Financial Analysis Of Enterprises Research Articles

Financial Analysis of Enterprises in Pharmaceutical Industry Based on the Harvard Analytical Framework —— Take TongRenTang, Guangzhou Baiyunshan, Yunnan Baiyao as Example

Under the pressure of aging population and impact of COVID-19, the importance of pharmaceutical industry cannot be neglected. This passage will utilize Harvard Analytical Framework to study the financial situation and development opportunities of three old public brands with analyzing information from their annual reports and East Money. Firstly, this passage will use PEST model to analyze the industrial advantages and disadvantages from four aspects, Politics, Economy, Society and Technology. Then this passage will focalize on specific analysis of companies, with accounting analysis and financial analysis. Compared with others, the pharmaceutical industry in China has little external interference. Generally, enterprises listed are promising and competitive. Despite a few adverse events, they all have good solvency and profitability. It will be the foundation of R&D. It is worth noting that with the support of government policies, the R&D of innovative drugs will be a crucial point in this thriving industry. This passage can be a reference for investors and managers of enterprises.

МЕТОДИЧНІ ПІДХОДИ ДО ОЦІНКИ ТЕХНІЧНОГО ЗАБЕЗПЕЧЕННЯ АГРОБІЗНЕСУ

The technical base is the material basis for the production capabilities of farms. The availability of machinery and the efficiency of its use are determined by the strategic development of enterprises. The issues of formation and efficient use of the resource potential of enterprises in order to increase the competitiveness of agriculture and the national economy as a whole are becoming increasingly important. To date, agroeconomic science has formed the main methodological directions for assessing technical support: the first involves determining its absolute value, and the second - the normative value based on available technical resources. Quantitative assessment of the production potential is established by determining the total value of technical resources at the disposal of agricultural enterprises. This involves comparing heterogeneous production resources (monetary valuation of all components of the resource potential, valuation of technical resources in natural units, determination of their quantity and value per area of agricultural land, etc. The normative value of fixed production assets is calculated in accordance with the performance indicator (the amount of a certain type of product produced, yield, average milk yield, etc.). The analysis of the provision of agricultural enterprises with technical means can be carried out according to the following scheme: assessment of the provision of technical means and efficiency of enterprises; financial analysis of enterprises' activities, comparative analysis; organization of the procedure for assessing the technical resources of enterprises. Three methodological approaches are used for generalized assessment of technical support in agriculture. They are based on various statistical models (deterministic and stochastic) that substantiate the link between the availability of technical resources and production outcomes; normative (standardized) values of the availability of certain types of technical resources, the total availability of which is correlated with the average or base value; and monetary assessment of the components of the technical and technological base of agriculture. The specified indicators make it possible to analyze more deeply changes in the absolute and specific sizes of the main means of production for various production purposes, including technical resources, their species composition and structure over a number of years, average annual growth rates and growth, which makes it possible to establish trends in the dynamics and their movement, apply their rational road structure and dimensions, which ensures the growth of indicators of economic activity, outline and develop recommendations for improving the structure of the material and technical base, its effective use.

Strategic and financial analysis of Enterprises--Taking Tencent as an example

The birth of the Internet has brought great changes to people's production and life. China's Internet development has gone through more than 10 years, during which it experienced the initial stage of ignorance and rapid development. The subsequent economic bubble brought the Internet economy to a low level. After the baptism of the Internet economic bubble, the China Internet reopened its vitality and gradually moved toward the right track. Tencent and Chinese Internet companies have experienced the ups and downs of the Internet economy and become the leader of Chinese Internet enterprises after more than ten years of development. What on earth did Tencent achieve so much? What is the difference between its competitive strategy and other Internet companies? These are the problems that this paper attempts to study in depth.

