What is meant by liquidity. Functions of money

. It is necessary to differentiate the solvency of the enterprise, i.e. expected ability to eventually repay the debt, and liquidity of the enterprise, i.e. the sufficiency of available cash and other resources to pay debts in this moment. However, in practice, the concepts of solvency and liquidity, as a rule, act as synonyms.

Solvency of the enterprise

An important indicator characterizing the solvency and liquidity of an enterprise is own working capital, which is defined as the difference between current assets and short-term liabilities. The company has its own working capital as long as current assets exceed short-term liabilities. This indicator is also called net current assets.

In most cases, the main reason for the change in the value of own working capital is the profit (or loss) received by the organization.

Growth in own working capital caused by outpacing the increase current assets compared to short-term liabilities, usually accompanied by an outflow Money. The decrease in own working capital, observed if the growth of current assets lags behind the increase in short-term liabilities, as a rule, is due to obtaining loans and borrowings.

Own working capital should be easily transformed into cash. If in current assets the specific weight of their difficult-to-sell types is large, this can reduce the solvency of the enterprise.

Bankruptcy

Decisions made in accordance with the considered system of criteria for declaring organizations insolvent serve as the basis for preparing proposals for financial support insolvent organizations, their reorganization or liquidation.

In addition, if the organization is unable to repay its short-term obligations, creditors may apply to arbitration with an application to declare the debtor organization insolvent (bankrupt).

Consequently, bankruptcy as a certain state of insolvency is established in a judicial proceeding.

Bankruptcy is of two types:

Simple bankruptcy applies to a debtor guilty of frivolity, inconsistency and poor business conduct (speculative transactions, gambling, excessive household needs, disorderly issuance of bills, shortcomings in accounting, etc.).

Fraudulent bankruptcy is caused by the commission of illegal actions with the aim of misleading creditors (concealment of documents and a certain part of the organization's liabilities, as well as deliberate overestimation of the sources of formation of the organization's property).

In addition to the considered signs that make it possible to classify a given enterprise as insolvent, there are also criteria that allow predicting the likelihood of a potential bankruptcy of an enterprise.

Criteria for bankruptcy of an enterprise:

• unsatisfactory structure of current assets; the upward trend in the share of hard-to-sell assets (inventories with slow turnover, doubtful) may lead to the insolvency of the organization;
• slowdown in the turnover of working capital due to the accumulation of excessive stocks and the presence of overdue debts of buyers and customers;
• the predominance of expensive loans and borrowings in the obligations of the enterprise;
• the presence of overdue and the growth of its share in the composition of the obligations of the organization;
• significant amounts of receivables written off as losses;
• trend of predominant increase in the most urgent liabilities in relation to the growth of the most liquid assets;
• decrease in liquidity ratios;
• formation of non-current assets at the expense of short term sources funds, etc.

When analyzing, it is necessary to timely identify and eliminate these negative trends in the activities of the enterprise.

It must be borne in mind that current solvency enterprises can be identified from the data only once a month or quarter. However, the company makes settlements with creditors on a daily basis. So for operational analysis current solvency, for daily monitoring of the receipt of funds from the sale of products (works, services), from the repayment of other receivables and other cash receipts, as well as to control the fulfillment of payment obligations to suppliers and other creditors make a payment calendar, which, on the one hand, shows available cash, expected cash receipts, that is, receivables, and on the other hand, payment obligations for the same period are reflected. Operational payment calendar is compiled on the basis of data on the shipment and sale of products, on the acquired means of production, documents on payroll calculations, on the issuance of advances to employees, bank statements, etc.

To assess the prospects for the solvency of the enterprise, liquidity ratios.

Enterprise liquidity

The company is considered liquid if it can repay its short-term accounts payable through the sale of current (current) assets.

An enterprise can be liquid to a greater or lesser extent, since current assets include their heterogeneous types, where there are easy-to-sell and hard-to-sell assets.

According to the degree of liquidity, current assets can be roughly divided into several groups.

A system of financial ratios is used to express the liquidity of the enterprise:

Absolute liquidity ratio (term ratio)

It is calculated as the ratio of cash and quickly realizable short-term valuable papers to short-term accounts payable. This indicator gives an idea of ​​how much of this debt can be repaid at the balance sheet date. The values ​​of this coefficient are considered acceptable. within 0.2 - 0.3.

Adjusted (intermediate) liquidity ratio

It is calculated as the ratio of cash, marketable short-term securities and short-term accounts payable. This indicator reflects that part of short-term liabilities that can be repaid not only from available cash and securities, but also from expected receipts for shipped products, work performed or services rendered (ie, from receivables). The recommended value of this indicator is the value - 1:1 . It should be borne in mind that the validity of the conclusions on this ratio largely depends on the "quality" of receivables, that is, on the timing of their occurrence and on the financial condition of the debtors. A large proportion of doubtful receivables worsens financial condition organizations.

