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Transportation Research Procedia 63 (2022) 1139–1146

X International Scientific Siberian Transport Forum

X International Scientific Siberian Transport Forum
Development of normative values of indicators for assessing the
Development of normative values of indicators for assessing the
financial condition of enterprises in various industries
financial condition of enterprises in various industries
Gulsina Gabdullinaaa, Mukhamat Gilmanovbb, Aisylu Akhmetgareevacc, Irina Frolovad,d, *,
Gulsina Gabdullina , Mukhamat Gilmanovc,, Aisylu
Regina Yunusova Rimma Akhmetgareeva
Garaevaee , Irina Frolova *,
Regina Yunusova , Rimma Garaeva
c
a
Kazan National Research Technical University named after A.N. Tupolev-KAI, Economic and Humanitarian Disciplines Department, 10, K.
a
Kazan National Research Technical UniversityMarx namedStr., 420111,
after Kazan, Russian
A.N. Tupolev-KAI, Federation
Economic and Humanitarian Disciplines Department, 10, K.
b
Marx Str., 420111,
Kazan (Volga) Federal University, Naberezhnochelninsky Kazan,
Institute, 68/19Russian Federation
Mira Avenue, 423812, Naberezhnye Chelny, Russian Federation
PEI
cb
HE (Volga)
Kazan «Kazan Federal
innovative universityNaberezhnochelninsky
University, named after V.G. Timiryasov
Institute,(IEML)», st. Moskovskaya,
68/19 Mira house
Avenue, 423812, 42, 420111,
Naberezhnye Kazan,Russian
Chelny, RussianFederation
Federation
c
PEI HEdKazan Innovative
«Kazan innovativeUniversity
universitynamed
namedafter
afterV.G.
V.G.Timiryasova
Timiryasov (IEML)
(IEML)», (Naberezhnye Chelny
st. Moskovskaya, branch),
house Kazan, Kazan,
42, 420111, RussianRussian
Federation
Federation
e d
Kazan Innovative
Niznnekamsk University
Institute of Chemicalnamed after V.G.
Technology (theTimiryasova (IEML)
branch of Kazan (Naberezhnye
National ResearchChelny branch), University),
Technological Kazan, Russian Federation
Russian Federation
e
Niznnekamsk Institute of Chemical Technology (the branch of Kazan National Research Technological University), Russian Federation

Abstract
Abstract
The traditional methodology for analyzing the financial condition of a transport enterprise is based on the study of absolute and
The traditional
relative methodology
indicators for analyzing
and is carried out in orderthe financial
to justifycondition
measuresoftoafurther
transport enterpriseitsissolvency
strengthen based onand the increase
study of absolute and
profitability.
relative indicators
Despite certain and is carried
achievements in theout in order
study of thetodevelopment
justify measures
problemto of
further strengthen its
the methodology forsolvency
assessingandthe increase
financial profitability.
condition, it
Despite
is certain
necessary achievements
to admit that many in the study ofand
theoretical the methodological
development problem of the
problems havemethodology
not yet beenforresolved.
assessingInthe financial
practice, thecondition,
assessmentit
is necessary
of to admit
the financial that many
condition theoretical
of a transport and methodological
enterprise is based on problems have of
a comparison notthe
yetactual
been resolved.
values of Inthepractice,
financialthestability
assessment
and
of the financial
liquidity condition
ratios with of a transport
the normative ones. Atenterprise
the sameis time,
basedignoring
on a comparison of the
the principle actual
of asset values ofasthe
formation, financial
well stability and
as the development
liquidity ratiosvalues
of normative with the normative
without takingones.
into At the same
account the time, ignoringofthe
peculiarities theprinciple of asset
functioning formation,
of the transportasenterprise,
well as the development
does not allow
of normativethe
formulating values without
correct taking regarding
conclusion into account
the the peculiarities
degree of the In
of its stability. functioning
this regard,of there
the transport
is a needenterprise,
to clarifydoes not allow
the normative
formulating
values the correct
of indicators of conclusion
the financialregarding the degree
condition of its enterprises
of transport stability. In in
thisorder
regard,
to there
adapt isthem
a need
to to clarifyconditions
modern the normative
and
values of indicators
differentiate dependingofonthe thefinancial
scale of thecondition of its
enterprise, transport
belongingenterprises in order
to a particular to adapt
industry themoftothemodern
and stage conditions and
life cycle.
differentiate depending
© 2022 The Authors. on the scale
Published of the enterprise,
by ELSEVIER B.V. its belonging to a particular industry and stage of the life cycle.
© 2022 The Authors. Published by ELSEVIER B.V.
© 2022
This is The
an Authors.
open accessPublished
article by ELSEVIER
under the CC B.V.
BY-NC-ND license (https://creativecommons.org/licenses/by-nc-nd/4.0)
(https://creativecommons.org/licenses/by-nc-nd/4.0)
This is an open access article under the CC BY-NC-ND license
This
Peer-review under responsibility of the scientific committee of the (https://creativecommons.org/licenses/by-nc-nd/4.0)
is an
Peer-review open access
under article under
responsibility of the CC BY-NC-ND
scientific committeelicense
of the X International
X International Scientific
Scientific Siberian
Siberian Transport
Transport Forum Forum
Peer-review
Keywords: under responsibility
Methodology; of the scientific
analysis; transport companies;committee
indicators; of the X International
standards; Scientific
financial condition; Siberian
solvency; Transport
financial stability.Forum
Keywords: Methodology; analysis; transport companies; indicators; standards; financial condition; solvency; financial stability.

