Добавил:
ivanov666
Опубликованный материал нарушает ваши авторские права? Сообщите нам.
Вуз:
Предмет:
Файл:Сравнительный анализ финансового состояния международных нефтяных компаний. Учебное пособие
.pdf
KUKHARENKO OLESYA
RATIO ANALYSIS OF RUSSIAN AND U.S OIL COMPANIES
TUTORIAL
2nd edition, stereotype
digital
Moscow
2024
ɈȽɄɍɏȺɊȿɇɄɈ
ɋɊȺȼɇɂɌȿɅɖɇɕɃȺɇȺɅɂɁ ɎɂɇȺɇɋɈȼɈȽɈ
ɋɈɋɌɈəɇɂəɆȿɀȾɍɇȺɊɈȾɇɕɏɇȿɎɌəɇɕɏ
ɄɈɆɉȺɇɂɃ
ɍɑȿȻɇɈȿɉɈɋɈȻɂȿ
2-е издание, стереотипное
электронное
Ɇɨɫɤɜɚ
2024
Ⱥɜɬɨɪ
ɈȽɄɭɯɚɪɟɧɤɨ – ɤɚɧɞɢɞɚɬɷɤɨɧɨɦɢɱɟɫɤɢɯɧɚɭɤɞɨɰɟɧɬ ɤɚɮɟɞɪɵ©Ɏɢɧɚɧɫɵɢ
ɤɪɟɞɢɬª Ɋɨɫɫɢɣɫɤɨɝɨ ɝɨɫɭɞɚɪɫɬɜɟɧɧɨɝɨ ɫɨɰɢɚɥɶɧɨɝɨ
ɭɧɢɜɟɪɫɢɬɟɬɚ
Ɋɟɰɟɧɡɟɧɬɵ
ɇ.ɉ. Ȼɟɥɨɬɟɥɨɜɚ – ɞɨɤɬɨɪ ɷɤɨɧɨɦɢɱɟɫɤɢɯ ɧɚɭɤ ɩɪɨɮɟɫɫɨɪ ɩɪɨɮɟɫɫɨɪ
ɤɚɮɟɞɪɵ ©Ɏɢɧɚɧɫɵ ɢ ɤɪɟɞɢɬª Ɋɨɫɫɢɣɫɤɨɝɨ
ɝɨɫɭɞɚɪɫɬɜɟɧɧɨɝɨɫɨɰɢɚɥɶɧɨɝɨɭɧɢɜɟɪɫɢɬɟɬɚ
ɀɋ Ȼɟɥɨɬɟɥɨɜɚ – ɤɚɧɞɢɞɚɬ ɷɤɨɧɨɦɢɱɟɫɤɢɯ ɧɚɭɤ ɞɨɰɟɧɬ ɤɚɮɟɞɪɵ
©Ɏɢɧɚɧɫɨɜɵɣ ɦɟɧɟɞɠɦɟɧɬª Ɋɨɫɫɢɣɫɤɨɣ ɬɚɦɨɠɟɧɧɨɣ
ɚɤɚɞɟɦɢɢ
В настоящее время ɜɨɡɪɚɫɬɚɟɬ ɪɨɥɶ ɩɪɨɮɟɫɫɢɨɧɚɥɶɧɨɣ ɨɰɟɧɤɢфинансового
ɫɨɫɬɨɹɧɢɹɤɨɦɩɚɧɢɣɤɚɤ ɞɥɹɫɨɛɫɬɜɟɧɧɢɤɚɪɭɤɨɜɨɞɢɬɟɥɹɢɧɜɟɫɬɨɪɚ деловых парт-
ɧɟɪɨɜɬɚɤɢɞɪɭɝɢɯɡɚɢɧɬɟɪɟɫɨɜɚɧɧɵɯɥɢɰɫɰɟɥɶɸɜɵɹɜɥɟɧɢɹɩɨɡɢɰɢɣɨɪɝɚɧɢɡɚɰиɣ
ɧɚɪɵɧɤɟɜɵɛɨɪɚɨɛɴɟɤɬɨɜɢɧɜɟɫɬɢɪɨɜɚɧɢɹ ɢ ɞɪɭɝɢɯ ɜɫɟɜɨɡɦɨɠɧɵɯɜɨɩɪɨɫɨɜ
ȼɭɱɟɛɧɨɦɩɨɫɨɛɢɢɩɪɨɜɟɞɟɧɚɧɚɥɢɡɮɢɧɚɧɫɨɜɨɝɨɫɨɫɬɨɹɧɢɹɤɨɦɩɚɧɢɣ
ɢ ɫɪɚɜɧɢɬɟɥɶɧɵɣ ɚɧɚɥɢɡ ɨɫɧɨɜɧɵɯ ɮɢɧɚɧɫɨɜɵɯ ɩɨɤɚɡɚɬɟɥɟɣ ɤɪɭɩɧɟɣɲɢɯ
ɪɨɫɫɢɣɫɤɢɯ ɢ ɦɟɠɞɭɧɚɪɨɞɧɵɯ ɧɟɮɬɹɧɵɯ ɤɨɦɩɚɧɢɢ Ɍɚɤɢɯ ɤɚɤ ɉȺɈ
©ɅɍɄɈɃɅª, ɈȺɈ ©ɇɄ ©Ɋɨɫɧɟɮɬɶª, ɉȺɈ ©Ƚɚɡɩɪɨɦ ɧɟɮɬɶª ɢ ([[RQ0RELO
Chevron, ConocoPhillips.
