess liquidity.

I would like to note, however, that in the fall of 2011 the Bank of Russia increased lending volumes in order to compensate for the effect of the sale of foreign currency. Thus, the Central Bank began to make little use of the traditional tool for replenishing the liquidity of the banking sector - foreign exchange interventions.

I would also like to note that the current shortage of liquidity is not just an unfortunate accident and not a consequence of aggressive lending by state-owned banks to the economy, but the result of coordinated actions of the monetary authorities: the Bank of Russia and the Ministry of Finance.

Since December 2010, the Bank of Russia has consistently pursued and is pursuing a policy of tightening monetary policy using various instruments (exchange rate, interest rate instruments and required reserves) and deliberately reduced excess liquidity, following in the wake determined in consultations with the IMF. In autumn, when there was a sharp outflow of capital and a depreciation of the ruble, the policy was partially relaxed.

Thus, in an IMF report on Russia released in September 2011, just before the resignation of Alexei Kudrin, IMF staff recommended that the Bank of Russia streamline its toolbox to improve monetary policy signaling; to withdraw excess reserves from banks through open market operations in order to make the refinancing rate, the base intervention rate of the Central Bank of the Russian Federation, mandatory. This is not the first report where the IMF has recommended tightening monetary policy.

In many ways, it was thanks to the tightening of monetary policy that we observed the effect of a decrease in price growth rates during 2011.

Based on the foregoing, I believe that the position of accusing state-owned banks of a liquidity shortage is not entirely fair. Whether they lend aggressively or not, it would have almost no effect on the final result of the liquidity decline. They may be to blame in many ways, but not in this "crime".

Enterprise liquidity- this is a conditional term, meaning that the enterprise has working capital in the amount theoretically sufficient to repay short-term obligations, even if with a violation of the repayment periods stipulated by contracts; in other words, the company is liquid if current assets formally exceed short-term liabilities.

The logic of this concept stems from the assumption that in the course of current activities, accounts payable are extinguished at the expense of current assets. In other words, there are no plans to sell long-term assets for this purpose.

Analysis of the company's liquidity indicators is carried out in the program FinEkAnalysis in the block Analysis of solvency.

Enterprise liquidity indicators

The meaning of liquidity indicators is to compare the amount of current debts and working capital of the enterprise, which will ensure the repayment of these debts. There are the following indicators of liquidity of the enterprise:

Enterprise liquidity management

To increase the liquidity of the company take the following measures.

1. A reliable method of improving the financial condition is considered production diversification, dispersal of assets by various types activities. In some cases, it is effective to cut spheres production activities. Among the internal factors of the occurrence of non-payments, there are those, the elimination of which directly depends on joint work accounting and management. These include:

deficit of own working capital,
growth in receivables and payables,
imperfection of the mechanism for determining the sale price of products,
weak contractual discipline.

2. An essential factor influencing the improvement of the financial position of an enterprise, - repayment of receivables enterprises. One of the reasons for the emergence of receivables is the unregulated relationship between the enterprise and the bank, leading to serious financial problems.

3. How additional sources financing, non-traditional methods of updating the material base and accelerated modernization of fixed assets are possible, for example leasing.

The lessor, providing the lessee with fixed assets for the period established by the contract and for a fee, essentially implements the principles of urgency, repayment and payment inherent in a credit transaction. The lessor and the lessee operate with capital not in cash, but in production form, which brings leasing closer to investment and sharply raises its economic significance.

4. Improving contractual discipline. The influence of the factor cannot be identified without taking into account the industry specifics of production and organization of finance.

Other significant factors that in one way or another affect the liquidity of the enterprise:

Seasonality - ice cream is mostly sold in summer, peat for heating - in winter. But considering only the seasonality of sales is not enough. It is also important to take into account the seasonality of other parts of the enterprise.
Over-investment - There is a common misconception that a business that invests a lot and increases turnover succeeds. Every investment decision is subject to prior review. Since investments reduce the volume of current assets, before making a final decision, it is checked that liquidity will not suffer when placing money in fixed assets.
Investing with future cash flows - Caution is needed in cases where a business takes an advance payment from a client in order to quickly receive money, and in return agrees to provide services over an extended period of time.

So that the company does not have problems with liquidity, they put specific goals, formulate strategies to achieve them, constantly analyze and monitor compliance real situation affairs and plans.

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Methodological provisions for assessing the financial condition of enterprises and establishing an unsatisfactory balance sheet structure Based on the data in Table 5, the current liquidity ratio of an enterprise is calculated from the proposal for the timely repayment of state debt to the enterprise When calculating the value of the specified coefficient
Analysis of the financial balance of assets and liabilities of the balance sheet is the basis for assessing the financial stability and solvency of the enterprise OA ZKkr In the analysis, the current liquidity ratio of the enterprise is compared with the industry average If the deviation is significant, it is necessary to find out the reasons or the industry is excessive
Methodology for assessing the financial condition of an enterprise: determining crisis and excess liquidity To correctly determine the short-term liquidity of an enterprise, it is necessary to allocate assets that can be used to pay off liabilities
Features of auditing the liquidity of the balance sheet of commercial organizations If, with such a comparison, parts of the asset give amounts sufficient to repay liabilities, then the balance sheet is considered liquid and the company is solvent. Previously, the balance sheet data of the organization is divided into groups, separate balance sheets, depending on
Methodological approach to the analysis of solvency The normative value of the current liquidity ratio is the same for all enterprises, which means that the industry-specific features of economic entities are not taken into account.