* Corresponding author. Tel.: +7-903-606-1772.

* E-mail
Corresponding fii@mail.ru
address:author. Tel.: +7-903-606-1772.
E-mail address: fii@mail.ru
2352-1465 © 2022 The Authors. Published by ELSEVIER B.V.
This is an open
2352-1465 access
© 2022 Thearticle under
Authors. the CC BY-NC-ND
Published by ELSEVIER B.V.(https://creativecommons.org/licenses/by-nc-nd/4.0)
license
Peer-review under
This is an open responsibility
access of the scientific
article under CC BY-NC-NDcommittee
license (https://creativecommons.org/licenses/by-nc-nd/4.0
of the X International Scientific Siberian Transport Forum )
Peer-review under responsibility of the scientific committee of the X International Scientific Siberian Transport Forum
2352-1465 © 2022 The Authors. Published by ELSEVIER B.V.
This is an open access article under the CC BY-NC-ND license (https://creativecommons.org/licenses/by-nc-nd/4.0)
Peer-review under responsibility of the scientific committee of the X International Scientific Siberian Transport Forum
10.1016/j.trpro.2022.06.117
1140 Gulsina Gabdullina et al. / Transportation Research Procedia 63 (2022) 1139–1146
2 Gulsina Gabdullina et al / Transportation Research Procedia 00 (2019) 000–000

1. Introduction

The ability of transport enterprises to make payments in a timely manner and finance their activities on an
expanded basis testifies to its stable financial position. The financial condition is characterized by the availability of
financial resources necessary for the normal functioning of the enterprise, the expediency of their placement and
efficiency of use, financial relationships with other legal entities and individuals, solvency and financial stability.
The financial condition of transport enterprises is determined by the result of production, commercial and financial
An analysis of the financial condition is important both for the management of an enterprise and for its
shareholders, investors, suppliers and other interested parties. The need to conduct it both by the organization and
the creditor bank is also provided for at the legislative level. However, it should be noted that there is no single
methodology for analyzing the financial condition.

2. Materials and Methods

In the course of the study, the authors analyzed the specialized literature with a high citation index on the topic
indicated in the title of the paper. In particular, the methods of economic analysis were studied, which are used both
in the practice of constructing specific methods for analyzing the financial condition of enterprises, and in scientific
research, development and the search for optimal solutions to economic issues.

3. Result

In the practice of enterprises and organizations, the analysis of the financial condition is carried out using
indicators of financial stability and solvency, according to which the practice of constructing forecast balance sheets
that meet the requirements of a “normal” financial condition has established recommended values and limitations.
There are several opinions of the authors regarding the normative values of these coefficients (Table 1).

Table 1. Values of liquidity and financial stability ratios recommended by domestic experts.
Indicators Liquidity (solvency)indicators Indicators of financial stability
Absolute liquidity Quick liquidity ratio Current liquidity Autonomy Own working
ratio ratio coefficient capital ratio
Approved methodology ≥0.2 - ≥1 ≥0.5 ≥0.1
for determining
bankruptcy
Savitskaya G.V. 0.2-0.25 0.7-1.0 ≥2.0 - -
Melnik M.M., 0.15-0.2 0.7-0.8 ≥2.0 - -
Gerasimova E.B.