ȼɫɜɹɡɢɫɜɵɯɨ
ɜɢɧɮɨɪɦɚɰɢɢɨɮɢɧɚɧɫɨɜɨ
ɢɫɨɨɬɜɟɬɫɬɜɟɧɧɨ ɬɪɟɛɭɸɬɫɹ ɪɚɡɪɚɛɨɬɤɚ ɫɨɜɪɟɦɟɧɧɵɯ ɦɟɬɨɞɢɤ ɩɪɨɜɟɞɟɧɢɹ
ɫɪɚɜɧɢɬɟɥɶɧɨɝɨ ɚɧɚɥɢɡɚ ɷɬɢɯ ɨɪɝɚɧɢɡɚɰɢɣ ȼ ɧɚɫɬɨɹɳɟɟ ɜɪɟɦɹ ɦɢɪɨɜɨɣ
ɧɟɮɬɟɝɚɡɨɜɵɣ ɩɪɨɦɵɲɥɟɧɧɵɣ ɤɨɦɩɥɟɤɫ ɹɜɥɹɟɬɫɹ ɞɜɢɠɭɳɟɣ ɫɢɥɨɣ ɪɨɫɬɚ
ɦɢɪɨɜɨɣɷɤɨɧɨɦɢɤɢɢɩɨɞɞɟɪɠɢɜɚɟɬɠɢɡɧɟɞɟɹɬɟɥɶɧɨɫɬɶɜɫɟɯɨɬɪɚɫɥɟɣɧɚɰɢɨɧɚɥɶɧɨɝɨɯɨɡɹɣɫɬɜɚɄɪɨɦɟɬɨɝɨ
ɧɵɯɞɨɯɨɞɨ
ɥɟɤɫɢɝɪɚɟɬɜɚɠɧɭɸɪɨɥɶɜɧɚɰɢɨɧɚɥɶɧɨɦɯɨɡɹɣɫɬɜɟ
ɩɪɟɩɨɞɚɜɚɬɟɥɹɦɚɫɩɢɪɚɧɬɚɦɦɚɝɢɫɬɪɚɦɢсɬɭɞɟɧɬɚɦɷɤɨɧɨɦɢɱɟɫɤɢɯɫɩɟɰɢɚɥɶɧɨɫɬɟɣȼɭɡɨɜ
ɜɢɜɚɥɸɬɧɵɯɩɨɫɬɭɩɥɟɧɢɣȾɥɹɧɚɲɟɣɫɬɪɚɧɵɧɟɮɬɟɝɚɡɨɜɵɣɤɨɦɩ-
ɍɱɟɛɧɨɟ ɩɨ
ɞɨɦɊɨɫɫɢɢɧɚɦɢɪɨɜɭɸɚɪɟɧɭɜɨɡɧɢɤɚɟɬɧɟɨɛɯɨɞɢɦɨɫɬɶ
ɦɫɨɫɬɨɹɧɢɢɪɨɫɫɢɣɫɤɢɯɢɡɚɪɭɛɟɠɧɵɯɤɨɦɩɚɧɢɣ
ɌɗɄɮɨɪɦɢɪɭɟɬɡɧɚɱɢɬɟɥɶɧɭɸɱɚɫɬɶɛɸɞɠɟɬ-
ɫɨɛɢɟ ɚɞɪɟɫɨɜɚɧɨ ɧɚɭɱɧɵɦ ɢ ɩɪɚɤɬɢɱɟɫɤɢɦ ɪɚɛɨɬɧɢɤɚɦ
r:
Autho
K
ukharenko O. – Candidate of Economic Sciences, Associate professor of
D
epartment of Finance and Credit, Faculty of Social
urance, Economics & Sociology of Labor, Russian State
Ins
ial University,
Soc
eviewers:
R
elotelova N. - Doctor of Economics, Professor of Department of Finance
B
d Credit, Faculty of Social Insurance, Economics &
an
So
ciology of Labor, Russian State Social University
elotelova Z. – Candidate of Economic Sciences, Associate professor of
B
epartment of «Financial management» Russian Customs
D
cademy
A
Currently, the role of th
condition of the companies are interested for the owner, manager, investor,
business partners and other stakeholders to identify the organization's position
in the market, the choice of investment objects and all sorts of other issues.