Current liquidity ratio

General liquidity ratio, or the coverage ratio characterizes the overall security of the organization. This is the ratio of the actual value of all current assets (assets) to short-term liabilities (liabilities). When calculating this indicator, it is recommended to deduct the amount of value added tax on acquired assets from the total amount of current assets, as well as the amount of deferred expenses. At the same time, short-term liabilities (liabilities) should be reduced by the amount of deferred income, consumption funds, as well as reserves for future expenses and payments.

This indicator allows you to establish the proportion of current assets cover short-term liabilities (liabilities). The value of this indicator should be at least two.

There is also an indicator that characterizes security of the organization with its own working capital. It can be defined in one of the two following ways.

I way. Sources of own funds minus (total of section III of the balance sheet liability) (total of section I of the asset balance) divided by (total of section II of the asset balance).

II way. Current assets - Short-term liabilities (total of the V section of the balance sheet liability) (total of the II section of the balance sheet asset) divided by current assets (total of the II section of the balance sheet asset).

This factor must be not less than 0.1.

If the current liquidity ratio at the end of the reporting period is less than two, and the organization's own working capital ratio at the end of the reporting period is less than 0.1, then the structure of the organization's balance sheet is recognized as unsatisfactory, and the organization itself is insolvent.

If one of these conditions is met, and the other is not, then the possibility of restoring the solvency of the enterprise is assessed. To make a decision about the real possibility of its restoration, it is necessary that the ratio of the calculated current ratio to its set value, equal to two, be greater than one.

Balance liquidity

The current solvency of the enterprise is directly affected by its liquidity (the ability to convert them into cash or use to reduce liabilities).

Assessment of the composition and quality of current assets in terms of their liquidity is called liquidity analysis. When analyzing the liquidity of the balance sheet, a comparison is made of assets, grouped by their degree of liquidity, with liabilities for liabilities, grouped by their maturity. Calculation of liquidity ratios makes it possible to determine the degree of availability of current liabilities with liquid funds.

Balance liquidity- this is the degree of coverage of the obligations of the enterprise by its assets, the rate of transformation of which into money corresponds to the maturity of the obligations.

The change in the level of liquidity can also be assessed by the dynamics of the value of the company's own working capital. Since this value represents the balance of funds after the repayment of all short-term liabilities, its growth corresponds to an increase in the level of liquidity.

To assess liquidity, assets are grouped into 4 groups according to the degree of liquidity, and liabilities are grouped according to the degree of maturity of obligations (table 4.2)

Grouping of asset and liability items for balance sheet liquidity analysis

Assets		Liabilities
Indicator	Components (lines of form No. 1)	Indicator	Components (lines of form No. 1 -)
A1 - the most liquid assets	Cash and short-term financial investments (line 260 + line 250)	P1 - the most urgent obligations	Accounts payable and other short-term liabilities (line 620 + line 670)
A2 - fast-moving assets	Accounts receivable and other assets (line 240 + line 270)	P2 - short-term liabilities	Borrowed funds and other items section 6 "Short-term liabilities" (line 610 + line 630 + line 640 + line 650 + line 660)
A3 - slow-moving assets	Articles of section 2 "Current assets" (p. 210 + p. 220) and long-term financial investments (p. 140)	P3 - long-term liabilities	Long-term loans and borrowings (line 510 + line 520)
A4 - hard-to-sell assets	Non-current assets (line 110 + line 120 - line 140 + line 130)	P4 - permanent liabilities	Articles of section 4 "Capital and reserves" (p. 490)

The balance is absolutely liquid if all four inequalities are satisfied:

A 1 > P 1

A 2 > P 2

A 3 > P 3

A 4 < P 4(has a regular character);

The second stage of the enterprise liquidity analysis is the calculation of liquidity ratios

1)Absolute liquidity ratio- shows what part of short-term liabilities the company can repay immediately in cash and short-term financial investments:

To the absolute\u003d DS + KFV / KO \u003d (p. 250 + p. 260) / (p. 610 + p. 620 + p. 630 + p. 650 + p. 660) > 0,2-0,5

2) Intermediate coverage ratio(critical liquidity) - shows what part of short-term liabilities the company can repay by mobilizing for this short-term DZ and short-term financial investments (CFI):

To crit. liquor\u003d DZ + DS + KFV / KO \u003d (p. 240 + p. 250 + p. 260) / (p. 610 + p. 620 + p. 630 + p. 650 + p. 660) > 0,7 — 1

3) (current ratio), or working capital ratio - shows the excess of current assets over short-term liabilities.

To current specification\u003d OA / KO \u003d (p. 290 - p. 220 - p. 216) / (p. 610 + p. 620 + p. 630 + p. 650 + p. 660) > 2

• where DC- cash;
• KFV— short-term financial investments;
• DZ- receivables;
• THEN- Current responsibility;

Current liquidity ratio shows how many times short-term liabilities are covered by the company, i.e. how many times a company is able to meet the requirements of creditors if it turns into cash all the assets at its disposal at the moment.