Pozdnyakov V.Ya. ≥0.5 ≥1.5 ≥2.0 ≥0.5 >0.6-0.8

Tolpegina O.A., ≥0.2 ≥1.5 1-2 ≥0.5 ≥0.1
Tolpegina N.A.
Kovalev V.V., Volkova 0.05-0.1 1.0 2.0 - ≥0.1
O.N.
Vasilyeva L.S., ≥0.2 0.7-0.8 1-2 ≥0.5 0.1-0.5
Petrovskaya M.V.
Chueva L.N., Chuev 0.2-0.3 ≥1.5 1.5-2 ≥0.5 -
I.N.
E.A. Markaryan, G.P. 0.2-0.25 0.7-0.8 ≥2 ≥0.5 ≥0.1
Gerasimenko, S.E.
Markarian
 Gulsina Gabdullina et al. / Transportation Research Procedia 63 (2022) 1139–1146 1141
Gulsina Gabdullina et al / Transportation Research Procedia 00 (2019) 000–000 3

The traditional method of analyzing the financial condition using the coefficient method of analysis and
established standard values does not ensure the objectivity of the assessments formulated by the analyst due to the
following reasons:
1. Non-fulfillment of the principle of formation of enterprise assets (Fig. 1)

ASSETS LIABILITY

Fixed assets Capital and reserves

Long term duties

Current assets Short-term obligations

Balance Balance

Fig. 1. The principle of enterprise assets’ formation, ensuring the appropriateness of the standard values used.

In case of violation of this principle of formation, the use of standard values of liquidity ratios and financial
stability is inappropriate, and the conclusions regarding the financial condition of the enterprise are erroneous.
2. Ignoring the peculiarities of the functioning of the enterprise when establishing normative values.
Nowadays, the analysis of the financial condition of an enterprise is based on the calculation of liquidity
indicators, financial stability, business activity and profitability. Conclusions regarding the calculation of indicators
for the first two groups are given based on the results of comparing the obtained indicators with the established
standard values. At the same time, it should be noted that the same standard values are used for all enterprises,
regardless of the stage of their life cycle, scale and industry of activity.
The assessment of the financial condition of corporate structures is also complicated by the movement of
financial resources between the enterprises of the corporation. Thus, the provision (and attraction) of loans between
enterprises and companies that are part of the same corporation, the increase in receivables and payables in
accordance with the chosen credit policy of the holding, do not allow the use of standard normative values when
assessing the financial condition of holding enterprises. Financing by banks, which are also part of the group of
activities of the holding's enterprises, only formally worsens their financial condition. In fact, the enterprise does not
reduce its solvency and financial stability, since the funds raised in this way act as sustainable sources of financing.
In this regard, it seems appropriate to develop our own standard values, the use of which would correspond to the
real level of solvency and financial stability of the enterprise. In the development process, it is recommended to take
into account such features of the enterprise functioning as the life cycle stage, the industry and the scale of its
activities.
One of the main factors determining the financial condition of an enterprise is the life cycle stage, which
characterizes the set of development stages that an enterprise goes through during its existence: inception,
adolescence, development, growth and maturity.
Each of the stages has its own specific features. For example, the inception is characterized by the formation of an
enterprise, the accumulation of its property potential, a small budget and, as a result, the attraction of borrowed
sources of financing, a small market share, and the lack of a well-functioning system for monitoring the
implementation of business processes. As a result, at this stage, it is necessary to monitor the implementation of the
planned indicators of the enterprise, as well as pay special attention to the composition and structure of its assets, and
the sources of their formation.
At this stage, a transport enterprise is characterized by high risk indicators, the predominance of borrowed capital,
the acquisition of vehicles on lease, and, as a result, unsatisfactory values of liquidity ratios and financial stability.
1142 Gulsina Gabdullina et al. / Transportation Research Procedia 63 (2022) 1139–1146
4 Gulsina Gabdullina et al / Transportation Research Procedia 00 (2019) 000–000