In the tutorial are shown analyzes of financial condition of the company and
comparative analysis of the key financial indicators of the largest Russian and
international oil companies. Such as LUKOIL, Rosneft, Gazpromneft and
ExxonMobil, Chevron, ConocoPhillips.
In connection with the release of Russia on the world scene there is a need
for information on the financial condition of Russian and foreign companies, and,
accordingly, requires the development of modern methods of comparative analysis
of these organizations. At present, the global oil and gas production is the driving
force of global economic growth and support the livelihoods of all branches of the
national economy. In addition, FEC forms a significant part of budget revenues
and foreign exchange earnings. For our country's oil and gas industry plays an
important role in the national economy.
The Tutorial is addressed scientific and practical workers, teachers, graduate
students, masters and students of economic specialties.
e professional assessment of the financial
ɍȾɄ
ȻȻɄ
Ʉ
ɊȿɐȿɇɁȿɇɌɕ
ɇɉȻɟɥɨɬɟɥɨɜɚ
ɩɪɨɮɟɫɫɨɪɞɨɤɬɨɪɷɤɨɧɨɦɢɱɟɫɤɢɯɧɚɭɤ
ɀɋȻɟɥɨɬɟɥɨɜɚ
ɞɨɰɟɧɬɤɚɧɞɢɞɚɬɷɤɨɧɨɦɢɱɟɫɤɢɯɧɚɭɤ
ɄɭɯɚɪɟɧɤɨɈȽɋɪɚɜɧɢɬɟɥɶɧɵɣɚɧɚɥɢɡɮɢɧɚɧɫɨɜɨɝɨɫɨɫɬɨɹɧɢɹмежду-
Ʉ
ɞɧɵɯɧɟɮɬɹɧɵɯ ɤɨɦɩɚɧɢɣ:ɭɱɟɛɧɨɟɩɨɫɨɛɢɟɈȽɄɭɯɚɪɟɧɤɨ– 2-е изд.,
ɧɚɪɨ