If the firm has certain financial difficulties, of course, it repays the debt much more slowly; additional resources are sought (short-term bank loans), trade payments are deferred, etc. If short-term liabilities increase faster than current assets, the current ratio decreases, which means (under unchanged conditions) that the company has liquidity problems. According to the standards, it is considered that this coefficient should be between 1 and 2 (sometimes 3). The lower limit is due to the fact that current assets must be at least sufficient to repay short-term liabilities, otherwise the company may be insolvent on this type of loan. The excess of current assets over short-term liabilities by more than two times is also considered undesirable, since it indicates the company's irrational investment of its funds and their inefficient use.

The efficiency of any company, its competitiveness in the market consists of many components, defined as the art of management, the quality of products, services and right system setting priorities.

One of the important tools for achieving the company's goals is understanding and competent management assets of the company, representing a certain system of connections and relations between the means of production and finance. This understanding and ability to achieve goals has a very specific definition - liquidity management.

Definition

Of the many definitions of a company's liquidity that currently exist, one can single out those that reveal it not only as a purely formal financial term, but also have a certain economic sense.

Liquidity (from the English liquid - liquid, fluid, rapidly changing) of a company is the ability of any asset of an enterprise to quickly turn into a monetary form (for example, market value), or in another form of property complex.

In other words, how quickly and with minimal costs this or that property (in any form) can be sold on the market determines the degree of liquidity of the entire enterprise.

At the same time, it is understood that it is cash (in cash or non-cash form) that has the most complete liquidity, and, accordingly, the degree of liquidity of other tangible (and even intangible) assets of the company correlates directly with how quickly this or that material object can be turned into money. .

Classification of assets and liabilities

In the practice of financial analysis of the company's activities, taking into account its ability to generate and distribute cash flows, there is a certain classification of the material assets of the organization's property complex from the position of liquidity.

The main method for assessing assets by the level of liquidity is their distribution using the grouping method, according to the level of material and time costs for conversion into cash.

This method involves the classification of all material values ​​into two large groups.

Assets

1. A1 - the most liquid, i.e. able to acquire the form of a monetary form (realized) at almost any time.
2. A2 - which can be sold in a short period of time(usually up to 3 months).
3. A3 - a long period is required for the sale of this group time with certain costs (up to one year).
4. A4 - difficult to implement, which require an unlimited time to sell on the market and involve significant costs (for example, a significant loss in price).

In addition to the group of assets (using the methods of balance classification), there is a category of certain liabilities of the company (liabilities), which can also be characterized by a certain level of liquidity.

Liabilities

AT general view they are presented:

1. P1 - urgent obligations, the repayment of which must occur as soon as possible or at the first request of the creditor. For example, debt on previously taken loans, loans.
2. P2 - short-term payment obligations, which must be repaid by a certain date, such as monthly deductions for repayment of the main part of the loan and interest on it.
3. P3 - long-term financial obligations(usually more than one year), for example, credit obligations with a maturity of 3 years.
4. P4 - a permanent liability, or an obligation that is unlimited in time for repayment, or payments on it are attributed to some point in time in the future. For example, the company's reserves for any investment projects.

What is classified as liquid funds?

The economic meaning of the concept of liquidity, based on its definition, is the extent to which this or that property object, asset can be, with minimal costs both in time and costs, converted into a universal equivalent of value - money.

According to the specified economic criterion, the liquidity of assets (in accordance with the accounting standards in the balance sheet) can be presented in the following order (in descending order):

• money in current accounts, cash in the cash desk of the company, its structural divisions;
• securities with a high level of reliability and accepted as a means of payment without restrictions - government bonds, bills of credit institutions (banks), bills of lading, air waybill, letters of credit, certificates of deposit;
• corporate sector securities(shares and bonds of companies listed on the stock exchange and listed on stock exchanges), current debt of counterparties (accounts receivable);
• stocks finished products , semi-finished products and components, raw materials necessary for the production and / or provision of services;
• fixed assets of production- equipment, technical equipment, rolling stock (machines, equipment);
• real estate industrial purpose – workshops, communications, office buildings;
• real estate objects for which the full construction cycle has not been completed or have not yet been put into operation.

Here it must be understood that there is a significant difference in this grouping of assets according to the degree of liquidity, which can be in the analysis of the activities of organizations operating in different sectors of the economy. Naturally, the assets of a bank or an insurance company differ significantly in their structure and nature of liquidity, from, for example, transport or construction organizations.

Liquidity types

For the purposes of economic and financial analysis of the activities of a firm or enterprise, one classification and grouping of assets according to the degree of liquidity is clearly not enough. For a more thorough study of the structure of the company's assets, their systemic interaction, several mathematical models and definitions are used, which are quite widely used in practice.