However, if the business project is successful in the future, the enterprise will be able to receive the necessary profit,
increase its own capital and ensure the financial sustainability of its development.
All this confirms the need to develop and justify standard values, traditionally used liquidity and financial
stability ratios, depending on the life stage of a transport enterprise.
The stage of adolescence is characterized by more organized procedures, planning, development of budgets, and
forecasts are being established. Innovative processes develop. A clear system of plans and mechanisms for their
implementation appears, the volume of services rendered and profits grow, as the enterprise grows, its organizational
structure becomes more complicated. The result of this development is an increase in traffic volumes and an
expansion of market share. The main attention at this stage is paid to the issues of providing the necessary resources
for the current activities of the enterprise and the transition from extensive-intensive to intensive type of enterprise
development.
The growth stage is accompanied by a significant increase in revenue, cost reduction, an increase in the number
of provided services, and recognition of the enterprise by its counterparties. The activities at this stage of the life
cycle of a transport enterprise are characterized by an increase in the volume of traffic, an improvement in the
logistics system, and an increase in the mileage utilization rate. In financial terms, there is a reduction in borrowed
sources of financing, an increase in liquidity and strengthening the financial stability of the enterprise. The role of
the analysis of indicators of business activity and profitability is growing, the results of which are used by the
company's management to adjust the enterprise development program.
An increase in traffic volumes, as well as an increase in the efficiency of the use of available material, technical
and labor resources, indicates the onset of a maturity stage. Making the most of the opportunities of the external
environment, the enterprise, at this stage, occupies a strong competitive position in the market. The attention of the
company's management is focused on studying the behavior of competitors, using the possibility of technical re-
equipment of production, increasing the level of technological preparation, creating the necessary conditions for
strengthening the intellectual potential of the enterprise.
At this stage, the preservation of the financial stability of the enterprise is ensured by monitoring the indicators of
the use of the enterprise's resources and the effectiveness of its activities.
Taking into account the life cycle stage of an enterprise, as well as the main condition for ensuring financial
stability, which consists in fulfilling the principle of forming its assets, determines the possibility of accepting the
following values as normative (Figure 2). These values were proposed by the authors after studying the financial
situation of 20 enterprises (10 of which were at the stage of their formation) for the period from 2014-2020.

Current liquidity
Absolute Autonomy ratio, Ratio of own
Enterprise life ratio,
liquidity ratio, Ka working capital,
cycle stage Kcl
Kal Kowc

Inception ≥0.02 ≥1.0 ≥0.002 ≥0.05

Adolescence ≥0.02 ≥1.0 ≥0.002 ≥0.05

Development ≥0.02 ≥1.0 ≥0.002 ≥0.05

Growth ≥0.1 ≥1.0 ≥0.3 ≥0.1

Maturity ≥0.1 ≥1.0 ≥0.3 ≥0.1

Fig. 2. Recommended standard values of solvency and financial stability indicators depending on the life cycle of an enterprise.

The calculation is proposed to be carried out according to the generally accepted formulas presented in Figure 2.
 Gulsina Gabdullina et al. / Transportation Research Procedia 63 (2022) 1139–1146 1143
Gulsina Gabdullina et al / Transportation Research Procedia 00 (2019) 000–000 5

Indicators Calculation formula Characteristics of the indicator

Kal = (SFI+F) / SO, Reflects the share of current liabilities

SFI – short-term financial
that the company can repay at the
investments;
Kal current moment
F – fund,

Kcl = (CA) / SO, Reflects the security of the enterprise

Kcl CA – current assets with current assets to cover its current
liabilities

Ka = OC / B,
Ka OC – company's own capital, Shows the share of own funds in the
total amount of funding sources
B – total balance

Kowc=((OC + LO) – FA) / CA Shows what part of current assets is

Kowc formed at the expense of the
FA – fixed assets
enterprise's own funds

Fig. 3. The system of indicators for analyzing the financial condition of a transport enterprise.

1. Absolute liquidity ratio. The standard value ≥0.02 was derived based on the results of the analysis of 10
enterprises for the period of 2014-2020, 73% of which continue to successfully operate at the present time.
The value of the absolute liquidity ratio at the stages of inception, adolescence and development (≥0.02) is caused
by high capital investments in the preparation and development of production, low profitability of the enterprise and,
as a result, the inability to have a sufficient amount of the most liquid assets to cover current liabilities.
The growth and maturity stages are characterized by a reduction in the share of borrowed sources of financing, an
increase in equity capital, and an optimization of the structure of the enterprise's assets. It becomes possible to
increase the share of the most liquid assets, which makes it possible to determine the standard value of the
coefficient at the level of ≥0.1.
2. Current liquidity ratio. The standard values of liquidity and financial stability ratios, traditionally used in the
process of analyzing the financial condition, were established on the basis of the principle of forming the assets of an
enterprise. The low value of the current liquidity ratio (>1.0) indicates the formation of the company's fixed capital,
including at the expense of short-term liabilities, which contradicts the theory of asset formation and makes it
inappropriate to calculate this ratio. The value of the coefficient when the condition for the formation of assets is met
cannot be lower than 1.0, which, according to the author, is considered sufficient to ensure a normal financial
condition at all stages of the life cycle of an enterprise.
3. Autonomy ratio. The value of the coefficient at the first three stages of its life cycle (≥0.002) was established
on the basis of its calculation according to the financial statements of enterprises that are at the stage of inception,
adolescence and maturity. The standard value ≥0.3 at the stages of growth and maturity is explained by an increase
in business activity, profitability of the enterprise, an increase in equity capital and, as a result, a decrease in its
dependence on external sources of financing.
4. Ratio of own working capital. Since at the initial stages of the life cycle, the activity of the enterprise is carried
out, as a rule, at the expense of borrowed sources of financing, the standard values at the stage of inception,
1144 Gulsina Gabdullina et al. / Transportation Research Procedia 63 (2022) 1139–1146
6 Gulsina Gabdullina et al / Transportation Research Procedia 00 (2019) 000–000

adolescence and development are set at ≥0.1. Similar to the current liquidity ratio, it is advisable to calculate the
indicator only if the principle of forming the enterprise assets is followed.
The next factor in terms of influence on the financial condition is the scale of the enterprise, characterized by the
number of employees, the cost of fixed assets and marketable products in value terms. The key condition for the
organization of large business and the expanded reproduction of the commodity economy are borrowed sources, the
attraction of which ensures an increase in production volumes, cost reduction, acceleration of working capital
turnover, reduction of work in progress, an increase in financial profitability, etc. Since the use of borrowed sources
generates the most dangerous financial risks in the activities of the enterprise – the risk of losing solvency and
reducing financial stability, the stability of the financial position of the enterprise is ensured only if its additional
income received as a result of raising borrowed capital exceeds the costs of its maintenance.
The scale of the enterprise also affects the level of financial risk of its activities. Small enterprises are most at
risk, which, in the course of their activities, face difficulties due to a small amount of initial capital, lack of financial
reserves, high competition, etc. The risk of medium-sized enterprises, in turn, is higher than that of large ones. The
relatively stable position of the latter is determined by the high diversification of its business, the availability of
resources, the availability of qualified personnel, founders, the scale of production, the ability to produce complex
and high-tech products, the competitiveness of the enterprise, etc.
The standard values of liquidity and financial stability ratios recommended by the author, taking into account the
scale of the enterprise, are shown in Figure 4.

Absolute Current liquidity Autonomy ratio, Ratio of own

Enterprise type liquidity ratio, ratio, Ka working capital,
Kal Kcl Kowc

Large ≥0.05 ≥1.0 0.1-0.33 ≥0.1

Medium ≥0.1 ≥1.5 ≥0.33 ≥0.2

Small ≥0.2 ≥2 ≥0.5 ≥0.5

Fig. 4. Recommended standard values of solvency and financial stability indicators, depending on the enterprise scale.

At large transport enterprises, funds and financial investments are directed, as a rule, to repay accounts payable.
An analysis of the absolute liquidity ratio of large domestic enterprises for the period of 2016-2020 showed that for
most of them the ratio is at the level of 0.02-0.07 rel. units. At the same time, enterprises timely pay off their urgent
obligations (wages, taxes and payments, obligations with suppliers and contractors). Based on the obtained results,
as well as based on the large turnover of financial resources, it seems appropriate to set the value of the absolute
liquidity ratio at the level of ≥0.05.
Unlike large companies, small and medium-sized businesses have lower turnover and increased financial risks of
their activities. In this regard, small and medium-sized businesses should have a large share of the most liquid assets,
sufficient to cover 10% and 20% of current liabilities.
For coefficients of current liquidity, autonomy and security with own working capital, standard values are
developed in a similar way.
Another factor that must be taken into account when developing standard values is the industry of the enterprise.
In Russia, to date, the standard values of financial indicators have been established without taking into account this
factor, although it is the industry that determines: the structure of the enterprise's property and the sources of its
formation, production technology, the degree of financial risk of activity, the level of its profitability, and so on. So,
industrial enterprises are characterized by a complex technical base and production technology, a high share of fixed
capital, the use of both own and borrowed funds in the context of long-term and short-term obligations. The excess
 Gulsina Gabdullina et al. / Transportation Research Procedia 63 (2022) 1139–1146 1145
Gulsina Gabdullina et al / Transportation Research Procedia 00 (2019) 000–000 7

of the share of invested capital over short-term sources of financing reduces the risk of industrial enterprises and
ensures its more stable financial position.
Agricultural enterprises operating in conditions with a high level of volatility, risk and uncertainty more often
than other industries are on the verge of bankruptcy and have difficulty in meeting their financial obligations.
The standard values of liquidity and financial stability ratios recommended by the author, depending on sectoral
affiliation of the enterprise, are shown in Figure 5.