стер. электрон. – Ɇɇɚɭɱɧɵɣɤɨɧɫɭɥɶɬɚɧɬ– 2024. – ɫ – Текст: электронный.
ISBN 978-5-9908932-6-9
В настоящее время ɜɨɡɪɚɫɬɚɟɬɪɨɥɶɩɪɨɮɟɫɫɢɨɧɚɥɶɧɨɣɨɰɟɧɤɢɮɢɧɚɧɫɨɜɨɝɨ
ɫɨɫɬɨɹɧɢɹɤɨɦɩɚɧɢɣɤɚɤɞɥɹɫɨɛɫɬɜɟɧɧɢɤɚɪɭɤɨɜɨɞɢɬɟɥɹɢɧɜɟɫɬɨɪɚɞɟɥɨɜɵɯпартнеров,
ɬɚɤɢɞɪɭɝɢɯɡɚɢɧɬɟɪɟɫɨɜɚɧɧɵɯɥɢɰɫɰɟɥɶɸɜɵɹɜɥɟɧɢɹ ɩɨɡɢɰɢɣ ɨɪɝɚɧɢɡɚɰɢɣ ɧɚ ɪɵɧɤɟ
ɜɵɛɨɪɚɨɛɴɟɤɬɨɜɢɧɜɟɫɬɢɪɨɜɚɧɢɹɢɞɪɭɝɢɯɜɫɟɜɨɡɦɨɠɧɵɯɜɨɩɪɨɫɨɜ
ȼ ɭɱɟɛɧɨɦ ɩɨɫɨɛɢɢ ɩɪɨɜɟɞɟɧ ɚɧɚɥɢɡ ɮɢɧɚɧɫɨɜɨɝɨ ɫɨɫɬɨɹɧɢɹ ɤɨɦɩɚɧɢɣ ɢ
ɫɪɚɜɧɢɬɟɥɶɧɵɣɚɧɚɥɢɡɨɫɧɨɜɧɵɯɮɢɧɚɧɫɨɜɵɯɩɨɤɚɡɚɬɟɥɟɣɤɪɭɩɧɟɣɲɢɯɪɨɫɫɢɣɫɤɢɯɢмежду-
ɧɚɪɨɞɧɵɯ ɧɟɮɬɹɧɵɯɤɨɦɩɚɧɢɢɌɚɤɢɯ ɤɚɤɉȺɈ©ɅɍɄɈɃɅªɈȺɈ©ɇɄ©Ɋɨɫɧɟɮɬɶª ПАО
©Ƚɚɡɩɪɨɦɧɟɮɬɶªɢ([[RQ0RELO&KHYURQ&RQRFR3KLOOLSV
ȼɫɜɹɡɢɫɜɵɯɨɞɨɦРɨɫɫɢɢɧɚɦɢɪɨɜɭɸɚɪɟɧɭɜɨɡɧɢɤɚɟɬɧɟɨɛɯɨɞɢɦɨɫɬɶɜинформации
ɨɮɢɧɚɧɫɨɜɨɦɫɨɫɬɨɹɧɢɢɪɨɫɫɢɣɫɤɢɯɢɡɚɪɭɛɟɠɧɵɯɤɨɦɩɚɧɢɣɢɫɨɨɬɜɟɬɫɬɜɟɧɧɨɬɪɟɛɭɸɬɫɹ
ɪɚɡɪɚɛɨɬɤɚɫɨɜɪɟɦɟɧɧɵɯɦɟɬɨɞɢɤɩɪɨɜɟɞɟɧɢɹɫɪɚɜɧɢɬɟɥɶɧɨɝɨɚɧɚɥɢɡɚɷɬɢɯɨɪɝɚɧɢɡɚɰɢɣ
ȼɧɚɫɬɨɹɳɟɟɜɪɟɦɹɦɢɪɨɜɨɣɧɟɮɬɟɝɚɡɨɜɵɣɩɪɨɦɵɲɥɟɧɧɵɣɤɨɦɩɥɟɤɫɹɜɥɹɟɬɫɹɞɜɢɠɭɳɟɣ
ɫɢɥɨɣɪɨɫɬɚɦɢɪɨɜɨɣɷɤɨɧɨɦɢɤɢɢɩɨɞɞɟɪɠɢɜɚɟɬɠɢɡɧɟɞɟɹɬɟɥɶɧɨɫɬɶɜɫɟɯɨɬɪɚɫɥɟɣнацио-
ɧɚɥɶɧɨɝɨɯɨɡɹɣɫɬɜɚɄɪɨɦɟ ɬɨɝɨɌɗɄɮɨɪɦɢɪɭɟɬɡɧɚɱɢɬɟɥɶɧɭɸɱɚɫɬɶɛɸɞɠɟɬɧɵɯ доходов и
ɜɚɥɸɬɧɵɯ ɩɨɫɬɭɩɥɟɧɢɣ Ⱦɥɹ ɧɚɲɟɣ ɫɬɪɚɧɵ ɧɟɮɬɟɝɚɡɨɜɵɣ ɤɨɦɩɥɟɤɫ ɢɝɪɚɟɬ ɜɚɠɧɭɸ
ɪɨɥɶ ɜ ɧɚɰɢɨɧɚɥɶɧɨɦɯɨɡɹɣɫɬɜɟ
ɍɱɟɛɧɨɟɩɨɫɨɛɢɟɚɞɪɟɫɨɜɚɧɨɧɚɭɱɧɵɦɢɩɪɚɤɬɢɱɟɫɤɢɦɪɚɛɨɬɧɢɤɚɦɩɪɟɩɨɞɚɜɚɬɟɥɹɦ
ɚɫɩɢɪɚɧɬɚɦɦɚɝɢɫɬɪɚɦɢɫɬɭɞɟɧɬɚɦɷɤɨɧɨɦɢɱɟɫɤɢɯɫɩɟɰɢɚɥɶɧɨɫɬɟɣВузов.