For these purposes, the liquidity differentiation method is used according to the degree of solvency in relation to a certain period of time:

1. Current liquidity- the ability of the enterprise to repay the liabilities (liabilities) of the P1 and P2 groups of the balance sheet at the expense of the assets of the A1-A3 group, i.e. working capital of the company.
2. Quick liquidity- the company's ability to repay short-term liabilities (groups P1 and P2) at the expense of current assets A1 and A2 or the ability to account for short-term liabilities using the most liquid funds (money and securities).
3. Absolute liquidity- characterizes the overall solvency of the business, i.e. how much of the short-term debt the company can pay, for example, every day, at the expense of A1 assets (cash from its accounts).

liquidity ratio

For operational management accounting and financial analysis uses a number of indicators or liquidity ratios.

Their main purpose is to provide reliable information about the degree of solvency of the company's business in relation to certain situations. commercial activities.

The following coefficients have the most practical value:

1. Quick or urgent liquidity(QR) - an indicator showing the ratio of the company's most liquid (financial) assets to short-term liabilities:

   QR = (A1 + A2) / (P1 + P2)

The main economic meaning of this ratio is that it characterizes the company's ability to repay urgent obligations within a short period of time (up to 3 months). For example, if there are difficulties with the receipt of sales proceeds.

1. Current liquidity or coverage ratio (CR)- a financial indicator equal to the ratio of (current) assets to short-term liabilities:

   CR= (A1 + A2 + A3) / (P1 + P2)

This ratio reflects the ability of the business to generate cash flow(at the expense of working capital) sufficient to pay off current liabilities, i.e. how much the current profit of the enterprise is sufficient to ensure solvency.

1. Absolute liquidity (CF) cash flow-coefficient reflecting the ratio financial assets to liabilities for current payments:

Normal ratio

In addition to a variety of liquidity ratios that reflect the solvency of a company in a particular time period, it is quite often used in assessing the overall profitability of a business, the so-called normal ratio or total liquidity ratio.

Its main purpose and economic meaning is to show the ability of the entire business to repay all obligations, at all time intervals, at the expense of all groups of assets:

K (total liquid) \u003d (A1 + ... + A4) \ (P1 + .... + P4)

The optimal value of the normal coefficient lies within 1 (one). However, it is worth noting that an excessively high value of this important indicator indicates inefficient use of the company's existing resources, excess assets or, for example, stocks that do not directly form the profit itself.

With its value tending to 0, it gives a clear signal that financial stability company is in a critical zone, and in the event of unfavorable economic conditions there is a risk of growth in accounts payable and even bankruptcy.

Many do not even know what liquidity is. This word, which comes from the Latin “liquidus” (“fluid”, “liquid”), is most often understood as the mobility of assets, which ensures the ability of their owner to pay obligations without interruption and on time.

To date, there are several concepts related to each other: liquidity of assets, property, balance sheet, enterprise, market, money, stock market. The liquidity of the balance sheet is the basis of the liquidity of the enterprise, since it is more important for it to have cash than profit. Lack of money often leads to a deplorable financial condition.

It is noteworthy that the liquidity of the balance sheet is a more capacious concept than the liquidity of property. This term is applied to enterprises, banks, stock markets, various organizations, securities. The ratio of the amount of cash and assets sold in the shortest possible time and the amount of current liabilities (liabilities) determine the degree of liquidity. The concept of "liquid" refers to any asset that is quickly convertible into money. This category includes:

• stocks and bonds of large joint-stock companies;
• state securities;
• term bills of well-known companies;
• undisputed receivables;
• easily realizable values;
• precious metals.

The larger the share of such assets, the higher the liquidity.

Types of assets

Liquidity is the ability of values ​​(assets) to be sold as soon as possible at a near-market price. Every organization has the following types of assets:

• illiquid, convertible into cash at book value only after a long period of time and those that are never realized. They include various structures; equipment and machines that are prepared for installation; intangible assets; Construction in progress; long-term financial investments; overdue receivables; stocks of products that have not found a market;
• low-liquidity (slowly sold), sold at a cost close to the market for a significant period of time. These include some fixed assets, certain types stocks, long-term receivables;
• liquid, sold relatively quickly. They include short-term receivables; some stocks; company securities;
• highly liquid, which are sold very quickly. These include money in accounts, at the cash desk; short-term investments; bills; government securities.

Liquidity of enterprises

The liquidity of an enterprise is the ability to pay short-term (current) accounts payable through the sale of current assets. Financial analysis evaluates its solvency. Its main instrument is financial indicators called liquidity ratios. They are calculated according to financial reporting. These indicators characterize the nominal ability of the enterprise to repay the current debt with current assets. Often their calculation is accompanied by a balance modification, which is carried out to obtain an adequate assessment of liquidity. different types assets.

All values ​​differ in different levels of liquidity. It is because of this that some components of the balance sheet of the enterprise, when it is modified, are taken out of the limits of assets. When determining liquidity ratios, they are not taken into account. There are 4 groups of assets:

• the most liquid (A1);
• implemented quickly (A2);
• implemented slowly (A3);
• implemented with difficulty (A4).