Autonomy
Absolute Current liquidity Autonomy ratio,
ratio,
Industry of the liquidity ratio, ratio, Ka
Ka
enterprise Kal Kcl

Industry ≥0.05 ≥1.0 0.1-0.33 ≥0.1

Agriculture ≥0.2 ≥2.0 ≥0.5 ≥0.3

Trade ≥0.05 ≥1.0 0.1-0.33 ≥0.1

Transport ≥0.1 ≥1.0 0.1-0.33 ≥0.1

Fig. 5. Recommended normative values of indicators of solvency and financial stability depending on the industry of the enterprise.

1. For industrial enterprises, the standard value of the absolute liquidity ratio is recommended to be set at the level
of ≥0.05. This is due to the fact that, according to the reporting of industrial enterprises, the most urgent obligations,
in particular, obligations for wages, taxes and payments as part of current liabilities do not exceed 5%. The main part
of suppliers and contractors provides their products (works and services) with installment payment. Consequently,
the company must have the most liquid assets, providing coverage for at least 5% of current liabilities; it is advisable
to use the remaining part of current assets in the company's turnover.
2. High risks and low turnover of working capital, characteristic of agricultural enterprises, require a greater
degree of coverage of current liabilities with the most liquid assets. The normative value of the absolute liquidity
ratio is recommended to be set at the level of ≥0.2. According to the coefficients of current liquidity, autonomy and
provision with own working capital, the standard values should also be higher than in other industries.
3. The specific features of enterprises engaged in trading activities are as follows:
a significant share of working capital in the property (assets) of the enterprise;
the predominance of short-term obligations in the sources of financing (liabilities) of the enterprise.
The high turnover of enterprises in this industry, which determines the reduction of the risks of non-payment,
allows setting the standard value of the absolute liquidity ratio ≥0.05.
4. The transport industry, as a rule, is characterized by the predominance of a share of fixed capital in the property
of an enterprise. The current financial needs of transport companies are primarily related to the payment of taxes,
wages, and the purchase of fuels and lubricants. 10% coverage of urgent obligations by the most liquid assets is
considered sufficient for their fulfillment.
Improving the methodology for assessing the financial condition consists primarily in the development of
standard values of liquidity and financial stability ratios, based on the calculation of an integral indicator, taking into
account the significance of the enterprise characteristics. The stage of the enterprise life cycle, according to the
authors, is the most significant factor determining the level of solvency and financial stability of an enterprise, and
therefore the degree of its influence is estimated at 0.5 rel. units. The next in importance is the scale of the enterprise
– 0.3 rel. units, and industry type – 0.2 rel. units. The calculation of the integral standard value of the coefficients of
financial condition is carried out according to the formula:

Standard = (K1×0.5) + (K2×0.3) + (K3×0.2)

1146 Gulsina Gabdullina et al. / Transportation Research Procedia 63 (2022) 1139–1146
8 Gulsina Gabdullina et al / Transportation Research Procedia 00 (2019) 000–000

Where: K1 – recommended standard value depending on the stage of the enterprise life cycle;
K2 – recommended standard value depending on the size of the enterprise;
K3 – recommended standard value depending on the industry and the field of activity of the enterprise.
The use of an integral standard value for liquidity and financial stability ratios will provide a more accurate and
objective assessment of the financial condition of an enterprise.
In addition, it is recommended to revise the calculation of the company's liquidity ratios. As the practice of
domestic corporations shows, the formation of non-current assets is most often carried out at the expense of short-
term obligations, in terms of loans and borrowings, which makes it impossible to objectively assess the financial
condition of the enterprise. Based on this, in the denominator of the formulas when calculating liquidity ratios, it is
proposed to use not the amount of short-term obligations, but accounts payable.

4. Conclusions

Thus, despite certain achievements in the field of economic analysis, the shortcomings of existing methods for
assessing the financial condition have been identified, which consist in ignoring the specifics, scale and stage of the
life cycle of an enterprise in the recommended values of financial indicators established by economists. To ensure
the objectivity of the results and the efficiency of managerial decisions, the standard values of indicators used in the
analysis of the financial condition of transport enterprises should be established taking into account the above
features of their activities.

References

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