ISBN 978-5-9908932-6-9 ɈȽɄɭɯɚɪɟɧɤɨ
Ɉɮɨɪɦɥɟɧɢɟɂɡɞɚɬɟɥɶɫɬɜɨ©ɇɚɭɱɧɵɣ
ɤɨɧɫɭɥɶɬɚɧɬª
ɍȾɄ
ȻȻɄ
TABLE OF CONTENTS
INTRODUCTION ..................................................................................................... 7
CHAPTER I. LITERATURE REVIEW ................................................................... 9
CHAPTER II. THEORETICAL FRAMEWORK ..................................................13
2.1. Financial statements .........................................................................................13
2.2. Methods of financial analysis........................................................................... 21
2.3. Financial ratios and their interpretation ........................................................... 24
CHAPTER III. ANALYSING OIL COMPANIES ................................................ 35
3.1. Overview of the industry .................................................................................. 35
3.2. Information about companies........................................................................... 39
3.2.1. Russian oil and gas companies...................................................................... 39
3.2.1.1.Gazprom Neft ..............................................................................................39
3.2.1.2. Lukoil.......................................................................................................... 40
3.2.1.3. “Rosneft”....................................................................................................41
3.2.2. U.S oil and gas companies…………………………………………..…….42
3.2.2.1. ExxonMobil ................................................................................................42
3.2.2.2. Chevron ...................................................................................................... 44
3.2.2.3. ConocoPhillips ......................................................................................... 4
3.3. Ratio analysis ................................................................................................... 46
CHAPTER IV. MAJOR FINDINGS ...................................................................... 71
LIST OF REFERENCES ........................................................................................74
APPENDIX
............................................................................................................. 77
6
INTRODUCTION
The financial condition of the company is one of the most
important characteristics for assessing how reliable a firm is in market
conditions is. Exploring the financial condition you can learn about the
possibilities of the subsequent development of the company in the
current business environment, and may determine whether the firm is
competitive in general.
Professional management of finance inevitably demands the deep
analysis which will allow estimating most precisely a financial and
economic condition of the enterprises by means of modern methods of
research. In this regard the priority and a role of the financial analysis
significantly increase. Competent analysis makes it possible to identify
and correct weaknesses in the financial sector and to find reserves to
improve the financial condition of the company and its solvency; predict
financial results based on the actual conditions of economic activities
and the availability of equity and debt.
These questions can be tackled using the financial ratios analysis.
Financial ratios are a very versatile, easy to use and useful tool. They are
also convenient in making comparisons with previous periods or with
competitors or market leaders. Therefore, being able to interpret them
correctly and see how they are interconnected or how certain actions can
affect the rations - in a positive or negative way - will provide valuable
insight into how the company works.
Relevance of the topic of this monograph is that the increase in
financial results supports the stability of the company on the market and
is the key to its effective functioning; in addition, it reflects the state of
the financial resources of the organization and provides an opportunity
for further growth and development of the company.
In the thesis the main source for the analysis are the financial
statements available for public: balance sheets and income statements.
Currently, in Russian financial accounting practice companies use
national (for the State Tax Service) and international (IFRS) accounting
principles.
International Financial Reporting Standards (IFRS) are already
used in over one hundred countries. Recently Russia has joined to them.
During the past few years, the larg
est oil company in Russia, one after
another began to move with the US GAAP to IFRS. So, JSC
"NK"Rosneft", JSC "TNKBP", JSC "Slavneft" and OAO "Gazprom"
published the first IFRS financial statements in 2012. According to the
7
)HGHUDO /DZ RI -XO\ ʋ-FL "Consolidated Financial
Statements" must provide annual financial statements under IFRS in
2015 year all the credit and insurance organizations, public companies
whose securities are traded. (FL-208 of 27.07.2010 "Consolidated
Financial Statements").
In the thesis will be discussed analysis of the initial data to prove
or disprove the hypotheses.
H1. Historical ratio values are good predictors of their own future
values so ratio analysis is useful in predicting future performance of
Russian and US firms in the oil and gas industry.
H2: The usefulness of certain ratios in the oil and gas industry is
different in the US and in Russia.
The basic approach for selecting companies was to choose top
three oil firms in Russian and U.S. Thus, the selecting was based on
Forbes ranking the 25 largest oil and gas companies in the world
in terms of production in 2012 (Helman, 2013) and list of BrandFinance Global 500 2014 “The World's Most Valuable Brands”. So,
they are GazpromNeft, Lukoil, Rosneft, ExxonMobil, Chevron,
ConocoPhillips.