Determination of Industry Indicators of Financial Analysis of Enterprises (on the Example of the Industry for the Production of Crude Oil and Natural Gas)

The aim of the study is the development of theoretical and methodological principles of the analysis of industry financial indicators. The relevance of the topic is confirmed on the one hand by the demand for industry indicators for all persons interested in financial and comparative analysis of enterprises, on the other hand by the complexity and lack of methods for deriving industry indicators of the financial analysis of enterprises.Materials and methods. The study used a system and comparative analysis, methods of economic and financial analysis of the financial statements of enterprises in the industry, and methods of statistical evaluation of the main parameters of the sample with a lognormal distribution. The main attention is paid to the use of multivariate statistical analysis, the use of the model of lognormal distributions recommended for distributions with pronounced right-hand asymmetry. As the statistical material, the accounting data of the enterprises of the industry for the extraction of crude oil and natural gas for 2016 were used. The sample size was 185 enterprises. In the course of the study, the authors solved the following tasks: proposed stages of analysis for determining industry financial indicators, tested the hypothesis of a lognormal distribution of marginal distributions of the main financial indicators of the sample, tested the hypothesis of a jointly normal distribution of a multi-factor random vector of financial indicators of the sample, obtained the most likely values of financial analysis indicators for the industry of crude oil and natural gas production.Results. The theoretical significance of the work is the algorithm proposed by the authors for calculating industry-specific indicators of financial analysis, characterized by obtaining modal values based on the analysis of the multidimensional logarithmically normal distribution of the vector of financial indicators of a sample of enterprises. In the course of the study, the authors obtained distributions for the main indicators with a pronounced right-hand asymmetry and tested the hypothesis of the lognormal distribution of marginal distributions. The paper presents an algorithm for testing the hypothesis of joint normality of a ninedimensional random vector. Median and modal values of industry and financial indicators were obtained. The authors analyzed the differences between the median and modal results of the study. For analysis, a three-dimensional random vector is considered, including revenue, return on equity and turnover of accounts receivable. The difference between median and modal results is explained by the right-hand asymmetry of the distribution. The recommendations, given by the authors for determining industry indicators of financial analysis of enterprises in the industry for the extraction of crude oil and natural gas are practical in nature and are applicable to all industries.Conclusion. In the work, it is shown that the orientation toward generally established recommended values of coverage indicators, financial leverage, immobilization, profitability and turnover seems incorrect due to the variety of specific features of enterprises in various industries. We recommend calculating the most likely industry coefficients by groups depending on the size of the enterprise (revenue or capitalization).

Financial Health of small and Medium-Sized Companies in the Visegrad Countries

Abstract SMEs are a major provider of jobs, contribute to promoting the social and economic cohesion of regions and, in particular, they are important for regions facing high unemployment or lower economic development. The importance of assessing a company’s financial performance has been steadily rising in recent years. The paper aims to evaluate to what extent the financial situation of a company, especially the risk of financial distress and bankruptcy, is influenced by the macroeconomic environment defined by fundamental macroeconomic variables. The analysis of the interrelationships will be carried out at the national level for Visegrad countries. The criterion for financial distress is defined not only by capital restructuring of the company or extensive layoffs, but also as the results of the negative effect of the macroeconomic environment. To achieve the goal of the paper, predictive bankruptcy models of financial distress based on financial analysis of enterprises will be used as well as regression analysis and correlation analysis. The observed period for analyses will be from 2009 to 2016. It seems appropriate to pay particular attention to examining the impact of economic growth, and the exchange rate on the financial situation of the enterprise. These indicators play an important role in defining internal and external economic equilibrium, which is also reflected in the functioning of individual businesses and sectors. Based on the results of the GMM analysis, it was found that only in the case of the Czech Republic was it possible to follow statistically significant relationships between the selected indicators.