Obligations (liabilities) are divided into 4 groups:

• the most urgent (P1);
• short-term (P2);
• long-term (P3);
• permanent (P4).

An enterprise can be called liquid only when the following conditions are met: A1> P1, A2> P2, A3> P3, A4<П4 (обладает регулярным характером). При выполнении 3 первых неравенств, последнее выполняется обязательно.

Enterprise liquidity indicators

When assessing the degree of solvency of an enterprise, the following coefficients are determined:

1. Ktl (current liquidity), characterizing its ability to repay current accounts payable with current assets. It is also referred to as the debt coverage ratio. It characterizes the solvency, taking into account the expected receipts of receivables. Simply put: if current assets > current liabilities (liabilities), then the company is operating successfully. The current liquidity ratio is calculated as follows:

Ktl \u003d (OA) / KO,

where OA - current assets, KO - short-term liabilities;

Ktl \u003d (A1 + A2 + A3) / (P1 + P2).

The higher the Ktl indicator, the higher the solvency. At different enterprises may be different Ktl. An indicator that is in the range of 1.5-2.5 is considered normal.

2. Kbl (quick liquidity), reflecting the company's ability to pay off short-term liabilities in the event of problems with the sale of products. The quick liquidity ratio is calculated only by certain types assets. It is equal to the ratio of liquid current assets (TA) and liabilities (TO):

Kbl \u003d (TA–Z) / TO,

where З - reserves;

Kbl \u003d (A1 + A2) / (P1 + P2).

Its optimal value is considered to be that which fits into the range of 0.7-1.0. The growth of Kbl associated with the increase in receivables is not a positive indicator economic activity.

3. Kal (absolute liquidity), which establishes how much of the debt can be quickly repaid. Estimated data is taken from form No. 1, but only cash and assets equivalent to them are included in the assets of the enterprise. Cal is determined by the following formulas:

Kal \u003d (DS + KV) / (KP - DBP - RBR),

where DS - cash; KP - short-term liabilities; RBR - reserves for future expenses; KV - capital investments; DBP - future income;

Kal \u003d A1 / (P1 + P2).

The toughest of the solvency indicators is the absolute liquidity ratio. Its normal value cannot be less than 0.2, which means that the company will be able to pay up to 20% of current liabilities every day.

Market liquidity

This concept is understood as the reaction of the market to fluctuations in supply / demand by attracting buyers and sellers. In order to recognize it as liquid, there must be regular purchase and sale transactions on it in sufficient quantities. The difference in the price of demand (bids for purchase) and the price of offer (sale) should be small. In a highly liquid market, any one transaction does not have a significant impact on the cost of goods. In other words: market liquidity is its ability to absorb fluctuations in supply / demand without significant fluctuations in commodity prices.

The main property of money is its liquidity. It represents the possibility of their use as a means of payment in the acquisition of goods and other benefits. This indicator indicates their ability not to lose their nominal value. Money, more than other assets, is protected from fluctuations in its value. As a rule, money has absolute liquidity within a certain economic system, although it is not always exchanged for goods in a short time. Perfect monetary liquidity is possible in a stable monetary system.

Liquidity of securities

This term, used in relation to the stock market, means the ability to buy/sell any exchange instrument (currency pair, shares, futures) in the shortest possible time without losing their price. It means their comparative quantity, which is exchanged for money in a short period of time without a serious change in their market value. Low liquidity is proof that securities will not be sold/purchased within a certain period of time without significant financial losses.

High liquidity shows that securities can be quickly sold / bought without a serious impact of such an operation on the existing market price level. This type of liquidity is estimated by the number of transactions (trading volume). The spread (the difference between the highest bid prices and the lowest bid prices) is also taken into account. At the same time, the greater the number of transactions and the smaller the spread, the higher the liquidity of securities.

Most citizens of our country know what liquidity is, but to form an accurate definition of this economic category it is quite difficult for a person without the appropriate education. This fact can be explained by the fact that the presented parameter is used in many areas of human activity and is not limited to the economy of enterprises and the stock market.

This article will help you understand all the nuances that are related to liquidity, find out where, when and for what purposes it is used, as well as understand the meaning of this category for businesses engaged in commercial activities. The information presented in the article is not only theoretical, it can be used in practice to determine real opportunities enterprises / organizations or individual entrepreneurs to transfer their assets into cash.

The article will certainly be of interest not only to theorists involved in economic disciplines for scientific purposes, but also businessmen, executives and managers large companies, bankers, stock market participants, as well as ordinary citizens who want to improve their education. The information is presented in a simple and accessible way, with minimal use of economic terms and categories, so that the average reader can deal with all the issues and nuances of this topic without resorting to specialized web resources for help.

Definition of liquidity

In modern economic realities, the concept of "liquidity" is applied to a wide variety of categories. For example, liquidity of assets, enterprise, investments, securities or bank. But, despite this diversity, in economic disciplines, as a rule, are used general definitions liquidity that can be applied in different areas activities. To make it easier for the reader to navigate this topic, first we define what liquidity is. in simple terms.