The first chapter of this thesis provides the theoretical foundations
of financial analysis, and presents the methods of assessment of
financial stability of the company. The second chapter describes the
review of the oil and gas industry in Russia and America, the description
of the chosen companies for the analysis and the analysis financial ratios
of the U.S. and Russian companies. Chapter three is a summary and
discussion of results. It further puts the conclusions
and recommendations straight. The researcher at the end has
attached references and appendices used in undertaking this study.
8
CHAPTER I. LITERATURE REVIEW
There are many theoretical sources covering financial analysis in
English and in Russian. In this chapter I will review the most important
of them.
Iatridis (2010), in his article he focused on the adoption of the
International Financial Reporting Standards (IFRS). In his article, he
studied management potential profit under IFRS and the value relevance
of IFRS-based financial reporting information. He concluded that the
implementation of IFRS in general enhances the quality of accounting.
The results show that the implementation of IFRS reduces the
opportunities for earnings management is associated with more timely
recognition of losses and leads to more value relevant accounting
measures. This suggests that less information asymmetry and earnings
manipulation would lead to the disclosure of cognitive and higher
quality of accounting information and therefore help investors make
informed and unbiased judgment.
Drake and Fabozzi (2012) explain how to understand and interpret
financial statements, which includes analysis of financial ratios,
evaluation of earnings and cash flow analysis. They describe changes to
U.S. and international accounting standards, as well as innovations in
the areas of credit risk models and factor models. They discuss classify a
financial instrument by the type of claims that the investor has on the
issuer. A financial instrument in which the issuer agrees to pay the
investor interest, plus repay the amount borrowed, is a debt instrument
or debt. Also they present the Liquidity Ratios, the Profitability Ratios
Measure, the Activity Ratios and the Solvency Ratios. Ratio analysis
involves the methods of calculating and interpreting financial ratio in
order to access the firm’s performance and status. The basic inputs to
ratio analysis are the firm’s income statement and balance sheet for the
periods to be examined.
Babalola and Abiola (2013), the aim of their article is to present
primarily the relationship between financial analysis and accounting,
and the fundamental role which accounting holds, through the
information it produces, into analysts' work. If ratio analysis is to judge
the earning capacity, financial soundness and operating efficiency of a
business organization, then, the use of ratio in accounting and financial
management analysis would be of helps for the management to know the
profitability, financial position and operating efficiency of an enterprise.
9
To achieve its objectives is striving to make an assessment of the level
and variability of results and risks affecting the enterprise bankruptcy.
Monea (2009) presents the main financial ratios which provide a
picture about company’s profitability, its financial position, use of its
assets efficiency, its long-term debt financing. Discussion is focused on:
profitability ratios, short-term financial ratios, activity ratios, long-term
debt ratios or dividend policy ratios. She discuss that financial ratios
show financial relationship by dividing one financial item by another,
and are an important tool for management, permitting a space
comparison to place the company in her environment. It is
recommended that after financial ratios calculation to compare those
ratios with a standard.
Financial ratios analysis is used to find an answer of the following
main questions: is activity profitable, has the company enough money to
pay its obligations, how higher is wages level of its employees, company
use its assets efficiently, has company a gearing problem. Also she
writes that financial ratios are useful to indicate company’s performance
and financial situation. To be significant most of the financial ratios
must to be compared to company’s forecast, to historical values of the
same company, to a value which is considered an optimum value for the
company’s activity sector, or ratios of similar companies. Some ratios by
themselves may not be representative, and should be viewed as
indicators or combined with others ratios to give us a picture about
company’s situation.
Financial ratios have to satisfy different needs for information for
the different users. Users are interested by information that focuses on
the financial position, performance, activity assets utilization,
company’s financial structure, its liquidity and solvency, and its capacity
to adapt to changes in the environment in which it operates. Financial
ratio analysis can also help users to check whether a business is doing
better in one period (current financial exercise) than it was last period,
and it can tell them if one business is doing better or worse than other
businesses doing and selling the same things.
Brigham (2012) writes that finance is the cornerstone of the free
enterprise system. Good financial management is therefore vitally
important to the economic health of business firms, hence to the nation
and the world.
Parrino, Kidwell and Bates (2011) review the services financial
institutions provide to businesses, how domestic and international
10
Соседние файлы в предмете [НЕСОРТИРОВАННОЕ]