THE COGNITIVE MODELING TECHNOLOGY FOR THE FINANCIAL ANALYSIS OF THE FINANCIAL-ECONOMY ACTIVITY OF THE ORGANIZATION

Objective. The increase in the efficiency of functioning of the (credit) organization due to the realization of procedure of the horizontal, vertical and trend (microscopic) financial analysis based on the formed innovative analytical coefficients system in the parametrical cognitive models block. Method. The financial analysis of the highly-integrated enterprises and (credit) organizations. Result. The innovative parametrical cognitive models block is the information basis of the (microscopic) financial analysis, contains the cognitive models for the horizontal, vertical and trend financial analysis of the enterprise or (credit) organization based on the formed analytical coefficients system, each from which acts as the difficult repertoire of parameters (indicators), echeloned to a number of portraits and stratificated to the several independent sets located on two different levels of the specified hierarchy (structure). Conclusion. The financial analysis of the highly-integrated (credit) organizations initiates the need of the accounting of a wide range of the different scientific fundamental and applied directions of modern science, and also causes the need of use of the innovative device of research.

The assessment of forestry companies in the Czech Republic with focus on profitability

The paper deals with the evaluation of economy of forestry companies. The evaluation stems from the results of economic analyses of enterprises that are further monitored in the context of forestry and development of economic financial ratios of evaluated companies. Furthermore, the evaluation is based on real possibilities of companies stemming from resources which they have at their disposal and on the facts that occurred in the selected companies in the monitored period. The development of important factors influencing the whole branch of forestry and their real state are introduced in the first part of the paper. After that, methods used in financial analysis of enterprises are described. The fact that forest land in the Czech Republic covered 2.66 million hectares in 2014 and its proportion in the total area of the country is 34% adds importance to the topic (Czech Statistical Yearbook 2015).

The Financial Analysis of Enterprises in the 41st Sector-Construction Work of Buildings of Residential and Non-Residential, from the Point of View of the Manager

This report presents an analysis of the financial situation of the construction industry from the point of view of management on the basis of the financial statements from the years 2010-2011. It presents interpretations of key indicators and proposals for the firm's position within the industry.

Adequação dos índices da análise econômico-financeira às empresas florestais

Existem diversos métodos para a análise econômico-financeira das empresas. Dentre eles, por diversas razões, o mais utilizado é o da análise pelo emprego de índices (MATARAZZO, 1998). Contudo, uma pesquisa na bibliografia brasileira especializada possibilitou identificar mais de duas centenas de índices diferentes. A sua seleção, mediante o critério de emprego pelo maior número de autores, reduziu-os para vinte e seis índices. Em face das características operacionais específicas das empresas florestais - seu longo ciclo operacional - pressupôs-se que o emprego daqueles índices, de uso generalizado na análise econômico-financeira de empresas quaisquer - de ciclo operacional relativamente curto - não fosse adequado para a análise das empresas florestais. Atualmente, não existe nenhuma referência sobre índices específicos para análise econômico-financeira de empresas florestais. Pressupôs-se que esta diferença entre os ciclos operacionais resultaria em desempenhos econômico-financeiros, bem como em condições patrimoniais, totalmente diversos. Também não existe nenhuma referência sobre este pressuposto. Dentre outros, um dos algoritmos de grande utilidade para a pesquisa é fornecido pela análise fatorial, segundo JOHNSON & WICHERN (1998). Conforme os mesmos autores, essa técnica extrai as informações sobre a estrutura de covariância, resumidas na matriz de correlação, e possibilita classificar as variáveis originais segundo a sua participação na variância total dos dados. Isso posto, esta pesquisa teve como objetivo principal investigar, com o uso da análise fatorial, em que medida os índices usualmente empregados para a análise econômico-financeira de empresas quaisquer podem ser empregados na análise das empresas florestais. Os vinte e seis índices selecionados foram aplicados sobre os balanços de duzentas e trinta e sete empresas, constituídas sob a modalidade jurídica de sociedades anônimas de capital aberto, dentre as quais três empresas madeireiras e oito empresas produtoras de papel e celulose. Obteve-se, assim, uma matriz de dados de duzentas e trinta e sete linhas por vinte e seis colunas, sobre a qual aplicaram-se as técnicas estatísticas multivariadas, em particular a análise fatorial. A classificação das empresas, a partir dos escores fatoriais, possibilitou verificar quais índices são adequados à análise de quais tipos de empresas. O resultado mostrou que alguns destes vinte e seis índices não são adequados à análise daquelas onze empresas ligadas à área florestal.