First of all, it is the possibility of an enterprise / organization, country or individual fulfill their financial obligations in full. On the other hand, liquidity is the ability to quickly and without losses transfer assets or material values ​​into real money. In this definition, assets include any material things that have their own value (real estate, vehicles, equipment, securities, jewelry, etc.).

If we conduct a more detailed analysis of each industry separately, we can say that the liquidity of banks is the ability to fulfill their financial obligations with the equality of its assets and liabilities, and the liquidity of a country is the ability to pay its debts to other countries, banks and international organizations within strict deadlines.

Some economists equate liquidity and solvency of business entities, but this is not entirely correct, liquidity is a broader category, which is confirmed by the above definitions.

Liquidity indicators

For a detailed analysis of the question of what is the liquidity of an enterprise, it is necessary to consider the main indicators of this category. A firm is considered liquid if it is able to quickly convert its assets into cash and timely fulfill its debt obligations (loans, interest on loans, payments for goods, rent etc.).

In order to assess the level of liquidity of the enterprise, the following financial indicators are used:

Coverage ratio (total liquidity). Allows you to define general meaning liquidity of the firm's assets. Used to estimate a company's current liabilities in relation to its marketable assets. This coefficient should have a value not less than 1. Depending on the sector of the economy and the specifics of the operation of the enterprise, the coverage ratio can take values ​​of 1-2.5. It is necessary to take into account the fact that after fulfilling obligations to suppliers, creditors, etc., the company must have the resources to continue its activities. Another important factor is the state of receivables. For example, many small wholesale firms involved in the sale of food products have clients whose debts can be classified as bad, and if such receivables are transferred through a bank (draw up a factoring agreement), then the company will lose 10-30% of its funds. In addition to these, there are other factors that affect the size of assets. To calculate the total liquidity ratio, it is necessary to divide current assets by the sum of all current liabilities.

Quick (current) liquidity ratio. This parameter shows how much of the company's liabilities can be repaid at the expense of the most liquid assets - cash, money in bank accounts, receivables, investments. The coefficient can be found by subtracting inventories from the working capital of the enterprise, and dividing the resulting value by the sum of all current liabilities. A coefficient of 0.6 or more is considered normal.

The absolute liquidity ratio is defined as the ratio of available cash to the firm's current liabilities. In the theory of enterprise economics, the value of this coefficient is considered normal if it is not lower than 0.2. But in practice, as a rule, it is rarely used and is calculated only at the request of the firm's counterparties or governing bodies. First of all, entrepreneurs try to invest all their free money in the business, no one will unreasonably keep huge sums of money in the company's accounts, just to get a high liquidity ratio, this is stupid and irrational. Second important point lies in the fact that enterprises, building their relationships with creditors, suppliers, etc., agree on the mechanism and terms for paying loans. Therefore, all current liabilities are repaid gradually, which means that the value of the absolute activity coefficient has no particular practical value for the enterprise. But sometimes you have to calculate it (for example, at the request of bankers when issuing loans).

Readers who are interested in the question of what is the liquidity of the company's balance sheet should carefully study the above ratios. Their values ​​allow us to draw certain conclusions about the liquidity of the company's balance sheet, which is defined as the ability of the company to meet its debt obligations with the help of its own assets. A detailed analysis of the firm's assets and liabilities by relevant groups (for example, accounts receivable compared with short-term loans and liabilities of the firm) also allows you to determine the liquidity of the company's balance sheet.

Another important parameter for determining the potential of an enterprise is net working capital, which is the difference between the sum of all assets and current liabilities. A negative value indicates that the firm cannot pay off all of its debts. On the other hand, a large positive value of net working capital indicates the irrational use of resources, that is, the business owner is not engaged in the development of the company. Pay attention to the fact that the optimal value of net working capital depends on the scope of the company, its size, resource turnover, owner policy, production nuances and other external factors that affect the business.

Liquidity analysis

Theorists of economic disciplines, depending on the speed of "transformation" of assets, material values ​​and resources into money, distinguish three types of liquidity: high, medium and low. The first group includes bank deposits, securities of well-known issuers, currency. The listed assets can be quickly and without loss turned into real money. There is only one significant nuance. For example, if you sell the shares of a serious, financially stable enterprise without even leaving your home (using the Internet), then no one will buy the securities of some factory in Magadan from you. financial instrument the same, but the liquidity differs by dozens (maybe hundreds) of times. A similar situation is observed with foreign currency.

American dollars will be taken from you at any time of the day or night, and it is even hard to imagine what to do with Mongolian tugriks for a person who rarely leaves his hometown. Although, if desired, if we are talking about a stable currency, it can also be sold, regardless of the country of origin. Somewhere on the border between high and medium liquidity are metals, both ordinary iron or copper, and gold, platinum and silver. You can sell them very quickly, but do not forget that liquidity implies not only speed, but also the loss of money during the sale, based on the market value of assets.

