Abstract
The financial state of construction enterprises can be described by a set of criteria evaluating their commercial activity from various perspectives. The most important of them are solvency and financial risk, including the ratio of current assets to current liabilities, the ratio of current assets minus stocks to current liabilities, the ratio of equity to liabilities, the ratio of assets to liabilities and the ratio of current assets to equity. These values indicate how efficiently various resources, i. e. finances, materials, manpower, etc. are used at an enterprise. The criteria characterizing the financial state of an enterprise from various perspectives may change in different directions. Moreover, these criteria are multidimensional. Therefore, a problem of finding a unified approach to describe this conflicting situation arises. The particular criteria describe the particular aspects of a complex object. To obtain an integrated estimate of a considered object, multicriteria evaluation methods are applied. Being versatile, these methods are used for solving various problems. A great number of methods evaluating the performance of multidimensional objects have been created and used recently. Each method has some advantages in describing the particular features of an object. Most methods use various techniques for normalization or transformation of the initial data. In the present investigation seven methods of multicriteria evaluation are applied. The calculations made yielded actually the same results, except those obtained by two methods ‐ the sum of ranks and VIKOR. However, the deviation of the data obtained by using these methods from the average value was small. The priority order of enterprises is finally determined integrating the results obtained by all methods used in the present analysis.
Highlights
In recent years a great number of various criteria has been used to describe the efficiency of enterprise financial management in construction as well as in other branches of industry and economics [13]
Paying capacity and financial risk criteria are considered to be the most important. They include the ratios of current assets to current liabilities, current assets minus stocks to current liabilities, equity to liabilities, current assets to equity and assets to liabilities
The efficiency of financial management of construction enterprises described by the ratios of current assets to current liabilities, current assets minus stocks to current liabilities, equity to liabilities, current assets to equity and assets to liabilities can be determined by using multicriteria evaluation methods allowing diverse and multidimensional financial criteria to be integrated into a single criterion
Summary
In recent years a great number of various criteria has been used to describe the efficiency of enterprise financial management in construction as well as in other branches of industry and economics [13]. Paying capacity and financial risk criteria are considered to be the most important They include the ratios of current assets to current liabilities, current assets minus stocks to current liabilities, equity to liabilities, current assets to equity and assets to liabilities. To assess a considered object from various perspectives, multiple criteria evaluation methods are widely used. These versatile methods can be applied to solve problems relating to various areas. Comprehensive evaluation of various objects and their ranking, based on particular principles, depends both on the criteria values and weights (significances). The determination of the criteria weights is considered to be subjective if it is based on experts judgements [68] and it is thought to be objective, if the particular weight values depend on the structure of the criteria database [7, 8]. Saaty has been widely used [12, 13]
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