外文文献企业盈利能力分析

文献出处：标题:AssessmentofFinancialRiskinFirm'sProfitabilityAnalysis者:Solomon,DanielaCristina;Muntean,Mircea作出版物名称:EconomyTransdisciplinarityCognition卷:15期:2页:58-67页数:10出版年份:2012AssessmentofFinancialRiskinFirm'sProfitabilityAnalysisAbstract:Inthecontextofglobalizationwearewitnessinganunprecedenteddiversificationofrisksituationsanduncertaintyinthebusinessworld,thewholeexistenceofanorganizationbeingrelatedtorisk.Thenotionofriskisinextricablyincludesensuringremunerationofproductionfactorslinkedtothereturn.Returnandinvestedcapitalbutalsoresourcesmanagementintermsofefficiencyandeffectiveness.Afullfinancialandeconomicdiagnosiscannotbethoutregardtothereturn-riskratio.donewiStockprofitabilityanalysisshouldnotbedissociatedfromriskanalysistowhichthecompanyissubdued.Riskanalysisisusefulindecisionmakingconcerningtheuseofeconomic-financialpotentialorinvestmentdecisions,indevelopingbusinessplans,andalsotoinformpartnersabouttheenterprise'sperformancelevel.Risktakesmanyform:,operationalrisk,financialriskandtotalrisk,riskofbankruptcy(otherriskcategories)eachinfluencingthebusinessactivityonagreaterorlesserextent.Financialriskanalysis,realizedwiththeuseofspecificindicatorssuchas:financialleverage,financialbreakevenandleverageratio(CLF)accompanyingcalltodebt,presentsamajorinteresttooptimizethefinancialstructureandviabilityofanycompanyoperatingunderagenuinemarketeconomy.Keywords:riskanalysisfinancialrisk,financialleverage,breakevenpoint.IntroductionRiskandreturnaretwointerdependentaspectsintheactivityofacompany,sothequestionisassumingacertainlevelofrisktoachievetheprofitabilitythatitallows.Returncanonlybeassessedbutonthebasisofsupportedrisk.Thisriskaffectseconomicassetreturnsfirst,andsecondlyofcapitalinvested.Thereforeitcanbeaddressedbothintermsofbusiness,astheorganizeroftheproductionprocessdrivenbyintentiontoincreasepropertyownersandadequateremunerationofproductionfactorsandthepositionofoutsidefinancialinvestors,interestedincarryingthebestreturnanddifferentrisklevels.investment,infinancialmarketconditionswithseveralareasofRiskassessmentConsequently,profitabilityeachaffectingtheagents'economicactivityonalesserorgreaterextent.Foreconomicandfinancialanalymicrolevelpresentsaparticularinterestthoseformsofriskthatcanbeinfluenced,shouldconsidermanagingchange:peoplechange,methodschange,theriskschange[1,36].issubjecttothegeneralconditionofriskwheretheorganizationoperates.Risktakesmanyforms,sisattheinthesenseofreduction,throughtheactionsandmeasurestheeconomicagentscanundergo..FinancialRiskinEconomicTheoryandPracticeFinancialactivity,initsmanysegmentsisinfluencedbyunexpectedlyrestrictiveelementsasevolution,oftenunexpected,competition,timefactor,notdependingdirectlyoneconomicagents.Impactofvariousfactors(market,inflation,exchangerates,interest,commissions,humanfactorsandnotleastthecompanyculture)oftenmakesfinancialbecomeadecisionunderrisk.decisionFinancialriskcharacterizesvariabilityinnetprofit,underthecompany'sfinancialstructure.Therearenofinancialtemplatefeatures,eachbusinessactivityprintsitsownsignificantvariationsfromcasetocase.Inthecaseofretailers,"intangibleassetsarelessimportant,butstocksaresignificant,andtheappealtocreditproviderisfrequentlyused,beingtreasurybusiness"[2,40].veryusefulforAnoptimalcapitalstructurewillmaximizeenterprisevaluebybalancingthedegreeofriskandexpectedreturnrate.Managementoffinancialriskisanintegralpartofplanningandfinancialcontrol,submittedtostrategicandtacticaldecisionsforacontinuousadaptationtoinsideandoutsidecompanyconditions,constantlychanginganditrequires:-identificationofareasthatarepronetorisk;-likelihoodestimationoffinancialriskproduction;-determiningtheindependencerelationsbetweenfinancialriskandothersignificantrisks(operationalrisk,marketrisk-interestratefluctuations);-delimitationofriskandkeepingitunderobservationtostopordiminish(minimize)theeffect;-identifycausalfactorsforfinancialrisk