Therefore, many economists classify metals as medium and even low-profitable values. A similar situation can be observed with real estate. An expensive luxury apartment or a luxury country house, most often, are low-liquid categories that can be sold for years, and a two-room apartment in a residential area in big city is a very liquid offer. When assessing liquidity and assigning certain labels to tangible assets, it is necessary to take into account the current situation in the market for these goods, economic situation in the country, possible prospects for changing situations and other external factors.

If you analyze the assets of any enterprise / firm, institution, using the above criteria, you get the following picture:

Assets with high liquidity. These are again securities, products ready for sale, as well as cars and other equipment (depending on the brand, year of manufacture and condition).

Average liquidity. This includes some equipment and tools, raw materials, consumables, and in some cases, production and office space.

Low liquidity. This category includes overdue receivables, obsolete machinery and equipment, as well as other assets that depend on the scope of the company.

AT modern conditions many enterprises (in European countries for several decades, and in our country last years) carry out liquidity management.

In the financial departments of companies, the following tasks are performed daily:

determine the procedure for paying current accounts, focusing on the actual availability financial resources on all bank accounts (plus the cash desk of the enterprise);

prevent cash gaps;

determine the minimum balance of funds in bank accounts required to fulfill financial obligations for tomorrow.

If the work of the financial department is properly organized at the enterprise, and it cooperates fruitfully with the accounting department, sales and supply departments, then you can count on the effective use of financial resources and the almost complete elimination of various force majeure. The owner of the firm will know exactly about all the movements of money and have a very accurate forecast about the financial situation of the firm in a week, a month and by the end of the quarter. Based on the information provided, each reader has drawn his own conclusions about what liquidity is and what definition is more suitable for this economic category than others.

Liquidity and other performance indicators of the enterprise

The relationship between the company's liquidity and its solvency, in general terms, has already been discussed above. In principle, we can say that these are indicators of financial and economic activity, which are directly proportional to each other. The inability of the company's management to provide the necessary level of liquidity of the company leads to a complete collapse in terms of solvency. But in order to draw up a complete picture and eliminate gaps in everything related to the liquidity of an enterprise, it is necessary to trace the relationship of this category with other parameters of the commercial activities of business entities.

Sometimes, the question of what liquidity and profitability are (in terms of their relationship) can be heard even from experienced businessmen who subconsciously understand how they work, but they cannot explain this mechanism, which makes it difficult to communicate with subordinates who are responsible for these questions.

As a result, stalemate situations arise: the boss cannot explain what he wants to get from the subordinate, and the latter, not understanding the boss, believes that he is just finding fault. As a rule, the whole company suffers, especially if the subordinate really does a lot for the development of the company.

Even with low liquidity of the company's assets, you can make a good profit, that is, the company will be profitable. Example from real life. A small firm of five drivers, a mechanic, an accountant/cashier and a manager (who is also the owner of the business) owns four sewer machines. Two cars are brand new (but it is very difficult to sell them even at their real value) and two cars that can only be sold at the cost of scrap metal.

At the same time, all the equipment was bought on credit, if the bank demands the return of the money, the assets will not cover even 70% of the obligations to the financial and credit institution. In all respects, the company is illiquid. On the other hand, each machine brings a day net profit$100-150, total daily income $400-600. Expenses: gas, salary, taxes, loan repayments and renting a small room as an office. Profitability is very high.

In a couple of years, this small firm will pay off all loans and their liabilities will approach zero, which means that liquidity will rise. On the other hand, a firm with high liquidity but low business profitability can very quickly end up in the bankruptcy category. Be sure to consider these factors if you decide to do own business. In the case when you do not have enough experience to objectively assess the prospects of your business and economic education, contact professionals who know perfectly well what the difference between the profitability and liquidity of the company is.

A detailed analysis of the question of what liquidity is, presented in this article, shows not only the relevance of this problem for any subject entrepreneurial activity, but also gives you the opportunity to think again and evaluate your potential before making a final decision about organizing your own business.

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Most of modern entrepreneurs do not fully understand what the term "liquidity" means. The concept is translated from Latin as "liquid" or "fluid". Liquidity is understood as a kind of mobility of the assets at the disposal of the enterprise, which ensures the possibility of their direct owner to pay off personal obligations in a timely manner and without any interruptions. Today, economic theory knows several concepts that are inextricably linked. These include the liquidity of the stock market, assets, balance sheet, money, property, and enterprise.

The term - balance sheet liquidity

The term "balance sheet liquidity" means the basis of the organization's liquidity, because the availability of cash resources is considered a more significant factor than making a profit. It is the lack of financial content that often causes the deplorable state of the enterprise as a whole. You should also be aware that the term "balance sheet liquidity" is considered to be a more comprehensive concept than the term "property liquidity".