,inordertodefinepotentialadverseeffectsinducedontheoverallactivityofthecompany;-determiningtheriskasquantifiablesize,aswellastheeffectsassociatedtoriskoccurrence;-determiningtheroutestofollowandstrategiestofitthecompany'sfinancialactivityinanareaoffinancialcertainty.FinancialriskissuescanbefoundattheheartofRomanianaccountant'snormalizors.AccordingtotheOMPF3055/2009,theBoardmustprepareforeachfinancialyearareport,calledaManagers'report,whichmustinclude,besidespresentationofdevelopmentandperformanceoftheentity'sactivityanditsfinancialposition,alsoadescriptionofmainrisksanduncertaintiesthatitfaces.anaccurateThus,Managersreportmustprovideinformationon:theobjectivesandpoliciesoftheentityconcerningfinancialriskincludingitspolicyforriskcoveringforeachmajortypeofforecastedriskcoverageaccountingisused,andentity'sexposuretomarketrisk,creditrisk,liquidityriskandcashflow.management,forwhichtransactionRequireddisclosuresprovideinformationtohelpusersoffinancialstatementsnizedornotinbalancesheet.inevaluatingtheriskfinancialinstruments,recogThemaincategoriesoffinancialrisksaffectingthecompany'sperformanceare[3]:1.Marketriskthatcomprisesthreetypesofrisk:0currencyrisk-theriskthatthevalueofafinancialinstrument{FinancialinstrumentisdefinedaccordingOMFP3055/2009,Art.126,as:''...anycontractthatsimultaneouslygeneratesafinancialactiveforanentityandafinancialdebtorequityinstrumentforanotherentity")willfluctuatebecauseofchangesincurrencyexchangerates;theloweringofexchangeratecanleadtoalossofvalueofassetsdenominatedinforeigncurrencythusinfluencingbusinessperformance;0fairvalueinterestraterisk-theriskthatthevalueofafinancialinstrumentwillfluctuateduetochangesinmarketinterestrates;0pricerisk-theriskthatthevalueofafinancialinstrumentwillfluctuateasaresultofchangingmarketprices,evenifthesechangesarecausedbyfactorsspecifictoindividualinstrumentsortheirissuer,orfactorsaffectingallinstrumentstradedinthemarket.Theterm"marketrisk"incorporatesnotonlythepotentiallossbutaswellthegain..Creditrisk-theriskthatapartyoffinancialinstrumentwillnottocomplywiththeundertaking,causingtheotherpartyafinancialloss..Liquidityrisk-(alsocalledfundingrisk)isriskthatanentitymeetsindifficultiesinprocuringthellanecessaryfundstomeetcommitmentsrelatedtofinancialinstruments.Liquidityriskmayresultfromtheinabilitytoquicklysefinancialassetatavalueclosetoitsfairvalue..Interestrateriskfromcashflow-istheriskthatfuturecashflowswillfluctuatebecauseofchangesinmarketinterestrates.Forexample,ifavariableratedebtinstruments,suchfluctuationsaretochangetheeffectiveinterestratefinancialinstrument,withoutacorrespondingchangeinitsfairvalue.Financialenvironmentischaracterizedbyahighinterestratevolatility,whichtranslatesintermsofreflectedbysusingriskandindiscriminateharmsthevalueandprofitabilityofanyenterprise[4,89].Interestrateriskonthebalancesheetischangesinmarketvalueofanasset,asthepresentvalueofanassetisdeterminedbydiscountingcashflowinterestrateorweightedaveragecostofcapital[5,89].2.FinancialRiskAssessmentFinancialriskassessmentisperformedbyusingspecificindicatorssuchas:financialleverage,financialbreakevenandfactor(CLF)whosevaluesexpressfluctuationsinnetprofit,underthecompany'sfinancialstructurechange.leverageFinancialleverageeffectFinancialriskorcapitalconcernsthecompany'sfinancialstructureanddependsonthemanneroffundingtheactivity:ifitiswhollyfinancedbyequity,itwillnotinvolvefinancialrisk.Thisriskappearsonlyifloanfinancingsourcesinvolvingtopayinterestandshowsadirectinfluenceonfinancialprofitability(ofequity)[6,170].chargeDebt,thesizeandcostdrivesthevariabilityofresultsandautomaticallychangesthefinancialrisk.Thesizeofinfluenceoffinancialstructureonfirmperformancehasproducedfinancialleverageeffect,whichcanbedefinedasthemechanismthroughwhichdebtaffectsreturnonequity,returnontheratioofbenefits(netincome)andequity.Betweeneconomicprofitabilityandfinancialreturnthereisatightcorrelation.Financialreturnisrootedineconomicreturns.Thedifferencebetweenthetworatesisgeneratedbycompanypolicyoptionsforfunding.Usually,onequaleconomicratereturn,financialprofitabilityratesvarydependingonfinancesource-fromownequityorborrowedcapital.Ineconomictheorythelinkbetweenfinancialprofitabilityrate(Rf)andeconomicrateofreturn(Re)ishighlightedbyingequation:thefollow...where:d=averageinterestrate;D=totaldebts;Cpr=ownequity;...Ifforcalculationofreturnratesprofittaxistakenintoaccount,therelationshipbecomes[6,170]:where:i=thetaxrate....Wecanseetheinfluencethatfinancialstructure,respective"allfinancialresourcesorcapitalcompositionthatfinancialmanagerusetoincreasetheneededfunding"[7,36],hasontheoverallprofitabilityofthecompany.Byreportingtotaldebt(D)toownequity(CPR)isdeterminedfinancialleverage(LF)(orleverageratio)reflectingtheproportionofgrantstoloansandgrantstoitsownresources.Thereportshouldnotexceedthevalue2,otherwisethedebtcapacityoftheenterpriseisconsideredsaturated,andborrowingabovethislimitleadtotheriskofinsolvency,bothtotheborrowerandthelender.Thefinancialleverageeffect(ELF)resultsfromthedifferencebetweenfinancialandeconomicreturnand"expressestheimpactofdebtontheentity'sequity,theratiobetweenexternalanddomesticfinancing(domesticresources)"[2,40]thusreflectingtheinfluenceoffinancialstructureontheperformanceofanentity:...Dependingornotontheconsiderationofincometax,netorgrossratesofreturncanbemeasured,orrawfinancialleverageeffect,asfollows:Debtisfavorablewhiletheinterestrateisinferiortotherateofeconomicprofitability,whichhasapositiveinfluenceonfinancialrateofthecompany.Financialleverageisevengreaterasthedifferencebetweeneconomicprofitabilityandinterestrateishigher,inthisrespectcanbeseenseveralcasespresentedinTable1.Leverageeffectallowsevolutionstimulationforfinancialprofitabilityaccordingtothechangeinfundingpolicyoftheenterprisebeinganimportantparameterforstrategicbusinessdecisions[8,164-165].Basedonthebalancesheetandprofitandlossaccountoftwostudiedcompanies'ratesofreturnandfinancialleveragearedetermined,aspresentedintableno.2.FromtheanalysisofthedatapresentedinTable2wemayseethefollowingconclusions:.Economicandfinancialratesofreturn,inthecaseofS.C.ALFAS.A.followsanupwardtrendrecentlyanalyzedaspectreflectingtheincreasedefficiencyintheuseofequitycapitalinvested,whileforS.C.BETAS.A.evolutionisadescendantone..Returnonequity(equityefficiency)washigherthantherateofeconomicprofitability(economicefficiencyofassets,investedcapitalrespectively)throughouttheperiodunderreviewfollowingapositivefinancialleverage(ELF>0)andhighereconomicefficiencycostofborrowing(Re>d)..ReducingfinancialleverageforS.C.ALFAS.A.reducedthefavorableeffectofthedebtpresenceonfinancialefficiencyrate,whichwasduetolowerweightratiooftotaldebtandequitygrowth..TotaldebtincreasedduringN-landNyearsforS.C.BETAS.A.resultedinincreasedfinancialleveragethatpotentiatesfinancialreturnaheadastheeconomicrateofreturn.Theevolutionoftherelationshipbetweengrosseconomicreturn(Rebr)andgrossfinancialprofitability(Rfbr)forS.C.ALFAS.A.isgraphicallypresentedinFigure1,andforS.C.BETAS.A.inFigure2.Analyzingtheevolutionoffinancialleverage(Figure3)onecanseethatriskcapitalisnotplacedataleveltoohigh,jeopardizethefinancialautonomyofenterprises.whichmightSomefinanciers,asModiglianiandFisherarguethatitismoreadvantageousforthecompanytofinancefromloansthanfromequity[6,170]asthecostofborrowedcapital(debtinterest)isalwaysdeductiblecompany'stax,whilethecostofequity(preservedbenefitsanddividends)isnottaxdeductibleforthecompany.Shareholderstendtofallintodebtetmoretaxsaving,inthisway,"indebtedenterprisevalueappearstobehigherthanthecompanythatisnotunderdebt"[7,36].togFinancialbreakevenreturnEstablishingthecompany'spositioninrelationtofinancialreturnbreakevenforfinancialriskanalysisisdeterminedtakingintoaccountfixedcostsandfixedfinancialcosts,meaninginterestexpenses.Inthissituationturnoveriscalculatedcorrespondingtoafinancialbreakevenreturnor"financialstandstill".Breakeventhusdetermineddependsonfourfundamentalvariables[10]:-threeparametersthatinfluencethestabilityresultsofoperations:*stabilityofturnover;*costsstructure;*firmpositioninrelationtoitsdeadpoint;-financialexpenseslevel,respectivethedebtpolicypracticedbythecompany.Basedonthesevaluessafetyindicatorsorpositionindicatorsareestimated,presentedinTable3.where:CA^tic=financialbreakeven;Cf=fixedexpenses;Chfin=financialexpensesCV=variableexpenses;CA=turnover;Rmcv=variableexpensesratemargin.Financialriskdeepenseconomicrisk(inadditiontorepaymentofloans,interestcostsneedtobepaid),andfinallygeneratesapaymentdefaultofthecompanythatcanleadtobankruptcyrisk[11,36].Financialleverageratio(CLF)Financialriskassessmentandevaluationcanbemadebasedonfinancialleveragefactor(CLF).Itexpressesthesensitivityofnetincome(Rnet)tooperatingresultsvariations(Rexp)andmeasuresthepercentageincreaseofnetincomeinresponsetoincreasewithonepercentageofresultsfromoperations.Calculationrelationshipisasfollows:...respective:...TheCLFcalculationtakesintoaccountonlythecurrentresultandfinancialexpenses,onlythatcorrelatewiththeoperation,whichreducesnetincomerelationship:Rnet=(Rexp-Chfin)*(!-/)Inthesecircumstances,financialleveragecoefficientgainsexpression:dc.\/..viRexp...CLF=RqxPItnotesthatthefinancialleverageratioisdirectlyproportionaltofinancialexpenseswhichincreasehigherthevalueofCLFandthereforeincreaseinfinancialrisk.Financialriskasmeasuredbyfinancialleverageratiomeetsvaryingdegreesdependingonknowingthecoefficientvaluesfromzerotoinfinity[6,170]:BasedonprofitandlossaccountofthetwostudiedcompanieswedeterminefinancialriskindicatorspresentedinTableno.4.Itcanbenoticedthat,basedonthedatainTable4,thecompanieshaveacomfortablesituationintermsoffinancialrisk,becausefinancialexpenseshaveinsignificantvalues,andinN-2yeartheirabsenceallowedtoobtainafinancialleverageratioequalto1,companies'exposuretofinancialriskbeingminor.Actualturnoverforthetwocompanieswereabovebreakevenfinancial(overcriticalturnover)intheanalyzedperiod,aspectwhichallowedtherecordingofsafetymargins,safetyspacesandpositiveefficiencygains.GraphicalrepresentationofcomparativeevolutionoffinancialleverageratioissuggestivelyshowninFigureno.4.InthecaseofS.C.ALFAS.A.theentireperiodfinancialriskisminorduetolowleveloffinancialcosts,thecompanypreferringtouseonlyitsownresourcestofinancetheactivity.Poorvaluesoffinancialleverageratio(verycloseto1)supportthepreviousstatements.GreatestfinancialrisktowhichS.C.BETAS.A.isexposedtoismanifestedinfinancialyearN,whenthevalueofcoefficientCLFismaximum,respectively1,11047whichshowsincreasingdependenceofnetresultontheoperatingresult,andconsequently,increasedfinancialriskduetothegapbetweentheindexandresultsofoperationsindexoffinancialexpenses(lRexp<Ichfin)-However,financialriskminor,theissocietyprovessuperior20%financialperformanceasturnoveriswellabovethecriticalturnover(financialbreakeven),rangeintheanalyzedperiod.safetyhoveringwellabovetheConclusionsDebthadapositiveeffectonfinancialprofitabilitymanifestedasa"financialleverage"(positiveleverageeffect).Extremelylowlevelofdebtandlowervalueoffinancialliabilitiesinferiortoownequitymakescompaniesnotriskyinfinancialsolvency.Inthissituation,forbothcompanies,ismoreadvantageoustousethemediumandlongtermloanstofinancebusiness,thusensuringthemanadditionalprofit.Usingdebtshouldbemadewithcautioninorderimitthefinancialindependenceoffirmsandreduceadditionaldebtopportunitiesintimesofcrisis.termsofnottolAnalysisoffinancialriskandleverageeffectthataccompanythecalltodebt,presentsamajorinteresttooptimizethefinancialstructureandviabilityofanycompanyoperatingunderarealmarketeconomy.Theuseofloanscanberiskyfortheentityanditsshareholders,butthismethodoffinancingbecomesadvantageousforentityshareholderssimplybecausetheyareabletoholdanassetmoreimportantthanequityvalue,increasingtheirecon