The concept can be used in relation to various kinds of enterprises, banking institutions, stock markets, securities. The degree of liquidity is determined by the ratio of the amount of money and assets that can be quickly realized, and the amount of liabilities, which are understood as current liabilities. Any asset that can quickly take the form of money can be called liquid.

These assets include:

• bonds and shares of large joint-stock companies;
• government securities;
• precious metals;
• values ​​that can be quickly realized;
• accounts receivable;
• term bills issued by well-known companies.

Liquidity will be higher if the share of such assets is predominant.

Liquidity types

Since liquidity is the ability of various kinds of values ​​to become realized in a short period of time at a price close to the market, all assets owned by an organization can be divided into:

1. assets that are illiquid. This type of value includes those assets that require a lot of time to sell, or those that cannot be sold at all. For example, various buildings, machines or specialized equipment that has been prepared for installation, intangible assets, financial investments of a long-term nature; accounts receivable, products that did not find their buyer, and so on.
2. low-liquid assets are tangible assets, the sale of which at the average market price takes a lot of time. This includes some funds that are listed as basic, long-term debt, some of the types of stocks.
3. liquid plan assets mean values ​​that are sold relatively quickly. The accounts are credited with securities, certain types of stocks, short-term receivables.
4. highly liquid assets are sold extremely quickly. For example, cash kept on hand or in accounts with banking institutions, short-term investments, government securities, bills of exchange.

Enterprise liquidity

Under the term “enterprise liquidity”, modern economic theory implies the ability of a particular organization to pay its own short-term debt obligations using the sale of the corresponding current assets.

An analytical study of liquidity provides a full assessment of the solvency of the organization in question.

Liquidity ratios in this case are taken from the financial statements. It is they who can fully characterize the nominal ability of the organization to close the current debt using current assets. In most cases, the calculations are related to the modification of the balance sheet in order to identify the correct assessment of the level of liquidity of each type of asset.

Each value can be assigned a separate level of liquidity, so certain components of the balance sheet are taken out of the scope of assets for the period of modification. When establishing liquidity, they are not taken into account.

There are four groups:

1. the most liquid are designated as A1;
2. sold quickly - A2;
3. sold slowly - A3;
4. sold with great difficulty - A4.

Liabilities, which are also called liabilities, are also divided into four groups:

1. the most urgent - P1;
2. short-term - P2;
3. long-term assets - P3;
4. permanent assets - P4.

Liquidity indicators

The solvency of an enterprise is assessed by calculating the following coefficients:

1. The liquidity indicator of the current nature determines the possibility of repayment of existing current accounts payable using current assets. This indicator in modern economic theory, it often occurs as a coverage ratio for existing debts. It is he who is fully able to characterize the solvency of the enterprise, taking into account the expected accrual of debts of debtors. To put it more simply: for a successful enterprise, the total amount of current assets must exceed the amount of current liabilities.

The norm of the indicator is the option when it is in the range from 1.5 to 2.5.

1. The quick liquidity ratio indicates the company's ability to pay all short-term obligations if problems arise associated with the sale of products. The indicator of quick liquidity is the ratio of liquid assets of the current type and liabilities.

The optimal value of the coefficient under consideration is considered to be a value that falls in the range from 0.7 to 1.0. At the same time, it must be remembered that the growth of quick liquidity, which is associated with an increase in debtors' debt, cannot be called a positive indicator.

1. The absolute liquidity ratio indicates the part of the debt that a particular company is able to pay off quickly. For calculations, data are taken from prescribed form at number one, however, assets include only money and tangible assets that can be equated to them.

The absolute liquidity ratio is today recognized as the most stringent indicator of solvency. Its value will be accepted as the norm only when the indicator is equal to a value above 0.2. This figure indicates that up to twenty percent of existing obligations can be paid daily.

Market liquidity

Economic theory under this phrase means the emerging market reaction to a change in consumer demand or supply using additional involvement of existing sellers and buyers. To recognize the market as liquid, transactions of purchase or sale must be carried out on an ongoing basis, while the difference between the price of consumer demand and the sale price should not be too noticeable.

If the market can be called highly liquid, a single transaction will not affect the value of the goods being sold, that is, the liquidity of the market implies its ability to absorb changes in supply or demand without any significant fluctuations in the prices of goods.

The main property of money is still considered to be their liquidity, which is the possibility of using funds for settlements. The liquidity of the market suggests that they may well not change their face value. It is money that is considered an asset that is less dependent on fluctuations in value, because it can always be exchanged for a different product.

Liquidity of securities

This term is most often used when referring to the stock market. The liquidity of securities indicates the ability to acquire or sell a specific exchange instrument in a short time without loss in price. This term refers to the comparative number of securities that can be exchanged for money in a short period of time without a significant decrease in their value.

This type of liquidity is assessed by the number of completed transactions, taking into account the spread, which is the difference between the highest bid price and the minimum price offers. Liquidity will be high with a larger number of transactions and a smaller spread.

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